Document:

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                                                                  EXECUTION COPY

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                          SALE AND SERVICING AGREEMENT

                                      among

                    WORLD OMNI AUTO RECEIVABLES TRUST 2003-A
                                     Issuer,

                        WORLD OMNI AUTO RECEIVABLES LLC,
                                     Seller,

                                       and

                           WORLD OMNI FINANCIAL CORP.,
                                    Servicer

                                  Series 2003-A

                           Dated as of March 11, 2003

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                                TABLE OF CONTENTS

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<S>                                                                                                         <C>
ARTICLE I DEFINITIONS.....................................................................................    1
     Section 1.01    Definitions..........................................................................    1
     Section 1.02    Other Definitional Provisions........................................................   15

ARTICLE II CONVEYANCE OF RECEIVABLES......................................................................   16
     Section 2.01    Conveyance of Receivables............................................................   16
     Section 2.02    Intention of Parties.................................................................   16

ARTICLE III THE RECEIVABLES...............................................................................   17
     Section 3.01    Representations and Warranties of World Omni with Respect to the Receivables.........   17
     Section 3.02    Repurchase upon Breach...............................................................   20
     Section 3.03    Custody of Receivable Files..........................................................   20
     Section 3.04    Duties of Servicer as Custodian......................................................   21
     Section 3.05    Instructions; Authority To Act.......................................................   22
     Section 3.06    Custodian's Indemnification..........................................................   22
     Section 3.07    Effective Period and Termination.....................................................   22

ARTICLE IV ADMINISTRATION AND SERVICING OF RECEIVABLES....................................................   22
     Section 4.01    Duties of Servicer...................................................................   22
     Section 4.02    Collection and Allocation of Receivable Payments.....................................   23
     Section 4.03    Realization upon Receivables.........................................................   23
     Section 4.04    Physical Damage Insurance............................................................   24
     Section 4.05    Maintenance of Security Interests in Financed Vehicles...............................   24
     Section 4.06    Covenants of Servicer................................................................   24
     Section 4.07    Purchase of Receivables upon Breach..................................................   24
     Section 4.08    Servicing Fee........................................................................   24
     Section 4.09    Servicer's Certificate...............................................................   25
     Section 4.10    Annual Statement as to Compliance; Notice of Default.................................   25
     Section 4.11    Annual Independent Certified Public Accountants' Report..............................   25
     Section 4.12    Access to Certain Documentation and Information Regarding Receivables................   26
     Section 4.13    Servicer Expenses....................................................................   26
     Section 4.14    Appointment of Subservicer...........................................................   26
     Section 4.15    Annual Transfer......................................................................   26
     Section 4.16    Exchange Act Certifications..........................................................   27

ARTICLE V DISTRIBUTIONS; RESERVE ACCOUNT; STATEMENTS TO CERTIFICATEHOLDERS AND NOTEHOLDERS................   27
     Section 5.01    Establishment of Trust Accounts......................................................   27
     Section 5.02    Collections..........................................................................   29
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<S>                                                                                                         <C>
     Section 5.03    Application of Collections...........................................................   30
     Section 5.04    Advances.............................................................................   30
     Section 5.05    Additional Deposits..................................................................   30
     Section 5.06    Distributions........................................................................   30
     Section 5.07    Reserve Account......................................................................   32
     Section 5.08    Statements to Noteholders and Certificateholders.....................................   33
     Section 5.09    Net Deposits.........................................................................   34
     Section 5.10    Transfer of Certificates.............................................................   34

ARTICLE VI THE SELLER.....................................................................................   34
     Section 6.01    Representations of Seller............................................................   34
     Section 6.02    Corporate Existence..................................................................   36
     Section 6.03    Liability of Seller; Indemnities.....................................................   36
     Section 6.04    Merger or Consolidation of, or Assumption of Obligations of Seller...................   38
     Section 6.05    Limitation on Liability of Seller and Others.........................................   38
     Section 6.06    Seller May Own Notes.................................................................   38
     Section 6.07    Security Interest....................................................................   38

ARTICLE VII THE SERVICER..................................................................................   39
     Section 7.01    Representations of Servicer..........................................................   39
     Section 7.02    Indemnities of Servicer..............................................................   40
     Section 7.03    Merger or Consolidation of, or Assumption of Obligations of, Servicer................   41
     Section 7.04    Limitation on Liability of Servicer and Others.......................................   41
     Section 7.05    World Omni Not To Resign as Servicer.................................................   42

ARTICLE VIII DEFAULT......................................................................................   42
     Section 8.01    Servicer Default.....................................................................   42
     Section 8.02    Appointment of Successor.............................................................   43
     Section 8.03    Notification to Noteholders and Certificateholders...................................   44
     Section 8.04    Waiver of Past Defaults..............................................................   44
     Section 8.05    Payment of Servicing Fees; Repayment of Advances.....................................   44

ARTICLE IX TERMINATION....................................................................................   45
     Section 9.01    Optional Purchase of All Receivables.................................................   45

ARTICLE X MISCELLANEOUS...................................................................................   45
     Section 10.01   Amendment............................................................................   45
     Section 10.02   Protection of Title to Trust.........................................................   46
     Section 10.03   Notices..............................................................................   48
     Section 10.04   Assignment by the Seller or the Servicer.............................................   48
     Section 10.05   Limitations on Rights of Others......................................................   48
     Section 10.06   Severability.........................................................................   48
     Section 10.07   Separate Counterparts................................................................   49
     Section 10.08   Headings.............................................................................   49
     Section 10.09   Governing Law........................................................................   49
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<S>                                                                                                         <C>
     Section 10.10   Assignment by Issuer.................................................................   49
     Section 10.11   Nonpetition Covenants................................................................   49
     Section 10.12   Limitation of Liability of Owner Trustee and Indenture Trustee.......................   49

SCHEDULE A        Schedule of Receivables
SCHEDULE B        Location of Receivable Files
EXHIBIT A         Form of Distribution Statement to Noteholders...........................................  A-1
EXHIBIT B         Form of Servicers Certificate...........................................................  B-1

APPENDIX A        Additional Representations and Warranties
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                          SALE AND SERVICING AGREEMENT

                  This SALE AND SERVICING AGREEMENT is dated as of March 11,
2003, among WORLD OMNI AUTO RECEIVABLES TRUST 2003-A, a Delaware statutory
trust, WORLD OMNI AUTO RECEIVABLES LLC, a Delaware limited liability company, as
seller and WORLD OMNI FINANCIAL CORP., a Florida corporation.

                  WHEREAS, the Issuer desires to purchase a portfolio of
receivables arising in connection with motor vehicle retail installment sale
contracts purchased by the Seller and originated or acquired by the Servicer in
the ordinary course of business;

                  WHEREAS, the Seller is willing to transfer such Receivables to
the Issuer; and

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

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

                                    ARTICLE I
                                   DEFINITIONS

         Section 1.01 Definitions. Whenever used in this Agreement, the
following words and phrases, unless the context otherwise requires, shall have
the following meanings:

         "Advance" means, with respect to any Payment Date, the amount of
interest, if any, determined as of the close of business on the last day of the
related Collection Period, which the Servicer is required to advance on
Receivables more than 30 days past due determined as set forth in Section 5.04.

         "Agreement" means this Sale and Servicing Agreement, as the same may be
amended and supplemented from time to time.

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

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

         "Available Funds" means, with respect to any Payment Date, (1) the sum
of the following amounts, without duplication, with respect to the Receivables
in respect of the Collection Period preceding such Payment Date: (a) all
collections on Receivables, (b) Advances, (c) all Liquidation Proceeds
attributable to the Receivables that became Liquidated Receivables during such
Collection Period in accordance with the Servicer's customary servicing
procedures and all Recoveries, (d) the Purchase Amount of each Receivable that
became a Purchased Receivable as of the last day of the related Collection
Period, (e) partial prepayments relating to refunds of

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warranty or insurance financed by the respective Obligor thereon as part of the
original contract and only to the extent not included under clause (a) above,
(f) amounts on deposit in the Reserve Account after giving effect to all other
deposits and withdrawals thereto or therefrom on the Payment Date relating to
such Collection Period in excess of the Required Reserve Amount, (g) Investment
Earnings for the related Payment Date, (h) any Collection Account Redeposits for
the related Payment Date and (i) all amounts received from the Indenture Trustee
pursuant to Section 5.04 of the Indenture minus (2) the Servicing Fee (unless
the Servicer elects to defer part or all of such fee), reimbursements for
Advances and other amounts payable to the Servicer pursuant to Section 4.08
hereof for the related Payment Date; provided, however, that in calculating
Available Funds all payments and proceeds (including Liquidation Proceeds) of
any Purchased Receivables the Purchased Amount of which has been included in
Available Funds in a prior Collection Period shall be excluded.

         "Basic Documents" has the meaning assigned in the Indenture.

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

         "Certificateholders" has the meaning assigned to such term in the Trust
Agreement.

         "Certificates" means the Trust Certificates (as defined in the Trust
Agreement).

         "Class" means any one of the classes of Notes.

         "Class A-1 Final Scheduled Payment Date" means the March 2004 Payment
Date.

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

         "Class A-2 Final Scheduled Payment Date" means the August 2005 Payment
Date.

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

         "Class A-3 Final Scheduled Payment Date" means the May 2007 Payment
Date.

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

         "Class A-4 Final Scheduled Payment Date" means the September 2009
Payment Date.

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

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

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

         "Class A Noteholders' Monthly Interest Distributable Amount" means,
with respect to any Payment Date, interest accrued for the related Interest
Accrual Period on each class of Class A Notes at the respective interest rate
for such Class on the Outstanding Amount of the Notes of such Class on the
immediately preceding Payment Date (or, in the case of the first Payment Date,
on the Closing Date), after giving effect to all payments of principal to the
Noteholders of such Class on or prior to such preceding Payment Date. For all
purposes of this Agreement and the Basic Documents, interest with respect to all
Classes of Class A Notes (other than the Class A-1 Notes) shall be computed on
the basis of a 360-day year consisting of twelve 30-day months. Interest with
respect to the Class A-1 Notes shall be computed on the basis of the actual
number of days in the related Interest Accrual Period and a 360-day year.

         "Class B Final Scheduled Payment Date" means the September 2009 Payment
Date.

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

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

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

         "Class B Noteholders' Monthly Interest Distributable Amount" means,
with respect to any Payment Date, interest accrued for the related Interest
Accrual Period on the Class B Notes at the interest rate for such Class on the
Outstanding Amount of the Notes of such Class on the immediately preceding
Payment Date (or, in the case of the first Payment Date, on the Closing Date),
after giving effect to all payments of principal to the Noteholders of such
Class on or prior

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to such preceding Payment Date. For all purposes of this Agreement and the Basic
Documents, interest with respect to all Class B Notes shall be computed on the
basis of a 360-day year consisting of twelve 30-day months.

         "Collection Account" means the account designated as such, established
and maintained pursuant to Section 5.01(a)(i).

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

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

         "Contract" means a motor vehicle retail installment sale contract.

         "Controlling Securities" means the Class A-1, Class A-2, Class A-3 and
Class A-4 Notes so long as any Class A Notes are outstanding, and the Class B
Notes thereafter.

         "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 the execution of this Agreement is
located at 101 Barclay Street, 8 West, New York, New York 10286, Attn: John
Bobko; or at such other address as the Indenture Trustee may designate from time
to time by notice to the Noteholders and the Seller, or the principal corporate
trust office of any successor Indenture Trustee (of which address such successor
Indenture Trustee will notify the Noteholders and the Seller).

         "Cutoff Date" means the close of business on February 28, 2003.

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

         "Defaulted Receivable" means a Receivable as to which (a) all or any
part of a monthly payment is 120 or more days past due and the Servicer has not
repossessed the related Financed Vehicle or (b) the Servicer has, in accordance
with its customary servicing procedures, determined that eventual payment in
full is unlikely and has either repossessed and liquidated the related Financed
Vehicle or repossessed and held the related Financed Vehicle in its repossession
inventory for 45 days, whichever occurs first. The Principal Balance of any
Receivable that becomes a Defaulted Receivable will be deemed to be zero as of
the date it becomes a Defaulted Receivable.

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         "Delivery" when used with respect to Trust Account Property means:

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

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

                                       5

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being credited to the Indenture Trustee's securities account or custodian's
securities account and indicating that such custodian holds such Trust Account
Property solely as agent for the Indenture Trustee or its nominee or custodian;
and such additional or alternative procedures as may hereafter become
appropriate to effect complete transfer of ownership of any such Trust Account
Property to the Indenture Trustee or its nominee or custodian, consistent with
changes in applicable law or regulations or the interpretation thereof; and

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

         "Depositor" means the Seller in its capacity as Depositor under the
Trust Agreement.

         "Eligible Deposit Account" means either (a) a segregated account with
an Eligible Institution or (b) a segregated trust account with the corporate
trust department of a depository institution organized under the laws of the
United States of America or any one of the states thereof or the District of
Columbia (or any domestic branch of a foreign bank), having corporate trust
powers and acting as trustee for funds deposited in such account, so long as any
of the securities of such depository institution shall have a credit rating 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
Indenture Trustee or (b) a depository institution or trust company organized
under the laws of the United States of America or any one of the states thereof,
or the District of Columbia (or any domestic branch of a foreign bank), which at
all times (i) has either (A) a long-term unsecured debt rating of Aa2 or better
by Moody's, AA or better by Standard & Poor's and, if rated by Fitch and so long
as Fitch is a Rating Agency, AA or better by Fitch, or such other rating that is
acceptable to each Rating Agency, as evidenced by a letter from such Rating
Agency to the Indenture Trustee or (B) a certificate of deposit rating of
Prime-1 by Moody's, A-1+ by Standard & Poor's and, if rated by Fitch and so long
as Fitch is a Rating Agency, F1 by Fitch, or such other rating that is
acceptable to each Rating Agency, as evidenced by a letter from such Rating
Agency to the Indenture Trustee and (ii) whose deposits are insured by the FDIC.

         "Eligible Investments" shall mean any of the following in each case
with a remaining term of no more than one year:

               (a)   (i) direct obligations of, and obligations guaranteed as to
full and timely payment of principal and interest by, the United States or any
agency or instrumentality of the United States the obligations of which are
backed by the full faith and credit of the United States (other than the
Government National Mortgage Association), and (ii) direct obligations of, or
obligations fully guaranteed by, Fannie Mae or any State then rated with the
highest available credit rating of Moody's, Standard & Poor's and, if rated by
Fitch and so long as Fitch is a Rating Agency, Fitch, or such obligations, which
obligations are, at the time of investment,

                                       6

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otherwise acceptable to each Rating Agency for securities having a rating at
least equivalent to the rating of the Notes;

               (b)   certificates of deposit, demand or time deposits of,
bankers' acceptances issued by, or federal funds sold by any depository
institution or trust company (including the Indenture Trustee or the Owner
Trustee or their successors) incorporated under the laws of the United States or
any State and subject to supervision and examination by federal and/or State
banking authorities and the deposits of which are fully insured by the FDIC; so
long as at the time of such investment or contractual commitment providing for
such investment either such depository institution or trust company has the
Required Rating or the Rating Agency Condition has been satisfied;

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

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

               (e)   interest in any open-end or closed-end management type
investment company or investment trust (i) registered under the Investment
Company Act of 1940, as amended, the portfolio of which is limited to the
obligations of, or guaranteed by, the United States and to agreements to
repurchase such obligations, which agreements, with respect to principal and
interest, are at least 100% collateralized by such obligations marked to market
on a

                                       7

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daily basis and the investment company or investment trust shall take delivery
of such obligations either directly or through an independent custodian
designated in accordance with the Investment Company Act and (ii) acceptable to
each Rating Agency (as approved in writing by each Rating Agency) as collateral
for securities having ratings equivalent to the ratings of the Notes;

               (f)   guaranteed reinvestment agreements issued by any bank,
insurance company or other corporation for which the Rating Agency Condition has
been satisfied;

               (g)   investments in Eligible Investments maintained in "sweep
accounts," short-term asset management accounts and the like utilized for the
investment, on an overnight basis, of residual balances in investment accounts
maintained at the Indenture Trustee or any other depository institution or trust
company organized under the laws of the United States or any state that is a
member of the FDIC, the short-term debt of which has the highest available
credit rating of Moody's, Standard & Poor's and, if rated by Fitch and so long
as Fitch is a Rating Agency, Fitch;

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

               (i)   funds classified as money market funds; provided, however,
that the fund shall be rated with the highest available credit rating of
Moody's, Standard & Poor's and, if rated by Fitch and so long as Fitch is a
Rating Agency, Fitch, and redemptions shall be permitted on a daily or next
business day basis;

               (j)   auction rate securities issued with a rate reset mechanism
and a maximum term of 30 days; provided that investment will be limited to those
issuers having the highest available credit rating of Moody's, Standard & Poor's
and if rated by Fitch and so long as Fitch is a Rating Agency, Fitch; and

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

         Notwithstanding anything to the contrary contained in the foregoing
definition:

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

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

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

                     (ii)   in the case of a certificated security that is in
         registered form (A)(1) the Indenture Trustee acquires physical
         possession of such certificated

                                       8

<PAGE>

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

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

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

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

               (f)   for the purposes of funds held in the Collection Account
only, investments which would otherwise qualify as Eligible Investments but for
the fact that such investments are rated A-1 by Standard & Poor's or F1 by Fitch
shall be Eligible Investments, so long as the aggregate amount of such
investments does not exceed 10% of the Outstanding Amount of the Notes.

         "Event of Default" has the meaning assigned to such term in the
Indenture.

         "FDIC" means the Federal Deposit Insurance Corporation.

         "Final Scheduled Maturity Date" means September 15, 2009.

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

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

         "Fitch" means Fitch Ratings or its successor.

         "Indenture" means the Indenture, dated as of the date hereof, between
the Issuer and the Indenture Trustee (that provides for the issuance of the
Issuer's Asset-Backed Notes, Series 2003-A), as it may be amended and
supplemented from time to time.

                                       9

<PAGE>

         "Indenture Trustee" means the Person acting as Indenture Trustee under
the Indenture, its successors in interest and any successor trustee under the
Indenture.

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

         "Interest Accrual Period" has the meaning assigned to such term in the
Indenture.

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

         "Issuer" means World Omni Auto Receivables Trust 2003-A.

         "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 liquidated by the Servicer
through the sale of a Financed Vehicle or otherwise.

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

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

         "Non-Recoverable Advance Receivable" means a Receivable for which the
Servicer has determined on or prior to the related Payment Date that an Advance
thereon would not be recoverable or that prior Advances thereon are not
recoverable.

         "Notes" means the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes,
Class A-4 Notes and Class B Notes.

                                       10

<PAGE>

         "Note Distribution Account" means the account designated as such,
established and maintained pursuant to Section 5.01.

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

         "Noteholders' Distributable Amount" means, with respect to any Payment
Date, the sum of the Noteholders' Interest Distributable Amount and the
Noteholders' Principal Distributable Amount for such Payment Date.

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

         "Noteholders' Interest Distributable Amount" means, with respect to any
Payment Date, the sum of the Class A Noteholders' Interest Distributable Amount
for such Payment Date and the Class B Noteholders' Interest Distributable Amount
for such Payment Date.

         "Noteholders' Principal Distributable Amount" means, with respect to
any Payment Date, the excess, if any, of (a) the sum of the Outstanding Amount
of the Notes as of the day immediately preceding that Payment Date and the
Overcollateralization Target Amount for that Payment Date over (b) the Pool
Balance for that Payment Date.

         "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 president, a
vice president, a treasurer, assistant treasurer, secretary or assistant
secretary of the Seller, World Omni 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 Indenture Trustee, the Owner Trustee or the Rating
Agencies, as applicable.

         "Original Pool Balance" means $795,000,000.

         "Outstanding Advances" means all Advances by the Servicer minus all
reimbursements of Advances to the Servicer pursuant to Section 4.08 and Section
5.04.

         "Outstanding Amount" has the meaning assigned to such term in the
Indenture.

         "Overcollateralization Target Amount" means, with respect to any
Payment Date, an amount equal to 3.00% of the Pool Balance for that Payment Date
but not less than $7,950,000.

                                       11

<PAGE>

         "Owner Trust Estate" has the meaning assigned to such term in the Trust
Agreement.

         "Owner Trustee" means the Person acting as Owner Trustee under the
Trust Agreement, its successors in interest and any successor owner trustee
under the Trust Agreement.

         "Payment Date" means, with respect to each Collection Period, the
fifteenth day of the following month or, if such day is not a Business Day, the
immediately following Business Day. The first Payment Date will be April 15,
2003.

         "Payment Determination Date" means, with respect to any Payment Date,
the Business Day immediately preceding such Payment Date.

         "Payment Extension Program" means a program where one month's payment
of principal is deferred in return for the payment of an extension fee
calculated generally at the APR of the contract for the month in which such
payment is deferred.

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

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

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

         "Principal Distribution Amount" means, with respect to any Payment
Date, the sum of the following amounts, without duplication, with respect to the
Receivables with respect to the related Collection Period: (a) that portion of
all collections on Receivables allocable to principal, (b) the principal amount
of Receivables that became Defaulted Receivables during such Collection Period,
(c) to the extent attributable to principal, the Purchase Amount of each
Receivable that became a Purchased Receivable during such Collection Period, and
(d) partial prepayments received by the Servicer relating to refunds of any
warranty or insurance, but only if such amounts were financed by the respective
Obligors thereon as of the date of the original contract and only to the extent
not included under clause (a) above; provided, however, that in calculating the
Principal Distribution Amount all payments on and proceeds (including
Liquidation Proceeds) of any Purchased Receivables the Purchase Amount of which
has been included in the Principal Distribution Amount in a prior Collection
Period will be excluded.

                                       12

<PAGE>

         "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 under
the terms thereof including accrued and unpaid interest and interest to such
last day.

         "Purchased Receivable" means a Receivable purchased as of the close of
business on the last day of a Collection Period by the Servicer pursuant to
Section 4.07 or by World Omni pursuant to Section 3.02.

         "Rating Agencies" means Moody's, Standard & Poor's and Fitch or, if
none of such organizations or successors is any longer in existence, a
nationally recognized statistical rating organization or other comparable Person
designated by the Seller, notice of which designation shall be given to the
Indenture Trustee, the Owner Trustee and the Servicer.

         "Rating Agency Condition" means, with respect to any action, that each
Rating Agency (other than Moody's) shall have given its written approval that
the contemplated action will not result in a reduction or withdrawal of the
rating of the then current rating of the Notes and, with respect to Moody's,
prior written notice to Moody's and Moody's shall not have notified the Seller
that such action will result in a downgrade of the then current rating on any
Notes.

         "Receivable" means any Contract listed on Schedule A (which Schedule
may be in the form of microfiche), as such Schedule may be amended from time to
time, which Schedule is hereby incorporated into, and made a part of, this
Agreement.

         "Receivables Purchase Agreement" shall mean the Receivables Purchase
Agreement, dated as of the date hereof, between World Omni, as seller and World
Omni Auto Receivables LLC, as purchaser, as amended from time to time.

         "Receivable Files" means the documents specified in Section 3.03.

         "Recoveries" means, with respect to any Receivable 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 became a Liquidated Receivable, net of any expenses of the
Servicer in connection with such Receivable for which the Servicer has not been
previously reimbursed and any amounts required by law to be remitted to the
Obligor.

         "Required Rating" means a rating on commercial paper or other short
term unsecured debt obligations of Prime-1 by Moody's so long as Moody's is a
Rating Agency, A-1+ by Standard & Poor's so long as Standard & Poor's is a
Rating Agency and F1+ by Fitch so long as Fitch is a Rating Agency; and any
requirement that deposits or debt obligations have the "Required Rating" shall
mean that such deposits or debt obligations have the foregoing required ratings
from Moody's, Standard & Poor's and Fitch.

         "Required Reserve Amount" means, with respect to any Payment Date, the
lesser of (1) the Reserve Account Initial Deposit and (2) the Outstanding Amount
of the Notes.

         "Reserve Account" means the account designated as such, established and
maintained pursuant to Section 5.01.

                                       13

<PAGE>

         "Reserve Account Initial Deposit" means the initial deposit of cash or
Eligible Investments in the amount of $3,975,000 into the Reserve Account on the
Closing Date.

         "Seller" means World Omni Auto Receivables LLC and its successors in
interest to the extent permitted hereunder.

         "Servicer" means World Omni, as the servicer of the Receivables, and
each successor to World Omni (in the same capacity) pursuant to Section 7.03 or
8.02.

         "Servicer Default" means an event specified in Section 8.01.

         "Servicer's Certificate" means a certificate of the Servicer delivered
pursuant to Sections 4.09, substantially in the form of Exhibit B.

         "Servicing Fee" means the fee payable to the Servicer for services
rendered during each Collection Period, determined pursuant to Section 4.08.

         "Servicing Fee Rate" means 1% per annum.

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

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

         "Standard & Poor's" means Standard & Poor's, a division of The
McGraw-Hill Companies, Inc., or its successor.

         "Total Required Advances" means, with respect to any Payment Date for
each Receivable (other than a Non-Recoverable Advance Receivable) that is more
than 30 days delinquent (determined as of the close of business on the last day
of the related Collection Period), an amount equal to the product of (A)
one-twelfth, (B) the APR of such Receivable, (C) the Principal Balance of such
Receivable and (D) the number of payments (minus one) that such Receivable is
delinquent as of the last day of the related Collection Period.

         "Trust" means the Issuer.

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

         "Trust Accounts" has the meaning assigned thereto in Section 5.01.

                                       14

<PAGE>

         "Trust Agreement" means the Trust Agreement, dated as of the date
hereof, between the Purchaser and U.S. Bank Trust National Association, as the
owner trustee (the "Owner Trustee"), as the same may be amended and supplemented
from time to time; such agreement being the Amended and Restated Trust Agreement
contemplated by the Trust Agreement dated February 5, 2003 between the Purchaser
and the Owner Trustee.

         "Trust Officer" means, in the case of the Indenture Trustee, any
Officer within the Corporate Trust Office of the Indenture Trustee, including
any Vice President, Assistant Vice President, Secretary, 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 and, with respect to the Owner Trustee, any officer in the
Corporate Trust Administration Department of the Owner Trustee with direct
responsibility for the administration of the Trust Agreement and the Basic
Documents on behalf of the Owner Trustee.

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

         Section 1.02  Other Definitional Provisions. (a) Capitalized terms used
herein and not otherwise defined herein shall have the meanings assigned to them
in the Indenture.

               (b)   All terms defined in this Agreement shall have the defined
meanings when used in any certificate or other document made or delivered
pursuant hereto unless otherwise defined therein.

               (c)   As used in this Agreement and in any certificate or other
document made or delivered pursuant hereto or thereto, accounting terms not
defined in this Agreement or in any such certificate or other document, and
accounting terms partly defined in this 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 in this 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 in this
Agreement or in any such certificate or other document shall control.

               (d)   The words "hereof", "herein", "hereunder" and words of
similar import when used in this Agreement shall refer to this Agreement as a
whole and not to any particular provision of this Agreement; Article, Section,
Schedule and Exhibit references contained in this Agreement are references to
Articles, Sections, Schedules and Exhibits in or to this Agreement unless
otherwise specified; and the term "including" shall mean "including without
limitation".

               (e)   The definitions contained in this 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.

               (f)   Any agreement, instrument or statute defined or referred to
herein or in any instrument or certificate delivered in connection herewith
means such agreement, instrument

                                       15

<PAGE>

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
                            CONVEYANCE OF RECEIVABLES

         Section 2.01  Conveyance of Receivables. In consideration of the
Issuer's delivery to or upon the order of the Seller of the Notes and the
Certificates, the Seller does hereby sell, transfer, assign, set over and
otherwise convey to the Issuer, without recourse (subject to the obligations of
the Seller set forth herein), all right, title and interest of the Seller
whether now or hereafter acquired, and wherever located, in and to the
following:

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

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

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

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

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

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

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

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

         Section 2.02  Intention of Parties. It is the intention of the Seller
and the Issuer that the assignment and transfer contemplated herein constitute
(and shall be construed and treated for all purposes as) a true and complete
sale of the Receivables and the other property of the Seller specified in
Section 2.01 hereof, conveying good title thereto free and clear of any liens
and encumbrances, from the Seller to the Issuer. However, in the event that such
conveyance is deemed to be a pledge to secure a loan (in spite of the express
intent of the parties hereto that this

                                       16

<PAGE>

conveyance constitutes, and shall be construed and treated for all purposes, as
a true and complete sale), the Seller hereby grants to the Issuer, for the
benefit of the Noteholders, a first priority perfected security interest in all
of the Seller's right, title and interest in, to and under the Receivables and
the other property of the Seller specified in Section 2.01 hereof whether now
existing or hereafter created and all proceeds of the foregoing to secure the
loan deemed to be made in connection with such pledge and, in such event, this
Agreement shall constitute a security agreement under applicable law.

                                   ARTICLE III
                                 THE RECEIVABLES

         Section 3.01  Representations and Warranties of World Omni with Respect
to the Receivables. World Omni, which sold the related Receivables, hereby makes
the representations and warranties set forth in Appendix A hereto and hereby
represents and warrants to the other parties hereto and to the Noteholders, with
respect to such Receivables as of the Cutoff Date:

               (a)   Characteristics of Receivables. Each Receivable (1) (A) was
originated in the United States of America by a Dealer for the retail sale of a
Financed Vehicle in the ordinary course of such Dealer's business, was fully and
properly executed by the parties thereto, was purchased by World Omni from such
Dealer under an existing dealer agreement, or (B) was originated by World Omni,
(2) contains customary and enforceable provisions such that the rights and
remedies of the holder thereof are adequate for realization against the
collateral of the benefits of the security, and (3) provides for level monthly
payments (provided, that the payment in the first or last month in the life of
the Receivable may be minimally different from the level payments and that
certain of the Receivables did not require a payment to be made for up to six
months from the date of execution of the contract) that fully amortize the
Amount Financed by maturity and yield interest at the Annual Percentage Rate.

               (b)   Schedule of Receivables. The information set forth in
Schedule A to this Agreement is true and correct in all material respects as of
the close of business on the Cutoff Date, and no selection procedures believed
by World Omni to be adverse to the Noteholders were utilized in selecting the
Receivables. The computer tape or other listing regarding the Receivables made
available to the Issuer and its assigns (which computer tape or other listing is
required to be delivered as specified herein) is true and correct in all
material respects.

               (c)   Compliance with Law. To the best of World Omni's knowledge,
each Receivable, the sale of the Financed Vehicle and the sale of any related
insurance policies thereon financed by the Receivables complied at the time it
was originated or made and, at the execution of this Agreement, complies in all
material respects with all requirements of applicable federal, state and local
laws and regulations thereunder, including usury laws, the federal
Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit
Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade
Commission Act, the Magnuson-Moss Warranty Act, the Federal Reserve Board's
Regulations B and Z, and State adaptations of the National Consumer Act and of
the Uniform Consumer Credit Code, and other consumer credit laws and equal
credit opportunity and disclosure laws.

                                       17

<PAGE>

               (d)   Binding Obligation. Each Receivable represents the genuine,
legal, valid and binding payment obligation in writing of the Obligor,
enforceable by the holder thereof in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws, now or hereafter in effect,
affecting the enforcement of creditors' rights in general, and except as such
enforceability may be limited by general principles of equity (whether
considered in a suit at law or in equity).

               (e)   No Government Obligor. None of the Receivables are due from
the United States of America or any State or from any agency, department or
instrumentality of the United States of America or any State.

               (f)   Security Interest in Financed Vehicle. Immediately prior to
the sale, assignment and transfer thereof, each Receivable shall be secured by a
validly perfected first priority security interest in the Financed Vehicle in
favor of World Omni as secured party or all necessary and appropriate actions
have been commenced that would result in the valid perfection of a first
priority security interest in the Financed Vehicle in favor of the Seller as
secured party and is assignable by World Omni to the Seller, by the Seller to
the Issuer and by the Issuer to the Indenture Trustee.

               (g)   Receivables in Force. No Receivable has been satisfied,
subordinated or rescinded, nor has any Financed Vehicle been released from the
lien granted by the related Receivable in whole or in part.

               (h)   No Amendments. No Receivable has been amended such that the
amount of the Obligor's scheduled payments has been increased.

               (i)   No Waiver. No provision of a Receivable has been waived,
other than a discretionary waiver of a late payment charge or any other fees
that may be collected in the ordinary course of servicing a Receivable or in
connection with any extension which is reflected in the Servicer's computer
system.

               (j)   No Defenses. No right of rescission, setoff, counterclaim
or defense has been asserted or, to World Omni's knowledge, threatened with
respect to any Receivable.

               (k)   No Liens. To the best of World Omni's knowledge, no liens
or claims have been filed for work, labor or materials relating to a Financed
Vehicle that are liens prior to, or equal to or coordinate with, the security
interest in the Financed Vehicle granted by any Receivable.

               (l)   No Default. No Receivable has a payment that is more than
30 days overdue as of the Cutoff Date, and, except as permitted in this
paragraph, to the best of World Omni's knowledge, no default, breach, violation
or event permitting acceleration under the terms of any Receivable has occurred
and no continuing condition that with notice or the lapse of time would
constitute a default, breach, violation or event permitting acceleration under
the terms of any Receivable has arisen; and World Omni has not waived and,
except as permitted hereby, shall not waive any of the foregoing.

                                       18

<PAGE>

               (m)   Insurance. World Omni, in accordance with its customary
servicing procedures, has determined that, at the origination of the Receivable,
the Obligor had obtained physical damage insurance covering the Financed
Vehicle. Under the terms of the Receivable the Obligor is required to maintain
physical damage insurance covering the Financed Vehicle and having World Omni
named as the loss payee.

               (n)   Title. It is the intention of World Omni that the transfer
and assignment contemplated in the Receivables Purchase Agreement constitute a
sale of the Receivables from World Omni to World Omni Auto Receivables LLC and
that the beneficial interest in and title to the Receivables not be part of the
debtor's estate in the event of the filing of a bankruptcy petition by or
against World Omni under any bankruptcy law. No Receivable has been sold,
transferred, assigned or pledged by World Omni to any Person other than the
Seller. Immediately prior to the transfer and assignment contemplated in the
Receivables Purchase Agreement, World Omni had good and marketable title to each
Receivable free and clear of all Liens, encumbrances, security interests and
rights of others and, immediately upon the transfer thereof, the Seller shall
have good and marketable title to each Receivable, free and clear of all Liens,
encumbrances, security interests and rights of others; and the transfer has been
perfected under the UCC except, in each case, for liens and encumbrances that
will be released concurrent with the transfer of Receivables pursuant to the
Receivables Purchase Agreement. It is the intention of the Seller that the
transfer and assignment herein contemplated constitute a sale of the Receivables
from the Seller to the Issuer and that the beneficial interest in and title to
the Receivables not be part of the debtor's estate in the event of the filing of
a bankruptcy petition by or against the Seller under any bankruptcy law. No
Receivable has been sold, transferred, assigned or pledged by the Seller to any
Person other than the Issuer. Immediately prior to the transfer and assignment
herein contemplated, the Seller had good and marketable title to each Receivable
free and clear of all Liens, encumbrances, security interests and rights of
others and, immediately upon the transfer thereof, the Issuer shall have good
and marketable title to each Receivable, free and clear of all Liens,
encumbrances, security interests and rights of others; and the transfer has been
perfected under the UCC.

               (o)   Lawful Assignment. No Receivable has been originated in, or
is subject to the laws of, any jurisdiction under which the sale, transfer and
assignment of such Receivable under this Agreement or the Indenture is unlawful,
void or voidable.

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

               (q)   One Original. There is only one executed original of each
Receivable.

               (r)   Maturity of Receivables. Each Receivable has a final
maturity date not later than March 15, 2009.

               (s)   Scheduled Payments. Each Receivable has a first scheduled
due date on or prior to the end of the third month immediately following the
Cutoff Date.

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               (t)   Location of Receivable Files. The Receivable Files are kept
at the location listed in Schedule B.

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

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

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

               (x)   Chattel Paper. Each Receivable constitutes "tangible
chattel paper" as defined in the UCC.

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

               (z)   Code. Each of the Receivables is identified on World Omni's
computer files by a code indicating the Receivables are owned by the Trust and
pledged to the Indenture Trustee. The Receivables are the only Contracts listed
on Schedule A to this Agreement, are the only Contracts identified on World
Omni's computer files by such code, and are not identified on World Omni's
computer files by any other code.

         Section 3.02  Repurchase upon Breach. The Seller, the Servicer or the
Owner Trustee (on behalf of the Trust), as the case may be, shall inform the
other parties to this Agreement and the Indenture Trustee promptly, in writing,
upon the discovery of any breach of World Omni's representations and warranties
made pursuant to Section 3.01. Unless any such breach shall have been cured by
the last day of the second Collection Period following the discovery thereof by
the Owner Trustee or receipt by the Owner Trustee of written notice from the
Seller or the Servicer of such breach, World Omni shall be obligated to
repurchase any Receivable materially and adversely affected by any such breach
as of such last day (or, at World Omni's option, the last day of the first
Collection Period following the discovery) and World Omni shall deliver a
revised Schedule A to the Seller and the Trust which shall reflect the
repurchase of such Receivables). In consideration of the repurchase of any such
Receivable, World Omni shall remit the Purchase Amount, in the manner specified
in Section 5.05. Subject to the provisions of Section 6.03, the sole remedy of
the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders or the
Certificateholders with respect to a breach of representations and warranties
pursuant to Section 3.01 and the agreement contained in this Section shall be to
require World Omni to repurchase Receivables pursuant to this Section, subject
to the conditions contained herein.

         Section 3.03  Custody of Receivable Files. To assure uniform quality in
servicing the Receivables and to reduce administrative costs, the Issuer hereby
revocably appoints the Servicer, and the Servicer hereby accepts such
appointment, to act for the benefit of the Issuer and the Indenture Trustee as
custodian of the following documents or instruments which are

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<PAGE>

hereby or will hereby be constructively delivered to the Indenture Trustee, as
pledgee of the Issuer, as of the Closing Date with respect to each Receivable:

               (a)   the fully executed original of the Receivable;

               (b)   the original credit application fully executed by the
Obligor or such other information as the Servicer may keep on file in accordance
with its customary servicing procedures;

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

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

         Section 3.04  Duties of Servicer as Custodian. (a) Safekeeping. The
Servicer shall hold the Receivable Files as custodian for the benefit of the
Issuer and maintain such accurate and complete accounts, records and computer
systems pertaining to each Receivable File as shall enable the Issuer to comply
with this Agreement. In performing its duties as custodian the Servicer shall
act with reasonable care, using that degree of skill and attention that the
Servicer exercises with respect to the receivable files relating to all
comparable automotive receivables that the Servicer services for itself. The
Servicer shall promptly report to the Issuer and the Indenture Trustee any
failure on its part to hold the Receivable Files and maintain its accounts,
records and computer systems as herein provided and shall promptly take
appropriate action to remedy any such failure. Nothing herein shall be deemed to
require an initial review or any periodic review by the Issuer or the Indenture
Trustee of the Receivable Files.

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

               The Servicer shall provide to the Indenture Trustee access to any
and all documentation regarding the Receivables in such cases where the
Indenture Trustee is required in connection with the enforcement of the rights
of the Noteholders, or by applicable statutes or regulations to review such
documentation, such access being afforded without charge but only (a) upon
reasonable request, (b) during normal business hours, (c) subject to the
Servicer's normal security and confidentiality procedures and (d) at offices
designated by the Servicer. Nothing in this Section 3.04(b) shall derogate from
the obligation of the Servicer or the Indenture Trustee to observe any
applicable law prohibiting disclosure of information regarding the Obligors and
the failure of the Servicer to provide access as provided in this Section
3.04(b) as a result of such obligation shall not constitute a breach of this
Section 3.04(b).

               (c)   Release of Documents. Upon instruction from the Indenture
Trustee, the Servicer shall release any Receivable File to the Indenture
Trustee, the Indenture Trustee's agent

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<PAGE>

or the Indenture Trustee's designee, as the case may be, at such place or places
as the Indenture Trustee may designate, as soon as practicable.

         Section 3.05  Instructions; Authority To Act. The Servicer shall be
deemed to have received proper instructions with respect to the Receivable Files
upon its receipt of written instructions signed by a Trust Officer of the
Indenture Trustee.

         Section 3.06  Custodian's Indemnification. The Servicer as custodian
shall indemnify the Trust, the Owner Trustee, and the Indenture Trustee and each
of their respective officers, directors, employees and agents for any and all
liabilities, obligations, losses, compensatory damages, payments, costs or
expenses of any kind whatsoever that may be imposed on, incurred by or asserted
against the Trust, the Owner Trustee, or the Indenture Trustee or any of their
respective officers, directors, employees and agents as the result of any
improper act or omission in any way relating to the maintenance and custody by
the Servicer as custodian of the Receivable Files; provided, however, that the
Servicer shall not be liable to the Owner Trustee for any portion of any such
amount resulting from the willful misfeasance, bad faith or negligence of the
Owner Trustee, and the Servicer shall not be liable to the Indenture Trustee for
any portion of any such amount resulting from the willful misfeasance, bad faith
or negligence of the Indenture Trustee.

         Section 3.07  Effective Period and Termination. The Servicer's
appointment as custodian shall become effective as of the Cutoff Date and shall
continue in full force and effect until terminated pursuant to this Section. If
World Omni shall resign as Servicer in accordance with the provisions of this
Agreement or if all of the rights and obligations of any Servicer shall have
been terminated under Section 8.01, the appointment of such Servicer as
custodian may be terminated by the Indenture Trustee or by the Holders of the
Controlling Securities evidencing not less than 25% of the Outstanding Amount of
the Controlling Securities or, with the consent of Holders of the Controlling
Securities evidencing not less than 25% of the Outstanding Amount of the
Controlling Securities, by the Owner Trustee, in the same manner as the
Indenture Trustee or such Holders may terminate the rights and obligations of
the Servicer under Section 8.01. As soon as practicable after any termination of
such appointment, the Servicer shall deliver the Receivable Files to the
Indenture Trustee or the Indenture Trustee's agent at such place or places as
the Indenture Trustee may reasonably designate.

                                   ARTICLE IV
                   ADMINISTRATION AND SERVICING OF RECEIVABLES

         Section 4.01  Duties of Servicer. The Servicer, for the benefit of the
Issuer (to the extent provided herein), shall manage, service, administer and
receive collections on the Receivables (other than Purchased Receivables) with
reasonable care, using that degree of skill and attention that the Servicer
exercises with respect to all comparable automotive receivables that it services
for itself or others. The Servicer's duties shall include collection and posting
of all payments, making Advances, responding to inquiries of Obligors on such
Receivables, investigating delinquencies, sending payment coupons to Obligors,
reporting tax information to Obligors, accounting for collections, paying the
fee of the Administrator out of its own funds pursuant to Section 1.03 of the
Administration Agreement and furnishing a Servicer's Certificate to the
Indenture Trustee. Subject to the provisions of Section 4.02, the Servicer shall
follow its

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<PAGE>

customary standards, policies and procedures in performing its duties as
Servicer. Without limiting the generality of the foregoing, the Servicer is
authorized and empowered to execute and deliver, on behalf of itself, the
Issuer, the Owner Trustee, the Indenture Trustee, the Certificateholders and the
Noteholders or any of them, any and all instruments of satisfaction or
cancellation, or partial or full release or discharge, and all other comparable
instruments, with respect to such Receivables or to the Financed Vehicles
securing such Receivables. If the Servicer shall commence a legal proceeding to
enforce a Receivable, the Issuer (in the case of a Receivable other than a
Purchased Receivable) shall thereupon be deemed to have automatically assigned,
solely for the purpose of collection, such Receivable to the Servicer. If in any
enforcement suit or legal proceeding it shall be held that the Servicer may not
enforce a Receivable on the ground that it shall not be a real party in interest
or a holder entitled to enforce such Receivable, the Owner Trustee shall, at the
Servicer's expense and direction, take steps to enforce such Receivable,
including bringing suit in its name or the name of the Owner Trustee, the
Indenture Trustee, the Certificateholders or the Noteholders. The Owner Trustee
shall upon the written request of the Servicer furnish the Servicer with any
powers of attorney and other documents reasonably necessary or appropriate to
enable the Servicer to carry out its servicing and administrative duties
hereunder.

         Section 4.02  Collection and Allocation of Receivable Payments. The
Servicer shall make reasonable efforts to collect all payments called for under
the terms and provisions of the Receivables as and when the same shall become
due and shall follow such collection procedures as it follows with respect to
all comparable automotive receivables that it services for itself or others. The
Servicer shall allocate collections as set forth in Section 5.03. The Servicer
may grant extensions (although not more than six for the life of any Receivable
(excluding the Servicer's Payment Extension Program)), rebates or adjustments on
a Receivable, which shall not, for the purposes of this Agreement, modify the
day of the month on which payment is due (except in connection with a limited
number of accommodations for Obligors of occasional requests in accordance with
the Servicer's customary servicing procedures) or change the method under which
scheduled payments of interest are computed on such Receivable (other than with
respect to the Servicer's Payment Extension Program); provided, however, that if
the Servicer extends the date for final payment by the Obligor of any Receivable
beyond the Final Scheduled Maturity Date, it shall promptly repurchase the
Receivable from the Issuer in accordance with the terms of Section 4.07. The
Servicer shall not retain any fees in connection with any extension of a
Receivable but shall instead deposit such fees into the Collection Account
within two Business Days of receipt. The Servicer may in its discretion waive
any late payment charge or any other fees that may be collected in the ordinary
course of servicing a Receivable. The Servicer shall not agree to any alteration
of the interest rate or the originally scheduled payments on any Receivable,
other than as provided herein or as required by law.

         Section 4.03  Realization upon Receivables. On behalf of the Issuer,
the Servicer shall use commercially reasonable efforts, consistent with its
customary servicing procedures, to repossess or otherwise convert the ownership
of the Financed Vehicle securing any Receivable as to which the Servicer shall
have determined eventual payment in full is unlikely. The Servicer shall follow
such customary and usual practices and procedures as it shall deem necessary or
advisable in its servicing of automotive receivables, which may include selling
the Financed Vehicle at public or private sale. The Servicer is hereby
authorized to exercise its discretion, consistent with its customary servicing
procedures and the terms of this Agreement, in servicing

                                       23

<PAGE>

Defaulted Receivables so as to maximize the realization of those Defaulted
Receivables, including the discretion to choose to sell or not to sell any of
the Defaulted Receivables. The Servicer shall not be liable for any such
exercise of its discretion made in good faith.

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

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

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

         Section 4.07  Purchase of Receivables upon Breach. The Servicer or the
Owner Trustee, on behalf of the Trust, shall inform the other party and the
Indenture Trustee and the Seller promptly, in writing, upon the discovery of any
breach pursuant to Section 4.02, 4.05, 4.06 or 7.01. Unless the breach shall
have been cured by the last day of the second Collection Period following such
discovery or written notice (or, at the Servicer's election, the last day of the
first following Collection Period), the Servicer shall purchase any Receivable
materially and adversely affected by such breach as of such last day and the
Servicer shall deliver a revised Schedule A to the Seller and the Trust, which
shall reflect the repurchase of such Receivables. In consideration of the
purchase of any such Receivable pursuant to the preceding sentence, the Servicer
shall remit the Purchase Amount in the manner specified in Section 5.05. Subject
to Section 7.02, the sole remedy of the Issuer, the Owner Trustee, the Indenture
Trustee, the Certificateholders or the Noteholders with respect to a breach
pursuant to Section 4.02, 4.05, 4.06 or 7.01 shall be to require the Servicer to
purchase Receivables pursuant to this Section. The Owner Trustee shall have no
duty to conduct any affirmative investigation as to the occurrence of any
condition requiring the repurchase of any Receivable pursuant to this Section.

         Section 4.08  Servicing Fee. The Servicing Fee for a Payment Date shall
equal the product of (a) one-twelfth, (b) the Servicing Fee Rate and (c) the
Pool Balance as of the first day of the related Collection Period. The Servicer
shall also be entitled to all reimbursements for Advances as set forth in
Section 5.04, late fees, any prepayment charges, and other

                                       24

<PAGE>

administrative fees or similar charges allowed by applicable law with respect to
the Receivables, collected (from whatever source) on the Receivables, plus any
reimbursement pursuant to the last paragraph of Section 7.02. The Servicer may,
as long as it believes that sufficient collections will be available from
interest collections on one or more future Payment Dates to pay the Servicing
Fee, by notice to the Indenture Trustee on or before a Payment Date, elect to
defer all or a portion of the Servicing Fee with respect to the related
Collection Period, without interest. If the Servicer defers all of the Servicing
Fee, the Servicing Fee for such related Collection Period will be deemed to
equal zero.

         Section 4.09  Servicer's Certificate. Not later than 11:00 A.M. (New
York time) on each Payment Determination Date, the Servicer shall deliver a
Servicer's Certificate pursuant to Section 5.08. Receivables to be purchased by
the Servicer or to be repurchased by World Omni or the Seller shall be
identified by the Servicer by account number with respect to such Receivable (as
specified in Schedule A).

         Section 4.10  Annual Statement as to Compliance; Notice of Default. (a)
The Servicer shall deliver to the Owner Trustee and the Indenture Trustee, on or
before April 30 of each year beginning April 30, 2004, an Officers' Certificate,
dated as of December 31 of the preceding year, stating that (i) a review of the
activities of the Servicer during the preceding 12-month period (or such shorter
period as shall have elapsed since the Closing Date) and of its performance
under this Agreement has been made under such officers' supervision and (ii) to
the best of such officers' knowledge, based on such review, the Servicer has
fulfilled all its obligations under this Agreement throughout such year or, if
there has been a default in the fulfillment of any such obligation, specifying
each such default known to such officers and the nature and status thereof. The
Indenture Trustee shall send a copy of such certificate and the report referred
to in Section 4.11 to the Rating Agencies. A copy of such certificate and the
report referred to in Section 4.11 may be obtained by any Certificateholder or
Noteholder by a request in writing to the Owner Trustee addressed to the
Corporate Trust Office. Upon the telephone request of the Owner Trustee, the
Indenture Trustee will promptly furnish the Owner Trustee a list of Noteholders
as of the date specified by the Owner Trustee.

               (b)   The Servicer shall deliver to the Owner Trustee, the
Indenture Trustee and the Rating Agencies, promptly after having obtained
knowledge thereof, but in no event later than five (5) Business Days thereafter,
written notice in an Officers' Certificate of any event which with the giving of
notice or lapse of time, or both, would become a Servicer Default under Section
8.01(a) or (b).

         Section 4.11  Annual Independent Certified Public Accountants' Report.
Within 120 days after December 31 of each year, beginning in 2004, the Servicer
shall deliver to the Owner Trustee and the Indenture Trustee a report, prepared
by the independent accountants of the Servicer, stating that such independent
accountants have audited the annual financial statements of the Servicer in
accordance with auditing standards generally accepted in the United States and
nothing came to such independent accountants' attention that caused them to
believe that the Servicer was not in compliance with the provisions of this
Agreement, except for (a) such exceptions as such firm shall believe to be
immaterial, and (b) such other exceptions as shall be set forth in such
statement.

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<PAGE>

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

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

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

         Section 4.15  Annual Transfer. The State of Florida imposes a
value-based intangibles tax on January 1 of each year on certain intangibles
owned, managed or controlled by Florida domiciliaries or intangibles having a
business situs in Florida. On the last business day of each year, in an effort
to minimize the impact of this intangibles tax, the Seller may transfer 99% of
its right, title and interest in, to and under the Certificates owned by it as
of such day, together with all of its duties, rights and obligations under this
Agreement and the Administration Agreement to a special-purpose entity that is a
wholly-owned subsidiary of World Omni (the "Transferee"), located and managed
outside the State of Florida (such transfer, the "Annual Transfer"). In
connection with such Annual Transfer, World Omni will transfer all of its
rights, obligations and duties under this Agreement and the Administration
Agreement to the Transferee. The Trust will continue to maintain its first
priority perfected security interest in the Receivables. Only 99% of the
Seller's interest in the Receivables evidenced by the Certificates and its
duties, rights and obligations under this Agreement and the Administration
Agreement, together with World Omni's management and control authority and
obligations, will be transferred to the Transferee, to be held in escrow and
returned to the Seller and World Omni, respectively, on the first business day
of the following year. World Omni shall indemnify the Trust with respect to any
liability for this intangibles tax. World Omni will not conduct any servicing
activities during the period of the Annual Transfer.

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<PAGE>

         Section 4.16  Exchange Act Certifications.

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

                                   ARTICLE V
                         DISTRIBUTIONS; RESERVE ACCOUNT;
                STATEMENTS TO CERTIFICATEHOLDERS AND NOTEHOLDERS

         Section 5.01  Establishment of Trust Accounts. (a)(i) The Servicer, for
the benefit of the Noteholders and the Certificateholders, shall cause to be
established and maintained with and in the name of the Indenture Trustee an
Eligible Deposit Account (the "Collection Account"), bearing a designation
clearly indicating that the funds deposited therein are held for the benefit of
the Noteholders and the Certificateholders.

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

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

               (b)  Funds on deposit in the Collection Account, the Note
Distribution Account and the Reserve Account (collectively the "Trust Accounts")
shall be invested by the Indenture Trustee in Eligible Investments selected by
the Servicer. In absence of written direction from the Servicer, such funds
shall be invested in Eligible Investments specified in clause (i) of the
definition thereof. All such Eligible Investments shall be held by the Indenture
Trustee for the benefit of the Noteholders and the Certificateholders or the
Noteholders, as applicable; provided, that on each Payment Determination Date
all interest and other Investment Earnings on funds on deposit in the Trust
Accounts shall be deposited into the Collection Account and shall be deemed to
constitute a portion of the Available Funds for the related Payment Date. Other
than as permitted by the Rating Agencies, funds on deposit in the Collection
Account, the Reserve Account and the Note Distribution Account shall be invested
in Eligible Investments that will mature (A) not later than the Business Day
immediately preceding the next Payment Date or (B) on or before 10:00 a.m. on
such next Payment Date if such investment is held in the corporate trust
department of the institution with which the Collection Account, the Reserve
Account or the Note Distribution Account, as applicable, is then maintained and
is invested either (i) in a time deposit of the Indenture Trustee rated at least
A-1 by Standard & Poor's, F1 by Fitch and Prime-1 by Moody's (such account being
maintained within the corporate trust department of the Indenture Trustee), (ii)
in the Indenture Trustee's common trust fund so long as such fund is rated in
the highest applicable rating category by Standard & Poor's, Moody's and Fitch
or (iii) in Eligible Investments specified in clauses (g) or

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<PAGE>

(i) of the definition thereof. In no event shall the Indenture Trustee be held
liable for investment losses in Eligible Investments pursuant to this Section
5.01, except in its capacity as obligor thereunder.

               (c)  (i) The Indenture Trustee shall possess all right, title and
interest in all funds on deposit from time to time in the Trust Accounts and in
all proceeds thereof (including all income thereon) and all such funds,
investments, proceeds and income shall be part of the Trust Estate. The Trust
Accounts shall be under the sole dominion and control of the Indenture Trustee
for the benefit of the Noteholders or the Noteholders and the
Certificateholders, as the case may be. If, at any time, any of the Trust
Accounts ceases to be an Eligible Deposit Account, the Indenture Trustee (or the
Servicer on its behalf) shall within 10 Business Days (or such longer period,
not to exceed 30 calendar days, as to which each Rating Agency may consent)
establish a new Trust Account as an Eligible Deposit Account and shall transfer
any cash and/or any investments to such new Trust Account. The Indenture Trustee
or the other Person holding the Trust Accounts as provided in this Section
5.01(c)(i) shall be the "Securities Intermediary." If the Securities
Intermediary shall be a Person other than the Indenture Trustee, the Servicer
shall obtain the express agreement of such Person to the obligations of the
Securities Intermediary set forth in this Section 5.01.

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

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

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

                    (C)   All property delivered to the Securities Intermediary
               pursuant to this Agreement will be promptly credited to the
               appropriate Trust Account.

                    (D)   Each item of property (whether investment property,
               Financial Asset, security, instrument of cash) credited to a
               Trust Account shall be treated as a "financial asset" within the
               meaning of Section 8-102(a)(9) of the New York UCC.

                    (E)   If at any time the Securities Intermediary shall
               receive any order from the Indenture Trustee directing transfer
               or redemption of any Financial Asset relating to the Trust
               Accounts, the Securities Intermediary shall comply with such

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               entitlement order without further consent by the Trust, the
               Servicer, the Seller or any other Person.

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

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

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

                    (I)   The Securities Intermediary will promptly send copies
               of all statements, confirmations and other correspondence
               concerning the Trust Accounts and/or any Trust Account Property
               simultaneously to each of the Servicer and the Indenture Trustee.

                    (iii) The Servicer shall have the power, revocable by the
           Indenture Trustee or by the Owner Trustee with the consent of the
           Indenture Trustee, to instruct the Indenture Trustee to make
           withdrawals and payments from the Trust Accounts for the purpose of
           permitting the Servicer or the Owner Trustee to carry out its
           respective duties hereunder or permitting the Indenture Trustee to
           carry out its duties under the Indenture.

         Section 5.02  Collections. The Servicer shall remit to the Collection
Account within two Business Days of receipt of payment (including proper
instructions where to allocate such payment) all payments by or on behalf of the
Obligors with respect to the Receivables (other than Purchased Receivables) and
all Liquidation Proceeds, both as collected during the Collection Period.
Notwithstanding the foregoing, for so long as (i) World Omni remains the

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<PAGE>

Servicer (other than in connection with the annual transfer), (ii) no Servicer
Default shall have occurred and be continuing, (iii) the Rating Agency Condition
is met and (iv) World Omni either (a) maintains a short-term debt rating of at
least A-1 by Standard & Poor's, Prime-1 by Moody's and F1 by Fitch (b) arranges
for and maintains a letter of credit or other form of enhancement for the
Servicer's obligations to make deposits of collections on the Receivables in the
Collection Account that is acceptable in form and substance to each Rating
Agency or (c) otherwise satisfies the Rating Agency Condition, the Servicer
shall remit such collections with respect to the preceding calendar month to the
Collection Account on the Payment Determination Date immediately preceding the
related Payment Date. For purposes of this Article V the phrase "payments by or
on behalf of Obligors" shall mean payments made with respect to the Receivables
by Persons other than the Servicer or the Seller.

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

         Section 5.04  Advances. On each Payment Date, the Servicer shall
deposit into the Collection Account an amount (such amount, an "Advance"), if
positive, equal to (1) the Total Required Advances with respect to such Payment
Date minus (2) the Outstanding Advance immediately following the preceding
Payment Date. On each Payment Date, the Servicer shall be reimbursed for
Outstanding Advances in an amount, if positive, equal to (1) the Outstanding
Advances immediately following the preceding Payment Date minus (2) the Total
Required Advances with respect to such Payment Date. The Servicer shall not make
any advance in respect of principal on the Receivables.

         Section 5.05  Additional Deposits. The Servicer and the Seller shall
deposit or cause to be deposited in the Collection Account the aggregate
Purchase Amount with respect to Purchased Receivables and the Servicer shall
deposit therein all amounts to be paid under Section 9.01. The Servicer will
deposit the aggregate Purchase Amount with respect to Purchased Receivables when
such obligations are due. The Servicer shall, if necessary, deposit all Advances
required to be made pursuant to Section 5.04 in the Collection Account on each
Payment Date. All such other deposits shall be made on the Payment Determination
Date for the related Collection Period.

         Section 5.06  Distributions. (i) On or before each Payment
Determination Date, the Servicer shall calculate (A) all amounts required to be
deposited in the Note Distribution Account and (B) all amounts required to be
distributed to the Certificateholders.

                       (ii)  Except as otherwise provided in clauses (iii) or
             (iv) below, on each Payment Date, the Servicer shall instruct the
             Indenture Trustee (based on the information contained in the
             Servicer's Certificate delivered on the related Payment
             Determination Date pursuant to Section 4.09) to make the following
             deposits and distributions to the extent of the Available Funds, in
             the following order of priority:

                       (A)   to the Note Distribution Account, from Available
               Funds, the Class A Noteholders' Interest Distributable Amount;

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<PAGE>

                       (B)   to the Note Distribution Account, from the
               Available Funds remaining after the application of clause (A)
               above, if any, the Noteholders' First Priority Principal
               Distributable Amount;

                       (C)   to the Note Distribution Account, from the
               Available Funds remaining after the application of clauses (A)
               and (B) above, if any, the Class B Noteholders' Interest
               Distributable Amount;

                       (D)   to the Reserve Account, from the Available Funds
               remaining after the application of clauses (A) through (C) above,
               the amount, if any, necessary to reinstate the balance in the
               Reserve Account up to the Required Reserve Amount;

                       (E)   to the Note Distribution Account, from the
               Available Funds remaining after the application of clauses (A)
               through (D) above, if any, an amount equal to the Noteholders'
               Principal Distribution Amount minus any amounts allocated to the
               Note Distribution Account pursuant to clause (B) above; and

                       (F)   to the Certificateholders, the portion, if any, of
               the Available Funds remaining after the application of clauses
               (A) through (E) above; provided the Indenture Trustee has not
               received written instruction from the Certificateholders of 100%
               percentage interest in the Certificates to redeposit all or a
               portion of such Available Funds into the Collection Account.

The Holders of 100% Percentage Interest of the Certificates will have the right,
but not the obligation, in their sole discretion, to instruct the Indenture
Trustee in writing to retain in the Collection Account all or a portion of
distributions otherwise payable to them pursuant to (F) above. If the
Certificateholders make this election, these amounts will be treated as
collections during the then current Collection Period and the Certificateholders
will have no claim to such amounts (unless distributed on a subsequent Payment
Date pursuant to (F) above).

                       (iii) In the event the Notes are declared to be due and
            payable following the occurrence of an Event of Default pursuant to
            Section 5.01(i) and (ii) of the Indenture, the Servicer shall
            instruct the Indenture Trustee (based on the information contained
            in the Servicer's Certificate delivered on the related Payment
            Determination Date pursuant to section 4.09) to make the following
            deposits and distributions to the extent of Available Funds, in the
            following order of priority: (A) to the Note Distribution Account,
            from Available Funds, an amount equal to the accrued and unpaid
            interest on each Class of Class A Notes; (B) to the Note
            Distribution Account, from the Available Funds remaining after the
            application of clause (A) above, if any, an amount equal to the
            Outstanding Amount of each class of Class A Notes; (C) to the Note
            Distribution Account, from Available Funds remaining after the
            application of clauses (A) and (B) above, if any, an amount equal to
            the accrued and unpaid interest on the Class B Notes; (D) to the
            Note Distribution Account, from Available Funds remaining after the
            application of clauses (A), (B) and (C) above, if any, an amount
            equal to the Outstanding Amount of the Class B

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<PAGE>

            Notes; and (E) to the Certificateholders, the portion, if any, of
            the Available Funds remaining after application of clauses (A), (B),
            (C) and (D), above.

                       (iv)  In the event the Notes are declared to be due and
            payable following the occurrence of an Event of Default pursuant to
            Section 5.01(iii), (iv) or (v) of the Indenture, the Servicer shall
            instruct the Indenture Trustee (based on the information contained
            in the Servicer's Certificate delivered on the related Payment
            Determination Date pursuant to section 4.09) to make the following
            deposits and distributions to the extent of Available Funds, in the
            following order of priority: (A) to the Note Distribution Account,
            from Available Funds, an amount equal to the accrued and unpaid
            interest on each Class of Class A Notes; (B) to the Note
            Distribution Account, from Available Funds remaining after the
            application of clause (A) above, if any, an amount equal to the
            accrued and unpaid interest on the Class B Notes; (C) to the Note
            Distribution Account, from the Available Funds remaining after the
            application of clauses (A) and (B) above, if any, an amount equal to
            the Outstanding Amount of each class of Class A Notes; (D) to the
            Note Distribution Account, from Available Funds remaining after the
            application of clauses (A), (B) and (C) above, if any, an amount
            equal to the Outstanding Amount of the Class B Notes; and (E) to the
            Certificateholders, the portion, if any, of the Available Funds
            remaining after application of clauses (A), (B), (C) and (D), above.

         Section 5.07  Reserve Account.

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

               (b)  If the amount on deposit in the Reserve Account on any
Payment Date (after giving effect to all deposits thereto or withdrawals
therefrom on such Payment Date) is greater than the Required Reserve Amount for
such Payment Date, the Servicer shall instruct the Indenture Trustee to withdraw
such amount from the Reserve Account and apply it as Available Funds for such
Payment Date.

               (c)  In the event that the Available Funds for a Payment Date are
not sufficient to make the full amount of the deposits into the Note
Distribution Account required pursuant to Sections 5.06(ii)(A), (B) and (C) on
such Payment Date, the Servicer shall instruct the Indenture Trustee to withdraw
from the Reserve Account on such Payment Date an amount equal to such shortfall,
to the extent of funds available therein, and deposit such amount into the Note
Distribution Account; provided that such amount shall be applied according to
the priorities set forth in Section 5.06(ii). In addition, amounts will be
withdrawn from the Reserve Account as provided in Section 8.2(c) and (d) of the
Indenture.

               (d)  Subject to Section 9.01, amounts will continue to be applied
pursuant to Section 5.06 following payment in full of the Outstanding Amount of
the Notes until the Pool Balance is reduced to zero. Following the payment in
full of the aggregate Outstanding Amount of the Notes and of all other amounts
owing or to be distributed hereunder or under the Indenture or the Trust
Agreement to Noteholders, any amount remaining on deposit in the Reserve Account
shall be distributed to the Certificateholders.

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<PAGE>

         Section 5.08  Statements to Noteholders and Certificateholders. On each
Payment Determination Date, the Servicer shall provide to the Indenture Trustee
(with a copy to the Rating Agencies) for the Indenture Trustee to forward to The
Depository Trust Company (which shall supply such statement to Noteholders in
accordance with its procedures), a statement substantially in the form of
Exhibit B, setting forth at least the following information as to the Notes, to
the extent applicable:

               (a)  the amount of such distribution allocable to principal
allocable to each Class of Notes;

               (b)  the amount of such distribution allocable to interest
allocable to each Class of Notes;

               (c)  the Outstanding Amount of each Class of Notes and the Note
Pool Factor for each such Class as of the close of business on the last day of
the preceding Collection Period;

               (d)  the amount of the Servicing Fee paid to the Servicer with
respect to the related Collection Period, the amount of any unpaid Servicing Fee
and the change in such amount from the prior Payment Date;

               (e)  the balance of the Reserve Account on such Payment
Determination Date after giving effect to deposits and withdrawals to be made on
the immediate following Payment Date, if any;

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

               (g)  the Class A Noteholders' Interest Carryover Shortfall;

               (h)  the Class B Noteholders' Interest Carryover Shortfall;

               (i)  the number of Receivables purchased by, and the aggregate
Purchase Amount paid by, World Omni or the Servicer with respect to the related
Collection Period;

               (j)  delinquency information relating to the Receivables which
are more than 30, 60 or 90 days delinquent;

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

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

               (m)  the Noteholders' First Priority Principal Distributable
Amount;

               (n)  the Noteholders' Principal Distributable Amount; and

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<PAGE>

               (o)  the Overcollateralization Target Amount for the immediately
following Payment Date.

               Each amount set forth on the Payment Date statement under clauses
(a), (b), (g) and (h) above shall be expressed as a dollar amount per $1,000 of
original principal amount of a Note.

         Section 5.09  Net Deposits. As an administrative convenience, the
Servicer will be permitted to make the deposit of collections on the
Receivables, Advances and Purchase Amounts for or with respect to the Collection
Period net of distributions (including without limitation the Servicing Fee) to
be made to the Servicer with respect to the Collection Period. The Servicer,
however, will account to the Owner Trustee, the Indenture Trustee, the
Noteholders and the Certificateholders as if all deposits, distributions and
transfers were made individually.

         Section 5.10  Transfer of Certificates. In the event any Holder of a
Certificate shall wish to transfer such Certificate, the Seller shall provide to
such Holder and any prospective transferee designated by such Holder information
regarding the Certificates and the Receivables and such other information as
shall be necessary to satisfy the condition to eligibility set forth in Rule
144A(d)(4) for transfer of any such Certificate without registration thereof
under the Securities Act of 1933, as amended, pursuant to the exemption from
registration provided by Rule 144A.

                                   ARTICLE VI
                                   THE SELLER

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

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

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

               (c)  Power and Authority. The Seller has the requisite power and
authority to execute and deliver this Agreement and to carry out its terms; the
Seller has full power and authority to sell and assign the property to be sold
and assigned to and deposited with the Issuer, and the Seller shall have duly
authorized such sale and assignment to the Issuer by all necessary

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<PAGE>

action; and the execution, delivery and performance of this Agreement has been
duly authorized by the Seller by all necessary action.

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

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

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

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

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<PAGE>

         Section 6.02  Corporate Existence. (a) During the term of this
Agreement, the Seller will keep in full force and effect its existence, rights
and franchises as a limited liability company under the laws of the jurisdiction
of its formation and will obtain and preserve its qualification to do business
in each jurisdiction in which such qualification is or shall be necessary to
protect the validity and enforceability of this Agreement, the Basic Documents
and each other instrument or agreement necessary or appropriate to the proper
administration of this Agreement and the transactions contemplated hereby. In
addition, all transactions and dealings between the Seller and its Affiliates
will be conducted on an arm's-length basis.

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

                    (i)  the Seller shall maintain corporate records and books
             of account separate from those of its affiliates;

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

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

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

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

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

               (b)  The Seller shall indemnify, defend and hold harmless the
Issuer, the Owner Trustee, the Indenture Trustee, the Certificateholders and the
Noteholders and any of the officers, directors, employees and agents of the
Issuer, the Owner Trustee, and the Indenture

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<PAGE>

Trustee from and against any loss, liability or reasonable and documented
expense incurred by reason of the Seller's willful misfeasance, bad faith or
negligence (except for errors in judgment) in the performance of its duties
under this Agreement, or by reason of reckless disregard of its obligations and
duties under this Agreement.

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

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

               Indemnification under this Section shall survive the resignation
or removal of the Owner Trustee or the Indenture Trustee and the termination of
this Agreement and shall include reasonable and documented fees and expenses of
counsel and expenses of litigation. If the Seller shall have made any indemnity
payments pursuant to this Section and the Person to or on behalf of whom such
payments are made thereafter shall collect any of such amounts from others, such
Person shall promptly repay such amounts to the Seller, without interest.

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

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         Section 6.04  Merger or Consolidation of, or Assumption of Obligations
of Seller. Any Person (a) into which the Seller may be merged or consolidated,
(b) which may result from any merger or consolidation to which the Seller shall
be a party or (c) which may succeed to the properties and assets of the Seller
substantially as a whole, which person in any of the foregoing cases executes an
agreement of assumption to perform every obligation of the Seller under this
Agreement, shall be the successor to the Seller hereunder without the execution
or filing of any document or any further act by any of the parties to this
Agreement; provided, however, that (i) immediately after giving effect to such
transaction, no representation or warranty made pursuant to Section 3.01 shall
have been breached and no Servicer Default in respect of the Seller under
Section 8.01(b) or (c) shall have occurred and be continuing, and no event that,
after notice or lapse of time, or both, would become a Servicer Default in
respect of the Seller under Section 8.01(b) or (c) shall have occurred and be
continuing, (ii) the Seller shall have delivered to the Owner Trustee and the
Indenture Trustee an Officers' Certificate stating that such consolidation,
merger or succession and such agreement of assumption comply with this Section
and that all conditions precedent, if any, provided for in this Agreement
relating to such transaction have been complied with, (iii) the Rating Agency
Condition shall have been satisfied with respect to such transaction and (iv)
the Seller shall have delivered to the Owner Trustee and the Indenture Trustee
an Opinion of Counsel either (A) stating that, in the opinion of such counsel,
all financing statements and continuation statements and amendments thereto have
been filed that are necessary fully to preserve and protect the interest of the
Owner Trustee and Indenture Trustee, respectively, in the Receivables and
reciting the details of such filings, or (B) stating that, in the opinion of
such counsel, no such action shall be necessary to preserve and protect such
interests. Notwithstanding anything herein to the contrary, (a) the execution of
the foregoing agreement of assumption and compliance with clauses (i), (ii),
(iii) and (iv) above shall be conditions to the consummation of the transactions
referred to in clause (a), (b) or (c) above and (b) the Seller may transfer its
rights under this Agreement in accordance with Section 4.15 hereof.

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

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

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

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                                   ARTICLE VII
                                  THE SERVICER

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

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

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

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

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

               (e)  No Violation. The consummation of the transactions
contemplated by this Agreement and the fulfillment of the terms hereof do not
(i) conflict with, result in any breach of any of the terms and provisions of,
or constitute (with or without notice or lapse of time) a default under, the
articles of incorporation or bylaws of the Servicer; (ii) breach, conflict with
or violate any of the material terms or provisions of, or constitute (with or
without notice or lapse of time) a default under, any indenture, agreement or
other instrument to which the Servicer is a party or by which it is bound; (iii)
result in the creation or imposition of any Lien upon any of its properties
pursuant to the terms of any such indenture, agreement or other instrument
(other than pursuant to this Agreement and the Basic Documents); or, (iv) to the
best of the Servicer's knowledge, violate any order, rule or regulation
applicable to the Servicer of any court or of any federal or state regulatory
body, administrative agency or other governmental instrumentality having
jurisdiction over the Servicer or its properties except, in the case of clauses
(ii), (iii) and

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<PAGE>

(iv), for such breaches, defaults, conflicts, liens or violations that would not
have a material adverse effect on the Servicer's earnings, business affairs or
business prospects.

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

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

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

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

               (b)  The Servicer shall indemnify, defend and hold harmless the
Issuer, the Owner Trustee, the Indenture Trustee, the Seller, the
Certificateholders and the Noteholders and any of the officers, directors,
employees and agents of the Issuer, the Owner Trustee and the Indenture Trustee
from and against any and all costs, expenses, losses, claims, damages and
liabilities to the extent that such cost, expense, loss, claim, damage or
liability arose out of, or was imposed upon any such Person through, the willful
misfeasance, bad faith or negligence (except for errors in judgment) of the
Servicer in the performance of its duties under this Agreement or by reason of
reckless disregard of its obligations and duties under this Agreement.

               For purposes of this Section, in the event of the termination of
the rights and obligations of World Omni (or any successor thereto pursuant to
Section 7.03) as Servicer pursuant to Section 8.01, or a resignation by such
Servicer pursuant to this Agreement, such

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<PAGE>

Servicer shall be deemed to be the Servicer pending appointment of a successor
Servicer (other than the Indenture Trustee) pursuant to Section 8.02.

               Indemnification under this Section shall survive the resignation
or removal of the Owner Trustee or the Indenture Trustee or the termination of
this Agreement and shall include reasonable fees and expenses of counsel and
expenses of litigation. If the Servicer shall have made any indemnity payments
pursuant to this Section and the Person to or on behalf of whom such payments
are made thereafter collects any of such amounts from others, such Person shall
promptly repay such amounts to the Servicer, without interest.

         Section 7.03  Merger or Consolidation of, or Assumption of Obligations
of, Servicer. The Servicer shall not consolidate with or merge into any other
corporation or convey or transfer its properties and assets substantially as an
entirety to any Person, unless:

               (a)  the corporation formed by such consolidation or into which
the Servicer is merged or the Person which acquires by conveyance or transfer
the properties and assets of the Servicer substantially as an entirety shall be
a corporation organized and existing under the laws of the United State of
America or the District of Columbia and, if the Servicer is not the surviving
entity, such corporation shall assume, without the execution or filing of any
paper or further act on the part of any of the parties hereto, the performance
of every covenant and obligation of the Servicer hereunder; and

               (b)  the Servicer has delivered to the Owner Trustee and the
Indenture Trustee and Officer's Certificate and an Opinion of Counsel each
stating that such consolidation, merger, conveyance or transfer will comply with
this Section 7.03 and that all conditions precedent herein provided for relating
to such transaction have been complied with.

               The Servicer shall provide notice of any merger, consolidation or
succession pursuant to this Section 7.03 to the Rating Agencies, the Owner
Trustee and the Indenture Trustee.

         Section 7.04  Limitation on Liability of Servicer and Others. Neither
the Servicer nor any of the directors, officers, employees or agents of the
Servicer shall be under any liability to the Issuer, the Noteholders or the
Certificateholders, except as provided under this Agreement, for any action
taken or for refraining from the taking of any action pursuant to this Agreement
or for errors in judgment; provided, however, that this provision shall not
protect the Servicer or any such person against any liability that would
otherwise be imposed by reason of willful misfeasance, bad faith or negligence
in the performance of duties or by reason of reckless disregard of obligations
and duties under this Agreement. The Servicer and any director, officer,
employee or agent of the Servicer may rely in good faith on any document of any
kind prima facie properly executed and submitted by any person respecting any
matters arising under this Agreement.

               Except as provided in this Agreement, the Servicer shall not be
under any obligation to appear in, prosecute or defend any legal action that
shall not be incidental to its duties to service the Receivables in accordance
with this Agreement and that in its opinion may involve it in any expense or
liability; provided, however, that the Servicer may undertake any

                                       41

<PAGE>

reasonable action that it may deem necessary or desirable in respect of this
Agreement and the Basic Documents and the rights and duties of the parties to
this Agreement and the Basic Documents and the interests of the
Certificateholders under this Agreement and the Noteholders under the Indenture.

         Section 7.05  World Omni Not To Resign as Servicer. Subject to the
provisions of Section 7.03, World Omni shall not resign from the obligations and
duties hereby imposed on it as Servicer under this Agreement except upon a
determination that the performance of its duties under this Agreement shall no
longer be permissible under applicable law and cannot be cured. Notice of any
such determination permitting the resignation of World Omni shall be
communicated to the Owner Trustee and the Indenture Trustee at the earliest
practicable time (and, if such communication is not in writing, shall be
confirmed in writing at the earliest practicable time) and any such
determination shall be evidenced by an Opinion of Counsel to such effect
delivered to the Owner Trustee and the Indenture Trustee concurrently with or
promptly after such notice. No such resignation shall become effective until the
Indenture Trustee or a successor Servicer shall have assumed the
responsibilities and obligations of World Omni in accordance with Section 8.02.

                                  ARTICLE VIII
                                     DEFAULT

         Section 8.01  Servicer Default. Any one of the following events shall
constitute a default by the Servicer (a "Servicer Default"):

               (a)  any failure by the Servicer to deliver to the Indenture
Trustee for deposit in any of the Trust Accounts or distribution to the
Certificateholders any required payment or to direct the Indenture Trustee to
make any required distributions therefrom, which failure continues unremedied
for a period of five Business Days after written notice of such failure is
received by the Servicer from the Owner Trustee or the Indenture Trustee or
after discovery of such failure by an officer of the Servicer; or

               (b)  failure by the Servicer or, if the Servicer is an affiliate
of the Seller, the Seller, as the case may be, duly to observe or to perform in
any material respect any other covenants or agreements of the Servicer or the
Seller (as the case may be) set forth in this Agreement or any other Basic
Document, which failure shall (i) materially and adversely affect the rights of
Certificateholders or Noteholders and (ii) continue unremedied for a period of
60 days after the date on which written notice of such failure, requiring the
same to be remedied, shall have been given (A) to the Servicer or the Seller (as
the case may be) by the Owner Trustee or the Indenture Trustee or (B) to the
Servicer or the Seller (as the case may be), and to the Owner Trustee and the
Indenture Trustee by the Holders of the Notes evidencing not less than 50% of
the Outstanding Amount of the Controlling Securities and the Holders (as defined
in the Trust Agreement) of Certificates evidencing not less than 50% of the
percentage interest of the Certificates; or

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

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<PAGE>

          Notwithstanding the foregoing, a delay in or failure of performance
referred to under clause (a) above for a period of ten Business Days or referred
to under clause (b) for a period of 90 Business Days, shall not constitute a
Servicer Default if such delay or failure could not be prevented by the exercise
of reasonable diligence by the Servicer and was caused by an act of God or other
similar occurrence. Upon the occurrence of any such event, the Servicer shall
not be relieved from using its best efforts to perform its obligations in a
timely manner in accordance with the terms of this Agreement and the Servicer
shall provide the Indenture Trustee, the Owner Trustee, the Noteholders and the
Certificateholders prompt notice of such failure or delay by it, together with a
description of its efforts to so perform its obligations.

          So long as the Servicer Default shall not have been remedied or stayed
by the application of the above paragraph, either the Indenture Trustee or the
Holders of the Notes evidencing not less than 50% of the Outstanding Amount of
the Controlling Securities, by notice then given in writing to the Servicer (and
to the Indenture Trustee and the Owner Trustee if given by the Noteholders) may
terminate all the rights and obligations (other than the obligations set forth
in Section 7.02 hereof) of the Servicer under this Agreement. On or after the
receipt by the Servicer of such written notice, all authority and power of the
Servicer under this Agreement, whether with respect to the Notes, the
Certificates or the Receivables or otherwise, shall, without further action,
pass to and be vested in the Indenture Trustee or such successor Servicer as may
be appointed under Section 8.02; and, without limitation, the Indenture Trustee
and the Owner Trustee are hereby authorized and empowered to execute and
deliver, for the benefit of the predecessor Servicer, as attorney-in-fact or
otherwise, any and all documents and other instruments, and to do or accomplish
all other acts or things necessary or appropriate to effect the purposes of such
notice of termination, whether to complete the transfer and endorsement of the
Receivables and related documents, or otherwise. The predecessor Servicer shall
cooperate with the successor Servicer, the Indenture Trustee and the Owner
Trustee in effecting the termination of the responsibilities and rights of the
predecessor Servicer under this Agreement, including the transfer to the
successor Servicer for administration by it of all cash amounts that shall at
the time be held by the predecessor Servicer for deposit, or shall thereafter be
received by it with respect to any Receivable. Further, in such event, the
Servicer shall use commercially reasonable efforts to effect the orderly and
efficient transfer of the servicing of the Receivables to the successor
Servicer, and as promptly as practicable, the Servicer shall provide to the
successor Servicer a current computer tape containing all information from the
Receivables Files required for the proper servicing of the Receivables, together
with the documentation containing any and all information necessary for the use
of the tape. All reasonable and documented costs and expenses (including
attorneys' fees) incurred in connection with transferring the Receivable Files
to the successor Servicer and amending this Agreement to reflect such succession
as Servicer pursuant to this section shall be paid by the predecessor Servicer
upon presentation of reasonable documentation of such costs and expenses. Upon
receipt of notice of the occurrence of a Servicer Default, the Owner Trustee
shall give notice thereof to the Rating Agencies.

     Section 8.02 Appointment of Successor. (a) Upon the Servicer's receipt of
notice of termination pursuant to Section 8.01 or the Servicer's resignation in
accordance with the terms of this Agreement, the predecessor Servicer shall
continue to perform its functions as Servicer under this Agreement, in the case
of termination, only until the date specified in such termination notice or, if
no such date is specified in a notice of termination, until receipt of such
notice and, in the case of resignation, until the later of (i) the date 45 days
from the delivery to the Owner

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<PAGE>

Trustee and the Indenture Trustee of written notice of such resignation (or
written confirmation of such notice) in accordance with the terms of this
Agreement and (ii) the date upon which the predecessor Servicer shall become
unable to act as Servicer, as specified in the notice of resignation and
accompanying Opinion of Counsel. In the event of the Servicer's termination
hereunder, the Indenture Trustee shall appoint a successor Servicer, and the
successor Servicer shall accept its appointment by a written assumption in form
acceptable to the Owner Trustee and the Indenture Trustee. In the event that a
successor Servicer has not been appointed at the time when the predecessor
Servicer has ceased to act as Servicer in accordance with this Section, the
Indenture Trustee without further action shall automatically be appointed the
successor Servicer and the Indenture Trustee shall be entitled to the Servicing
Fee. Notwithstanding the above, the Indenture Trustee shall, if it shall be
legally unable so to act, appoint or petition a court of competent jurisdiction
to appoint any established institution, having a net worth of not less than
$100,000,000 and whose regular business shall include the servicing of
automotive receivables, as the successor to the Servicer under this Agreement.

          (b) Upon appointment, the successor Servicer (including the Indenture
Trustee acting as successor Servicer) shall be the successor in all respects to
the predecessor Servicer and shall be subject to all the responsibilities,
duties and liabilities arising thereafter relating thereto placed on the
predecessor Servicer and shall be entitled to the Servicing Fee and all the
rights granted to the predecessor Servicer by the terms and provisions of this
Agreement.

          (c) The successor Servicer may not resign unless it is prohibited from
serving as such by law.

     Section 8.03 Notification to Noteholders and Certificateholders. Upon any
termination of, or appointment of a successor to, the Servicer pursuant to this
Article VIII, the Owner Trustee shall give prompt written notice thereof to
Certificateholders, and the Indenture Trustee shall give prompt written notice
thereof to Noteholders and the Rating Agencies.

     Section 8.04 Waiver of Past Defaults. The Holders of Notes evidencing not
less than 50% of the Outstanding Amount of the Controlling Securities may, on
behalf of all Noteholders, waive in writing any default by the Servicer in the
performance of its obligations hereunder and its consequences, except a default
in making any required deposits to or payments from any of the Trust Accounts or
to the Certificateholders in accordance with this Agreement. Upon any such
waiver of a past default, such default shall cease to exist, and any Servicer
Default arising therefrom shall be deemed to have been remedied for every
purpose of this Agreement. No such waiver shall extend to any subsequent or
other default or impair any right consequent thereto.

     Section 8.05 Payment of Servicing Fees; Repayment of Advances. If the
Servicer shall change, the predecessor Servicer shall be entitled to (i) receive
any accrued and unpaid Servicing Fees through the date of such Successor
Servicer's acceptance hereunder in accordance with Section 4.08 and (ii)
reimbursement for Outstanding Advances pursuant to Section 5.08 with respect to
all Advances made by the predecessor Servicer.

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<PAGE>

                                   ARTICLE IX
                                   TERMINATION

     Section 9.01 Optional Purchase of All Receivables. (a) As of the last day
of any Collection Period immediately preceding a Payment Date as of which the
then outstanding Pool Balance is 10% or less of the Original Pool Balance, the
Servicer shall have the option to purchase the Owner Trust Estate, other than
the Trust Accounts. To exercise such option, the Servicer shall deposit pursuant
to Section 5.05 in the Collection Account an amount equal to the aggregate
Purchase Amount for the Receivables (including Defaulted Receivables), and shall
succeed to all interests in and to the Trust. Notwithstanding the foregoing, the
Servicer shall not be permitted to exercise such option unless the amount to be
deposited in the Collection Account pursuant to the preceding sentence is
greater than or equal to the sum of the Outstanding Amount of the Notes and all
accrued but unpaid interest (including any overdue interest and premium)
thereon.

          (b) As described in Article IX of the Trust Agreement, notice of any
termination of the Trust shall be given by the Servicer to the Owner Trustee and
the Indenture Trustee as soon as practicable after the Servicer has received
notice thereof.

          (c) Following the satisfaction and discharge of the Indenture and the
payment in full of the principal of and interest on the Notes, the
Certificateholders will succeed to the rights of the Noteholders hereunder other
than Section 5.07(b) and the Owner Trustee will succeed to the rights of, and
assume the obligations of, the Indenture Trustee pursuant to this Agreement.

                                    ARTICLE X
                                  MISCELLANEOUS

     Section 10.01 Amendment. This Agreement may be amended by the Seller, the
Servicer and the Issuer, with the consent of the Indenture Trustee, but without
the consent of any of the Noteholders or the Certificateholders, to cure any
ambiguity or to correct or supplement any provisions in this Agreement or for
the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Agreement or of modifying in any manner the rights
of the Noteholders or the Certificateholders; provided that such amendments
require: (i) satisfaction of the Rating Agency Condition and (ii) an officer's
certificate of the Servicer stating that the amendment will not materially and
adversely affect the interest of any Noteholder or Certificateholder.

          This Agreement may also be amended from time to time by the Seller,
the Servicer and the Issuer, with the consent of the Indenture Trustee, the
consent of the Holders of the Notes evidencing not less than 50% of the
Outstanding Amount of the Controlling Securities and the consent of the Holders
(as defined in the Trust Agreement) of Certificates evidencing not less than 50%
of the percentage interest of the Certificates for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Agreement or of modifying in any manner the rights of the Noteholders or
the Certificateholders; provided, however, that no such amendment shall (a)
increase or reduce in any manner the amount of, or accelerate or delay the
timing of, collections of payments on Receivables or distributions that

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<PAGE>

shall be required to be made for the benefit of the Noteholders or the
Certificateholders or (b) reduce the consent percentages in this sentence,
without the consent of the Holders of all the outstanding Notes and the Holders
(as defined in the Trust Agreement) of all the outstanding Certificates affected
thereby.

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

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

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

     Section 10.02 Protection of Title to Trust. (a) The Seller shall file such
financing statements and cause to be filed such continuation statements, all in
such manner and in such places as may be required by law fully to preserve,
maintain and protect the interest of the Issuer and of the Indenture Trustee in
the Receivables and in the proceeds thereof. The Seller hereby authorizes the
filing of such financing statements and hereby ratifies any such financing
statements filed prior to the date hereof. The Seller shall deliver (or cause to
be delivered) to the Owner Trustee and the Indenture Trustee file-stamped copies
of, or filing receipts for, any document filed as provided above, as soon as
available following such filing.

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

          (c) Each of the Seller and the Servicer shall have an obligation to
give the Owner Trustee and the Indenture Trustee at least 60 days' prior written
notice of any relocation of its principal executive office or jurisdiction of
organization 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 each office from which it shall service Receivables, and
its principal executive office, within the United States of America.

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<PAGE>

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

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

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

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

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

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

              (B) on or before March 31, in each calendar year, beginning in
          2004, an Opinion of Counsel, dated as of a date during such 90-day
          period, stating that, in the opinion of such counsel, either (1) all
          financing statements and continuation statements have been filed that
          are necessary fully to preserve and protect the interest of the Trust
          and the Indenture Trustee in the Receivables, and reciting the details
          of such filings or referring to prior Opinions of Counsel in which
          such details are given, or (2) no such action shall be necessary to
          preserve and protect such interest.

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

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<PAGE>

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

          (j) The Servicer shall deliver to the Owner Trustee and the Indenture
Trustee, prior to any change in the location of the Receivable Files, an Opinion
of Counsel stating that, in the opinion of such counsel, either (i) all
financing statements and continuation statements have been filed that are
necessary fully to preserve and protect the interest of the Trust and the
Indenture Trustee in the Receivables, and reciting the details of such filings
or referring to prior Opinions of Counsel in which such details are given, or
(ii) no such action shall be necessary to preserve and protect such interest.

     Section 10.03 Notices. All demands, notices, communications and
instructions upon or to the Seller, the Servicer, the Owner Trustee, the
Indenture Trustee or the Rating Agencies under this Agreement shall be by
facsimile or in writing, personally delivered or mailed by certified mail,
return receipt requested, and shall be deemed to have been duly given upon
receipt (a) in the case of the Seller, to World Omni Auto Receivables LLC, 190
Jim Moran Boulevard, Deerfield Beach, Florida 33442, (954) 429-2200, Attention:
Patrick C. Ossenbeck, (b) in the case of the Servicer, World Omni Financial
Corp., 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442, (954) 429-2200,
Attention: Patrick C. Ossenbeck, (c) in the case of the Issuer or the Owner
Trustee, at its Corporate Trust Office (as defined in the Trust Agreement), (d)
in the case of the Indenture Trustee, at its Corporate Trust Office, (e) in the
case of Moody's, to Moody's Investors Service, ABS Monitoring Department, 99
Church Street, New York, New York 10007, (f) in the case of Standard & Poor's,
to Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies,
Inc., 55 Water Street, New York, New York 10041, Attention of Asset Backed
Surveillance Department, and (g) in the case of Fitch, to Fitch Ratings, One
State Street Plaza, New York, N.Y. 10004, Attention of Asset Backed
Surveillance; or, as to each of the foregoing, at such other address as shall be
designated by written notice to the other parties.

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

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

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

                                       48

<PAGE>

     Section 10.07 Separate Counterparts. This Agreement may be executed by the
parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

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

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

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

     Section 10.11 Nonpetition Covenants. (a) Notwithstanding any prior
termination of this Agreement, the Servicer and the Seller shall not, prior to
the date which is one year and one day after the termination of this Agreement
with respect to the Issuer, acquiesce, petition or otherwise invoke or cause the
Issuer to invoke the process of any court or government authority for the
purpose of commencing or sustaining a case against the Issuer under any federal
or state bankruptcy, insolvency or similar law, or appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar official
of the Issuer or any substantial part of their property, or ordering the winding
up or liquidation of the affairs of the Issuer.

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

     Section 10.12 Limitation of Liability of Owner Trustee and Indenture
Trustee. (a) Notwithstanding anything contained herein to the contrary, this
Agreement has been countersigned by U.S. Bank Trust National Association not in
its individual capacity but solely in its capacity as Owner Trustee of the
Issuer and in no event shall U.S. Bank Trust National Association in its
individual capacity or, except as expressly provided in the Trust Agreement, as
beneficial owner of the Issuer have any liability for the representations,
warranties, covenants, agreements or other obligations of the Issuer hereunder
or in any of the certificates, notices or agreements delivered pursuant hereto,
as to all of which recourse shall be had solely to the assets of the Issuer. For
all purposes of this Agreement, in the performance of its duties or obligations
hereunder or in the performance of any duties or obligations of the Issuer
hereunder, the Owner

                                       49

<PAGE>

Trustee shall be subject to, and entitled to the benefits of, the terms and
provisions of Articles VI, VII and VIII of the Trust Agreement.

            (b) Notwithstanding anything contained herein to the contrary, this
Agreement has been accepted by The Bank of New York, not in its individual
capacity but solely as Indenture Trustee and in no event shall The Bank of New
York have any liability for the representations, warranties, covenants,
agreements or other obligations of the Issuer hereunder or in any of the
certificates, notices or agreements delivered pursuant hereto, as to all of
which recourse shall be had solely to the assets of the Issuer.

                                       50

<PAGE>

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

                                       WORLD OMNI AUTO RECEIVABLES
                                       TRUST 2003-A

                                       by: U.S. BANK TRUST NATIONAL ASSOCIATION
                                       not in its individual capacity
                                       but solely as Owner Trustee,

                                       By:  /s/ Nancie J. Arvin
                                            ----------------------------------
                                       Name:  Nancie J. Arvin
                                       Title: Vice President

                                       WORLD OMNI AUTO RECEIVABLES LLC,
                                       Seller

                                       By:  /s/ Alan Kirschenbaum
                                            ----------------------------------
                                       Name:  Alan Kirschenbaum
                                       Title: Assistant Treasurer

                                       WORLD OMNI FINANCIAL CORP.

                                       By:  /s/ Alan Kirschenbaum
                                            ----------------------------------
                                       Name:  Alan Kirschenbaum
                                       Title: Assistant Treasurer

Acknowledged and accepted as of the day
and year first above written:

THE BANK OF NEW YORK,
not in its individual capacity but solely as
Indenture Trustee

By:  /s/ John Bobko
     -------------------------------
Name:  John Bobko
Title: Assistant Vice President

                                                    Sale and Servicing Agreement

<PAGE>

                                   SCHEDULE A

                             Schedule of Receivables

     Bank Pool Elig. Cat. Elig. St. Type Account Number APR Orig. Term Rem.
             Term Sched Rem. Term Mthly. Pmt. Inv. Bal. Dealer Res.

        [Delivered to the Owner Trustee and Indenture Trustee at Closing]

<PAGE>

                                   SCHEDULE B

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

<PAGE>

                                    EXHIBIT A

                  Form of Distribution Statement to Noteholders

World Omni Financial Corp.

World Omni Auto Receivables Trust 2003-A Payment Date Statement to Noteholders

Available Funds

Class A-1 Notes:  ($_______ per $1,000 original principal amount)
Class A-2 Notes:  ($_______ per $1,000 original principal amount)
Class A-3 Notes:  ($_______ per $1,000 original principal amount)
Class A-4 Notes:  ($_______ per $1,000 original principal amount)
Class B Notes:    ($_______ per $1,000 original principal amount)

Outstanding Amount
Class A-1 Notes
Class A-2 Notes
Class A-3 Notes
Class A-4 Notes
Class B Notes

Note Pool Factor
Class A-1 Notes
Class A-2 Notes
Class A-3 Notes
Class A-4 Notes
Class B Notes

Servicing Fee
Servicing Fee Per $1,000 Note

Reserve Account Balance

                                      A-1

<PAGE>

                                    EXHIBIT B

                         Form of Servicer's Certificate

World Omni Financial Corp.
World Omni Auto Receivables Trust 2003-A Monthly Servicer's Certificate

________________________________________________________________________________

Period
Payment Date
Dates Covered                           From & Incl.                  To & Incl.
--------------------------------------------------------------------------------
Collections
Accrual
         30/360 Days
         Actual/360 Days
Receivables Balances                    Beginning                     Ending
--------------------------------------------------------------------------------

Pool Balance
Simple Interest
Original Pool Balance

Noteholders' First Priority Principal
Distributable Amount
Noteholders' Principal Distributable Amount

         Collections - Simple Interest Contracts
         + Investment Earnings

Available Funds
--------------------------------------------------------------------------------

Loss & Delinquency

                              Account Activity
                              --------------------------------------------------
                                                                     Interest
                              Beginning  Ending           Interest/  Servicing
                              Balance    Balance  Change  Factor     Shortfall
Initial Pool
Principal Paydown
Reserve
Notes

      Class A-1
      Class A-2
      Class A-3
      Class A-4

                                      B-1

<PAGE>

      Class B

                      Total             Principal
                      Principal         Shortfall

Notes
      Class A-1
      Class A-2
      Class A-3
      Class A-4
      Class B
Total

                                  Miscellaneous
--------------------------------------------------------------------------------

Amounts released to the Certificateholders
Required Reserve Amount
Servicing Fee to Servicer
Collection Account Redeposits
Overcollaterlization Target Amount

                               Allocation of Funds
--------------------------------------------------------------------------------

Sources Principal Distribution
Amount Interest Distribution
Amount Redemption/Prepay Amount
Total Sources

                                      B-2

<PAGE>

                                                                      APPENDIX A

Additional Representations and Warranties

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

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

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

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

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

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

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

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

                                    INDENTURE

                                     between

                    WORLD OMNI AUTO RECEIVABLES TRUST 2003-A,
                                    as Issuer

                                       and

                              THE BANK OF NEW YORK,
                              as Indenture Trustee

                           Dated as of March 11, 2003

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

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                           Page
                                                                           ---
<S>                                                                        <C>
                                    ARTICLE I

                   DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.01    Definitions................................................  2
Section 1.02    Incorporation by Reference of Trust Indenture Act..........  9
Section 1.03    Rules of Construction...................................... 10

                                    ARTICLE II

                                    THE NOTES

Section 2.01    Form....................................................... 11
Section 2.02    Execution, Authentication and Delivery..................... 11
Section 2.03    Temporary Notes............................................ 12
Section 2.04    [Reserved]................................................. 12
Section 2.05    Registration; Registration of Transfer and Exchange........ 12
Section 2.06    Mutilated, Destroyed, Lost or Stolen Notes................. 13
Section 2.07    Persons Deemed Owner....................................... 14
Section 2.08    Payment of Principal and Interest; Defaulted Interest...... 14
Section 2.09    Cancellation............................................... 15
Section 2.10    Release of Collateral...................................... 16
Section 2.11    Book-Entry Notes........................................... 16
Section 2.12    Notices to Clearing Agency................................. 17
Section 2.13    Definitive Notes........................................... 17
Section 2.14    Tax Treatment.............................................. 17

                                   ARTICLE III

                                    COVENANTS

Section 3.01    Payment of Principal and Interest..........................18
Section 3.02    Maintenance of Office or Agency............................18
Section 3.03    Money for Payments to Be Held in Trust.....................18
Section 3.04    Existence..................................................20
Section 3.05    Protection of Trust Estate.................................20
Section 3.06    Opinions as to Trust Estate................................20
Section 3.07    Performance of Obligations; Servicing of Receivables.......21
Section 3.08    Negative Covenants.........................................23
Section 3.09    Annual Statement as to Compliance..........................24
</TABLE>

                                      -i-

<PAGE>

<TABLE>
<S>                                                                                            <C>
Section 3.10     Issuer May Consolidate, etc., Only on Certain Terms.......................... 24
Section 3.11     Successor or Transferee...................................................... 26
Section 3.12     No Other Business............................................................ 26
Section 3.13     No Borrowing................................................................. 26
Section 3.14     Servicer's Obligations....................................................... 26
Section 3.15     Guarantees, Loans, Advances and Other Liabilities............................ 26
Section 3.16     Capital Expenditures......................................................... 26
Section 3.17     Removal of Administrator..................................................... 26
Section 3.18     Restricted Payments.......................................................... 26
Section 3.19     Notice of Events of Default.................................................. 27
Section 3.20     Further Instruments and Acts................................................. 27

                                           ARTICLE IV

                                    SATISFACTION AND DISCHARGE

Section 4.01     Satisfaction and Discharge of Indenture...................................... 27
Section 4.02     Application of Trust Money................................................... 28
Section 4.03     Repayment of Monies Held by Paying Agent..................................... 28

                                           ARTICLE V

                                           REMEDIES

Section 5.01     Events of Default............................................................ 29
Section 5.02     Acceleration of Maturity; Rescission and Annulment........................... 30
Section 5.03     Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.... 31
Section 5.04     Remedies; Priorities......................................................... 33
Section 5.05     Optional Preservation of the Receivables..................................... 34
Section 5.06     Limitation of Suits.......................................................... 34
Section 5.07     Unconditional Rights of Noteholders to Receive Principal and Interest........ 35
Section 5.08     Restoration of Rights and Remedies........................................... 35
Section 5.09     Rights and Remedies Cumulative............................................... 35
Section 5.10     Delay or Omission Not a Waiver............................................... 36
Section 5.11     Control by Noteholders....................................................... 36
Section 5.12     Waiver of Past Defaults...................................................... 36
Section 5.13     Undertaking for Costs........................................................ 37
Section 5.14     Waiver of Stay or Extension Laws............................................. 37
Section 5.15     Action on Notes.............................................................. 37
Section 5.16     Performance and Enforcement of Certain Obligations........................... 37
</TABLE>

                                      -ii-

<PAGE>

                                             ARTICLE VI

                                       THE INDENTURE TRUSTEE

<TABLE>
<S>                                                                                         <C>
Section 6.01     Duties of Indenture Trustee............................................... 38
Section 6.02     Rights of Indenture Trustee............................................... 40
Section 6.03     Individual Rights of Indenture Trustee.................................... 41
Section 6.04     Indenture Trustee's Disclaimer............................................ 41
Section 6.05     Notice of Defaults........................................................ 41
Section 6.06     Reports by Indenture Trustee to Holders................................... 41
Section 6.07     Compensation and Indemnity................................................ 41
Section 6.08     Replacement of Indenture Trustee.......................................... 42
Section 6.09     Successor Indenture Trustee by Merger..................................... 43
Section 6.10     Appointment of Co-Indenture Trustee or Separate Indenture Trustee......... 43
Section 6.11     Eligibility; Disqualification............................................. 44
Section 6.12     Preferential Collection of Claims Against Issuer.......................... 45
Section 6.13     Representations and Warranties of the Indenture Trustee................... 45

                                             ARTICLE VII

                                       NOTEHOLDERS' LISTS AND REPORTS

Section 7.01     Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders.... 46
Section 7.02     Preservation of Information; Communications to Noteholders................ 46
Section 7.03     Reports by Issuer......................................................... 46
Section 7.04     Reports by Indenture Trustee.............................................. 47

                                             ARTICLE VIII

                                  ACCOUNTS, DISBURSEMENTS AND RELEASES

Section 8.01     Collection of Money....................................................... 47
Section 8.02     Trust Accounts............................................................ 47
Section 8.03     General Provisions Regarding Accounts..................................... 49
Section 8.04     Release of Trust Estate................................................... 50
Section 8.05     Opinion of Counsel........................................................ 50

                                             ARTICLE IX

                                        SUPPLEMENTAL INDENTURES

Section 9.01     Supplemental Indentures Without Consent of Noteholders.................... 51
Section 9.02     Supplemental Indentures with Consent of Noteholders....................... 52
Section 9.03     Execution of Supplemental Indentures...................................... 54
</TABLE>

                                      -iii-

<PAGE>

<TABLE>
<S>                                                                                <C>
Section 9.04     Effect of Supplemental Indenture................................. 54
Section 9.05     Conformity with Trust Indenture Act.............................. 54
Section 9.06     Reference in Notes to Supplemental Indentures.................... 54

                                          ARTICLE X

                                       REDEMPTION OF NOTES

Section 10.01    Redemption....................................................... 54
Section 10.02    Form of Redemption Notice........................................ 55
Section 10.03    Notes Payable on Redemption Date................................. 55

                                           ARTICLE XI

                                         MISCELLANEOUS

Section 11.01    Compliance Certificates and Opinions, etc........................ 55
Section 11.02    Form of Documents Delivered to Indenture Trustee................. 57
Section 11.03    Acts of Noteholders.............................................. 58
Section 11.04    Notices, etc., to Indenture Trustee, Issuer and Rating Agencies.. 59
Section 11.05    Notices to Noteholders; Waiver................................... 59
Section 11.06    Alternate Payment and Notice Provisions.......................... 60
Section 11.07    Conflict with Trust Indenture Act................................ 60
Section 11.08    Effect of Headings and Table of Contents......................... 60
Section 11.09    Successors and Assigns........................................... 60
Section 11.10    Severability..................................................... 60
Section 11.11    Benefits of Indenture............................................ 61
Section 11.12    Legal Holidays................................................... 61
Section 11.13    GOVERNING LAW.................................................... 61
Section 11.14    Counterparts..................................................... 61
Section 11.15    Recording of Indenture........................................... 61
Section 11.16    Trust Obligation................................................. 61
Section 11.17    No Petition...................................................... 62
Section 11.18    Inspection....................................................... 62
</TABLE>

SCHEDULE A       -   Schedule of Receivables

EXHIBIT A-1      -   Form of Class A-1 Note
EXHIBIT A-2      -   Form of Class A-2 Note
EXHIBIT A-3      -   Form of Class A-3 Note
EXHIBIT A-4      -   Form of Class A-4 Note

EXHIBIT B        -   Form of Class B Note

                                      -iv-

<PAGE>

         THIS INDENTURE dated as of March 11, 2003 (as it may be amended and
supplemented from time to time, "Indenture"), between WORLD OMNI AUTO
RECEIVABLES TRUST 2003-A, a Delaware statutory trust (the "Issuer"), and THE
BANK OF NEW YORK a New York banking corporation, 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 1.30%
Asset-Backed Notes (the "Class A-1 Notes"), Class A-2 1.46% Asset-Backed Notes
(the "Class A-2 Notes"), Class A-3 1.98% Asset-Backed Notes (the "Class A-3
Notes"), Class A-4 2.58% Asset-Backed Notes (the "Class A-4 Notes") and Class B
2.35% Asset-Backed Notes (the "Class B Notes" and, together with the Class A-1
Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 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, whether now or hereafter acquired, and
wherever located, in and to (a) the Receivables (all of which are identified in
World Omni's computer files by a code indicating the Receivables are owned by
the Issuer and pledged to the Indenture Trustee) and all monies received thereon
and in respect thereof after the Cutoff Date; (b) the security interests in, and
the liens on, the Financed Vehicles granted by Obligors in connection with the
Receivables and any other interest of the 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 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; (e) all right, title and interest in all funds on deposit in, and
"financial assets" (as such term is defined in the Uniform Commercial Code as
from time to time in effect) credited to, the Trust Accounts from time to time,
including the Reserve Account Initial Deposit, and in all investments and
proceeds thereof (including all income thereon); (f) the Receivables Purchase
Agreement and the Sale and Servicing Agreement (including the Issuer's right to
cause World Omni, the Servicer or the Seller to repurchase Receivables from the
Issuer under certain circumstances described therein); (g) all "accounts,"
"chattel paper," "general intangibles" and "promissory notes" (as such terms are
defined in the UCC) constituting or relating to the foregoing; and (h) all
proceeds of any and all of the foregoing and all present and future claims,
demands, causes of action and choses in action in respect of any or all of the
foregoing and all payments on or under and all proceeds of every kind and nature
whatsoever in respect of any or all of the foregoing, including all proceeds of
the conversion thereof, voluntary or involuntary, into cash or other liquid
property, all cash proceeds, accounts, accounts receivable, notes, drafts,
acceptances, chattel paper, checks, deposit accounts, insurance proceeds,
condemnation awards, rights to payment of any and every kind and other forms of
obligations and receivables, instruments, general intangibles and other property
which at any time constitute all or part of or are included in the proceeds of
any of the foregoing; provided, however, that the foregoing items (a) through
(h) shall not include the Notes and Trust Certificates (collectively, the
"Collateral").

<PAGE>

         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 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. Except as otherwise specified herein or as
the context may otherwise require, the following terms have the respective
meanings set forth below and 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.

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

         "Administration Agreement" means the Administration Agreement, dated as
of the date hereof, among the Administrator, the Issuer, the Seller and the
Indenture Trustee, as amended from time to time.

         "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) or, so
long as the Administration Agreement is in effect, the president, any vice
president, treasurer, assistant treasurer, secretary or assistant secretary of
the Administrator who is authorized to act for the Administrator in matters
relating to the 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).

                                      -2-

<PAGE>

         "Basic Documents" means this Indenture, the Certificate of Trust, the
Trust Agreement, the Sale and Servicing Agreement, the Receivables Purchase
Agreement, the Administration Agreement and 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, Class A-4 Notes and Class B 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 (i) a Saturday or a Sunday or
(ii) a day on which banking institutions or trust companies in the State of
Florida, the State of New York, the State of Delaware, the states in which the
servicing offices of the Servicer are located or the state in which the
Corporate Trust Office is located are required or authorized by law, regulation
or executive order to be closed.

         "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 1.30% per annum computed on the basis
of the actual number of days elapsed and on a 360 day year.

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

         "Class A-1 Notes" means the Class A-1 1.30% Asset-Backed Notes,
substantially in the form of Exhibit A-1.

         "Class A-2 Interest Rate" means 1.46% per annum computed on the basis
of a 360 day year of twelve 30 day months.

         "Class A-2 Notes" means the Class A-2 1.46% Asset-Backed Notes,
substantially in the form of Exhibit A-2.

         "Class A-3 Interest Rate" means 1.98% per annum computed on the basis
of a 360 day year of twelve 30 day months.

         "Class A-3 Notes" means the Class A-3 1.98% Asset-Backed Notes,
substantially in the form of Exhibit A-3.

         "Class A-4 Interest Rate" means 2.58% per annum computed on the basis
of a 360 day year of twelve 30 day months.

         "Class A-4 Notes" means the Class A-4 2.58% Asset-Backed Notes,
substantially in the form of Exhibit A-4.

         "Class B Interest Rate" means 2.35% per annum computed on the basis of
a 360 day year of twelve 30 day months.

                                      -3-

<PAGE>

         "Class B Notes" means the Class B 2.35% Asset-Backed Notes
substantially in the form of Exhibit B.

         "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 March 11, 2003.

         "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.

         "Controlling Securities" means the Class A Notes so long as the Class A
Notes are outstanding, and after the Class A Notes are no longer outstanding,
the Class B Notes so long as the Class B Notes are outstanding.

         "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 Indenture is located
at 101 Barclay Street, 8 West, New York, New York 10286, Attn: John Bobko, 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.

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

         "Final Scheduled Payment Date" with respect to a Class of Notes, the
Payment Date in the month set forth below opposite such Class of Notes:

         Class A-1 Notes:                       March 2004

                                      -4-

<PAGE>

         Class A-2 Notes:            August 2005
         Class A-3 Notes:            May 2007
         Class A-4 Notes:            September 2009
         Class B Notes:              September 2009

         "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 monies payable
thereunder, to give and receive notices and other communications, to make
waivers or other agreements, to exercise all rights and options, to bring
Proceedings in the name of the granting party or otherwise, and generally to do
and receive anything that the granting party is or may be entitled to do or
receive thereunder or with respect thereto.

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

         "Indenture Trustee" means The Bank of New York, a New York banking
corporation, 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.

         "Interest Accrual Period" means, with respect to any Payment Date, the
period from and including the previous Payment Date (or, in the case of the
first Payment Date, the Closing Date) to, but excluding, the current Payment
Date. For the purposes of calculating interest, the Interest Accrual Period will
be deemed to contain, with respect to the Class A-1 Notes, the actual number of
days in such period and, with respect to each class of Notes other than the
Class A-1 Notes, 30 days, provided that the first Interest Accrual Period with
respect to each class of Notes other than the Class A-1 Notes shall be deemed to
contain 34 days.

                                      -5-

<PAGE>

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

         "Issuer" means World Omni Auto Receivables Trust 2003-A 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 Depository Agreement" means the agreement, dated as of the date
hereof, among the Issuer, 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, the Class A-4 Notes and the Class B Notes.

         "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.

         "Notes" means Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class
A-4 Notes and Class B Notes.

         "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;

                                      -6-

<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 or waived pursuant to this Indenture or provision for
     such notice or waiver has been made which is 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 Controlling Securities 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 a
Responsible Officer of the Indenture Trustee has actual knowledge are so owned
shall be so disregarded. Notes so owned that have been pledged in good faith may
be regarded as Outstanding if the pledgee establishes to the satisfaction of the
Indenture Trustee the pledgee's right so to act with respect to such Notes and
that the pledgee is not the 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 U.S. Bank Trust National Association, 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, with respect to each Collection Period, the
fifteenth day of the following month or, if such day is not a Business Day, the
immediately following Business Day. The first Payment Date will be April 15,
2003.

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

                                      -7-

<PAGE>

         "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.

         "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 (other than Moody's) shall have given its written approval that
the contemplated action will not result in a reduction or withdrawal of the
rating of the then current rating of the Notes and, with respect to Moody's,
prior written notice to Moody's and Moody's shall not have notified the Seller
that such action will result in a downgrade of the then current rating on any
Notes.

         "Rating Agency" means Moody's Investors Service ("Moody's"), Standard &
Poor's Ratings Services ("Standard & Poor's") and Fitch Ratings ("Fitch"). 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.

         "Receivables Purchase Agreement" means the Receivables Purchase
Agreement, dated as of the date hereof, between World Omni Auto Receivables LLC,
as purchaser and World Omni, as seller, as amended from time to time.

         "Record Date" means, with respect to a Payment Date or Redemption Date,
the close of business on the Business Day immediately preceding such Payment
Date or Redemption Date or, if Definitive Notes have been issued pursuant to
Section 2.13, the Payment Date in the preceding month.

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

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

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

         "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

                                      -8-

<PAGE>

above designated officers and, with respect to each, having direct
responsibility for the administration of this Indenture and also, with respect
to a particular matter, any other officer to whom such matter is referred
because of such officer's knowledge of and familiarity with the particular
subject.

         "Sale and Servicing Agreement" means the Sale and Servicing Agreement,
dated as of the date hereof, among the Issuer, the Seller and World Omni, as
Servicer, as amended from time to time.

         "Schedule of Receivables" means the list of the Receivables set forth
in Schedule A (which Schedule may be in the form of microfiche), as such
Schedule may be amended from time to time, which Schedule is hereby incorporated
into, and made a part of, this Indenture.

         "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, 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).

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

         "Trust Estate" means all money, instruments, rights and other property
that are subject or intended to be subject to the lien and security interest of
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.

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

         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

                                      -9-

<PAGE>

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.

         "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;

                      (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; and

                      (vii) references to a Person are also to its permitted
         successors and assigns.

                                      -10-

<PAGE>

                                   ARTICLE II

                                    THE NOTES

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

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

         Each Note shall be dated the date of its authentication. The terms of
the Notes set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3, Exhibit A-4 and
Exhibit B 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
$189,000,000, Class A-2 Notes for original issue in an aggregate principal
amount of $156,000,000, Class A-3 Notes for original issue in an aggregate
principal amount of $257,000,000, Class A-4 Notes for original issue in an
aggregate principal amount of $139,300,000 and Class B Notes for original issue
in an aggregate principal amount of $43,725,000. The aggregate principal amount
of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class
B 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.

                                      -11-

<PAGE>

         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.

         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 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.

                                      -12-

<PAGE>

         At the option of the Holder, Notes may be exchanged for other Notes of
the same Class in any authorized denominations, of a like aggregate principal
amount, upon surrender of the Notes to be exchanged at such office or agency.
Whenever any Notes are so surrendered for exchange, if the requirements of
Section 8-401 of the UCC are met the 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 or the Note Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any registration of transfer or exchange of
Notes, other than exchanges pursuant to Section 2.03 or 9.06 not involving any
transfer.

         The preceding provisions of this Section notwithstanding, the 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 Note Registrar, 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 Sections 8-405 and
8-406 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

                                      -13-

<PAGE>

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 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, the
Class A-4 Notes and the Class B Notes shall accrue interest during the related
Interest Accrual Period at the Class A-1 Interest Rate, the Class A-2 Interest
Rate, the Class A-3 Interest Rate, the Class A-4 Interest Rate and the Class B
Interest Rate, respectively, and such interest shall be payable on each Payment
Date in accordance with the priorities set forth in Section 8.02(c), (d) and
(e), as applicable subject to Section 3.01. Interest on each Class of Notes
(other than the Class A-1 Notes) will be calculated on the basis of a 360-day
year consisting of twelve 30-day months. Interest on the Class A-1 Notes will
calculated on the basis of the actual number of days in the related Interest
Accrual Period and a 360-day year. The Issuer will pay interest on each Class of
Notes at the related Interest Rate on each Payment Date on the principal amount
of the related Class of Notes outstanding on the preceding Payment Date (after
giving effect to all payments of principal made on the preceding Payment Date),
subject to certain limitations contained in the last sentence of Section 3.01.
Any installment of interest or principal payable on a Note that is punctually
paid or duly provided for by the Issuer on the applicable Payment Date

                                      -14-

<PAGE>

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 Payment Date or on the
applicable class final scheduled Payment 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) Prior to the occurrence of an Event of Default and a declaration in
accordance with Section 5.2 that the Notes have become immediately due and
payable, the Outstanding Amount of each Class of Notes shall be payable in full
on the Final Scheduled Payment Date for such class and, to the extent of funds
available therefor, in installments on the Payment Dates (if any) preceding the
Final Scheduled Payment Date for such Class, in the amounts and in accordance
with the priorities set forth in Section 8.2(c), subject to Section 3.01.

         (c) Notwithstanding the foregoing, the entire unpaid principal amount
of the Notes shall be due and payable, if not previously paid, on the date on
which an Event of Default shall have occurred and be continuing, if the
Indenture Trustee or Holders of the Notes representing not less than 50% of the
Outstanding Amount of the Controlling Securities have declared the Notes to be
immediately due and payable in the manner provided in Section 5.02. In such
case, principal shall be paid in accordance with the priorities set forth in
Section 8.02(d) or Section 8.02(e), as the case may be. The Indenture Trustee
shall notify the Person in whose name a Note is registered at the close of
business on the Record Date preceding the Payment Date on which the 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 Payment Date and shall specify that such final installment will be
payable only upon presentation and surrender of such Note and shall specify the
place where such Note may be presented and surrendered for payment of such
installment. Notices in connection with redemptions of Notes shall be mailed to
Noteholders as provided in Section 10.02.

         (d) 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, 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

                                      -15-

<PAGE>

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 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 (S)(S) 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 (or held by the Indenture Trustee on behalf of) 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 Note Owner
will receive a definitive Note representing such Note Owner's interest in such
Note, except as provided in Section 2.13. Unless and until definitive, fully
registered Notes (the "Definitive Notes") have been issued to such Note Owners
pursuant to Section 2.13:

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

                      (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 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

                                      -16-

<PAGE>

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

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

         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 50% of
the Outstanding Amount of the Controlling Securities advise the Clearing Agency
in writing that the continuation of a book-entry system through the Clearing
Agency is no longer in the best interests of such Note Owners, then the Clearing
Agency shall notify all Note Owners and the Indenture Trustee of the occurrence
of any such event and of the availability of Definitive Notes to Note Owners
requesting the same. Upon surrender to the Indenture Trustee of the typewritten
Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by
registration instructions, the 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 and franchise tax purposes, the Notes
will qualify as indebtedness 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 and franchise tax purposes as indebtedness.

                                      -17-

<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 and in accordance with Section 8.02(c), the Issuer will
cause to be distributed all amounts on deposit in the Note Distribution Account
and allocated for distribution to the Noteholders on a Payment Date pursuant to
the Sale and Servicing Agreement (i) for the benefit of the Class A-1 Notes, to
the Class A-1 Noteholders, (ii) for the benefit of the Class A-2 Notes, to the
Class A-2 Noteholders, (iii) for the benefit of the Class A-3 Notes, to the
Class A-3 Noteholders, (iv) for the benefit of the Class A-4 Notes, to the Class
A-4 Noteholders and (v) for the benefit of the Class B Notes, to the Class B
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. Such office or agency will initially be the Corporate
Trust Office, and 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 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), (d) and (e) 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 Payment Date and
Redemption Date, the Issuer shall allocate or cause to be allocated in the Note
Distribution Account for distribution to the Noteholders an aggregate sum
sufficient to pay the amounts then becoming due under the Notes, such sum to be
held in trust for the benefit of the Persons entitled thereto, and (unless the
Paying Agent is the Indenture Trustee) shall promptly notify the Indenture
Trustee of its action or failure so to act.

                                      -18-

<PAGE>

          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:

                    (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

                                      -19-

<PAGE>

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

          Section 3.04  Existence. The Issuer will keep in full effect its
existence, rights and franchises as a statutory trust under the laws of the
State of Delaware (unless it becomes, or any successor 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 also deliver the Schedule of Receivables and the Sale
and Servicing Agreement (including Schedule A thereto, as revised from time to
time) to the Indenture Trustee, and will take such other action necessary or
advisable to:

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

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

                    (iii) enforce any of the Collateral; or

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

          The 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 3.05. The
Issuer hereby authorizes the filing of such financing statements and ratifies
any such financing statements filed prior to the date hereof.

          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,

                                      -20-

<PAGE>

and any other requisite documents, and with respect to the execution and filing
of any financing statements and continuation statements, as are necessary to
perfect and make effective the lien and security interest of this Indenture and
reciting the details of such action, or stating that, in the opinion of such
counsel, no such action is necessary to make such lien and security interest
effective.

          (b)  On or before April 30, in each calendar year, beginning in 2004,
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 Indenture and reciting the details of such action, or stating that in the
opinion of such counsel no such action is necessary to maintain such lien and
security interest. Such Opinion of Counsel shall also describe the recording,
filing, re-recording and refiling of this Indenture, any indentures supplemental
hereto and any other requisite documents and the execution and filing of any
financing statements and continuation statements that will, in the opinion of
such counsel, be required to maintain the lien and security interest of this
Indenture until April 30 in the following calendar year.

          Section 3.07  Performance of Obligations; Servicing of Receivables.

          (a)  The 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 50% of the Outstanding Amount of the Controlling
Securities.

                                      -21-

<PAGE>

          (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 Indenture Trustee shall appoint a
successor servicer (the "Successor Servicer"), and such Successor Servicer shall
accept its appointment by a written assumption in a form acceptable to the
Indenture Trustee. In the event that a Successor Servicer has not been appointed
and accepted its appointment at the time when the Servicer ceases to act as
Servicer, the Indenture Trustee without further action shall automatically be
appointed the Successor Servicer. 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 Indenture Trustee shall obtain a new servicer as the Successor Servicer
under the Sale and Servicing Agreement. Any Successor Servicer other than the
Indenture Trustee shall (i) be an established financial institution having a net
worth of not less than $100,000,000 and whose regular business includes the
servicing of Contracts and (ii) enter into a servicing agreement with the 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). Notwithstanding anything herein or in the Sale and Servicing
Agreement to the contrary, in no event shall the Indenture Trustee be liable for
any Servicing Fee or for any differential in the amount of the Servicing Fee
paid hereunder and the amount necessary to induce any Successor Servicer to act
as Successor Servicer under the Basic Documents and the transactions set forth
or provided for therein. If the Indenture Trustee shall succeed to the
Servicer's duties as servicer of the Receivables as provided herein, it shall do
so in its individual capacity and not in its capacity as Indenture Trustee and,
accordingly, the provisions of Article VI hereof shall be inapplicable to the
Indenture Trustee in its duties as the successor to the Servicer and the
servicing of the Receivables. In case the Indenture Trustee shall become
successor to the Servicer under the Sale and Servicing Agreement, the Indenture
Trustee shall be entitled to appoint as Servicer any one of its affiliates,
provided that it shall be fully liable for the actions and omissions of such
affiliate in such capacity as Successor Servicer.

                                      -22-

<PAGE>

          (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 Indenture
Trustee shall notify the Issuer 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 50% of
the Outstanding Amount of the Controlling Securities, amend, modify, waive,
supplement, terminate or surrender, or agree to any amendment, modification,
supplement, termination, waiver or surrender of, the terms of any Collateral
(except to the extent otherwise provided in the Sale and Servicing Agreement) or
the Basic Documents (except as may be permitted thereby), or waive timely
performance or observance by the Servicer or the Seller under the Sale and
Servicing Agreement (except as may be permitted thereby); and (ii) that any such
amendment shall not (A) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, distributions that are required to be made
for the benefit of the Noteholders or (B) reduce the aforesaid percentage of the
Controlling Securities that is required to consent to any such amendment,
without the consent of the Holders of all the Outstanding Notes. If any such
amendment, modification, supplement or waiver shall be so consented to by the
Indenture Trustee or such Holders, the Issuer agrees, promptly following a
request by the Indenture Trustee to do so, to execute and deliver, in its own
name and at its own expense, such agreements, instruments, consents and other
documents as the Indenture Trustee may deem necessary or appropriate in the
circumstances.

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

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

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

                    (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

                                      -23-

<PAGE>

          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 2003), 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.

          (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;

                                      -24-

<PAGE>

                    (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)  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) 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 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

                                      -25-

<PAGE>

                    (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 2003-A
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 2003-A is to be so released.

          Section 3.12  No Other Business. 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. The Issuer shall not issue, incur, assume,
guarantee or otherwise become liable, directly or indirectly, for any
indebtedness.

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

          Section 3.15  Guarantees, Loans, Advances and Other Liabilities.
Except as contemplated by the Sale and Servicing Agreement or this Indenture,
the 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,

                                      -26-

<PAGE>

(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 (except as provided in the Basic Documents), (ii)
redeem, purchase, retire or otherwise acquire for value any such ownership or
equity interest or security or (iii) set aside or otherwise segregate any
amounts for any such purpose; provided, however, that the 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
1.01(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 and each default on the part of the Servicer, World Omni or
the Seller of its obligations under the Sale and Servicing Agreement or the
Receivables 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.

                                   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:

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

                                      -27-

<PAGE>

               from such trust, as provided in Section 3.03) have been delivered
               to the Indenture Trustee for cancellation; or

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

                         (I)   have become due and payable, or

                         (II)  are to be called for redemption within one year
                    under arrangements satisfactory to the Indenture Trustee for
                    the giving of notice of redemption by the Indenture Trustee
                    in the name, and at the expense, of the 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
                    Payment Date or Redemption Date (if Notes shall have been
                    called for redemption pursuant to Section 10.01), as the
                    case may be;

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

          Section 4.03  Repayment of Monies Held by Paying Agent. In connection
with the satisfaction and discharge of this Indenture with respect to the Notes,
all monies then held by any Paying Agent other than the Indenture Trustee under
the provisions of this Indenture with

                                      -28-

<PAGE>

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
monies.

                                   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, subject to Sections 5.01(iv) and (v) whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

                    (i)   default in the payment of any interest on any Note
          when the same becomes due and payable, and such default shall continue
          for a period of five Business Days; provided, however, that until the
          Outstanding Amount of the Class A Notes is reduced to zero, a default
          in the payment of any interest on any Class B Note shall not by itself
          constitute an Event of Default hereunder;

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

                    (iii) material 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 Controlling Securities, a written notice
          specifying such default or incorrect representation or warranty and
          requiring it to be remedied and stating that such notice is a notice
          of Default hereunder; or

                    (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

                                      -29-

<PAGE>

          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 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.

          Notwithstanding the foregoing, a delay in or failure of performance
referred to under clauses (i) and (ii) above for a period of ten Business Days
or referred to under clause (iii) for a period of 90 Business Days, shall not
constitute a Servicer Default if such delay or failure could not be prevented by
the exercise of reasonable diligence by the Servicer and was caused by an act of
God or other similar occurrence. Upon the occurrence of any such event, the
Servicer shall not be relieved from using its best efforts to perform its
obligations in a timely manner in accordance with the terms of this Indenture
and the Servicer shall provide the Indenture Trustee, the Owner Trustee, the
Noteholders and the Certificateholders prompt notice of such failure or delay by
it, together with a description of its efforts to so perform its obligations.

          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 50% of
the Outstanding Amount of the Controlling Securities may declare all the Notes
to be immediately due and payable, by a notice in writing to the 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 50% of the Outstanding Amount of the Controlling
Securities, 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:

                                      -30-

<PAGE>

                    (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. The Issuer covenants that if (i) an Event of Default
specified in Section 5.01(i) has occurred and is continuing or (ii) an Event of
Default specified in Section 5.01(ii) has occurred and is continuing, 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 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.

          (a)  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 monies adjudged or decreed to be
payable.

          (b)  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.

          (c)  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

                                      -31-

<PAGE>

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;

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

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

          (d)  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.

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<PAGE>

          (e)  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.

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

          Section 5.04  Remedies; Priorities.

          (a)  If an Event of Default shall have occurred and be continuing, the
Indenture Trustee may, or at the direction of the holders of at least 50% of the
Controlling Securities shall, do one or more of the following (subject to
Section 5.05):

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

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

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

                    (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 Controlling Securities consent
          thereto, (B) the proceeds of such sale or liquidation distributable to
          the Noteholders are sufficient to discharge in full all amounts then
          due and unpaid upon such Notes for principal and interest or (C) the
          Indenture Trustee determines that the Trust Estate will not continue
          to provide sufficient funds for the payment of principal of and
          interest on the Notes as they would have become due if the Notes had
          not been declared due and payable, and the Indenture Trustee obtains
          the consent of Holders of not less than 66 2/3% of the Outstanding
          Amount of the

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<PAGE>

          Controlling Securities. In determining such sufficiency or
          insufficiency with respect to clauses (B) and (C), the Indenture
          Trustee may, but need not, obtain and rely upon an opinion of an
          Independent investment banking or accounting firm of national
          reputation as to the feasibility of such proposed action and as to the
          sufficiency of the Trust Estate for such purpose.

          (b)  If the Indenture Trustee collects any money or property pursuant
to this Article V, it shall pay out the money or property in the following order
or priority: (i) to the Indenture Trustee for amounts due under Section 6.07 and
(ii) to the Collection Account as Collections to be applied pursuant to Article
V of the Sale and Servicing Agreement.

          The Indenture Trustee may fix a record date and payment date for any
payment to Noteholders pursuant to this Section. At least 15 days before such
record date, the 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.

          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 Controlling Securities have made written request to the
          Indenture Trustee to institute such Proceeding in respect of such
          Event of Default in its own name as Indenture Trustee hereunder;

                    (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;

                    (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

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<PAGE>

                    (v)   no direction inconsistent with such written request
          has been given to the Indenture Trustee during such 60-day period by
          the Holders of at least 50% of the Outstanding Amount of the
          Controlling Securities.

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

          Subject to Section 5.06(v), in the event the Indenture Trustee shall
receive, in connection with Sections 5.06(ii) and (iii), conflicting or
inconsistent requests and indemnity from two or more groups of Holders of Notes,
each representing less than 50% of the Outstanding Amount of the Controlling
Securities, the Indenture Trustee shall act at the direction of the group of
Holders of Notes representing the greater Outstanding Amount of Controlling
Securities. If the Indenture Trustee receives, in connection with this Section
5.06, conflicting or inconsistent requests and indemnity from two or more groups
of Holders of Notes representing an equal Outstanding Amount of the Controlling
Securities, the Indenture Trustee 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.

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

          Section 5.11  Control by Noteholders. The Holders of 50% of the
Outstanding Amount of the Controlling Securities shall have the right to direct
the time, method and place of conducting any Proceeding for any remedy available
to the Indenture Trustee with respect to the Notes or exercising any trust or
power conferred on the Indenture Trustee; provided that:

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

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

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

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

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

          Section 5.12  Waiver of Past Defaults. Prior to the declaration of the
acceleration of the maturity of the Notes as provided in Section 5.02, the
Holders of Notes of not less than 50% of the Outstanding Amount of the
Controlling Securities may waive any past Default or Event of Default and its
consequences except a Default (a) in payment of principal of or interest on any
of the Notes or (b) in respect of a covenant or provision hereof which cannot be
modified or amended without the consent of the Holder of each Note. In the case
of any such waiver, the 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

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<PAGE>

waiver shall extend to any subsequent or other Default or Event of Default or
impair any right consequent thereto.

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

          Section 5.14  Waiver of Stay or Extension Laws. The 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 or by the Seller or the Servicer, as applicable, of each of their
obligations under or in connection with the Receivables Purchase Agreement, and
to exercise any and all rights, remedies, powers and privileges lawfully
available to the Issuer under or in connection with the Sale and Servicing
Agreement to the extent and in the manner directed by the Indenture

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<PAGE>

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 Controlling Securities shall, exercise all
rights, remedies, powers, privileges and claims of the Issuer against the Seller
or the Servicer under or in connection with the Sale and Servicing Agreement, or
against the Seller under or in connection with the Receivables Purchase
Agreement, including the right or power to take any action to compel or secure
performance or observance by the 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
or the Receivables Purchase Agreement, as the case may be, 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:

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<PAGE>

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

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

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

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

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

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

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

          (j)  The Indenture Trustee shall not be charged with knowledge of any
Event of Default unless either (1) a Responsible Officer shall have actual
knowledge of such Event of

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<PAGE>

Default or (2) written notice of such Event of Default shall have been given to
such Indenture Trustee in accordance with the provisions of this Indenture.

          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.

          (f)  The Indenture Trustee shall be under no obligation to exercise
any of the rights or powers vested in it by this Indenture or to institute,
conduct or defend any litigation hereunder or in relation hereto or to honor the
request or direction of any of the Noteholders pursuant to this Indenture unless
such Noteholders shall have offered to the Indenture Trustee reasonable security
or indemnity against the reasonable costs, expenses, disbursements, advances and
liabilities which might be incurred by it, its agents and its counsel in
compliance with such request or direction.

          (g)  The Indenture Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order,
approval, bond or other paper or document, unless requested in writing to do so
by the Holders of Notes representing at least 25% of the Controlling Securities;
provided that if the payment within a reasonable time to the Indenture Trustee
of the costs, expenses or liabilities likely to be incurred by it in the making
of such investigation is, in the opinion of the Indenture Trustee, not
reasonably assured to the Indenture Trustee by the security afforded to it by
the terms of this Indenture, the Indenture Trustee may require indemnity

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<PAGE>

satisfactory to the Indenture Trustee in its reasonable discretion against such
cost, expense or liability as a condition to taking any such action.

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

          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.

          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
(including, without limitation, Form 1099, which for the avoidance of doubt,
will be filed with the Internal Revenue Service as may be required by the
Internal Revenue Code or regulations thereunder). On each Payment Date, the
Indenture Trustee shall send to The Depository Trust Company to distribute in
accordance with its procedures the statement or statements provided to the
Indenture Trustee by the Servicer pursuant to Section 5.08 of the Sale and
Servicing Agreement with respect to such Payment Date.

          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 and documented 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 and
documented compensation and expenses, disbursements and advances of the
Indenture Trustee's agents, counsel, accountants

                                      -41-

<PAGE>

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 resignation or removal of the Indenture Trustee
and the discharge of this Indenture. When the Indenture Trustee incurs expenses
after the occurrence of a Default specified in Section 5.01(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 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 Indenture Trustee shall
resign following the occurrence of an Event of Default if required by Section
3.10 of the TIA. The Indenture Trustee shall bear all costs and expenses of
locating and procuring the written acceptance by a qualified successor Indenture
Trustee within 90 days of such Event of Default. The Holders of at least 50% of
the Outstanding Amount of the Controlling Securities 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 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

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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 at least 50% of the Outstanding
Amount of the Controlling Securities 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.

          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

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<PAGE>

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

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

          Section 6.11  Eligibility; Disqualification. The Indenture Trustee
shall at all times satisfy the requirements of TIA (S) 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

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<PAGE>

Standard & Poor's, F1 by Fitch and Prime-1 by Moody's. The Indenture Trustee
shall comply with TIA (S) 310(b), including the optional provision permitted by
the second sentence of TIA (S) 310(b)(9); provided, however, that there shall be
excluded from the operation of TIA (S) 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 (S) 310(b)(1) are met.

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

          Section 6.13  Representations and Warranties of the Indenture
Trustee. The Indenture Trustee hereby makes the following representations and
warranties on which the Issuer and Noteholders shall rely:

          (a)  the Indenture Trustee is a corporation duly organized, validly
existing and in good standing under the laws of the jurisdiction of its
formation;

          (b)  the Indenture Trustee has full power, authority and legal right
to execute, deliver, and perform this Indenture and shall have taken all
necessary action to authorize the execution, delivery and performance by it of
this Indenture;

          (c)  the execution, delivery and performance by the Indenture Trustee
of this Indenture (i) shall not violate any provision of any law or regulation
governing the banking and trust powers of the Indenture Trustee or any order,
writ, judgment or decree of any court, arbitrator, or governmental authority
applicable to the Indenture Trustee or any of its assets, (ii) shall not violate
any provision of the corporate charter or by-laws of the Indenture Trustee and
(iii) shall not violate any provision of, or constitute, with or without notice
or lapse of time, a default under, or result in the creation or imposition of
any lien on any properties included in the Trust Estate pursuant to the
provisions of any mortgage, indenture, contract, agreement or other undertaking
to which it is a party, which violation, default or lien could reasonably be
expected to have a materially adverse effect on the Indenture Trustee's
performance or ability to perform its duties under this Indenture or on the
transactions contemplated in this Indenture;

          (d)  the execution, delivery and performance by the Indenture Trustee
of this Indenture shall not require the authorization, consent approval of, the
giving of notice to, the filing or registration with, or the taking of any other
action in respect of, any governmental authority or agency regulating the
banking and corporate trust activities of the Indenture Trustee;

          (e)  this Indenture has been duly executed and delivered by the
Indenture Trustee and constitutes the legal, valid and binding agreement of the
Indenture Trustee, enforceable in accordance with its terms; and

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                                  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
lists shall be required to be furnished.

          Section 7.02  Preservation of Information; Communications to
Noteholders.

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

          (b)  Noteholders may communicate pursuant to TIA (S) 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 (S) 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

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<PAGE>

                    (iii) supply to the Indenture Trustee (and the Indenture
          Trustee shall transmit by mail to The Depository Trust Company, on
          behalf of the Noteholders as described in TIA (S) 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 (S)
313(a), within 60 days after each February 1 beginning with February 1, 2004,
the Indenture Trustee shall mail to each Noteholder as required by TIA (S)
313(c) a brief report dated as of such date that complies with TIA (S) 313(a).
The Indenture Trustee also shall comply with TIA (S) 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 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 with and 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 Payment Date, Available Funds 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
Payment Date, the

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<PAGE>

Indenture Trustee shall make all withdrawals and deposits to the Collection
Account, Note Distribution Account and Reserve Account and shall make all
distributions to Certificateholders in accordance with Sections 5.06 and 5.07 of
the Sale and Servicing Agreement.

          (c)  Except as otherwise provided in paragraphs (d) and (e) below, on
each Payment Date and Redemption Date, the Indenture Trustee shall distribute
all amounts on deposit in the Note Distribution Account and allocated pursuant
to Section 5.06 of the Sale and Servicing Agreement to Noteholders in respect of
the Notes to the extent of amounts due and unpaid on the Notes for principal and
interest (including any premium) in the following amounts:

                    (i)   to the Holders of Class A Notes, all amounts allocated
          to such Holders in respect of interest on the Class A Notes pro rata
          based upon the aggregate amount of accrued and unpaid interest due and
          payable to the Holders of such Notes;

                    (ii)  to the Holders of the Class B Notes, all amounts
          allocated to such Holders in respect of interest on the Class B Notes;

                    (iii) to the Holders of the Class A Notes and the Class B
          Notes, all amounts allocated to such Holders in respect of principal
          on the Notes will be paid to the Holders of the Class A Notes and
          Class B Notes in the following order of priority:

                    (A)   to the Class A-1 Notes until they are paid in full;

                    (B)   to the other Class A Notes, sequentially to the Class
               A-2 Notes, the Class A-3 Notes and the Class A-4 Notes until the
               Outstanding Amount of each Class is paid in full, the amount
               required to reduce the Outstanding Amount of the Class A Notes to
               an amount equal to 94.33% of the amount by which the Pool Balance
               exceeds the Overcollateralization Target Amount for that Payment
               Date; and

                    (C)   to the Class B Notes, the amount required to reduce
               the Outstanding Amount of the Class B Notes to an amount equal to
               5.67% of the amount by which the Pool Balance exceeds the
               Overcollateralization Target Amount for that Payment Date.

          In addition, on the Final Scheduled Payment Date for any Class of
Notes, if the Outstanding Amount of any Class of Notes remains greater than
zero, the Indenture Trustee shall apply funds from the Reserve Account to repay
the Outstanding Amount of such Class of Notes in full.

          (d)  In the event the Notes are declared to be due and payable
following the occurrence of an Event of Default pursuant to Section 5.01(i) or
(ii), the Indenture Trustee shall distribute all amounts on deposit in the Note
Distribution Account and allocated pursuant to Section 5.06 of the Sale and
Servicing Agreement to Noteholders in the following order of

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<PAGE>

priority: (i) to the Holders of the Class A Notes, all amounts allocated to such
Holders in respect of interest on the Class A Notes pro rata based upon the
aggregate amount of accrued and unpaid interest due and payable to the Holders
of such Notes; (ii) to the Holders of the Class A Notes, all amounts allocated
to such Holders in respect of principal on the Class A Notes, first to the
Holders of the Class A-1 Notes until the Outstanding Amount of the Class A-1
Notes is reduced to zero, then to the Holders of the Class A-2 Notes, the Class
A-3 Notes and the Class A-4 Notes, pro rata based upon the Outstanding Amount
due and payable to the Holders of such Notes; (iii) to the Holders of the Class
B Notes, all amounts allocated to such Holders in respect of interest on the
Class B Notes and (iv) to the Holders of the Class B Notes, all amounts
allocated to such Holders in respect of principal on the Class B Notes. If the
Outstanding Amount of any Class of Notes remains greater than zero after
application of clauses (i), (ii), (iii) and (iv) above, the Indenture Trustee
shall apply funds from the Reserve Account in the same order of priority as
described above to repay the Outstanding Amount of such Class of Notes in full.

          (e)  In the event the Notes are declared to be due and payable
following the occurrence of an Event of Default pursuant to Sections 5.01(iii),
(iv) or (v), the Indenture Trustee shall distribute all amounts on deposit in
the Note Distribution Account and allocated pursuant to Section 5.06 of the Sale
and Servicing Agreement to Noteholders in the following order of priority: (i)
to the Holders of the Class A Notes, all amounts allocated to such Holders in
respect of interest on the Class A Notes pro rata based upon the aggregate
amount of accrued and unpaid interest due and payable to the Holders of such
Notes; (ii) to the Holders of the Class B Notes, all amounts allocated to such
Holders in respect of interest on the Class B Notes; (iii) to the Holders of the
Class A Notes, all amounts allocated to such Holders in respect of principal on
the Class A Notes, first to the Holders of the Class A-1 Notes until the
Outstanding Amount of the Class A-1 Notes is reduced to zero, then to the
Holders of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, pro
rata based upon the Outstanding Amount due and payable to the Holders of such
Notes; and (iv) to the Holders of the Class B Notes, all amounts allocated to
such Holders in respect of principal on the Class B Notes.

          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 subject
to the provisions of Section 5.01(b) of the Sale and Servicing Agreement. All
income or other gain from investments of monies deposited in the Trust Accounts
shall be deposited by the Indenture Trustee in the Collection Account, and any
loss resulting from such investments shall be charged to such account. The
Issuer will not direct the Indenture Trustee to make any investment of any funds
or to sell any investment held in any Trust Account unless the security interest
Granted and perfected in such account will continue to be perfected in such
investment or the proceeds of such sale, in either case without any further
action by any Person, and, in connection with any direction to the Indenture
Trustee to make any such investment or sale, if requested by the Indenture
Trustee, the Issuer shall deliver to the Indenture Trustee an Opinion of
Counsel, acceptable to the Indenture Trustee, to such effect.

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<PAGE>

          (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) shall have failed to give
investment directions for any funds on deposit in the Trust Accounts to the
Indenture Trustee by such time as may be agreed by the 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 Trustee shall, to the fullest extent practicable, invest and
reinvest funds in the Trust Accounts in Eligible Investments (as defined in the
Sale and Servicing Agreement) specified in clause (h) of the definition thereof.

          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 monies.

          (b)  The Indenture Trustee shall, at such time as there are no Notes
Outstanding and all sums due the Indenture Trustee pursuant to Section 6.07 have
been paid, release any remaining portion of the Trust Estate that secured the
Notes from the lien of this Indenture and release to the 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 (S)(S) 314(c) and
314(d)(1) meeting the applicable requirements of Section 11.01.

          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;

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<PAGE>

provided, however, that such Opinion of Counsel shall not be required to express
an opinion as to the fair value of the Trust Estate. Counsel rendering any such
opinion may rely, without independent investigation, on the accuracy and
validity of any certificate or other instrument delivered to the Indenture
Trustee in connection with any such action.

                                   ARTICLE IX

                             SUPPLEMENTAL INDENTURES

          Section 9.01  Supplemental Indentures Without Consent of Noteholders.

          (a)  Without the consent of the Holders of any Notes but with prior
notice to the Rating Agencies, the 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, as evidenced by an Officer's
          Certificate of the Servicer, shall not adversely affect the interests
          of the Holders of the Notes;

                    (vi)  to evidence and provide for the acceptance of the
          appointment hereunder by a successor trustee with respect to the Notes
          and to add

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<PAGE>

          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,
enter into an indenture or indentures supplemental hereto for the purpose of
adding any provisions to, or changing in any manner or eliminating any of the
provisions of, this Indenture or of modifying in any manner the rights of the
Holders of the Notes under this Indenture; provided that such amendments
require: (i) satisfaction of the Rating Agency Condition and (ii) an Officer's
Certificate of the Servicer stating that the amendment will not materially and
adversely affect the interest 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 50% of the Outstanding Amount of the Controlling Securities, 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
          Controlling Securities, the consent of the Holders of which is
          required for any

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<PAGE>

          such supplemental indenture, or the consent of the Holders of which is
          required for any waiver of compliance with certain provisions of this
          Indenture or certain defaults hereunder and their consequences
          provided for in this Indenture;

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

                    (iv)   reduce the percentage of the Outstanding Amount of
          the Controlling Securities required to direct the Indenture Trustee to
          direct the 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 any Payment Date
          (including the calculation of any of the individual components of such
          calculation) or to affect the rights of the Holders of Notes to the
          benefit of any provisions for the mandatory redemption of the Notes
          contained herein;

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

                    (viii) except as provided in Section 5.04(a)(iv), liquidate
          the Receivables when the proceeds of such sale would be insufficient
          to fully pay the Notes.

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

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<PAGE>

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 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 outstanding Notes are subject to
redemption in whole, but not in part, at the direction of the Servicer pursuant
to Section 9.01(a) of the Sale and Servicing Agreement, on any Payment Date on
which the Servicer exercises its option to purchase the 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

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<PAGE>

the outstanding 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 Notes to be
redeemed, whereupon all such Notes shall be due and payable on the Redemption
Date upon the furnishing of a notice complying with Section 10.02 to each Holder
of the Notes.

         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:

         (a)   the Redemption Date;

         (b)   the Redemption Price; and

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

         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

                                      -55-

<PAGE>

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:

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

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

                     (3)   a statement that, in the opinion of each such
               signatory, such signatory has made such examination or
               investigation as is necessary to enable such signatory to express
               an informed opinion as to whether or not such covenant or
               condition has been complied with; and

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

         (b)   (i)   Prior to the deposit of any Collateral or other property or
         securities with the Indenture Trustee that is to be made the basis for
         the release of any property or securities subject to the lien of this
         Indenture, the 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 the 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

                                      -56-

<PAGE>

         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 Section, (A) collect,
         liquidate, sell or otherwise dispose of Receivables and Financed
         Vehicles as and to the extent permitted or required by the Basic
         Documents and (B) make cash payments out of the Note Distribution
         Account as and to the extent permitted or required by the Basic
         Documents, so long as the Issuer shall deliver to the Indenture Trustee
         every six months, commencing September 15, 2003, 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.

                                      -57-

<PAGE>

         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.

         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.

                                      -58-

<PAGE>

         (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 2003-A, in care of U.S. Bank
         Trust National Association, 300 Delaware Avenue, Suite 813, Wilmington,
         Delaware 19801, 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 by facsimile or 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 Ratings Services, a division of The McGraw-Hill Companies, Inc., 55 Water
Street, New York, New York 10041, Attention of Asset Backed Surveillance
Department, and (iii) in the case of Fitch at the following address: Fitch
Ratings, One State Street Plaza, New York, New York 10004, Attention of Asset
Backed Surveillance; 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.

                                      -59-

<PAGE>

         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.

         The provisions of TIA (S)(S) 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 Severability. In case any provision in this Indenture or
in the Notes shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

                                      -60-

<PAGE>

         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 REGARD TO ANY
OTHERWISE APPLICABLE CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS.

         Section 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 11.15 Recording of Indenture. If this Indenture is subject to
recording in any appropriate public recording offices, such recording is to be
effected by the 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.

         Section 11.16 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 their individual capacities, (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.

                                      -61-

<PAGE>

         Section 11.17 No Petition. The Indenture Trustee, by entering into this
Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree
that they will not at any time institute against the Seller or the Issuer, or
join in any institution against the Seller or 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 11.18 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.

                                      -62-

<PAGE>

         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.

                                      WORLD OMNI AUTO RECEIVABLES
                                      TRUST 2003-A,

                                      By:  U.S. BANK TRUST NATIONAL
                                           ASSOCIATION, not in its individual
                                           capacity but solely as Owner Trustee,

                                           By:   /s/ Nancie J. Arvin
                                               ---------------------------------
                                               Name:  Nancie J. Arvin
                                               Title: Vice President

                                      THE BANK OF NEW YORK, not in its
                                      individual capacity but solely as
                                      Indenture Trustee,

                                      By:    /s/ John Bobko
                                          --------------------------------------
                                          Name:  John Bobko
                                          Title: Assistant Vice President

<PAGE>

                                   SCHEDULE A

         Provided to the Indenture Trustee and Owner Trustee at Closing

<PAGE>

                                   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.

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

REGISTERED                                                          $189,000,000

No.:__                                                      CUSIP No.: 98152DAV3

                                                          ISIN No.: US98152DAV38

                                                          CINS No.:.............

                    WORLD OMNI AUTO RECEIVABLES TRUST 2003-A

                       CLASS A-1 1.30% ASSET-BACKED NOTES

       WORLD OMNI AUTO RECEIVABLES TRUST 2003-A, a statutory 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 ONE HUNDRED EIGHTY-NINE MILLION DOLLARS
payable on each Payment Date in an amount equal to the result obtained by
multiplying (i) a fraction the numerator of which is $189,000,000 and the
denominator of which is $189,000,000 by (ii) the aggregate amount, if any,
payable from the Note Distribution Account in respect of principal on the Class
A-1 Notes pursuant to Section 3.01 of the Indenture dated as of March 11, 2003
(the "Indenture"), between the Issuer and The Bank of New York, a New York
banking corporation, 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 March 2004 Payment Date (the "Class A-1 Final
Scheduled Payment Date") and the Redemption Date, if any, pursuant to Section
10.01 of the Indenture. Capitalized terms used but not defined herein are
defined in Article I of the Indenture, which also contains rules as to
construction that shall be applicable herein.

                                     A-1-1

<PAGE>

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

       The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the 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.

                                      A-1-2

<PAGE>

       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:  March 11, 2003                  WORLD OMNI AUTO RECEIVABLES TRUST 2003-A,

                                       By: U.S. BANK TRUST NATIONAL ASSOCIATION,
                                           not in its individual capacity but
                                           solely as Owner Trustee,

                                           By: _________________________________
                                               Authorized Signatory

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:  March 11, 2003                  THE BANK OF NEW YORK, not in its
                                       individual capacity but solely as
                                       Indenture Trustee,

                                           By: _________________________________
                                               Authorized Signatory

                                     A-1-3

<PAGE>

       This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-1 1.30% Asset-Backed Notes (herein called the "Class
A-1 Notes"), all issued under the Indenture, to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the 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, the Class
A-4 Notes and the Class B Notes (collectively, the "Notes") are and will be
equally and ratably secured by the collateral pledged as security therefor as
provided in the Indenture and subject to the subordination provisions set forth
therein.

       Principal of the Class A-1 Notes will be payable on each Payment Date
and, if the Class A-1 Notes have not been paid in full prior to the Class A-1
Final Scheduled Payment Date, on the Class A-1 Final Scheduled Payment Date, in
an amount described on the face hereof. "Payment Date" means the fifteenth day
of each month or, if such day is not a Business Day, the immediately following
Business Day. The first Payment Date will be April 15, 2003.

       As described above, the entire unpaid principal amount of this Note shall
be due and payable on the Class A-1 Final Scheduled Payment Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which an Event of Default shall have
occurred and be continuing and the Indenture Trustee or the Holders of Notes
representing not less than 50% of the Outstanding Amount of the Controlling
Securities have declared the Notes to be immediately due and payable in the
manner provided in Section 5.02 of the Indenture. All principal payments on the
Class A-1 Notes shall be made pro rata to the Class A-1 Noteholders entitled
thereto.

       Payments of interest on this Note due and payable on each Payment Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check 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 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
Payment Date shall be binding upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not noted hereon. If funds are expected to be available,
as provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Payment Date or, if applicable, the Class A-1
Final Scheduled Payment 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 Payment Date or the Class A-1 Final
Scheduled Payment Date, as applicable, by notice mailed or transmitted by
facsimile prior to such Payment Date or the

                                     A-1-4

<PAGE>

Class A-1 Final Scheduled Payment Date, as applicable, 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.

       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, World Omni or the Issuer, or join in any
institution against the Seller, World Omni 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.

                                     A-1-5

<PAGE>

       The Issuer has entered into the Indenture and this Note is issued with
the intention that, for federal, state and local income and franchise tax
purposes, the Notes will qualify as indebtedness 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 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 Controlling Securities,
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.

       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.

                                      A-1-6

<PAGE>

       Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of The Bank of New York in its individual
capacity, U.S. Bank Trust National Association 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.

                                      A-1-7

<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, 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.

                                      A-1-8

<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 AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ON THE FACE HEREOF.

REGISTERED                                                          $156,000,000

No.:__                                                      CUSIP NO.: 98152DAW1

                                                          ISIN No.: US98152DAW11

                                                         CINS No.:..............

                    WORLD OMNI AUTO RECEIVABLES TRUST 2003-A

                       CLASS A-2 1.46% ASSET-BACKED NOTES

WORLD OMNI AUTO RECEIVABLES TRUST 2003-A, a statutory 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 ONE HUNDRED FIFTY SIX MILLION DOLLARS
payable on each Payment Date in an amount equal to the result obtained by
multiplying (i) a fraction the numerator of which is $156,000,000 and the
denominator of which is $156,000,000 by (ii) the aggregate amount, if any,
payable from the Note Distribution Account in respect of principal on the Class
A-2 Notes pursuant to Section 3.01 of the Indenture dated as of March 11, 2003
(the "Indenture"), between the Issuer and The Bank of New York, a New York
banking corporation, 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 August 2005 Payment Date (the "Class A-2 Final
Scheduled Payment Date") and the Redemption Date, if any, pursuant to Section
10.01 of the Indenture. Generally, no payments of principal of the Class A-2
Notes shall be made until the

                                     A-2-1

<PAGE>

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 Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Payment Date (after giving effect to all payments of principal made on
the preceding Payment Date), subject to certain limitations contained in the
last sentence of Section 3.01 of the Indenture. Interest on this Note will
accrue for each Payment Date from and including the most recent Payment Date on
which interest has been paid (in the case of the first Payment Date, from the
Closing Date) to but excluding such current Payment 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.

                                      A-2-2

<PAGE>

          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:  March 11, 2003                         WORLD OMNI AUTO RECEIVABLES TRUST
                                              2003-A,

                                              By: U.S. BANK TRUST NATIONAL
                                                  ASSOCIATION, not in its
                                                  individual capacity but solely
                                                  as Owner Trustee,

                                                  By: __________________________
                                                      Authorized Signatory

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date: March 11, 2003                          THE BANK OF NEW YORK, not in its
                                              individual capacity but solely as
                                              Indenture Trustee,

                                              By: ______________________________
                                                  Authorized Signatory

                                     A-2-3

<PAGE>

          This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-2 1.46% Asset-Backed Notes (herein called the "Class
A-2 Notes"), all issued under the Indenture, to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the 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, the
Class A-4 Notes and the Class B Notes (collectively, the "Notes") are and will
be equally and ratably secured by the collateral pledged as security therefor as
provided in the Indenture and subject to the subordination provisions therein.

          Principal of the Class A-2 Notes will be payable on each Payment Date
in an amount described on the face hereof. "Payment Date" means the fifteenth
day of each month, or, if any such date is not a Business Day, the next
succeeding Business Day, commencing April 15, 2003.

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

          Payments of interest on this Note due and payable on each Payment
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be made by check 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 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
Payment Date shall be binding upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not noted hereon. If funds are expected to be available,
as provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Payment Date, then the Indenture Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the
Registered Holder hereof as of the Record Date preceding such Payment Date by
notice mailed or transmitted by facsimile prior to such Payment Date, and the
amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Indenture Trustee's

                                     A-2-4

<PAGE>

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.

          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, World Omni or the Issuer, or join
in any institution against the Seller, World Omni 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.

          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 secured by the
Trust Estate. Each Noteholder, by acceptance of a

                                     A-2-5

<PAGE>

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 Controlling Securities,
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.

          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.

                                     A-2-6

<PAGE>

          Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of The Bank of New York in its individual
capacity, U.S. Bank Trust National Association 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.

                                      A-2-7

<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, 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.

                                      A-2-8

<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 AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ON THE FACE HEREOF.

REGISTERED                                                          $257,000,000

No.:__                                                       CUSIP NO.:98152DAX9

                                                          ISIN No.: US98152DAX93

                                                          CINS No.:.............

                    WORLD OMNI AUTO RECEIVABLES TRUST 2003-A

                       CLASS A-3 1.98% ASSET-BACKED NOTES

          WORLD OMNI AUTO RECEIVABLES TRUST 2003-A, a statutory 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 FIFTY-SEVEN MILLION DOLLARS
payable on each Payment Date in an amount equal to the result obtained by
multiplying (i) a fraction the numerator of which is $257,000,000 and the
denominator of which is $257,000,000 by (ii) the aggregate amount, if any,
payable from the Note Distribution Account in respect of principal on the Class
A-3 Notes pursuant to Section 3.01 of the Indenture dated as of March 11, 2003
(the "Indenture"), between the Issuer and The Bank of New York, a New York
banking corporation, 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 May 2007 Payment Date (the "Class A-3 Final
Scheduled Payment Date") and the Redemption Date, if any, pursuant to Section
10.01 of the Indenture. Generally, no payments of principal of the Class A-3
Notes shall be made until the Class A-1 and Class A-2 Notes have been paid in
full. Capitalized terms

                                      A-3-1

<PAGE>

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 Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Payment Date (after giving effect to all payments of principal made on
the preceding Payment Date), subject to certain limitations contained in the
last sentence of Section 3.01 of the Indenture. Interest on this Note will
accrue for each Payment Date from and including the most recent Payment Date on
which interest has been paid (in the case of the first Payment Date, from the
Closing Date) to but excluding such current Payment 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.

                                      A-3-2

<PAGE>

          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: March 11, 2003                                WORLD OMNI AUTO RECEIVABLES
                                                    TRUST 2003-A,

                                                    By: U.S. BANK TRUST NATIONAL
                                                        ASSOCIATION, not in its
                                                        individual capacity but
                                                        solely as Owner Trustee,

                                                        By: ____________________
                                                            Authorized Signatory

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date: March 11, 2003                                THE BANK OF NEW YORK, not in
                                                    its individual capacity but
                                                    solely as Indenture Trustee,

                                                        By: ____________________
                                                            Authorized Signatory

                                      A-3-3

<PAGE>

          This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-3 1.98% Asset-Backed Notes (herein called the "Class
A-3 Notes"), all issued under the Indenture, to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the 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, the
Class A-4 Notes and the Class B Notes (collectively, the "Notes") are and will
be equally and ratably secured by the collateral pledged as security therefor as
provided in the Indenture and subject to the subordination provisions therein.

          Principal of the Class A-3 Notes will be payable on each Payment Date
in an amount described on the face hereof. "Payment Date" means the fifteenth
day of each month, or, if any such date is not a Business Day, the next
succeeding Business Day, commencing April 15, 2003.

          As described above, the entire unpaid principal amount of this Note
shall be due and payable on the Class A-3 Final Scheduled Payment Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which an Event of Default shall have
occurred and be continuing and the Indenture Trustee or the Holders of Notes
representing not less than 50% of the Outstanding Amount of the Controlling
Securities have declared the Notes to be immediately due and payable in the
manner provided in Section 5.02 of the Indenture. All principal payments on the
Class A-3 Notes shall be made pro rata to the Class A-3 Noteholders entitled
thereto.

          Payments of interest on this Note due and payable on each Payment
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be made by check 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 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
Payment Date shall be binding upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not noted hereon. If funds are expected to be available,
as provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Payment Date, then the Indenture Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the
Registered Holder hereof as of the Record Date preceding such Payment Date by
notice mailed or transmitted by facsimile prior to such Payment Date, and the
amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Indenture Trustee's

                                     A-3-4

<PAGE>

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.

          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, World Omni or the Issuer, or join
in any institution against the Seller, World Omni 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.

          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 secured by the
Trust Estate. Each Noteholder, by acceptance of a

                                     A-3-5

<PAGE>

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 Controlling Securities,
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.

          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.

                                      A-3-6

<PAGE>

          Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of The Bank of New York in its individual
capacity, U.S. Bank Trust National Association 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.

                                      A-3-7

<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, 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.

                                     A-3-8

<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 AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ON THE FACE HEREOF.

REGISTERED                                                          $139,300,000

No.:__                                                      CUSIP NO.: 98152DAY7

                                                          ISIN No.: US98152DAY76

                                                    CINS No.:...................

                    WORLD OMNI AUTO RECEIVABLES TRUST 2003-A

                       CLASS A-4 2.58% ASSET-BACKED NOTES

     WORLD OMNI AUTO RECEIVABLES TRUST 2003-A, a statutory 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 ONE HUNDRED THIRTY-NINE MILLION, THREE
HUNDRED THOUSAND DOLLARS payable on each Payment Date in an amount equal to the
result obtained by multiplying (i) a fraction the numerator of which is
$139,300,000 and the denominator of which is $139,300,000 by (ii) the aggregate
amount, if any, payable from the Note Distribution Account in respect of
principal on the Class A-4 Notes pursuant to Section 3.01 of the Indenture dated
as of March 11, 2003 (the "Indenture"), between the Issuer and The Bank of New
York, a New York banking corporation, 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 September 2009 Payment Date
(the "Class A-4 Final Scheduled Payment Date") and the Redemption Date, if any,
pursuant to Section 10.01 of the Indenture. Generally, no payments of principal
of the Class A-4 Notes shall be made until the Class A-1, Class A-2 and Class
A-3 Notes have been paid in full. Capitalized terms used but

                                     A-4-1

<PAGE>

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 Payment Date until the principal of this Note is paid or made available
for payment, on the principal amount of this Note outstanding on the preceding
Payment Date (after giving effect to all payments of principal made on the
preceding Payment Date), subject to certain limitations contained in the last
sentence of Section 3.01 of the Indenture. Interest on this Note will accrue for
each Payment Date from and including the most recent Payment Date on which
interest has been paid (in the case of the first Payment Date, from the Closing
Date) to but excluding such current Payment 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.

                                      A-4-2

<PAGE>

     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: March 11, 2003                   WORLD OMNI AUTO RECEIVABLES TRUST 2003-A,

                                       By: U.S. BANK TRUST NATIONAL ASSOCIATION,
                                           not in its individual capacity but
                                           solely as Owner Trustee,

                                           By: _________________________________
                                               Authorized Signatory

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date: March 11, 2003                   THE BANK OF NEW YORK, not in its
                                       individual capacity but solely as
                                       Indenture Trustee,

                                       By: _____________________________________
                                           Authorized Signatory

                                     A-4-3

<PAGE>

          This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-4 2.58% Asset-Backed Notes (herein called the "Class
A-4 Notes"), all issued under the Indenture, to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the 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, the
Class A-4 Notes and the Class B Notes (collectively, the "Notes") are and will
be equally and ratably secured by the collateral pledged as security therefor as
provided in the Indenture and subject to the subordination provisions therein.

          Principal of the Class A-4 Notes will be payable on each Payment Date
in an amount described on the face hereof. "Payment Date" means the fifteenth
day of each month, or, if any such date is not a Business Day, the next
succeeding Business Day, commencing April 15, 2003.

          As described above, the entire unpaid principal amount of this Note
shall be due and payable on the Class A-4 Final Scheduled Payment Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which an Event of Default shall have
occurred and be continuing and the Indenture Trustee or the Holders of Notes
representing not less than 50% of the Outstanding Amount of the Controlling
Securities have declared the Notes to be immediately due and payable in the
manner provided in Section 5.02 of the Indenture. All principal payments on the
Class A-4 Notes shall be made pro rata to the Class A-4 Noteholders entitled
thereto.

          Payments of interest on this Note due and payable on each Payment
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be made by check 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 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
Payment Date shall be binding upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not noted hereon. If funds are expected to be available,
as provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Payment Date, then the Indenture Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the
Registered Holder hereof as of the Record Date preceding such Payment Date by
notice mailed or transmitted by facsimile prior to such Payment Date, and the
amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Indenture Trustee's

                                     A-4-4

<PAGE>

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 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.

          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, World Omni or the Issuer, or join
in any institution against the Seller, World Omni 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.

          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 secured by the
Trust Estate. Each Noteholder, by acceptance of a

                                     A-4-5

<PAGE>

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 Controlling Securities,
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.

          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.

                                     A-4-6

<PAGE>

          Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of The Bank of New York in its individual
capacity, U.S. Bank Trust National Association 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.

                                     A-4-7

<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, 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.

                                     A-4-8

<PAGE>

                                    EXHIBIT B

                             [FORM OF CLASS B NOTE]

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE 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 AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ON THE FACE HEREOF.

REGISTERED                                                           $43,725,000

No.:__                                                      CUSIP NO.: 98152DAZ4

                                                          ISIN No.: US98152DAZ42

                                                   CINS No.:....................

                    WORLD OMNI AUTO RECEIVABLES TRUST 2003-A

                        CLASS B 2.35% ASSET-BACKED NOTES

           WORLD OMNI AUTO RECEIVABLES TRUST 2003-A, a statutory 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 FORTY-THREE MILLION, SEVEN HUNDRED
TWENTY-FIVE THOUSAND DOLLARS payable on each Payment Date in an amount equal to
the result obtained by multiplying (i) a fraction the numerator of which is
$43,725,000 and the denominator of which is $43,725,000 by (ii) the aggregate
amount, if any, payable from the Note Distribution Account in respect of
principal on the Class B Notes pursuant to Section 3.01 of the Indenture dated
as of March 11, 2003 (the "Indenture"), between the Issuer and The Bank of New
York, a New York banking corporation, 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 September 2009 Payment Date
(the "Class B Final Scheduled Payment Date") and the Redemption Date, if any,
pursuant to Section 10.01 of the Indenture. Generally, no payments of principal
of the Class B Notes shall be made until the Class A-1 Notes have been

                                      B-1

<PAGE>

paid in full, and, under certain circumstances until certain principal payments
on the Class A-2, Class A-3 and Class A-4 Notes have been paid 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 Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Payment Date (after giving effect to all payments of principal made on
the preceding Payment Date), subject to certain limitations contained in the
last sentence of Section 3.01 of the Indenture. Interest on this Note will
accrue for each Payment Date from and including the most recent Payment Date on
which interest has been paid (in the case of the first Payment Date, from the
Closing Date) to but excluding such current Payment 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.

                                       B-2

<PAGE>

           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:  March 11, 2003                       WORLD OMNI AUTO RECEIVABLES TRUST
                                            2003-A,

                                            By:  U.S. BANK TRUST NATIONAL
                                                 ASSOCIATION, not in its
                                                 individual  capacity but solely
                                                 as Owner Trustee,

                                                 By: ___________________________
                                                     Authorized Signatory

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:  March 11, 2003                       THE BANK OF NEW YORK, not in its
                                            individual capacity but solely as
                                            Indenture Trustee,

                                            By: ________________________________
                                                Authorized Signatory

                                      B-3

<PAGE>

           This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class B 2.35% Asset-Backed Notes (herein called the "Class B
Notes"), all issued under the Indenture, to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuer, the Indenture Trustee and the
Holders of the Notes. The Class B Notes are subject to all terms of the
Indenture.

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

           Principal of the Class B Notes will be payable on each Payment Date
in an amount described on the face hereof. "Payment Date" means the fifteenth
day of each month, or, if any such date is not a Business Day, the next
succeeding Business Day, commencing April 15, 2003.

           As described above, the entire unpaid principal amount of this Note
shall be due and payable on the Class B Final Scheduled Payment Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which an Event of Default shall have
occurred and be continuing and the Indenture Trustee or the Holders of Notes
representing not less than 50% of the Outstanding Amount of the Controlling
Securities have declared the Notes to be immediately due and payable in the
manner provided in Section 5.02 of the Indenture. All principal payments on the
Class B Notes shall be made pro rata to the Class B Noteholders entitled
thereto.

           Payments of interest on this Note due and payable on each Payment
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be made by check 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 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
Payment Date shall be binding upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not noted hereon. If funds are expected to be available,
as provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Payment Date, then the Indenture Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the
Registered Holder hereof as of the Record Date preceding such Payment Date by
notice mailed or transmitted by facsimile prior to such Payment Date, and the
amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Indenture Trustee's

                                      B-4

<PAGE>

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 B 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.

           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, World Omni or the Issuer, or join
in any institution against the Seller, World Omni 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.

           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 secured by
the Trust Estate. Each Noteholder, by acceptance of a

                                       B-5

<PAGE>

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 Controlling Securities,
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.

           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.

                                      B-6

<PAGE>

           Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of The Bank of New York in its individual
capacity, U.S. Bank Trust National Association 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.

                                       B-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, 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.

                                       B-8

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