Document:

Exhibit 4.3

 

Gamida
cell ltd.,

Issuer

AND

[TRUSTEE],

Trustee

 

 

 

 

INDENTURE

Dated as of [·], 20__

 

 

 

 

Debt Securities

 

     

     

    

 

Table of contents 

 

	 	Page
	 	 
	article 1 DEFINITIONS	1
	Section 1.01   Definitions of Terms.	1
	article 2 ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	5
	Section 2.01   Designation and Terms of Securities.	5
	Section 2.02   Form of Securities and Trustee’s Certificate.	8
	Section 2.03   Denominations: Provisions for Payment.	8
	Section 2.04   Execution and Authentications.	10
	Section 2.05   Registration of Transfer and Exchange.	10
	Section 2.06   Temporary Securities.	12
	Section 2.07   Mutilated, Destroyed, Lost or Stolen Securities.	12
	Section 2.08   Cancellation.	13
	Section 2.09   Benefits of Indenture.	13
	Section 2.10   Authenticating Agent.	14
	Section 2.11   Global Securities.	14
	Section 2.12   CUSIP Numbers.	15
	article 3 REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS	15
	Section 3.01   Redemption.	15
	Section 3.02   Notice of Redemption.	16
	Section 3.03   Payment Upon Redemption.	17
	Section 3.04   Sinking Fund.	17
	Section 3.05   Satisfaction of Sinking Fund Payments with Securities.	17
	Section 3.06   Redemption of Securities for Sinking Fund.	18
	article 4 COVENANTS	18
	Section 4.01   Payment of Principal, Premium and Interest.	18
	Section 4.02   Maintenance of Office or Agency.	19
	Section 4.03   Paying Agents.	19
	Section 4.04   Appointment to Fill Vacancy in Office of Trustee.	20

 

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Table
Of Contents

(continued)

 

	 	Page
	 	 
	article 5 SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE	20
	Section 5.01   Company to Furnish Trustee Names and Addresses of Securityholders.	20
	Section 5.02   Preservation Of Information; Communications With Securityholders.	21
	Section 5.03   Reports by the Company.	21
	Section 5.04   Reports by the Trustee.	22
	article 6 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	22
	Section 6.01   Events of Default.	22
	Section 6.02   Collection of Indebtedness and Suits for Enforcement by Trustee.	24
	Section 6.03   Application of Moneys Collected.	25
	Section 6.04   Limitation on Suits.	26
	Section 6.05   Rights and Remedies Cumulative; Delay or Omission Not Waiver.	26
	Section 6.06   Control by Securityholders.	27
	Section 6.07   Undertaking to Pay Costs.	27
	article 7 CONCERNING THE TRUSTEE	28
	Section 7.01   Certain Duties and Responsibilities of Trustee.	28
	Section 7.02   Certain Rights of Trustee.	29
	Section 7.03   Trustee Not Responsible for Recitals or Issuance or Securities.	31
	Section 7.04   May Hold Securities.	32
	Section 7.05   Moneys Held in Trust.	32
	Section 7.06   Compensation and Reimbursement.	32
	Section 7.07   Reliance on Officer’s Certificate.	33
	Section 7.08   Disqualification; Conflicting Interests.	33
	Section 7.09   Corporate Trustee Required; Eligibility.	33
	Section 7.10   Resignation and Removal; Appointment of Successor.	34
	Section 7.11   Acceptance of Appointment By Successor.	35
	Section 7.12   Merger, Conversion, Consolidation or Succession to Business.	36
	Section 7.13   Preferential Collection of Claims Against the Company.	36
	Section 7.14   Notice of Default.	36

 

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Table
Of Contents

(continued)

 

	 	Page
	 	 
	article 8 CONCERNING THE SECURITYHOLDERS	37
	Section 8.01   Evidence of Action by Securityholders.	37
	Section 8.02   Proof of Execution by Securityholders.	37
	Section 8.03   Who May be Deemed Owners.	38
	Section 8.04   Certain Securities Owned by Company Disregarded.	38
	Section 8.05   Actions Binding on Future Securityholders.	38
	article 9 SUPPLEMENTAL INDENTURES	39
	Section 9.01   Supplemental Indentures Without the Consent of Securityholders.	39
	Section 9.02   Supplemental Indentures With Consent of Securityholders.	40
	Section 9.03   Effect of Supplemental Indentures.	40
	Section 9.04   Securities Affected by Supplemental Indentures.	41
	Section 9.05   Execution of Supplemental Indentures.	41
	article 10 SUCCESSOR ENTITY	42
	Section 10.01   Company May Consolidate, Etc.	42
	Section 10.02   Successor Entity Substituted.	42
	article 11 SATISFACTION AND DISCHARGE	43
	Section 11.01   Satisfaction and Discharge of Indenture.	43
	Section 11.02   Discharge of Obligations.	43
	Section 11.03   Deposited Moneys to be Held in Trust.	44
	Section 11.04   Payment of Moneys Held by Paying Agents.	44
	Section 11.05   Repayment to Company.	44
	article 12 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	44
	Section 12.01   No Recourse.	44
	article 13 MISCELLANEOUS PROVISIONS	45
	Section 13.01   Effect on Successors and Assigns.	45
	Section 13.02   Actions by Successor.	45
	Section 13.03   Surrender of Company Powers.	45
	Section 13.04   Notices.	45
	Section 13.05   Governing Law; Jury Trial Waiver.	46
	Section 13.06   Treatment of Securities as Debt.	46
	Section 13.07   Certificates and Opinions as to Conditions Precedent.	46
	Section 13.08   Payments on Business Days.	47
	Section 13.09   Conflict with Trust Indenture Act.	47
	Section 13.10   Counterparts.	47
	Section 13.11   Separability.	47
	Section 13.12   Compliance Certificates.	47
	Section 13.13   U.S.A Patriot Act.	48
	Section 13.14   Force Majeure.	48
	Section 13.15   Table of Contents; Headings.	48

 

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INDENTURE

 

Indenture,
dated as of [·], 20__, among Gamida Cell
Ltd., a company organized under the laws of the State of Israel under company number 51-260120-4 and having its registered
office at 5 Nahum Heftsadie Street Givaat Shaul, Jerusalem 91340 Israel (the “Company”), and [Trustee],
as trustee (the “Trustee”):

 

Whereas,
for its lawful corporate purposes, the Company has duly authorized the execution and delivery of this Indenture to provide for
the issuance of debt securities (hereinafter referred to as the “Securities”), in an unlimited aggregate
principal amount to be issued from time to time in one or more series as in this Indenture provided, as registered Securities without
coupons, to be authenticated by the certificate of the Trustee;

 

Whereas,
to provide the terms and conditions upon which the Securities are to be authenticated, issued and delivered, the Company has duly
authorized the execution of this Indenture; and

 

Whereas,
all things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done.

 

Now,
Therefore, in consideration of the premises and the purchase of the Securities by the holders thereof, it is mutually
covenanted and agreed as follows for the equal and ratable benefit of the holders of Securities:

 

article
1

DEFINITIONS

 

Section 1.01
 Definitions of Terms.

 

The terms defined in
this Section (except as in this Indenture or any indenture supplemental hereto otherwise expressly provided or unless the context
otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings
specified in this Section and shall include the plural as well as the singular. All other terms used in this Indenture that are
defined in the Trust Indenture Act of 1939, as amended, or that are by reference in such Act defined in the Securities Act of 1933,
as amended (except as herein or any indenture supplemental hereto otherwise expressly provided or unless the context otherwise
requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at
the date of the execution of this instrument.

 

“Authenticating
Agent” means the Trustee or an authenticating agent with respect to all or any of the series of Securities appointed
by the Trustee pursuant to Section 2.10.

 

“Bankruptcy
Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

 

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“Board
of Directors” means the Board of Directors (or the functional equivalent thereof) of the Company or any duly authorized
committee of such Board.

 

“Board
Resolution” means a copy of a resolution certified by the Secretary of the Company to have been duly adopted by the
Board of Directors (or duly authorized committee thereof, as applicable) and to be in full force and effect on the date of such
certification.

 

“Business
Day” means, with respect to any series of Securities, any day other than a day on which federal or state banking
institutions in the Borough of Manhattan, the City of New York, or in the city of the Corporate Trust Office of the Trustee, are
authorized or obligated by law, executive order or regulation to close.

 

“Commission”
means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any time
after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust
Indenture Act, then the body performing such duties at such time.

 

“Company”
means Gamida Cell Ltd., a company organized under the laws of the State of Israel with a registration number 51-260120-4 and having
its registered office at 5 Nahum Heftsadie Street Givaat Shaul, Jerusalem 91340 Israel, and, subject to the provisions of Article
Ten, shall also include its successors and assigns.

 

“Corporate
Trust Office” means the office of the Trustee at which, at any particular time, its corporate trust business shall
be principally administered, which office at the date hereof is located at          .

 

“Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

“Defaulted
Interest” has the meaning set forth in Section 2.03.

 

“Depositary”
means, with respect to Securities of any series for which the Company shall determine that such Securities will be issued as a
Global Security, The Depository Trust Company, another clearing agency, or any successor registered as a clearing agency under
the Exchange Act, or other applicable statute or regulation, which, in each case, shall be designated by the Company pursuant to
either Section 2.01 or 2.11.

 

“Event
of Default” means, with respect to Securities of a particular series, any event specified in Section 6.01, continued
for the period of time, if any, therein designated.

 

“Exchange
Act” means the United States Securities and Exchange Act of 1934, as amended, and the rules and regulations promulgated
by the Commission thereunder.

 

The term “given”,
“mailed”, “notify” or “sent” with respect to any
notice to be given to a Securityholder pursuant to this Indenture, shall mean notice (x) given to the Depositary (or its designee)
pursuant to the standing instructions from the Depositary or its designee, including by electronic mail in accordance with accepted
practices or procedures at the Depositary (in the case of a Global Security) or (y) mailed to such Holder by first class mail,
postage prepaid, at its address as it appears on the Security Register (in the case of a definitive Security). Notice so “given”
shall be deemed to include any notice to be “mailed” or “delivered,” as applicable, under this Indenture.

 

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“Global
Security” means a Security issued to evidence all or a part of any series of Securities which is executed by the
Company and authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all
in accordance with the Indenture, which shall be registered in the name of the Depositary or its nominee.

 

“Governmental
Obligations” means securities that are (a) direct obligations of the United States of America for the payment
of which its full faith and credit is pledged or (b) obligations of a Person controlled or supervised by and acting as an
agency or instrumentality of the United States of America, the payment of which is unconditionally guaranteed as a full faith and
credit obligation by the United States of America that, in either case, are not callable or redeemable at the option of the issuer
thereof at any time prior to the stated maturity of the Securities, and shall also include a depositary receipt issued by a bank
or trust company as custodian with respect to any such Governmental Obligation or a specific payment of principal of or interest
on any such Governmental Obligation held by such custodian for the account of the holder of such depositary receipt; provided,
however, that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the
holder of such depositary receipt from any amount received by the custodian in respect of the Governmental Obligation or the specific
payment of principal of or interest on the Governmental Obligation evidenced by such depositary receipt.

 

“herein”,
“hereof” and “hereunder”, and other words of similar import, refer to this
Indenture as a whole and not to any particular Article, Section or other subdivision.

 

“Indenture”
means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into in accordance with the terms hereof and shall include the terms of particular series of Securities
established as contemplated by Section 2.01.

 

“Interest
Payment Date”, when used with respect to any installment of interest on a Security of a particular series, means
the date specified in such Security or in a Board Resolution or in an indenture supplemental hereto with respect to such series
as the fixed date on which an installment of interest with respect to Securities of that series is due and payable.

 

“Officer”
means, with respect to the Company, the chairman of the Board of Directors, a chief executive officer, a president, a chief financial
officer, a chief operating officer, any executive vice president, any senior vice president, any vice president, the treasurer
or any assistant treasurer, the controller or any assistant controller or the secretary or any assistant secretary.

 

“Officer’s
Certificate” means a certificate signed by any Officer. Each such certificate shall include the statements provided
for in Section 13.07, if and to the extent required by the provisions thereof.

 

“Opinion
of Counsel” means an opinion in writing subject to customary exceptions of legal counsel, who may be an employee
of or counsel for the Company, that is delivered to the Trustee in accordance with the terms hereof. Each such opinion shall include
the statements provided for in Section 13.07, if and to the extent required by the provisions thereof.

 

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“Outstanding”,
when used with reference to Securities of any series, means, subject to the provisions of Section 8.04, as of any particular time,
all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities
theretofore canceled by the Trustee or any paying agent, or delivered to the Trustee or any paying agent for cancellation or that
have previously been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental
Obligations in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the
Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own paying agent);
provided, however, that if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice
of such redemption shall have been given as provided in Article Three, or provision satisfactory to the Trustee shall have been
made for giving such notice; and (c) Securities in lieu of or in substitution for which other Securities shall have been authenticated
and delivered pursuant to the terms of Section 2.07.

 

“Person”
means any individual, corporation, partnership, joint venture, joint-stock company, limited liability company, association, trust,
unincorporated organization, any other entity or organization, including a government or political subdivision or an agency or
instrumentality thereof.

 

“Predecessor
Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as
that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered
under Section 2.07 in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed
or stolen Security.

 

“Responsible
Officer” when used with respect to the Trustee means any officer within the Corporate Trust Office of the Trustee
(or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed
by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer
to whom such matter is referred because of his or her knowledge of and familiarity with the particular subject and in each case
who shall have direct responsibility for the administration of this Indenture.

 

“Securities”
has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered
under this Indenture.

 

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

 

“Securityholder”,
“holder of Securities”, “registered holder”, or other similar term, means the
Person or Persons in whose name or names a particular Security is registered on the Security Register kept for that purpose in
accordance with the terms of this Indenture.

 

“Security
Register” and “Security Registrar” shall have the meanings as set forth in Section 2.05.

 

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“Subsidiary” means,
with respect to any Person, any corporation, association, partnership or other business entity of which more than 50% of the total
voting power of shares of capital stock or other interests (including partnership interests) entitled (without regard to the occurrence
of any contingency) to vote in the election of directors, managers, general partners or trustees thereof is at the time owned or
controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii)
one or more Subsidiaries of such Person.

 

“Trustee”
means _________________________, and, subject to the provisions of Article Seven, shall also include its successors and assigns,
and, if at any time there is more than one Person acting in such capacity hereunder, “Trustee” shall mean each such
Person. The term “Trustee” as used with respect to a particular series of the Securities shall mean the trustee with
respect to that series.

 

“Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended.

 

“U.S.A.
Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001, Pub. L. 107-56, as amended and signed into law October 26, 2001.

 

article
2

ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES

 

Section 2.01
 Designation and Terms of Securities.

 

(a) The
aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities
may be issued in one or more series up to the aggregate principal amount of Securities of that series from time to time authorized
by or pursuant to a Board Resolution or pursuant to one or more indentures supplemental hereto. Prior to the initial issuance of
Securities of any series, there shall be established in or pursuant to a Board Resolution, and set forth in an Officer’s
Certificate, or established in one or more indentures supplemental hereto:

 

(1) the
title of the Securities of the series (which shall distinguish the Securities of that series from all other Securities);

 

(2) any
limit upon the aggregate principal amount of the Securities of that series that may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of that series);

 

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(3) the
maturity date or dates on which the principal of the Securities of the series is payable;

 

(4) the
form of the Securities of the series including the form of the certificate of authentication for such series;

 

(5) the
applicability of any guarantees;

 

(6) whether
or not the Securities will be secured or unsecured, and the terms of any secured debt;

 

(7) whether
the Securities rank as senior debt, senior subordinated debt, subordinated debt or any combination thereof, and the terms of any
subordination;

 

(8) if
the price (expressed as a percentage of the aggregate principal amount thereof) at which such Securities will be issued is a price
other than the principal amount thereof, the portion of the principal amount thereof payable upon declaration of acceleration of
the maturity thereof, or if applicable, the portion of the principal amount of such Securities that is convertible into another
security or the method by which any such portion shall be determined;

 

(9) the
interest rate or rates, which may be fixed or variable, or the method for determining the rate and the date interest will begin
to accrue, the dates interest will be payable and the regular record dates for interest payment dates or the method for determining
such dates;

 

(10) the
Company’s right, if any, to defer the payment of interest and the maximum length of any such deferral period;

 

(11) if
applicable, the date or dates after which, or the period or periods during which, and the price or prices at which, the Company
may at its option, redeem the series of Securities pursuant to any optional or provisional redemption provisions and the terms
of those redemption provisions;

 

(12) the
date or dates, if any, on which, and the price or prices at which the Company is obligated, pursuant to any mandatory sinking fund
or analogous fund provisions or otherwise, to redeem, or at the Securityholder’s option to purchase, the series of Securities
and the currency or currency unit in which the Securities are payable;

 

(13) the
denominations in which the Securities of the series shall be issuable, if other than denominations of one thousand U.S. dollars
($1,000) or any integral multiple thereof;

 

(14) any
and all terms, if applicable, relating to any auction or remarketing of the Securities of that series and any security for the
obligations of the Company with respect to such Securities and any other terms which may be advisable in connection with the marketing
of Securities of that series;

 

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(15) whether
the Securities of the series shall be issued in whole or in part in the form of a Global Security or Securities; the terms and
conditions, if any, upon which such Global Security or Securities may be exchanged in whole or in part for other individual Securities;
and the Depositary for such Global Security or Securities;

 

(16) if
applicable, the provisions relating to conversion or exchange of any Securities of the series and the terms and conditions upon
which such Securities will be so convertible or exchangeable, including the conversion or exchange price, as applicable, or how
it will be calculated and may be adjusted, any mandatory or optional (at the Company’s option or the holders’ option)
conversion or exchange features, the applicable conversion or exchange period and the manner of settlement for any conversion or
exchange, which may, without limitation, include the payment of cash as well as the delivery of securities;

 

(17) if
other than the full principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.01;

 

(18) additions
to or changes in the covenants applicable to the series of Securities being issued, including, among others, the consolidation,
merger or sale covenant;

 

(19) additions
to or changes in the Events of Default with respect to the Securities and any change in the right of the Trustee or the Securityholders
to declare the principal, premium, if any, and interest, if any, with respect to such Securities to be due and payable;

 

(20) additions
to or changes in or deletions of the provisions relating to covenant defeasance and legal defeasance;

 

(21) additions
to or changes in the provisions relating to satisfaction and discharge of this Indenture;

 

(22) additions
to or changes in the provisions relating to the modification of this Indenture both with and without the consent of Securityholders
of Securities issued under this Indenture;

 

(23) the
currency of payment of Securities if other than U.S. dollars and the manner of determining the equivalent amount in U.S. dollars;

 

(24) whether
interest will be payable in cash or additional Securities at the Company’s or the Securityholders’ option and the terms
and conditions upon which the election may be made;

 

(25) the
terms and conditions, if any, upon which the Company shall pay amounts in addition to the stated interest, premium, if any and
principal amounts of the Securities of the series to any Securityholder that is not a “United States person” for federal
tax purposes;

 

(26) any
restrictions on transfer, sale or assignment of the Securities of the series; and

 

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(27) any
other specific terms, preferences, rights or limitations of, or restrictions on, the Securities, any other additions or changes
in the provisions of this Indenture, and any terms that may be required by us or advisable under applicable laws or regulations.

 

All Securities of any
one series shall be substantially identical except as may otherwise be provided in or pursuant to any such Board Resolution or
in any indentures supplemental hereto.

 

If any of the terms
of the series are established by action taken pursuant to a Board Resolution of the Company, a copy of an appropriate record of
such action shall be certified by the secretary or an assistant secretary of the Company and delivered to the Trustee at or prior
to the delivery of the Officer’s Certificate of the Company setting forth the terms of the series.

 

Securities of any particular
series may be issued at various times, with different dates on which the principal or any installment of principal is payable,
with different rates of interest, if any, or different methods by which rates of interest may be determined, with different dates
on which such interest may be payable and with different redemption dates.

 

Section 2.02
 Form of Securities and Trustee’s Certificate.

 

The Securities of any
series and the Trustee’s certificate of authentication to be borne by such Securities shall be substantially of the tenor
and purport as set forth in one or more indentures supplemental hereto or as provided in a Board Resolution, and set forth in an
Officer’s Certificate, and they may have such letters, numbers or other marks of identification or designation and such legends
or endorsements printed, lithographed or engraved thereon as the Company may deem appropriate and as are not inconsistent with
the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto
or with any rule or regulation of any securities exchange on which Securities of that series may be listed, or to conform to usage.

 

Section 2.03
 Denominations: Provisions for Payment.

 

The Securities shall
be issuable as registered Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof,
subject to Section 2.01(a)(13). The Securities of a particular series shall bear interest payable on the dates and at the rate
specified with respect to that series. Subject to Section 2.01(a)(23), the principal of and the interest on the Securities of any
series, as well as any premium thereon in case of redemption or repurchase thereof prior to maturity, and any cash amount due upon
conversion or exchange thereof, shall be payable in the coin or currency of the United States of America that at the time is legal
tender for public and private debt, at the office or agency of the Company maintained for that purpose. Each Security shall be
dated the date of its authentication. Interest on the Securities shall be computed on the basis of a 360-day year composed of twelve
30-day months.

 

The interest installment
on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date for Securities of that
series shall be paid to the Person in whose name said Security (or one or more Predecessor Securities) is registered at the close
of business on the regular record date for such interest installment. In the event that any Security of a particular series or
portion thereof is called for redemption and the redemption date is subsequent to a regular record date with respect to any Interest
Payment Date and prior to such Interest Payment Date, interest on such Security will be paid upon presentation and surrender of
such Security as provided in Section 3.03.

 

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Any interest on any
Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date for Securities of the same
series (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered holder on the relevant
regular record date by virtue of having been such holder; and such Defaulted Interest shall be paid by the Company, at its election,
as provided in clause (1) or clause (2) below:

 

(1) The
Company may make payment of any Defaulted Interest on Securities to the Persons in whose names such Securities (or their respective
Predecessor Securities) are registered in the Security Register at the close of business on a special record date for the payment
of such Defaulted Interest, which shall be fixed in the following manner: the Company shall notify the Trustee in writing of the
amount of Defaulted Interest proposed to be paid on each such Security and the date of the proposed payment, and at the same time
the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such
Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment,
such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause
provided. Thereupon the Trustee shall fix a special record date for the payment of such Defaulted Interest which shall not be more
than 15 nor less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee
of the notice of the proposed payment. The Trustee shall promptly notify the Company of such special record date and, in the name
and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record
date therefor to be sent, to each Securityholder not less than 10 days prior to such special record date. Notice of the proposed
payment of such Defaulted Interest and the special record date therefor having been sent as aforesaid, such Defaulted Interest
shall be paid to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered in the
Security Register on such special record date.

 

(2) The
Company may make payment of any Defaulted Interest on any Securities in any other lawful manner not inconsistent with the requirements
of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if,
after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall
be deemed practicable by the Trustee.

 

Unless otherwise set
forth in a Board Resolution or one or more indentures supplemental hereto establishing the terms of any series of Securities pursuant
to Section 2.01 hereof, the term “regular record date” as used in this Section with respect to a series of Securities
and any Interest Payment Date for such series shall mean either the fifteenth day of the month immediately preceding the month
in which an Interest Payment Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment
Date is the first day of a month, or the first day of the month in which an Interest Payment Date established for such series pursuant
to Section 2.01 hereof shall occur, if such Interest Payment Date is the fifteenth day of a month, whether or not such date is
a Business Day.

 

    9

     

    

 

Subject to the foregoing
provisions of this Section, each Security of a series delivered under this Indenture upon transfer of or in exchange for or in
lieu of any other Security of such series shall carry the rights to interest accrued and unpaid, and to accrue, that were carried
by such other Security.

 

Section 2.04
 Execution and Authentications.

 

The Securities shall
be signed on behalf of the Company by one of its Officers. Signatures may be in the form of a manual or facsimile signature.

 

The Company may use
the facsimile signature of any Person who shall have been an Officer (at the time of execution), notwithstanding the fact that
at the time the Securities shall be authenticated and delivered or disposed of such Person shall have ceased to be such an officer
of the Company. The Securities may contain such notations, legends or endorsements required by law, stock exchange rule or usage.
Each Security shall be dated the date of its authentication by the Trustee.

 

A Security shall not
be valid until authenticated manually by an authorized signatory of the Trustee, or by an Authenticating Agent. Such signature
shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the
holder is entitled to the benefits of this Indenture. At any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together
with a written order of the Company for the authentication and delivery of such Securities, signed by an Officer, and the Trustee
in accordance with such written order shall authenticate and deliver such Securities.

 

Upon the Company’s
delivery of any such authentication order to the Trustee at any time after the initial issuance of Securities under this Indenture,
the Trustee shall be provided with, and (subject to Sections 315(a) through 315(d) of the Trust Indenture Act) shall be fully protected
in relying upon, (1) an Opinion of Counsel or reliance letter and (2) an Officer’s Certificate stating that all conditions
precedent to the execution, authentication and delivery of such Securities are in conformity with the provisions of this Indenture.

 

The Trustee shall not
be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s
own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner that is not reasonably acceptable
to the Trustee.

 

Section 2.05
 Registration of Transfer and Exchange.

 

(a) Securities
of any series may be exchanged upon presentation thereof at the office or agency of the Company designated for such purpose, for
other Securities of such series of authorized denominations, and for a like aggregate principal amount, upon payment of a sum sufficient
to cover any tax or other governmental charge in relation thereto, all as provided in this Section. In respect of any Securities
so surrendered for exchange, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver
in exchange therefor the Security or Securities of the same series that the Securityholder making the exchange shall be entitled
to receive, bearing numbers not contemporaneously outstanding.

 

    10

     

    

 

(b) The
Company shall keep, or cause to be kept, at its office or agency designated for such purpose a register or registers (herein referred
to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall
register the Securities and the transfers of Securities as in this Article provided and which at all reasonable times shall be
open for inspection by the Trustee. The registrar for the purpose of registering Securities and transfer of Securities as herein
provided shall be appointed as authorized by Board Resolution or Supplemental Indenture (the “Security Registrar”).

 

Upon surrender for
transfer of any Security at the office or agency of the Company designated for such purpose, the Company shall execute, the Trustee
shall authenticate and such office or agency shall deliver in the name of the transferee or transferees a new Security or Securities
of the same series as the Security presented for a like aggregate principal amount.

 

The Company initially
appoints the Trustee as initial Security Registrar for each series of Securities

 

All Securities presented
or surrendered for exchange or registration of transfer, as provided in this Section, shall be accompanied (if so required by the
Company or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company or the
Security Registrar, duly executed by the registered holder or by such holder’s duly authorized attorney in writing.

 

(c) Except
as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established
in one or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration of transfer
of Securities, or issue of new Securities in case of partial redemption of any series or repurchase, conversion or exchange of
less than the entire principal amount of a Security, but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge in relation thereto, other than exchanges pursuant to Section 2.06, Section 3.03(b) and Section 9.04
not involving any transfer.

 

(d) The
Company and the Security Registrar shall not be required (i) to issue, exchange or register the transfer of any Securities during
a period beginning at the opening of business 15 days before the day of the sending of a notice of redemption of less than all
the Outstanding Securities of the same series and ending at the close of business on the day of such sending, nor (ii) to register
the transfer of or exchange any Securities of any series or portions thereof called for redemption or surrendered for repurchase,
but not validly withdrawn, other than the unredeemed portion of any such Securities being redeemed in part or not surrendered for
repurchase, as the case may be. The provisions of this Section 2.05 are, with respect to any Global Security, subject to Section 2.11
hereof.

 

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

 

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Section 2.06
Temporary Securities.

 

Pending the preparation
of definitive Securities of any series, the Company may execute, and the Trustee shall authenticate and deliver, temporary Securities
(printed, lithographed or typewritten) of any authorized denomination. Such temporary Securities shall be substantially in the
form of the definitive Securities in lieu of which they are issued, but with such omissions, insertions and variations as may be
appropriate for temporary Securities, all as may be determined by the Company. Every temporary Security of any series shall be
executed by the Company and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and
with like effect, as the definitive Securities of such series. Without unnecessary delay the Company will execute and will furnish
definitive Securities of such series and thereupon any or all temporary Securities of such series may be surrendered in exchange
therefor (without charge to the Securityholders), at the office or agency of the Company designated for the purpose, and the Trustee
shall authenticate and such office or agency shall deliver in exchange for such temporary Securities an equal aggregate principal
amount of definitive Securities of such series, unless the Company advises the Trustee to the effect that definitive Securities
need not be executed and furnished until further notice from the Company. Until so exchanged, the temporary Securities of such
series shall be entitled to the same benefits under this Indenture as definitive Securities of such series authenticated and delivered
hereunder.

 

Section 2.07
Mutilated, Destroyed, Lost or Stolen Securities.

 

In case any temporary
or definitive Security shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence)
shall execute, and upon the Company’s request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security
of the same series, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated Security,
or in lieu of and in substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substituted
Security shall furnish to the Company and the Trustee such security or indemnity as may be required by them to save each of them
harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company and the Trustee evidence
to their satisfaction of the destruction, loss or theft of the applicant’s Security and of the ownership thereof. The Trustee
may authenticate any such substituted Security and deliver the same upon the written request or authorization of any officer of
the Company. Upon the issuance of any substituted Security, the Company may require the payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses
of the Trustee) connected therewith.

 

    12

     

    

 

In case any Security
that has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing
a substitute Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Security)
if the applicant for such payment shall furnish to the Company and the Trustee such security or indemnity as they may require to
save them harmless, and, in case of destruction, loss or theft, evidence to the satisfaction of the Company and the Trustee of
the destruction, loss or theft of such Security and of the ownership thereof.

 

Every replacement Security
issued pursuant to the provisions of this Section shall constitute an additional contractual obligation of the Company whether
or not the mutilated, destroyed, lost or stolen Security shall be found at any time, or be enforceable by anyone, and shall be
entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of the same series
duly issued hereunder. All Securities shall be held and owned upon the express condition that the foregoing provisions are exclusive
with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities, and shall preclude (to the extent
lawful) any and all other rights or remedies, notwithstanding any law or statute existing or hereafter enacted to the contrary
with respect to the replacement or payment of negotiable instruments or other securities without their surrender.

 

Section 2.08
 Cancellation.

 

All Securities surrendered
for the purpose of payment, redemption, repurchase, exchange, registration of transfer or conversion shall, if surrendered to the
Company or any paying agent (or any other applicable agent), be delivered to the Trustee for cancellation, or, if surrendered to
the Trustee, shall be cancelled by it, and no Securities shall be issued in lieu thereof except as expressly required or permitted
by any of the provisions of this Indenture. On request of the Company at the time of such surrender, the Trustee shall deliver
to the Company canceled Securities held by the Trustee. In the absence of such request the Trustee may dispose of canceled Securities
in accordance with its standard procedures and deliver a certificate of disposition to the Company. If the Company shall otherwise
acquire any of the Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness
represented by such Securities unless and until the same are delivered to the Trustee for cancellation.

 

Section 2.09
 Benefits of Indenture.

 

Nothing in this Indenture
or in the Securities, express or implied, shall give or be construed to give to any Person, other than the parties hereto and the
holders of the Securities any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant,
condition or provision herein contained; all such covenants, conditions and provisions being for the sole benefit of the parties
hereto and of the holders of the Securities.

 

    13

     

    

 

Section 2.10
 Authenticating Agent.

 

So long as any of the
Securities of any series remain Outstanding there may be an Authenticating Agent for any or all such series of Securities which
the Trustee shall have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate
Securities of such series issued upon exchange, transfer or partial redemption, repurchase or conversion thereof, and Securities
so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated
by the Trustee hereunder. All references in this Indenture to the authentication of Securities by the Trustee shall be deemed to
include authentication by an Authenticating Agent for such series. Each Authenticating Agent shall be acceptable to the Company
and shall be a corporation that has a combined capital and surplus, as most recently reported or determined by it, sufficient under
the laws of any jurisdiction under which it is organized or in which it is doing business to conduct a trust business, and that
is otherwise authorized under such laws to conduct such business and is subject to supervision or examination by federal or state
authorities. If at any time any Authenticating Agent shall cease to be eligible in accordance with these provisions, it shall resign
immediately.

 

Any Authenticating
Agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any
time (and upon request by the Company shall) terminate the agency of any Authenticating Agent by giving written notice of termination
to such Authenticating Agent and to the Company. Upon resignation, termination or cessation of eligibility of any Authenticating
Agent, the Trustee may appoint an eligible successor Authenticating Agent acceptable to the Company. Any successor Authenticating
Agent, upon acceptance of its appointment hereunder, shall become vested with all the rights, powers and duties of its predecessor
hereunder as if originally named as an Authenticating Agent pursuant hereto.

 

Section 2.11
 Global Securities.

 

(a) If
the Company shall establish pursuant to Section 2.01 that the Securities of a particular series are to be issued as a Global Security,
then the Company shall execute and the Trustee shall, in accordance with Section 2.04, authenticate and deliver, a Global Security
that (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, all of the Outstanding
Securities of such series, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered by the
Trustee to the Depositary or pursuant to the Depositary’s instruction (or if the Depositary names the Trustee as its custodian,
retained by the Trustee), and (iv) shall bear a legend substantially to the following effect: “Except as otherwise provided
in Section 2.11 of the Indenture, this Security may be transferred, in whole but not in part, only to another nominee of the Depositary
or to a successor Depositary or to a nominee of such successor Depositary.”

 

(b) Notwithstanding
the provisions of Section 2.05, the Global Security of a series may be transferred, in whole but not in part and in the manner
provided in Section 2.05, only to another nominee of the Depositary for such series, or to a successor Depositary for such series
selected or approved by the Company or to a nominee of such successor Depositary.

 

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(c) If
at any time the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue as Depositary
for such series or if at any time the Depositary for such series shall no longer be registered or in good standing under the Exchange
Act, or other applicable statute or regulation, and a successor Depositary for such series is not appointed by the Company within
90 days after the Company receives such notice or becomes aware of such condition, as the case may be, or if an Event of Default
has occurred and is continuing and the Company has received a request from the Depositary or from the Trustee, this Section 2.11
shall no longer be applicable to the Securities of such series and the Company will execute, and subject to Section 2.04, the Trustee
will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations,
and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global
Security. In addition, the Company may at any time determine that the Securities of any series shall no longer be represented by
a Global Security and that the provisions of this Section 2.11 shall no longer apply to the Securities of such series. In such
event the Company will execute and, subject to Section 2.04, the Trustee, upon receipt of an Officer’s Certificate evidencing
such determination by the Company, will authenticate and deliver the Securities of such series in definitive registered form without
coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security
of such series in exchange for such Global Security. Upon the exchange of the Global Security for such Securities in definitive
registered form without coupons, in authorized denominations, the Global Security shall be canceled by the Trustee. Such Securities
in definitive registered form issued in exchange for the Global Security pursuant to this Section 2.11(c) shall be registered in
such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants
or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Depositary for delivery to the Persons
in whose names such Securities are so registered.

 

Section 2.12
 CUSIP Numbers.

 

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

 

article
3

REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS

 

Section 3.01
 Redemption.

 

The Company may redeem
the Securities of any series issued hereunder on and after the dates and in accordance with the terms established for such series
pursuant to Section 2.01 hereof.

 

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Section 3.02
 Notice of Redemption.

 

(a) In
case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities of any series
in accordance with any right the Company reserved for itself to do so pursuant to Section 2.01 hereof, the Company shall,
or shall cause the Trustee to, give notice of such redemption to holders of the Securities of such series to be redeemed by mailing,
first class postage prepaid (or with regard to any Global Security held in book entry form, by electronic mail in accordance with
the applicable procedures of the Depositary), a notice of such redemption not less than 30 days and not more than 90 days before
the date fixed for redemption of that series to such Securityholders, unless a shorter period is specified in the Securities to
be redeemed. Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether
or not the registered holder receives the notice. In any case, failure duly to give such notice to the holder of any Security of
any series designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings
for the redemption of any other Securities of such series or any other series. In the case of any redemption of Securities prior
to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture,
the Company shall furnish the Trustee with an Officer’s Certificate evidencing compliance with any such restriction.

 

Each such notice of
redemption shall identify the Securities to be redeemed (including CUSIP numbers, if any), specify the date fixed for redemption
and the redemption price at which Securities of that series are to be redeemed, and shall state that payment of the redemption
price of such Securities to be redeemed will be made at the office or agency of the Company, upon presentation and surrender of
such Securities, that interest accrued to the date fixed for redemption will be paid as specified in said notice, that from and
after said date interest will cease to accrue and that the redemption is from a sinking fund, if such is the case. If less than
all the Securities of a series are to be redeemed, the notice to the holders of Securities of that series to be redeemed in part
shall specify the particular Securities to be so redeemed.

 

In case any Security
is to be redeemed in part only, the notice that relates to such Security shall state the portion of the principal amount thereof
to be redeemed, and shall state that on and after the redemption date, upon surrender of such Security, a new Security or Securities
of such series in principal amount equal to the unredeemed portion thereof will be issued.

 

(b) If
less than all the Securities of a series are to be redeemed, the Company shall give the Trustee at least 45 days’ notice
(unless a shorter notice shall be satisfactory to the Trustee) in advance of the date fixed for redemption as to the aggregate
principal amount of Securities of the series to be redeemed, and thereupon the Securities to be redeemed shall be selected, by
lot, on a pro rata basis, or in such other manner as the Company shall deem appropriate and fair in its discretion and that may
provide for the selection of a portion or portions (equal to one thousand U.S. dollars ($1,000) or any integral multiple thereof)
of the principal amount of such Securities of a denomination larger than $1,000, the Securities to be redeemed and shall thereafter
promptly notify the Company in writing of the numbers of the Securities to be redeemed, in whole or in part. The Company may, if
and whenever it shall so elect, by delivery of instructions signed on its behalf by an Officer, instruct the Trustee or any paying
agent to call all or any part of the Securities of a particular series for redemption and to give notice of redemption in the manner
set forth in this Section, such notice to be in the name of the Company or its own name as the Trustee or such paying agent may
deem advisable. In any case in which notice of redemption is to be given by the Trustee or any such paying agent, the Company shall
deliver or cause to be delivered to, or permit to remain with, the Trustee or such paying agent, as the case may be, such Security
Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient to enable the Trustee or such paying
agent to give any notice by mail that may be required under the provisions of this Section.

 

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Section 3.03
 Payment Upon Redemption.

 

(a) If
the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities of the
series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice
at the applicable redemption price, together with interest accrued to, but excluding, the date fixed for redemption and interest
on such Securities or portions of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company
shall default in the payment of such redemption price and accrued interest with respect to any such Security or portion thereof.
On presentation and surrender of such Securities on or after the date fixed for redemption at the place of payment specified in
the notice, said Securities shall be paid and redeemed at the applicable redemption price for such series, together with interest
accrued thereon to, but excluding, the date fixed for redemption (but if the date fixed for redemption is an Interest Payment Date,
the interest installment payable on such date shall be payable to the registered holder at the close of business on the applicable
record date pursuant to Section 2.03).

 

(b) Upon
presentation of any Security of such series that is to be redeemed in part only, the Company shall execute and the Trustee shall
authenticate and the office or agency where the Security is presented shall deliver to the Securityholder thereof, at the expense
of the Company, a new Security of the same series of authorized denominations in principal amount equal to the unredeemed portion
of the Security so presented.

 

Section 3.04
 Sinking Fund.

 

The provisions of Sections
3.04, 3.05 and 3.06 shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise specified
as contemplated by Section 2.01 for Securities of such series.

 

The minimum amount
of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking
fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is
herein referred to as an “optional sinking fund payment”. If provided for by the terms of Securities of any series,
the cash amount of any sinking fund payment may be subject to reduction as provided in Section 3.05. Each sinking fund payment
shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series.

 

Section 3.05
 Satisfaction of Sinking Fund Payments with Securities.

 

The Company (i) may
deliver Outstanding Securities of a series and (ii) may apply as a credit Securities of a series that have been redeemed either
at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking
fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment
with respect to the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the
terms of such series, provided that such Securities have not been previously so credited. Such Securities shall be received and
credited for such purpose by the Trustee at the redemption price specified in such Securities for redemption through operation
of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.

 

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Section 3.06
 Redemption of Securities for Sinking Fund.

 

Not less than 45 days
prior to each sinking fund payment date for any series of Securities (unless a shorter period shall be satisfactory to the Trustee),
the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing sinking fund payment
for that series pursuant to the terms of the series, the portion thereof, if any, that is to be satisfied by delivering and crediting
Securities of that series pursuant to Section 3.05 and the basis for such credit and will, together with such Officer’s Certificate,
deliver to the Trustee any Securities to be so delivered. Not less than 30 days before each such sinking fund payment date the
Securities to be redeemed upon such sinking fund payment date shall be selected in the manner specified in Section 3.02 and the
Company shall cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner
provided in Section 3.02. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and
in the manner stated in Section 3.03.

 

article
4

COVENANTS

 

Section 4.01
 Payment of Principal, Premium and Interest.

 

The Company will duly
and punctually pay or cause to be paid the principal of (and premium, if any) and interest on the Securities of that series at
the time and place and in the manner provided herein and established with respect to such Securities. Payments of principal on
the Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check drawn
on and mailed to the address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S.
dollar wire transfer to, a U.S. dollar account if such Securityholder shall have furnished wire instructions to the Trustee no
later than 15 days prior to the relevant payment date. Payments of interest on the Securities may be made at the time provided
herein and established with respect to such Securities by U.S. dollar check mailed to the address of the Securityholder entitled
thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account if such Securityholder
shall have furnished wire instructions in writing to the Security Registrar and the Trustee no later than 15 days prior to the
relevant payment date.

 

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Section 4.02
 Maintenance of Office or Agency.

 

So long as any series
of the Securities remain Outstanding, the Company agrees to maintain an office or agency with respect to each such series and at
such other location or locations as may be designated as provided in this Section 4.02, where (i) Securities of that series may
be presented for payment, (ii) Securities of that series may be presented as herein above authorized for registration of transfer
and exchange, and (iii) notices and demands to or upon the Company in respect of the Securities of that series and this Indenture
may be given or served, such designation to continue with respect to such office or agency until the Company shall, by written
notice signed by any officer authorized to sign an Officer’s Certificate and delivered to the Trustee, designate some other
office or agency for such purposes or any of them. If at any time the Company shall fail to maintain any such required office or
agency or shall fail to furnish the Trustee with the address thereof, such presentations, notices and demands may be made or served
at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations,
notices and demands. The Company initially appoints the Corporate Trust Office of the Trustee as its paying agent with respect
to the Securities.

 

Section 4.03
 Paying Agents.

 

(a) If
the Company shall appoint one or more paying agents for all or any series of the Securities, other than the Trustee, the Company
will cause each such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the
Trustee, subject to the provisions of this Section:

 

(1) that
it will hold all sums held by it as such agent for the payment of the principal of (and premium, if any) or interest on the Securities
of that series (whether such sums have been paid to it by the Company or by any other obligor of such Securities) in trust for
the benefit of the Persons entitled thereto;

 

(2) that
it will give the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to make any payment
of the principal of (and premium, if any) or interest on the Securities of that series when the same shall be due and payable;

 

(3) that
it will, at any time during the continuance of any failure referred to in the preceding paragraph (a)(2) above, upon the written
request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent; and

 

(4) that
it will perform all other duties of paying agent as set forth in this Indenture.

 

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(b) If
the Company shall act as its own paying agent with respect to any series of the Securities, it will on or before each due date
of the principal of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust for
the benefit of the Persons entitled thereto a sum sufficient to pay such principal (and premium, if any) or interest so becoming
due on Securities of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and
will promptly notify the Trustee of such action, or any failure (by it or any other obligor on such Securities) to take such action.
Whenever the Company shall have one or more paying agents for any series of Securities, it will, prior to each due date of the
principal of (and premium, if any) or interest on any Securities of that series, deposit with the paying agent a sum sufficient
to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons
entitled to such principal, premium or interest, and (unless such paying agent is the Trustee) the Company will promptly notify
the Trustee of this action or failure so to act.

 

(c) Notwithstanding
anything in this Section to the contrary, (i) the agreement to hold sums in trust as provided in this Section is subject to the
provisions of Section 11.05, and (ii) the Company may at any time, for the purpose of obtaining the satisfaction and discharge
of this Indenture or for any other purpose, pay, or direct any paying agent to pay, to the Trustee all sums held in trust by the
Company or such paying agent, such sums to be held by the Trustee upon the same terms and conditions as those upon which such sums
were held by the Company or such paying agent; and, upon such payment by the Company or any paying agent to the Trustee, the Company
or such paying agent shall be released from all further liability with respect to such money.

 

Section 4.04
 Appointment to Fill Vacancy in Office of Trustee.

 

The Company, whenever
necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.10, a Trustee,
so that there shall at all times be a Trustee hereunder.

 

article
5

SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

 

Section 5.01
 Company to Furnish Trustee Names and Addresses of Securityholders.

 

The Company will furnish
or cause to be furnished to the Trustee (a) within 15 days after each regular record date (as defined in Section 2.03) a list,
in such form as the Trustee may reasonably require, of the names and addresses of the holders of each series of Securities as of
such regular record date, provided that the Company shall not be obligated to furnish or cause to furnish such list at any time
that the list shall not differ in any respect from the most recent list furnished to the Trustee by the Company and (b) at such
other times as the Trustee may request in writing within 30 days after the receipt by the Company of any such request, a list of
similar form and content as of a date not more than 15 days prior to the time such list is furnished; provided, however, that,
in either case, no such list need be furnished for any series for which the Trustee shall be the Security Registrar.

 

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Section 5.02
 Preservation Of Information; Communications With Securityholders.

 

(a) The
Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the
holders of Securities contained in the most recent list furnished to it as provided in Section 5.01 and as to the names and addresses
of holders of Securities received by the Trustee in its capacity as Security Registrar (if acting in such capacity).

 

(b) The
Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished.

 

(c) Securityholders
may communicate as provided in Section 312(b) of the Trust Indenture Act with other Securityholders with respect to their rights
under this Indenture or under the Securities, and, in connection with any such communications, the Trustee shall satisfy its obligations
under Section 312(b) of the Trust Indenture Act in accordance with the provisions of Section 312(b) of the Trust Indenture Act.

 

Section 5.03
 Reports by the Company.

 

(a) The
Company will at all times comply with Section 314(a) of the Trust Indenture Act. The Company covenants and agrees to provide (which
delivery may be via electronic mail) to the Trustee within 30 days, after the Company files 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 Company is required to file with the Commission
pursuant to Section 13 or Section 15(d) of the Exchange Act; provided, however, the Company shall not be required to deliver to
the Trustee any correspondence filed with the Commission or any materials for which the Company has sought and received confidential
treatment by the Commission; and provided further, that so long as such filings by the Company are available on the Commission’s
Electronic Data Gathering, Analysis and Retrieval System (EDGAR), or any successor system, such filings shall be deemed to have
been filed with the Trustee for purposes hereof without any further action required by the Company. For the avoidance of doubt,
a failure by the Company to file annual reports, information and other reports with the Commission within the time period prescribed
thereof by the Commission shall not be deemed a breach of this Section 5.03.

 

(b) Delivery
of reports, information and documents to the Trustee under Section 5.03 is for informational purposes only and the information
and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein,
or determinable from information contained therein including the Company’s compliance with any of their covenants thereunder
(as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate). The Trustee is under no duty to examine
any such reports, information or documents delivered to the Trustee or filed with the Commission via EDGAR to ensure compliance
with the provision of this Indenture or to ascertain the correctness or otherwise of the information or the statements contained
therein. The Trustee shall have no responsibility or duty whatsoever to ascertain or determine whether the above referenced filings
with the Commission on EDGAR (or any successor system) has occurred.

 

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Section 5.04
 Reports by the Trustee.

 

(a) If
required by Section 313(a) of the Trust Indenture Act, the Trustee, within sixty (60) days after each May 1, shall send to the
Securityholders a brief report dated as of such May 1, which complies with Section 313(a) of the Trust Indenture Act.

 

(b) The
Trustee shall comply with Section 313(b) and 313(c) of the Trust Indenture Act.

 

(c) A
copy of each such report shall, at the time of such transmission to Securityholders, be filed by the Trustee with the Company,
with each securities exchange upon which any Securities are listed (if so listed) and also with the Commission. The Company agrees
to notify the Trustee when any Securities become listed on any securities exchange.

 

article
6

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT

 

Section 6.01
 Events of Default.

 

(a) Whenever
used herein with respect to Securities of a particular series, “Event of Default” means any one or more of the following
events that has occurred and is continuing:

 

(1) the
Company defaults in the payment of any installment of interest upon any of the Securities of that series, as and when the same
shall become due and payable, and such default continues for a period of 90 days; provided, however, that a valid extension of
an interest payment period by the Company in accordance with the terms of any indenture supplemental hereto shall not constitute
a default in the payment of interest for this purpose;

 

(2) the
Company defaults in the payment of the principal of (or premium, if any, on) any of the Securities of that series as and when the
same shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment required
by any sinking or analogous fund established with respect to that series; provided, however, that a valid extension of the maturity
of such Securities in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment
of principal or premium, if any;

 

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(3) the
Company fails to observe or perform any other of its covenants or agreements with respect to that series contained in this Indenture
or otherwise established with respect to that series of Securities pursuant to Section 2.01 hereof (other than a covenant or agreement
that has been expressly included in this Indenture solely for the benefit of one or more series of Securities other than such series)
for a period of 90 days after the date on which written notice of such failure, requiring the same to be remedied and stating that
such notice is a “Notice of Default” hereunder, shall have been given to the Company by the Trustee, by registered
or certified mail, or to the Company and the Trustee by the holders of at least 25% in principal amount of the Securities of that
series at the time Outstanding;

 

(4) the
Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry of an
order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially
all of its property or (iv) makes a general assignment for the benefit of its creditors; or

 

(5) a
court of competent jurisdiction enters an order under any Bankruptcy Law that (i) is for relief against the Company in an involuntary
case, (ii) appoints a Custodian of the Company for all or substantially all of its property or (iii) orders the liquidation of
the Company, and the order or decree remains unstayed and in effect for 90 days.

 

(b) In
each and every such case (other than an Event of Default specified in clause (4) or clause (5) above), unless the principal of
all the Securities of that series shall have already become due and payable, either the Trustee or the holders of not less than
25% in aggregate principal amount of the Securities of that series then Outstanding hereunder, by notice in writing to the Company
(and to the Trustee if given by such Securityholders), may declare the principal of (and premium, if any, on) and accrued and unpaid
interest on all the Securities of that series to be due and payable immediately, and upon any such declaration the same shall become
and shall be immediately due and payable. If an Event of Default specified in clause (4) or clause (5) above occurs, the principal
of and accrued and unpaid interest on all the Securities of that series shall automatically be immediately due and payable without
any declaration or other act on the part of the Trustee or the holders of the Securities.

 

(c) At
any time after the principal of (and premium, if any, on) and accrued and unpaid interest on the Securities of that series shall
have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained
or entered as hereinafter provided, the holders of a majority in aggregate principal amount of the Securities of that series then
Outstanding hereunder, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences
if: (i) the Company has paid or deposited with the Trustee a sum sufficient to pay all matured installments of interest upon all
the Securities of that series and the principal of (and premium, if any, on) any and all Securities of that series that shall have
become due otherwise than by acceleration (with interest upon such principal and premium, if any, and, to the extent that such
payment is enforceable under applicable law, upon overdue installments of interest, at the rate per annum expressed in the Securities
of that series to the date of such payment or deposit) and the amount payable to the Trustee under Section 7.06, and (ii) any and
all Events of Default under the Indenture with respect to such series, other than the nonpayment of principal on (and premium,
if any, on) and accrued and unpaid interest on Securities of that series that shall not have become due by their terms, shall have
been remedied or waived as provided in Section 6.06.

 

No such rescission
and annulment shall extend to or shall affect any subsequent default or impair any right consequent thereon.

 

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(d) In
case the Trustee shall have proceeded to enforce any right with respect to Securities of that series under this Indenture and such
proceedings shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or shall
have been determined adversely to the Trustee, then and in every such case, subject to any determination in such proceedings, the
Company and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies
and powers of the Company and the Trustee shall continue as though no such proceedings had been taken.

 

Section 6.02
 Collection of Indebtedness and Suits for Enforcement by Trustee.

 

(a) The
Company covenants that (i) in case it shall default in the payment of any installment of interest on any of the Securities
of a series, or in any payment required by any sinking or analogous fund established with respect to that series as and when the
same shall have become due and payable, and such default shall have continued for a period of 90 days, or (ii) in case it
shall default in the payment of the principal of (or premium, if any, on) any of the Securities of a series when the same shall
have become due and payable, whether upon maturity of the Securities of a series or upon redemption or upon declaration or otherwise
then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities of that
series, the whole amount that then shall have been become due and payable on all such Securities for principal (and premium, if
any) or interest, or both, as the case may be, with interest upon the overdue principal (and premium, if any) and (to the extent
that payment of such interest is enforceable under applicable law) upon overdue installments of interest at the rate per annum
expressed in the Securities of that series; and, in addition thereto, such further amount as shall be sufficient to cover the costs
and expenses of collection, and the amount payable to the Trustee under Section 7.06.

 

(b) If
the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express
trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums
so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment
or final decree against the Company or other obligor upon the Securities of that series and collect the moneys adjudged or decreed
to be payable in the manner provided by law or equity out of the property of the Company or other obligor upon the Securities of
that series, wherever situated.

 

(c) In
case of any receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial
proceedings affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings
and take any action therein that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled
to file such proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of the
Trustee and of the holders of Securities of such series allowed for the entire amount due and payable by the Company under the
Indenture at the date of institution of such proceedings and for any additional amount that may become due and payable by the Company
after such date, and to collect and receive any moneys or other property payable or deliverable on any such claim, and to distribute
the same after the deduction of the amount payable to the Trustee under Section 7.06; and any receiver, assignee or trustee in
bankruptcy or reorganization is hereby authorized by each of the holders of Securities of such series to make such payments to
the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to such Securityholders,
to pay to the Trustee any amount due it under Section 7.06.

 

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(d) All
rights of action and of asserting claims under this Indenture, or under any of the terms established with respect to Securities
of that series, may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at any
trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own
name as trustee of an express trust, and any recovery of judgment shall, after provision for payment to the Trustee of any amounts
due under Section 7.06, be for the ratable benefit of the holders of the Securities of such series.

 

In case of an Event
of Default hereunder, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture
by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either
at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained
in the Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right
vested in the Trustee by this Indenture or by law.

 

Nothing contained herein
shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Securityholder any plan
of reorganization, arrangement, adjustment or composition affecting the Securities of that series or the rights of any Securityholder
thereof or to authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceeding.

 

Section 6.03
 Application of Moneys Collected.

 

Any moneys collected
by the Trustee pursuant to this Article with respect to a particular series of Securities shall be applied in the following order,
at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal (or premium,
if any) or interest, upon presentation of the Securities of that series, and notation thereon of the payment, if only partially
paid, and upon surrender thereof if fully paid:

 

FIRST: To the payment
of costs and expenses of collection and of all amounts payable to the Trustee under Section 7.06;

 

SECOND: To the payment
of the amounts then due and unpaid upon Securities of such series for principal (and premium, if any) and interest, in respect
of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according
to the amounts due and payable on such Securities for principal (and premium, if any) and interest, respectively; and

 

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THIRD: To the payment
of the remainder, if any, to the Company or any other Person lawfully entitled thereto.

 

Section 6.04
 Limitation on Suits.

 

No holder of any Security
of any series shall have any right by virtue or by availing of any provision of this Indenture to institute any suit, action or
proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee,
or for any other remedy hereunder, unless (i) such Securityholder previously shall have given to the Trustee written notice of
an Event of Default and of the continuance thereof with respect to the Securities of such series specifying such Event of Default,
as hereinbefore provided; (ii) the holders of not less than 25% in aggregate principal amount of the Securities of such series
then Outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name
as Trustee hereunder; (iii) such Securityholder or Securityholders shall have offered to the Trustee indemnity satisfactory to
it against the costs, expenses and liabilities to be incurred in compliance with such request; (iv) the Trustee for 90 days after
its receipt of such notice, request and offer of indemnity, shall have failed to institute any such action, suit or proceeding
and (v) during such 90 day period, the holders of a majority in principal amount of the Securities of that series do not give the
Trustee a direction inconsistent with the request.

 

Notwithstanding anything
contained herein to the contrary or any other provisions of this Indenture, the right of any holder of any Security to receive
payment of the principal of (and premium, if any) and interest on such Security, as therein provided, on or after the respective
due dates expressed in such Security (or in the case of redemption, on the redemption date), or to institute suit for the enforcement
of any such payment on or after such respective dates or redemption date, shall not be impaired or affected without the consent
of such holder and by accepting a Security hereunder it is expressly understood, intended and covenanted by the taker and holder
of every Security of such series with every other such taker and holder and the Trustee, that no one or more holders of Securities
of such series shall have any right in any manner whatsoever by virtue or by availing of any provision of this Indenture to affect,
disturb or prejudice the rights of the holders of any other of such Securities, or to obtain or seek to obtain priority over or
preference to any other such holder, or to enforce any right under this Indenture, except in the manner herein provided and for
the equal, ratable and common benefit of all holders of Securities of such series. For the protection and enforcement of the provisions
of this Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given either at law or
in equity.

 

Section 6.05
 Rights and Remedies Cumulative; Delay or Omission Not Waiver.

 

(a) Except
as otherwise provided in Section 2.07, all powers and remedies given by this Article to the Trustee or to the Securityholders shall,
to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee
or the holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants
and agreements contained in this Indenture or otherwise established with respect to such Securities.

 

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(b) No
delay or omission of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon any Event
of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of
any such default or an acquiescence therein; and, subject to the provisions of Section 6.04, every power and remedy given by this
Article or by law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall be deemed expedient,
by the Trustee or by the Securityholders.

 

Section 6.06
 Control by Securityholders.

 

The holders of a majority
in aggregate principal amount of the Securities of any series at the time Outstanding, determined in accordance with Section 8.04,
shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee,
or exercising any trust or power conferred on the Trustee with respect to such series; provided, however, that such direction shall
not be in conflict with any rule of law or with this Indenture or subject the Trustee in its sole discretion to personal liability.
Subject to the provisions of Section 7.01, the Trustee shall have the right to decline to follow any such direction if the Trustee
in good faith shall, by a Responsible Officer or officers of the Trustee, determine that the proceeding so directed, subject to
the Trustee’s duties under the Trust Indenture Act, would involve the Trustee in personal liability or might be unduly prejudicial
to the Securityholders not involved in the proceeding. The holders of a majority in aggregate principal amount of the Securities
of any series at the time Outstanding affected thereby, determined in accordance with Section 8.04, may on behalf of the holders
of all of the Securities of such series waive any past default in the performance of any of the covenants contained herein or established
pursuant to Section 2.01 with respect to such series and its consequences, except a default in the payment of the principal of,
or premium, if any, or interest on, any of the Securities of that series as and when the same shall become due by the terms of
such Securities otherwise than by acceleration (unless such default has been cured and a sum sufficient to pay all matured installments
of interest and principal and any premium has been deposited with the Trustee (in accordance with Section 6.01(c)). Upon any such
waiver, the default covered thereby shall be deemed to be cured for all purposes of this Indenture and the Company, the Trustee
and the holders of the Securities of such series 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 thereon.

 

Section 6.07
 Undertaking to Pay Costs.

 

All parties to this
Indenture agree, and each holder of any Securities 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 Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of
the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by
the Trustee, to any suit instituted by any Securityholder, or group of Securityholders, holding more than 10% in aggregate principal
amount of the Outstanding Securities of any series, or to any suit instituted by any Securityholder for the enforcement of the
payment of the principal of (or premium, if any) or interest on any Security of such series, on or after the respective due dates
expressed in such Security or established pursuant to this Indenture.

 

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article
7

CONCERNING THE TRUSTEE

 

Section 7.01
 Certain Duties and Responsibilities of Trustee.

 

(a) The
Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing of all
Events of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with respect
to the Securities of such series such duties and only such duties as are specifically set forth in this Indenture, and no implied
covenants shall be read into this Indenture against the Trustee. In case an Event of Default with respect to the Securities of
a series has occurred (that has not been cured or waived), the Trustee shall exercise with respect to Securities of that series
such of 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 man would exercise or use under the circumstances in the conduct of his or her own affairs.

 

(b) No
provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that:

 

(i) prior
to the occurrence of an Event of Default with respect to the Securities of a series and after the curing or waiving of all such
Events of Default with respect to that series that may have occurred:

 

(A) the
duties and obligations of the Trustee shall with respect to the Securities of such series be determined solely by the express provisions
of this Indenture, and the Trustee shall not be liable with respect to the Securities of such series except for the performance
of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be
read into this Indenture against the Trustee; and

 

(B) in
the absence of bad faith on the part of the Trustee, the Trustee may with respect to the Securities of such series conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions
furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions
that by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine
the same to determine whether or not they conform to the requirements of this Indenture;

 

(ii) the
Trustee shall not be liable to any Securityholder or to any other Person for any error of judgment made in good faith by a Responsible
Officer or Responsible Officers of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent
facts;

 

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(iii) the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
direction of the holders of not less than a majority in principal amount of the Securities of any series at the time Outstanding
relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any
trust or power conferred upon the Trustee under this Indenture with respect to the Securities of that series;

 

(iv) none
of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal
financial liability in the performance of any of its duties or in the exercise of any of its rights or powers if there is reasonable
ground for believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Indenture
or adequate indemnity against such risk is not reasonably assured to it;

 

(v) The
Trustee shall not be required to give any bond or surety in respect of the performance of its powers or duties hereunder;

 

(vi) The
permissive right of the Trustee to do things enumerated in this Indenture shall not be construed as a duty of the Trustee; and

 

(vii) No
Trustee shall have any duty or responsibility for any act or omission of any other Trustee appointed with respect to a series of
Securities hereunder.

 

Section 7.02
 Certain Rights of Trustee.

 

Except as otherwise
provided in Section 7.01:

 

(a) The
Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond, security or other paper or document believed by it
to be genuine and to have been signed or presented by the proper party or parties;

 

(b) Any
request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution or an
instrument signed in the name of the Company by any authorized Officer of the Company (unless other evidence in respect thereof
is specifically prescribed herein);

 

(c) The
Trustee may consult with counsel and the opinion or written advice of such counsel or, if requested, any Opinion of Counsel shall
be full and complete authorization and protection in respect of any action taken or suffered or omitted hereunder in good faith
and in reliance thereon;

 

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(d) The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order
or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have
offered to the Trustee security or indemnity reasonably acceptable to the Trustee against the costs, expenses and liabilities that
may be incurred therein or thereby; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence
of an Event of Default with respect to a series of the Securities (that has not been cured or waived), to exercise with respect
to Securities of that series such of the rights and powers vested in it by this Indenture, and to use the same degree of care and
skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his or her own affairs;

 

(e) The
Trustee shall not be liable for any action taken or omitted to be taken by it in good faith and believed by it to be authorized
or within the discretion or rights or powers conferred upon it by this Indenture;

 

(f) The
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, security, or other papers or documents or inquire
as to the performance by the Company of one of its covenants under this Indenture, unless requested in writing so to do by the
holders of not less than a majority in principal amount of the Outstanding Securities of the particular series affected thereby
(determined as provided in Section 8.04); provided, however, that if the payment within a reasonable time to the 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 Trustee,
not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require security
or indemnity reasonably acceptable to the Trustee against such costs, expenses or liabilities as a condition to so proceeding.
The reasonable expense of every such examination shall be paid by the Company or, if paid by the Trustee, shall be repaid by the
Company upon demand;

 

(g) The
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or
attorney appointed with due care by it hereunder;

 

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

 

(i) In
no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action; and

 

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(j) The
Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile
transmission or other similar unsecured electronic methods; provided, however, that such instructions or directions shall be signed
by an authorized representative of the party providing such instructions or directions. If the party elects to give the Trustee
e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act
upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not
be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance
with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The
party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit
instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions,
and the risk or interception and misuse by third parties. The Trustee may request that the Company deliver an Officer’s Certificate
setting forth the names of individuals and/or titles of officers authorized at such time to furnish the Trustee with Officer’s
Certificates, Company Orders and any other matters or directions pursuant to this Indenture.

 

(k) The
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified,
are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder and under the Securities, and each
agent, custodian or other person employed to act under this Indenture.

 

(l) The
Trustee shall not be deemed to have knowledge of any Default or Event of Default (other than an Event of Default constituting the
failure to pay the interest on, or the principal of, the Securities if the Trustee also serves the paying agent for such Securities)
until the Trustee shall have received written notification in the manner set forth in this Indenture or a Responsible Officer of
the Trustee shall have obtained actual knowledge.

 

Section 7.03
 Trustee Not Responsible for Recitals or Issuance or Securities.

 

(a) The
recitals contained herein and in the Securities shall be taken as the statements of the Company, and the Trustee assumes no responsibility
for the correctness of the same. The Trustee shall not be responsible for any statement in any registration statement, prospectus,
or any other document in connection with the sale of Securities. The Trustee shall not be responsible for any rating on the Securities
or any action or omission of any rating agency.

 

(b) The
Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities.

 

(c) The
Trustee shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds of such
Securities, or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture
or established pursuant to Section 2.01, or for the use or application of any moneys received by any paying agent other than the
Trustee.

 

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Section 7.04
 May Hold Securities.

 

The Trustee or any
paying agent or Security Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities with
the same rights it would have if it were not Trustee, paying agent or Security Registrar.

 

Section 7.05
 Moneys Held in Trust.

 

Subject to the provisions
of Section 11.05, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the
purposes for which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee
shall be under no liability for interest on any moneys received by it hereunder except such as it may agree with the Company to
pay thereon.

 

Section 7.06
 Compensation and Reimbursement.

 

(a) 
The Company shall pay to the Trustee for each of its capacities hereunder from time to time compensation for its services as the
Company and the Trustee shall from time to time agree upon in writing. The Trustee’s compensation shall not be limited by
any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable
out-of-pocket expenses incurred by it. Such expenses shall include the reasonable compensation and expenses of the Trustee’s
agents and counsel.

 

(b) The
Company shall indemnify each of the Trustee in each of its capacities hereunder against any loss, liability or expense (including
the cost of defending itself and including the reasonable compensation and expenses of the Trustee’s agents and counsel)
incurred by it except as set forth in Section 7.06(c) in the exercise or performance of its powers, rights or duties under this
Indenture as Trustee or Agent. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. The
Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have one separate counsel and the
Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its
consent, which consent shall not be unreasonably withheld. This indemnification shall apply to officers, directors, employees,
shareholders and agents of the Trustee.

 

(c) The
Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director,
employee, shareholder or agent of the Trustee through negligence or bad faith.

 

(d) To
ensure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities on all funds
or property held or collected by the Trustee, except that held in trust to pay principal of or interest on particular Securities.
When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 6.01(4) or (5),
the expenses (including the reasonable fees and expenses of its counsel) and the compensation for services in connection therewith
are to constitute expenses of administration under any bankruptcy law. The provisions of this Section 7.06 shall survive the termination
of this Indenture and the resignation or removal of the Trustee.

 

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Section 7.07
 Reliance on Officer’s Certificate.

 

Except as otherwise
provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it reasonably
necessary or desirable that a matter be proved or established prior to taking or suffering or omitting to take any action hereunder,
such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad
faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officer’s Certificate delivered
to the Trustee and such certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant
to the Trustee for any action taken, suffered or omitted to be taken by it under the provisions of this Indenture upon the faith
thereof.

 

Section 7.08
 Disqualification; Conflicting Interests.

 

If the Trustee has
or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee
and the Company shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act.

 

Section 7.09
 Corporate Trustee Required; Eligibility.

 

There shall at all
times be a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation organized and doing
business under the laws of the United States of America or any state or territory thereof or of the District of Columbia, or a
corporation or other Person permitted to act as trustee by the Commission, authorized under such laws to exercise corporate trust
powers, having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and subject to supervision
or examination by federal, state, territorial, or District of Columbia authority.

 

If such corporation
or other Person publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising
or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation or other Person
shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Company
may not, nor may any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve
as Trustee. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee
shall resign immediately in the manner and with the effect specified in Section 7.10.

 

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Section 7.10
 Resignation and Removal; Appointment of Successor.

 

(a) The
Trustee or any successor hereafter appointed may at any time resign with respect to the Securities of one or more series by giving
written notice thereof to the Company and the Securityholders of such series. Upon receiving such notice of resignation, the Company
shall promptly appoint a successor trustee with respect to Securities of such series by written instrument, in duplicate, executed
by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the
successor trustee. If no successor trustee shall have been so appointed and have accepted appointment within 30 days after the
sending of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment
of a successor trustee with respect to Securities of such series, or any Securityholder of that series who has been a bona fide
holder of a Security or Securities for at least six months may on behalf of himself and all others similarly situated, petition
any such court for the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper
and prescribe, appoint a successor trustee.

 

(b) In
case at any time any one of the following shall occur:

 

(i) the
Trustee shall fail to comply with the provisions of Section 7.08 after written request therefor by the Company or by any Securityholder
who has been a bona fide holder of a Security or Securities for at least six months; or

 

(ii) the
Trustee shall cease to be eligible in accordance with the provisions of Section 7.09 and shall fail to resign after written request
therefor by the Company or by any such Securityholder; or

 

(iii) the
Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding,
or a receiver of the Trustee or of its property shall be appointed or consented to, or any public officer shall take charge or
control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation;

 

then, in any such case,
the Company may remove the Trustee with respect to all Securities and appoint a successor trustee by written instrument, in duplicate,
executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one
copy to the successor trustee, or any Securityholder who has been a bona fide holder of a Security or Securities for at least six
months may, on behalf of that holder and all others similarly situated, petition any court of competent jurisdiction for the removal
of the Trustee and the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper
and prescribe, remove the Trustee and appoint a successor trustee.

 

(c) The
holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding may at any time remove
the Trustee with respect to such series by so notifying the Trustee and the Company and may appoint a successor Trustee for such
series with the consent of the Company.

 

(d) Any
resignation or removal of the Trustee and appointment of a successor trustee with respect to the Securities of a series pursuant
to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee as provided
in Section 7.11.

 

(e) Any
successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more series or all
of such series, and at any time there shall be only one Trustee with respect to the Securities of any particular series.

 

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Section 7.11
Acceptance of Appointment By Successor.

 

(a) In
case of the appointment hereunder of a successor trustee with respect to all Securities, every such successor trustee so appointed
shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and
thereupon the resignation or removal of the retiring Trustee shall become effective and such successor trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the
request of the Company or the successor trustee, such retiring Trustee shall, upon payment of any amounts due to it pursuant to
the provisions of Section 7.06, execute and deliver an instrument transferring to such successor trustee all the rights, powers,
and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor trustee all property and money
held by such retiring Trustee hereunder.

 

(b) In
case of the appointment hereunder of a successor trustee with respect to the Securities of one or more (but not all) series, the
Company, the retiring Trustee and each successor trustee with respect to the Securities of one or more series shall execute and
deliver an indenture supplemental hereto wherein each successor trustee shall accept such appointment and which (i) shall contain
such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment
of such successor trustee relates, (ii) shall contain such provisions as shall be deemed necessary or desirable to confirm that
all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to
which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add to or change
any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder
by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees
co-trustees of the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any
trust or trusts hereunder administered by any other such Trustee and that no Trustee shall be responsible for any act or failure
to act on the part of any other Trustee hereunder; and upon the execution and delivery of such supplemental indenture the resignation
or removal of the retiring Trustee shall become effective to the extent provided therein, such retiring Trustee shall with respect
to the Securities of that or those series to which the appointment of such successor trustee relates have no further responsibility
for the exercise of rights and powers or for the performance of the duties and obligations vested in the Trustee under this Indenture,
and each such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such
successor trustee relates; but, on request of the Company or any successor trustee, such retiring Trustee shall duly assign, transfer
and deliver to such successor trustee, to the extent contemplated by such supplemental indenture, the property and money held by
such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor
trustee relates.

 

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(c) Upon
request of any such successor trustee, the Company shall execute any and all instruments for more fully and certainly vesting in
and confirming to such successor trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section,
as the case may be.

 

(d) No
successor trustee shall accept its appointment unless at the time of such acceptance such successor trustee shall be qualified
and eligible under this Article.

 

(e) Upon
acceptance of appointment by a successor trustee as provided in this Section, the Company shall send notice of the succession of
such trustee hereunder to the Securityholders. If the Company fails to transmit such notice within ten days after acceptance of
appointment by the successor trustee, the successor trustee shall cause such notice to be transmitted at the expense of the Company.

 

Section 7.12
 Merger, Conversion, Consolidation or Succession to Business.

 

Any corporation into
which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the
corporate trust business of the Trustee, including the administration of the trust created by this Indenture, shall be the successor
of the Trustee hereunder, provided that such corporation shall be qualified under the provisions of Section 7.08 and eligible under
the provisions of Section 7.09, without the execution or filing of any paper or any further act on the part of any of the parties
hereto, anything herein to the contrary notwithstanding. In case any Securities shall have been authenticated, but not delivered,
by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such
authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated
such Securities.

 

Section 7.13
 Preferential Collection of Claims Against the Company.

 

The Trustee shall comply
with Section 311(a) of the Trust Indenture Act, excluding any creditor relationship described in Section 311(b) of the Trust Indenture
Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent included
therein.

 

Section 7.14
 Notice of Default.

 

If any Event of Default
occurs and is continuing and if such Event of Default is known to a Responsible Officer of the Trustee, the Trustee shall send
to each Securityholder in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act notice of the Event
of Default within the earlier of 90 days after it occurs and 30 days after it is known to a Responsible Officer of the Trustee
or written notice of it is received by the Trustee, unless such Event of Default has been cured; provided, however, that,
except in the case of a default in the payment of the principal of (or premium, if any) or interest on any Security, the Trustee
shall be protected in withholding such notice if and so long as the Responsible Officers of the Trustee in good faith determine
that the withholding of such notice is in the interest of the Securityholders.

 

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article
8

CONCERNING THE SECURITYHOLDERS

 

Section 8.01
 Evidence of Action by Securityholders.

 

Whenever in this Indenture
it is provided that the holders of a majority or specified percentage in aggregate principal amount of the Securities of a particular
series may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking
of any other action), the fact that at the time of taking any such action the holders of such majority or specified percentage
of that series have joined therein may be evidenced by any instrument or any number of instruments of similar tenor executed by
such holders of Securities of that series in person or by agent or proxy appointed in writing.

 

If the Company shall
solicit from the Securityholders of any series any request, demand, authorization, direction, notice, consent, waiver or other
action, the Company may, at its option, as evidenced by an Officer’s Certificate, fix in advance a record date for such series
for the determination of Securityholders entitled to give such request, demand, authorization, direction, notice, consent, waiver
or other action, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization,
direction, notice, consent, waiver or other action may be given before or after the record date, but only the Securityholders of
record at the close of business on the record date shall be deemed to be Securityholders for the purposes of determining whether
Securityholders of the requisite proportion of Outstanding Securities of that series have authorized or agreed or consented to
such request, demand, authorization, direction, notice, consent, waiver or other action, and for that purpose the Outstanding Securities
of that series shall be computed as of the record date; provided, however, that no such authorization, agreement or consent by
such Securityholders on the record date shall be deemed effective unless it shall become effective pursuant to the provisions of
this Indenture not later than six months after the record date.

 

Section 8.02
 Proof of Execution by Securityholders.

 

Subject to the provisions
of Section 7.01, proof of the execution of any instrument by a Securityholder (such proof will not require notarization) or his
or her agent or proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made in the following
manner:

 

(a) The
fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable to the Trustee.

 

(b) The
ownership of Securities shall be proved by the Security Register of such Securities or by a certificate of the Security Registrar
thereof.

 

The Trustee may require
such additional proof of any matter referred to in this Section as it shall deem necessary.

 

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Section 8.03
 Who May be Deemed Owners.

 

Prior to the due presentment
for registration of transfer of any Security, the Company, the Trustee, any paying agent and any Security Registrar may deem and
treat the Person in whose name such Security shall be registered upon the books of the Security Registrar as the absolute owner
of such Security (whether or not such Security shall be overdue and notwithstanding any notice of ownership or writing thereon
made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal of, premium,
if any, and (subject to Section 2.03) interest on such Security and for all other purposes; and neither the Company nor the Trustee
nor any paying agent nor any Security Registrar shall be affected by any notice to the contrary.

 

Section 8.04
 Certain Securities Owned by Company Disregarded.

 

In determining whether
the holders of the requisite aggregate principal amount of Securities of a particular series have concurred in any direction, consent
or waiver under this Indenture, the Securities of that series that are owned by the Company or any other obligor on the Securities
of that series or by any Person directly or indirectly controlling or controlled by or under common control with the Company or
any other obligor on the Securities of that series shall be disregarded and deemed not to be Outstanding for the purpose of any
such determination, except that for the purpose of determining whether the Trustee shall be protected in relying on any such direction,
consent or waiver, only Securities of such series that the Trustee actually knows are so owned shall be so disregarded. The Securities
so owned that have been pledged in good faith may be regarded as Outstanding for the purposes of this Section, if the pledgee shall
establish to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee
is not a Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company
or any such other obligor. In case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel
shall be full protection to the Trustee.

 

Section 8.05
Actions Binding on Future Securityholders.

 

At any time prior to
(but not after) the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the holders of the majority
or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection
with such action, any holder of a Security of that series that is shown by the evidence to be included in the Securities the holders
of which have consented to such action may, by filing written notice with the Trustee, and upon proof of holding as provided in
Section 8.02, revoke such action so far as concerns such Security. Except as aforesaid any such action taken by the holder of any
Security shall be conclusive and binding upon such holder and upon all future holders and owners of such Security, and of any Security
issued in exchange therefor, on registration of transfer thereof or in place thereof, irrespective of whether or not any notation
in regard thereto is made upon such Security. Any action taken by the holders of the majority or percentage in aggregate principal
amount of the Securities of a particular series specified in this Indenture in connection with such action shall be conclusively
binding upon the Company, the Trustee and the holders of all the Securities of that series.

 

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article
9

SUPPLEMENTAL INDENTURES

 

Section 9.01Supplemental
Indentures Without the Consent of Securityholders.

 

In addition to any
supplemental indenture otherwise authorized by this Indenture, the Company and the Trustee may from time to time and at any time
enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as
then in effect), without the consent of the Securityholders, for one or more of the following purposes:

 

(a) to
cure any ambiguity, defect, or inconsistency herein or in the Securities of any series;

 

(b) to
comply with Article Ten;

 

(c) to
provide for uncertificated Securities in addition to or in place of certificated Securities;

 

(d) to
add to the covenants, restrictions, conditions or provisions relating to the Company for the benefit of the holders of all or any
series of Securities (and if such covenants, restrictions, conditions or provisions are to be for the benefit of less than all
series of Securities, stating that such covenants, restrictions, conditions or provisions are expressly being included solely for
the benefit of such series), to make the occurrence, or the occurrence and the continuance, of a default in any such additional
covenants, restrictions, conditions or provisions an Event of Default, or to surrender any right or power herein conferred upon
the Company;

 

(e) to
add to, delete from, or revise the conditions, limitations, and restrictions on the authorized amount, terms, or purposes of issue,
authentication, and delivery of Securities, as herein set forth;

 

(f) to
make any change that does not adversely affect the rights of any Securityholder in any material respect;

 

(g) to
provide for the issuance of and establish the form and terms and conditions of the Securities of any series as provided in Section
2.01, to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture or any series
of Securities, or to add to the rights of the holders of any series of Securities;

 

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(h) to
evidence and provide for the acceptance of appointment hereunder by a successor trustee; or

 

(i) to
comply with any requirements of the Commission or any successor in connection with the qualification of this Indenture under the
Trust Indenture Act.

 

The Trustee is hereby
authorized to join with the Company in the execution of any such supplemental indenture, and to make any further appropriate agreements
and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture
that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

Any supplemental indenture
authorized by the provisions of this Section may be executed by the Company and the Trustee without the consent of the holders
of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.02.

 

Section 9.02Supplemental
Indentures With Consent of Securityholders.

 

With the consent (evidenced
as provided in Section 8.01) of the holders of not less than a majority in aggregate principal amount of the Securities of each
series affected by such supplemental indenture or indentures at the time Outstanding, the Company, when authorized by a Board Resolution,
and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform
to the provisions of the Trust Indenture Act as then in effect) for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner not
covered by Section 9.01 the rights of the holders of the Securities of such series under this Indenture; provided, however, that
no such supplemental indenture shall, without the consent of the holders of each Security then Outstanding and affected thereby,
(a) extend the fixed maturity of any Securities of any series, or reduce the principal amount thereof, or reduce the rate or extend
the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof or (b) reduce the aforesaid
percentage of Securities, the holders of which are required to consent to any such supplemental indenture.

 

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

 

Section 9.03Effect
of Supplemental Indentures.

 

Upon the execution
of any supplemental indenture pursuant to the provisions of this Article or of Section 10.01, this Indenture shall, with respect
to such series, be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights,
obligations, duties and immunities under this Indenture of the Trustee, the Company and the holders of Securities of the series
affected thereby 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.

 

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Section 9.04Securities
Affected by Supplemental Indentures.

 

Securities of any series
affected by a supplemental indenture, authenticated and delivered after the execution of such supplemental indenture pursuant to
the provisions of this Article or of Section 10.01, may bear a notation in form approved by the Company, provided such form meets
the requirements of any securities exchange upon which such series may be listed, as to any matter provided for in such supplemental
indenture. If the Company shall so determine, new Securities of that series so modified as to conform, in the opinion of the Board
of Directors, to any modification of this Indenture contained in any such supplemental indenture may be prepared by the Company,
authenticated by the Trustee and delivered in exchange for the Securities of that series then Outstanding.

 

Section 9.05Execution
of Supplemental Indentures.

 

Upon the request of
the Company, accompanied by its Board Resolutions authorizing the execution of any such supplemental indenture, and upon the filing
with the Trustee of evidence of the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall join
with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s
own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion but shall not
be obligated to enter into such supplemental indenture. The Trustee, subject to the provisions of Section 7.01, shall receive an
Officer’s Certificate or an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to
this Article is authorized or permitted by the terms of this Article and that all conditions precedent to the execution of the
supplemental indenture have been complied with; provided, however, that such Officer’s Certificate or Opinion of Counsel
need not be provided in connection with the execution of a supplemental indenture that establishes the terms of a series of Securities
pursuant to Section 2.01 hereof.

 

Promptly after the
execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Company
shall (or shall direct the Trustee to) send a notice, setting forth in general terms the substance of such supplemental indenture,
to the Securityholders of all series affected thereby .as their names and addresses appear upon the Security Register. Any failure
of the Company to send, or cause the sending of, such notice, or any defect therein, shall not, however, in any way impair or affect
the validity of any such supplemental indenture.

 

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article
10

SUCCESSOR ENTITY

 

Section 10.01Company
May Consolidate, Etc.

 

Nothing contained in
this Indenture shall prevent any consolidation or merger of the Company with or into any other Person (whether or not affiliated
with the Company) or successive consolidations or mergers in which the Company or its successor or successors shall be a party
or parties, or shall prevent any sale, conveyance, transfer or other disposition of the property of the Company or its successor
or successors as an entirety, or substantially as an entirety, to any other Person (whether or not affiliated with the Company
or its successor or successors); provided, however, the Company hereby covenants and agrees that, upon any such consolidation or
merger (in each case, if the Company is not the survivor of such transaction) or any such sale, conveyance, transfer or other disposition
(other than a sale, conveyance, transfer or other disposition to a Subsidiary of the Company), the due and punctual payment of
the principal of (premium, if any) and interest on all of the Securities of all series in accordance with the terms of each series,
according to their tenor, and the due and punctual performance and observance of all the covenants and conditions of this Indenture
with respect to each series or established with respect to such series pursuant to Section 2.01 to be kept or performed by the
Company shall be expressly assumed, by supplemental indenture (which shall conform to the provisions of the Trust Indenture Act,
as then in effect) reasonably satisfactory in form to the Trustee executed and delivered to the Trustee by the entity formed by
such consolidation, or into which the Company shall have been merged, or by the entity which shall have acquired such property.

 

Section 10.02Successor
Entity Substituted.

 

(a) In
case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor
entity by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the obligations
set forth under Section 10.01 on all of the Securities of all series Outstanding, such successor entity shall succeed to and be
substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor corporation
shall be relieved of all obligations and covenants under this Indenture and the Securities.

 

(b) In
case of any such consolidation, merger, sale, conveyance, transfer or other disposition, such changes in phraseology and form (but
not in substance) may be made in the Securities thereafter to be issued as may be appropriate.

 

(c) Nothing
contained in this Article shall require any action by the Company in the case of a consolidation or merger of any Person into the
Company where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or otherwise, of
all or any part of the property of any other Person (whether or not affiliated with the Company).

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article
11

SATISFACTION AND DISCHARGE

 

Section 11.01Satisfaction
and Discharge of Indenture.

 

If at any time: (a)
the Company shall have delivered to the Trustee for cancellation all Securities of a series theretofore authenticated and not delivered
to the Trustee for cancellation (other than any Securities that shall have been destroyed, lost or stolen and that shall have been
replaced or paid as provided in Section 2.07 and Securities for whose payment money or Governmental Obligations have theretofore
been deposited in trust or segregated and held in trust by the Company and thereupon repaid to the Company or discharged from such
trust, as provided in Section 11.05); or (b) all such Securities of a particular series not theretofore delivered to the Trustee
for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be
called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and
the Company shall deposit or cause to be deposited with the Trustee as trust funds the entire amount in moneys or Governmental
Obligations or a combination thereof, sufficient in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, to pay at maturity or upon redemption all Securities of
that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due
or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or
cause to be paid all other sums payable hereunder with respect to such series by the Company then this Indenture shall thereupon
cease to be of further effect with respect to such series except for the provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03,
7.10, 11.5 and 13.04, that shall survive until the date of maturity or redemption date, as the case may be, and Sections 7.06 and
11.05, that shall survive to such date and thereafter, and the Trustee, on demand of the Company and at the cost and expense of
the Company shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect to such
series.

 

Section 11.02Discharge
of Obligations.

 

If at any time all
such Securities of a particular series not heretofore delivered to the Trustee for cancellation or that have not become due and
payable as described in Section 11.01 shall have been paid by the Company by depositing irrevocably with the Trustee as trust funds
moneys or an amount of Governmental Obligations sufficient to pay at maturity or upon redemption all such Securities of that series
not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become
due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be
paid all other sums payable hereunder by the Company with respect to such series, then after the date such moneys or Governmental
Obligations, as the case may be, are deposited with the Trustee the obligations of the Company under this Indenture with respect
to such series shall cease to be of further effect except for the provisions of Sections 2.03, 2.05, 2.07, 4,01, 4.02, 4,03, 7.06,
7.10, 11.05 and 13.04 hereof that shall survive until such Securities shall mature and be paid.

 

Thereafter, Sections
7.06 and 11.05 shall survive.

 

    43

     

    

 

Section 11.03Deposited
Moneys to be Held in Trust.

 

All moneys or Governmental
Obligations deposited with the Trustee pursuant to Sections 11.01 or 11.02 shall be held in trust and shall be available for payment
as due, either directly or through any paying agent (including the Company acting as its own paying agent), to the holders of the
particular series of Securities for the payment or redemption of which such moneys or Governmental Obligations have been deposited
with the Trustee.

 

Section 11.04Payment
of Moneys Held by Paying Agents.

 

In connection with
the satisfaction and discharge of this Indenture all moneys or Governmental Obligations then held by any paying agent under the
provisions of this Indenture shall, upon demand of the Company, be paid to the Trustee and thereupon such paying agent shall be
released from all further liability with respect to such moneys or Governmental Obligations.

 

Section 11.05Repayment
to Company.

 

Any moneys or Governmental
Obligations deposited with any paying agent or the Trustee, or then held by the Company, in trust for payment of principal of or
premium, if any, or interest on the Securities of a particular series that are not applied but remain unclaimed by the holders
of such Securities for at least two years after the date upon which the principal of (and premium, if any) or interest on such
Securities shall have respectively become due and payable, or such other shorter period set forth in applicable escheat or abandoned
or unclaimed property law, shall be repaid to the Company on May 31 of each year or upon the Company’s request or (if then
held by the Company) shall be discharged from such trust; and thereupon the paying agent and the Trustee shall be released from
all further liability with respect to such moneys or Governmental Obligations, and the holder of any of the Securities entitled
to receive such payment shall thereafter, as a general creditor, look only to the Company for the payment thereof.

 

article
12

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

 

Section 12.01No
Recourse.

 

No recourse under or
upon any obligation, covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or otherwise in
respect thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future as such, of the
Company or of any predecessor or successor corporation, either directly or through the Company or any such predecessor or successor
corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty
or otherwise; it being expressly understood that this Indenture and the obligations issued hereunder are solely corporate obligations,
and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers
or directors as such, of the Company or of any predecessor or successor corporation, or any of them, because of the creation of
the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture
or in any of the Securities or implied therefrom; and that any and all such personal liability of every name and nature, either
at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator,
stockholder, officer or director as such, because of the creation of the indebtedness hereby authorized, or under or by reason
of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, are hereby
expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of
such Securities.

 

    44

     

    

 

article
13

MISCELLANEOUS PROVISIONS

 

Section 13.01Effect
on Successors and Assigns.

 

All the covenants,
stipulations, promises and agreements in this Indenture made by or on behalf of the Company shall bind its successors and assigns,
whether so expressed or not.

 

Section 13.02Actions
by Successor.

 

Any act or proceeding
by any provision of this Indenture authorized or required to be done or performed by any board, committee or officer of the Company
shall and may be done and performed with like force and effect by the corresponding board, committee or officer of any corporation
that shall at the time be the lawful successor of the Company.

 

Section 13.03Surrender
of Company Powers.

 

The Company by instrument
in writing executed by authority of its Board of Directors and delivered to the Trustee may surrender any of the powers reserved
to the Company, and thereupon such power so surrendered shall terminate both as to the Company and as to any successor corporation.

 

Section 13.04Notices.

 

Except as otherwise
expressly provided herein, any notice, request or demand that by any provision of this Indenture is required or permitted to be
given, made or served by the Trustee, the Security Registrar, any paying or other agent under this Indenture or by the holders
of Securities or by any other Person pursuant to this Indenture to or on the Company may be given or served by being deposited
in first class mail, postage prepaid, addressed (until another address is filed in writing by the Company with the Trustee), as
follows:                .
Any notice, election, request or demand by the Company or any Securityholder or by any other Person pursuant to this Indenture
to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made in writing at
the Corporate Trust Office of the Trustee.

 

    45

     

    

 

Section 13.05Governing
Law; Jury Trial Waiver.

 

This Indenture and
each Security shall be governed by, and construed in accordance with, the internal laws of the State of New York, except to the
extent that the Trust Indenture Act is applicable.

 

EACH PARTY HERETO,
AND EACH HOLDER OF A SECURITY BY ACCEPTANCE THEREOF, HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH
THIS INDENTURE.

 

Section 13.06Treatment
of Securities as Debt.

 

It is intended that
the Securities will be treated as indebtedness and not as equity for federal income tax purposes. The provisions of this Indenture
shall be interpreted to further this intention.

 

Section 13.07Certificates
and Opinions as to Conditions Precedent.

 

(a) Upon
any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company
shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent provided for in this Indenture
(other than the certificate to be delivered pursuant to Section 13.12) relating to the proposed action have been complied with
and, if requested, an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied
with, except that in the case of any such application or demand as to which the furnishing of such documents is specifically required
by any provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need
be furnished.

 

(b) Each
certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition
or covenant in this Indenture (other than the certificate to be delivered pursuant to Section 13.12 of this Indenture or Section
314(a)(1) of the Trust Indenture Act) shall include (i) a statement that the Person making such certificate or opinion has read
such covenant or condition; (ii) 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; (iii) a statement that, in the opinion of such Person,
he has made such examination or investigation as is reasonably necessary to enable him to express an informed opinion as to whether
or not such covenant or condition has been complied with; and (iv) a statement as to whether or not, in the opinion of such Person,
such condition or covenant has been complied with.

 

    46

     

    

 

Section 13.08Payments
on Business Days.

 

Except as provided
pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one
or more indentures supplemental to this Indenture, in any case where the date of maturity of interest or principal of any Security
or the date of redemption of any Security shall not be a Business Day, then payment of interest or principal (and premium, if any)
may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of maturity or redemption,
and no interest shall accrue for the period after such nominal date.

 

Section 13.09Conflict
with Trust Indenture Act.

 

If and to the extent
that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Section 318(c) of the Trust Indenture
Act, such imposed duties shall control.

 

Section 13.10Counterparts.

 

This Indenture may
be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute
but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission
shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original
Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original
signatures for all purposes.

 

Section 13.11Separability.

 

In case any one or
more of the provisions contained in this Indenture or in the Securities of any series shall for any reason be held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions
of this Indenture or of such Securities, but this Indenture and such Securities shall be construed as if such invalid or illegal
or unenforceable provision had never been contained herein or therein.

 

Section 13.12Compliance
Certificates.

 

The Company shall deliver
to the Trustee, within 120 days after the end of each fiscal year during which any Securities of any series were outstanding, an
officer’s certificate stating whether or not the signers know of any Event of Default that occurred during such fiscal year.
Such certificate shall contain a certification from the principal executive officer, principal financial officer or principal accounting
officer of the Company that a review has been conducted of the activities of the Company and the Company’s performance under
this Indenture and that the Company has complied with all conditions and covenants under this Indenture. For purposes of this Section
13.12, such compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture.
If the officer of the Company signing such certificate has knowledge of such an Event of Default, the certificate shall describe
any such Event of Default and its status.

 

    47

     

    

 

Section 13.13U.S.A
Patriot Act.

 

The parties hereto
acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in
order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies
each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture
agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements
of the U.S.A. Patriot Act.

 

Section 13.14Force
Majeure.

 

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

 

Section 13.15Table
of Contents; Headings.

 

The table of contents
and headings of the articles and sections of this Indenture have been inserted for convenience of reference only, are not intended
to be considered a part hereof, and will not modify or restrict any of the terms or provisions hereof.

 

    48

     

    

 

In
Witness Whereof, the parties hereto have caused this Indenture to be duly executed all as of the day and year first
above written.

 

	 	Gamida Cell Ltd.
	 	 
	 	By: ____________________________
	 	 
	 	Name: __________________________
	 	 
	 	Title: ___________________________
	 	 
	 	[Trustee], as
    Trustee
	 	 
	 	By: ____________________________
	 	 
	 	Name: __________________________
	 	 
	 	Title: ___________________________

 

    49

     

    

 

CROSS-REFERENCE TABLE
(1)

  

	
        Section
        of Trust Indenture Act of 1939, as Amended
	 	
        Section
        of Indenture

	310(a)	 	7.09
	310(b)	 	7.08
	 	 	7.10
	310(c)	 	Inapplicable
	311(a)	 	7.13
	311(b)	 	7.13
	311(c)	 	Inapplicable
	312(a)	 	5.01
	 	 	5.02(a)
	312(b)	 	5.02(c)
	312(c)	 	5.02(c)
	313(a)	 	5.04(a)
	313(b)	 	5.04(b)
	313(c)	 	5.04(a)
	 	 	5.04(b)
	313(d)	 	5.04(c)
	314(a)	 	5.03
	 	 	13.12
	314(b)	 	Inapplicable
	314(c)	 	13.07(a)
	314(d)	 	Inapplicable
	314(e)	 	13.07(b)
	314(f)	 	Inapplicable
	315(a)	 	7.01(a)
	 	 	7.01(b)
	315(b)	 	7.14
	315(c)	 	7.01
	315(d)	 	7.01(b)
	315(e)	 	6.07
	316(a)	 	6.06
	 	 	8.04
	316(b)	 	6.04
	316(c)	 	8.01
	317(a)	 	6.02
	317(b)	 	4.03
	318(a)	 	13.09

 

 

		(1)	This Cross-Reference Table does not constitute part of the Indenture and shall not have any bearing
on the interpretation of any of its terms or provisions.

 

 

50EXHIBIT 4.1

 

 

  

SALE AND
SERVICING AGREEMENT

 

among

 

WORLD
OMNI AUTO RECEIVABLES TRUST 2019-C

Issuing Entity,

 

WORLD
OMNI AUTO RECEIVABLES LLC,

Depositor,

 

and

 

WORLD
OMNI FINANCIAL CORP.,

Servicer

 

Series
2019-C

 

Dated
as of November 14, 2019

 

 

 

    

     

    

 

TABLE OF CONTENTS

 

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

 

    i

     

    

 

 

	Section 5.04	[Reserved]	24
	Section 5.05	Additional Deposits	24
	Section 5.06	Distributions	25
	Section 5.07	Reserve Account	27
	Section 5.08	Statements to Noteholders and Certificateholders	27
	Section 5.09	Net Deposits	29
	Section 5.10	Transfer of Certificates	29
	 	 	 
	ARTICLE VI THE DEPOSITOR	30
	 	 
	Section 6.01	Representations of Depositor	30
	Section 6.02	Limited Liability Company Existence	31
	Section 6.03	Liability of Depositor; Indemnities	32
	Section 6.04	Merger or Consolidation of, or Assumption of Obligations of Depositor	33
	Section 6.05	Limitation on Liability of Depositor and Others	34
	Section 6.06	Depositor May Own Notes	34
	Section 6.07	Security Interest	34
	 	 	 
	ARTICLE VII THE SERVICER	34
	 	 
	Section 7.01	Representations of Servicer	34
	Section 7.02	Indemnities of Servicer	36
	Section 7.03	Merger or Consolidation of, or Assumption of Obligations of, Servicer	36
	Section 7.04	Limitation on Liability of Servicer and Others	37
	Section 7.05	World Omni Not To Resign as Servicer	37
	 	 	 
	ARTICLE VIII DEFAULT	38
	 	 
	Section 8.01	Servicer Default	38
	Section 8.02	Appointment of Successor	39
	Section 8.03	Notification to Noteholders and Certificateholders	40
	Section 8.04	Waiver of Past Defaults	40
	Section 8.05	Payment of Servicing Fees	40
	 	 	 
	ARTICLE IX TERMINATION	40
	 	 
	Section 9.01	Optional Purchase of All Receivables	40
	 	 	 
	ARTICLE X MISCELLANEOUS	41
	 	 
	Section 10.01	Amendment	41
	Section 10.02	Protection of Title to Trust	42
	Section 10.03	Notices	44
	Section 10.04	Assignment by the Depositor or the Servicer	44
	Section 10.05	Limitations on Rights of Others	44
	Section 10.06	Severability	45
	Section 10.07	Separate Counterparts	45
	Section 10.08	Headings	45
	Section 10.09	Governing Law	45
	Section 10.10	Assignment by Issuing Entity	45

 

    ii

     

    

  

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

 

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

 

 

    iii

     

    

 

SALE AND SERVICING AGREEMENT

 

This SALE AND SERVICING
AGREEMENT is dated as of November 14, 2019, among WORLD OMNI AUTO RECEIVABLES TRUST 2019-C, a Delaware statutory trust (the “Issuing
Entity”), WORLD OMNI AUTO RECEIVABLES LLC, a Delaware limited liability company (the “Depositor”),
as depositor, and WORLD OMNI FINANCIAL CORP., a Florida corporation (“World Omni” or the “Servicer”).

 

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

 

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

 

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

 

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

 

ARTICLE I

DEFINITIONS 

 

Section 1.01       
Definitions. Certain capitalized terms used in the above recitals and in this Agreement are defined in and shall
have the respective meanings assigned them in Part I of Appendix A to this Agreement. All references herein to “the
Agreement” or “this Agreement” are to this Sale and Servicing Agreement as it may be amended, supplemented
or modified from time to time, the exhibits hereto and the capitalized terms used herein which are defined in such Appendix
A, and all references herein to Articles, Sections and subsections are to Articles, Sections or subsections of this Agreement
unless otherwise specified. The rules of construction set forth in Part II of such Appendix A shall be applicable
to this Agreement.

 

ARTICLE II

CONVEYANCE OF RECEIVABLES 

 

Section 2.01       
Conveyance of Receivables. In consideration of the Issuing Entity’s delivery to or upon the order of the Depositor
of the Notes and the Certificates, on the Closing Date the Depositor does hereby sell, transfer, assign, set over and otherwise
convey to the Issuing Entity, without recourse (subject to the obligations of the Depositor set forth herein), pursuant to an assignment
in the form attached hereto as Exhibit C (the “SSA Assignment”) all right, title and interest of the
Depositor, whether now or hereafter acquired, and wherever located, in and to the following:

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

(f)   
the Receivables Purchase Agreement;

 

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

 

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

 

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

 

    5

     

    

 

ARTICLE III

THE RECEIVABLES

 

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

 

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

 

(i)                
Characteristics of Receivables. Each Receivable (1) (A) was originated in the United States of America by a Dealer
for the retail sale of a Financed Vehicle in the ordinary course of such Dealer’s business, was fully and properly executed
or electronically authenticated by the parties thereto, and was purchased by World Omni from such Dealer under an existing dealer
agreement, (B) was originated by World Omni, or (C) was originated by an independent third party and acquired by World Omni, (2)
contains customary and enforceable provisions such that the rights and remedies of the holder thereof are adequate for realization
against the collateral of the benefits of the security, and (3) provides for level monthly payments after the Cutoff Date (provided,
that the payment in the first or last month in the life of the Receivable may vary from the level monthly payments 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.

 

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

 

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

 

    6

     

    

 

(iv)           
No Government Obligor. No Receivable is due from the United States of America or any State or from any agency, department
or instrumentality of the United States of America or any State.

 

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

 

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

 

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

 

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

 

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

 

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

 

(xi)             
No Default. No Receivable has a Scheduled Payment for which more than $40 is more than 30 days past due as of the
Cutoff Date, and, except as permitted in this paragraph, the Servicer’s computer system does not reflect that any default,
breach, violation or event permitting acceleration under the terms of any Receivable has occurred and is continuing nor that a
continuing condition that with notice or the lapse of time would constitute a default, breach, violation or event permitting acceleration
under the terms of any Receivable has arisen; and World Omni has not waived and, except as permitted hereby, shall not waive any
of the foregoing.

 

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

 

    7

     

    

 

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

 

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

 

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

 

(xvi)          
Maturity of Receivables. Each Receivable has a final maturity date not later than November 17, 2025.

 

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

 

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

 

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

 

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

 

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

 

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

 

(b)  
Representations and Warranties With Respect to the Pool of Receivables. On the Closing Date, World Omni, which sold
the Receivables specified in the SSA Assignment on such date, hereby makes the representations and warranties set forth in Appendix
B hereto, and hereby represents and warrants to the other parties hereto, with respect to such pool of Receivables as of the
Cutoff Date:

 

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

 

    8

     

    

 

(ii)             
Title. Immediately prior to the transfer and assignment contemplated in the Receivables Purchase Agreement, World
Omni had good and marketable title to the Receivables free and clear of all Liens, encumbrances, security interests and rights
of others and, immediately upon the transfer thereof, the Depositor shall have good and marketable title to the Receivables, free
and clear of all Liens, encumbrances, security interests and rights of others; and the transfer has been perfected under the UCC
(to the extent a security interest in such property may be perfected by filing under the applicable UCC) except, in each case,
for liens and encumbrances that will be released concurrent with the transfer of Receivables pursuant to the Receivables Purchase
Agreement. Immediately prior to the transfer and assignment herein contemplated, the Depositor had good and marketable title to
the property conveyed to the Issuing Entity pursuant to Section 2.01 or 2.03 of this Agreement, as applicable, free and clear of
all Liens, encumbrances, security interests and rights of others and, immediately upon the transfer thereof, the Issuing Entity
shall have good and marketable title to the Receivables, free and clear of all Liens, encumbrances, security interests and rights
of others; and the transfer has been perfected under the UCC (to the extent a security interest in such property may be perfected
by filing under the applicable UCC).

 

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

 

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

 

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

 

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

 

    9

     

    

 

Section 3.02            
Repurchase upon Breach; Dispute Resolution.

 

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

 

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

 

    10

     

    

 

(c)             
Dispute Resolution.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    11

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 3.04       
Duties of Servicer as Custodian.

 

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

 

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

 

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

 

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(c)             
Release of Documents. Upon instruction from the Indenture Trustee, the Servicer shall release any Receivable File
to the Indenture Trustee, the Indenture Trustee’s agent or the Indenture Trustee’s designee, as the case may be, at
such place or places as the Indenture Trustee may designate, as soon as practicable, after receipt of such instruction.

 

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

 

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

 

Section 3.07           
Effective Period and Termination. The Servicer’s appointment as custodian shall become effective as of the
Cutoff Date and shall continue in full force and effect until terminated pursuant to this Section. If World Omni shall resign as
Servicer in accordance with the provisions of this Agreement or if all of the rights and obligations of any Servicer shall have
been terminated under Section 8.01, the appointment of such Servicer as custodian may be terminated by the Indenture Trustee
or by the Holders of the Controlling Securities evidencing not less than 25% of the Outstanding Amount of the Controlling Securities
or, with the consent of Holders of the Controlling Securities evidencing not less than 25% of the Outstanding Amount of the Controlling
Securities, by the Owner Trustee, in the same manner as the Indenture Trustee or such Holders may terminate the rights and obligations
of the Servicer under Section 8.01. As soon as practicable after any termination of such appointment, the Servicer shall
deliver the Receivable Files to the Indenture Trustee or the Indenture Trustee’s agent at such place or places as the Indenture
Trustee may reasonably designate; provided, however, that with respect to “authoritative copies” of the Receivables
constituting “electronic chattel paper,” (a) if the Servicer’s appointment as custodian has been terminated in
connection with the resignation or termination of the Servicer as servicer, the custodian shall transfer such “authoritative
copies” to the successor Servicer or (b) otherwise, unless otherwise instructed by the Indenture Trustee, such “authoritative
copies” shall be transferred to the Indenture Trustee or the Indenture Trustee’s designee. In each case, if necessary,
an authorized representative of World Omni shall use commercially reasonable efforts to convert an authoritative copy into tangible
form by permanently removing such electronic authoritative copy from World Omni’s electronic vaulting system and causing
a contract in tangible form to be printed as the tangible authoritative copy that constitutes original tangible chattel paper for
purposes of the UCC, and shall deliver such tangible authoritative copy to the successor Servicer or to the Indenture Trustee or
the Indenture Trustee’s designee at the place or places as the Indenture Trustee may reasonably designate.

 

    15

     

    

 

ARTICLE IV

ADMINISTRATION AND
SERVICING OF RECEIVABLES

 

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

 

Section 4.02           
Collection and Allocation of Receivable Payments. The Servicer shall make reasonable efforts to collect all payments
called for under the terms and provisions of the Receivables as and when the same shall become due and shall follow such collection
procedures as it follows with respect to all comparable automotive receivables that it services for itself or others. The Servicer
shall allocate collections as set forth in Section 5.03. The Servicer may grant extensions, rebates or adjustments on a
Receivable, which shall not, for the purposes of this Agreement, modify the day of the month on which payment is due (except in
connection with a limited number of accommodations for Obligors of occasional requests in accordance with the Servicer’s
customary servicing procedures) or change the method under which scheduled payments of interest are computed on such Receivable;
provided, however, that if the Servicer extends the date for final payment by the Obligor of any Receivable beyond
the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurs, the Servicer
shall purchase any such Receivable as of the earlier of (a) the last day of the second Collection Period following the date of
such extension (or, at the Servicer’s election, the last day of the first following Collection Period) and (b) the last day
of the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurs, in each case
in accordance with the terms of Section 4.07(b). The Servicer shall not retain any fees in connection with any extension
of a Receivable but shall instead deposit such fees into the Collection Account within two Business Days of receipt (including
receipt of proper instructions regarding where to allocate such payment) unless the Servicer is making deposits on a monthly basis
as permitted under Section 5.02. The Servicer may in its discretion waive any late payment charge or any other fees that may be
collected in the ordinary course of servicing a Receivable. The Servicer shall not agree to any alteration of the interest rate
or the originally scheduled payments on any Receivable, other than as provided herein or as required by law.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 4.08            
Servicing Fee. The Servicing Fee for a Payment Date shall equal the product of (a) one-twelfth, (b) the Servicing
Fee Rate and (c) the aggregate Principal Balance of the Receivables as of the first day of the related Collection Period; provided,
however, that the Servicing Fee on the initial Payment Date shall be prorated to compensate for the length of the initial
Collection Period being longer than one month. The Servicer shall also be entitled to all Supplemental Servicing Fees collected
(from whatever source) on the Receivables, the amount of any Servicing Fee due but not distributed to the Servicer on a prior Payment
Date (including any amounts previously deferred by the Servicer as provided in this Section 4.08) plus any reimbursement
pursuant to the last paragraph of Section 7.02. The Servicer may, as long as it believes that sufficient collections will
be available from interest collections on one or more future Payment Dates to pay the Servicing Fee, by notice to the Indenture
Trustee on or before a Payment Date, elect to defer all or a portion of the Servicing Fee with respect to the related Collection
Period, without interest. If the Servicer defers all of the Servicing Fee, the Servicing Fee for such related Collection Period
will be deemed to equal zero.

 

 

Section 4.09           
Servicer’s Certificate. On or prior to the close of business on each Payment Determination Date, the Servicer
shall deliver a Servicer’s Certificate pursuant to Section 5.08. Receivables to be purchased by the Servicer or to
be repurchased by World Omni or the Depositor shall be identified by the Servicer by account number with respect to such Receivable
(as specified in the Schedule of Receivables). For the avoidance of doubt, such information shall include any Benchmark related
information required pursuant to Section 8.03 of the Indenture.

 

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

 

(a)             
To the extent required by Regulation AB, the Servicer shall deliver (and shall cause each of its Reporting Subcontractors,
if any, to deliver) to the Owner Trustee and the Indenture Trustee on or before the date that is 90 days after the end of each
calendar year, commencing with the calendar year ended December 31, 2019, an Officer’s Certificate as required under Item
1123 of Regulation AB, dated as of December 31 of the preceding year, stating that (i) a review of the activities of the Servicer
during the preceding calendar year (or such shorter period as shall have elapsed since the Closing Date) and of its performance
under this Agreement has been made under such officer’s supervision and (ii) to the best of such officer’s knowledge,
based on such review, the Servicer has fulfilled all its obligations under this Agreement in all material respects throughout such
reporting period, or, if there has been a failure to fulfill any such obligation in any material respect, specifying each such
failure known to such officer and the nature and status thereof. The Servicer shall send a copy of such certificate and the report
referred to in Section 4.11 to the Rating Agencies. A copy of such certificate and the report referred to in Section
4.11 may be obtained by any Certificateholder or Noteholder by a request in writing to the Indenture Trustee addressed to the
Corporate Trust Office. Upon the request of the Owner Trustee, the Indenture Trustee will promptly furnish the Owner Trustee a
list of Noteholders as of the date specified by the Owner Trustee.

 

(b)            
The Servicer shall deliver to the Owner Trustee and the Indenture Trustee, on or before the date that is 90 days after the
end of each calendar year, commencing with the calendar year ended December 31, 2019, a report, dated as of December 31 (or other
applicable date) of the preceding year, regarding the Servicer’s assessment of compliance with the Servicing Criteria during
the immediately preceding calendar year, including disclosure of any material instance of non-compliance identified by the Servicer,
as described in Rule 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Deliveries pursuant to this Section
4.10(b) may be delivered by electronic mail.

 

(c)             
The Servicer shall deliver to the Owner Trustee, the Indenture Trustee and the Rating Agencies, promptly after having obtained
knowledge thereof, but in no event later than five (5) Business Days thereafter, unless such default shall have been cured prior
to such date, written notice in an Officer’s Certificate of any event which with the giving of notice or lapse of time, or
both, would become a Servicer Default under Section 8.01(a) or (b).

 

Section 4.11         
Annual Independent Certified Public Accountants’ Report. The Servicer shall cause a firm of independent certified
public accountants, who may also render other services to the Servicer or to its Affiliates, to deliver to the Servicer (who shall
promptly provide the assessment described in this Section 4.11(a) to the Rating Agencies), the Indenture Trustee and the
Owner Trustee and, on or before the date that is 90 days after the end of the Servicer’s fiscal year, commencing with the
fiscal year ended December 31, 2019, a report, dated as of December 31 of the preceding fiscal year, addressed to the board of
directors of the Servicer, providing its assessment of compliance with the Servicing Criteria during the preceding fiscal year,
including disclosure of any material instance of non-compliance, as described in Rule 13a-18 or Rule 15d-18 under the Exchange
Act and Item 1122(b) of Regulation AB. Such attestation shall be in accordance with Rule 1-02(a)(3) and 2-02(g) of Regulation S-X
under the Securities Act and the Exchange Act. Deliveries pursuant to this Section 4.11(a) may be delivered by electronic
mail.

 

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

 

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

 

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

 

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

 

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

 

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ARTICLE V

TRUST ACCOUNTS;
DISTRIBUTIONS; STATEMENTS TO CERTIFICATEHOLDERS AND NOTEHOLDERS

 

Section 5.01            
Establishment of Trust Accounts.

 

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

 

(b)            
Funds on deposit in the Collection Account, the Note Distribution Account and the Reserve Account (collectively the “Trust
Accounts”) shall be invested by the Indenture Trustee in Eligible Investments, selected by the Servicer; provided,
that, funds on deposit in the Reserve Account shall be invested only in Eligible Investments meeting the requirements of
 §246.4(b)(2) of Regulation RR, as determined solely by the Servicer. In the absence of written direction from the Servicer,
such funds shall be invested, in accordance with Section 8.04 of the Indenture, in Eligible Investments specified in clause (i)
of the definition thereof; provided, that, in the absence of such direction, funds on deposit in the Reserve Account
shall be invested in accordance with the most recent written direction received from the Servicer for such account. All such Eligible
Investments shall be held by the Indenture Trustee for the benefit of the Noteholders, the Certificateholders and the Issuing Entity,
as applicable; provided, that on each Payment Determination Date all interest and other Investment Earnings on funds
on deposit in the Trust Accounts shall be deposited into the Collection Account and shall be deemed to constitute a portion of
Available Funds for the related Payment Date. Other than as permitted by the Rating Agencies, funds on deposit in the Collection
Account, the Reserve Account and the Note Distribution Account shall be invested in Eligible Investments that will mature (A) not
later than the Business Day immediately preceding the next Payment Date or (B) on or before 10:00 a.m. on such next Payment Date
if such investment is held in the corporate trust department of the institution with which the Collection Account, the Reserve
Account and the Note Distribution Account, as applicable, is then maintained and is invested either (i) in a time deposit of the
Indenture Trustee rated at least A-1 by S&P Global Ratings and F1 by Fitch (such account being maintained within the corporate
trust department of the Indenture Trustee), (ii) in the Indenture Trustee’s common trust fund so long as such fund is rated
in the highest applicable rating category by S&P Global Ratings and Fitch or (iii) in Eligible Investments specified in clauses
(g) or (i) of the definition thereof; and provided that Eligible Investments shall be available for redemption and use
by the Indenture Trustee on the relevant Payment Date. In no event shall the Indenture Trustee be held liable for investment losses
in Eligible Investments pursuant to this Section 5.01, except in its capacity as obligor thereunder. Except as otherwise
provided hereunder or agreed in writing among the parties hereto, the Servicer shall retain the authority to institute, participate
and join in any plan of reorganization, readjustment, merger or consolidation with respect to the issuer of any Eligible Investments
held hereunder, and, in general, to exercise each and every other power or right with respect to each such asset or investment
as individuals generally have and enjoy with respect to their own assets and investment, including power to vote upon any securities.

 

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(c)             
(i)            The Indenture Trustee shall possess all right,
title and interest in all funds on deposit from time to time in the Trust Accounts and in all proceeds thereof (including all
income thereon) and all such funds, investments, proceeds and income shall be part of the Trust Estate. The Trust Accounts (other
than the Reserve Account) shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Noteholders
and the Certificateholders, as the case may be. The Reserve Account shall be under the sole dominion and control of the Indenture
Trustee in the name of and for the benefit of the Issuing Entity which such Reserve Account has been pledged by the Issuing Entity
to the Indenture Trustee for the benefit of the Noteholders. All of the Depositor’s right, title and interest to the Reserve
Account has been conveyed by the Depositor to the Issuing Entity pursuant to Section 2.01(e) hereof, including, all funds
on deposit from time to time, and all investments, proceeds and income thereof. The Depositor hereby grants to the Indenture Trustee
on the Closing Date, as Indenture Trustee for the benefit of the Noteholders, all of the Depositor’s right, title and interest
in, to and under, whether now owned or existing or hereafter acquired or arising, the Reserve Account and all proceeds thereof.
If, at any time, any of the Trust Accounts ceases to be an Eligible Deposit Account, the 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 Depositor, payable to the order of the Trust, the Servicer or the Depositor
or specially indorsed to the Owner Trustee, the Servicer or the Depositor except to the extent the foregoing have been specially
indorsed to the Securities Intermediary or in blank.

 

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

 

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

 

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

 

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

 

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

 

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

 

(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.

 

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

 

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

 

Section 5.04            
[Reserved].

 

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

 

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Section 5.06       
Distributions.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(K)         
to the Certificateholders, any remaining amounts; provided the Indenture Trustee has not received written instruction
from the Certificateholders of 100% percentage interest in the Certificates to redeposit all or a portion of such Available Funds
due such Certificateholders into the Collection Account.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(H)          
to the Certificateholders, any remaining amounts.

 

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Section 5.07       
Reserve Account.

 

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

 

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

 

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

 

(d)  
Subject to Section 9.01, amounts will continue to be applied pursuant to Section 5.06 following payment in
full of the Outstanding Amount of the Notes until the Pool Balance is reduced to zero. Following the payment in full of the aggregate
Outstanding Amount of the Notes and of all other amounts owing or to be distributed hereunder or under the Indenture or the Trust
Agreement to Noteholders, and the final distribution to the Certificateholders, the Indenture Trustee, in accordance with an instruction
from the Servicer (based on the information contained in the Servicer’s Certificate delivered on the related Payment Determination
Date pursuant to Section 4.09 hereof), shall distribute any remaining funds in the Reserve Account to the Depositor.

 

Section 5.08       
Statements to Noteholders and Certificateholders. On or prior to the close of business on each Payment Determination
Date, the Servicer shall provide to the Indenture Trustee (with a copy to the Rating Agencies) for the Indenture Trustee to post
on its internet website pursuant to Section 6.06 of the Indenture, the Servicer’s Certificate substantially in the
form of Exhibit B, setting forth at least the following information as to the Notes, to the extent applicable:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(r)   
the Noteholders’ Principal Distributable Amount;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(z)  
the Interest Rate (including One-Month LIBOR or the then-current Benchmark, as applicable) for each Class of Notes for the
next Payment Date.

 

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

 

Upon determination by the Issuing Entity
of a Benchmark Replacement or the making of any Benchmark Replacement Conforming Changes, the Issuing Entity shall also cause the
Servicer to include any information regarding the Unadjusted Benchmark Replacement, the Benchmark Replacement Adjustment and such
Benchmark Replacement Conforming Changes provided by the Issuing Entity.

 

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

 

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

 

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ARTICLE VI

THE DEPOSITOR

 

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

 

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

 

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

 

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

 

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

 

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

 

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(f)   
No Proceedings. To the Depositor’s best knowledge, there are no proceedings or investigations pending or threatened
before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor
or its properties: (i) asserting the invalidity of this Agreement, the Indenture or any of the other Basic Documents, the Notes
or the Certificates, (ii) seeking to prevent the issuance of the Notes or the Certificates or the consummation of any of the transactions
contemplated by this Agreement, the Indenture or any of the other Basic Documents, (iii) seeking any determination or ruling that
could reasonably be expected to materially and adversely affect the performance by the Depositor of its obligations under, or the
validity or enforceability of, this Agreement, the Indenture, any of the other Basic Documents, the Notes or the Certificates or
(iv) which could reasonably be expected to adversely affect the 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 Depositor in connection with the execution and delivery by the Depositor of this Agreement or any of the Basic Documents
to which it is a party and the performance by the Depositor of the transactions contemplated by this Agreement or any of the Basic
Documents to which it is a party, have been duly obtained, effected or given and are in full force and effect, except where failure
to obtain the same would not have a material adverse effect upon the rights of the Trust, the Noteholders or the Certificateholders.

 

Section 6.02       
Limited Liability Company Existence.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE VII

THE SERVICER

 

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

 

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

 

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

 

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(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 (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 Depositor, the Trust, the Noteholders or the Certificateholders.

 

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

 

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

 

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

 

For purposes of this
Section, in the event of the termination of the rights and obligations of World Omni (or any successor thereto pursuant to Section
7.03) as Servicer pursuant to Section 8.01, or a resignation by such Servicer pursuant to this Agreement, such Servicer
shall be deemed to be the Servicer pending appointment of a successor Servicer (other than the Indenture Trustee) pursuant to Section
8.02.

 

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

 

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

 

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

 

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

 

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

 

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

 

Except as provided in
this Agreement, the Servicer shall not be under any obligation to appear in, prosecute or defend any legal action that shall not
be incidental to its duties to service the Receivables in accordance with this Agreement and that in its opinion may involve it
in any expense or liability; provided, however, that the Servicer may undertake any reasonable action that
it may deem necessary or desirable in respect of this Agreement and the Basic Documents and the rights and duties of the parties
to this Agreement and the Basic Documents and the interests of the Certificateholders under this Agreement and the Noteholders
under the Indenture.

 

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

 

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ARTICLE VIII

DEFAULT

 

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

 

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

 

(b)  
failure by the Servicer or, if the Servicer is an affiliate of the Depositor, the Depositor, as the case may be, duly to
observe or to perform in any material respect any other covenants or agreements of the Servicer or the Depositor (as the case may
be) set forth in this Agreement or any other Basic Document, which failure shall (i) materially and adversely affect the rights
of Certificateholders or Noteholders and (ii) continue unremedied for a period of 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 Depositor (as the case may
be) by the Owner Trustee or the Indenture Trustee or (B) to the Servicer or the Depositor (as the case may be), and to the Owner
Trustee and the Indenture Trustee by the Holders of the Notes evidencing at least a majority of the Outstanding Amount of the Controlling
Securities and the Holders (as defined in the Trust Agreement) of Certificates evidencing at least a majority of the percentage
interest of the Certificates; or

 

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

 

Notwithstanding the foregoing,
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.

 

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

 

Section 8.02       
Appointment of Successor.

 

(a)  
Upon the Servicer’s receipt of notice of termination pursuant to Section 8.01 or the Servicer’s resignation
in accordance with the terms of this Agreement, the predecessor Servicer shall continue to perform its functions as Servicer under
this Agreement, in the case of termination, only until the date specified in such termination notice or, if no such date is specified
in a notice of termination, until receipt of such notice and, in the case of resignation, until the later of (i) the date 45 days
from the delivery to the Owner Trustee and the Indenture Trustee of written notice of such resignation (or written confirmation
of such notice) in accordance with the terms of this Agreement and (ii) the date upon which the predecessor Servicer shall become
unable to act as Servicer, as specified in the notice of resignation and accompanying Opinion of Counsel. In the event of the Servicer’s
termination hereunder, the Indenture Trustee shall appoint a successor Servicer, and the successor Servicer shall accept its appointment
by a written assumption in form acceptable to the Owner Trustee and the Indenture Trustee. In the event that a successor Servicer
has not been appointed at the time when the predecessor Servicer has ceased to act as Servicer in accordance with this Section,
the Indenture Trustee without further action shall automatically be appointed the successor Servicer and the Indenture Trustee
shall be entitled to the Servicing Fee. Notwithstanding the above, the Indenture Trustee shall, if it shall be unwilling or legally
unable so to act, appoint or petition a court of competent jurisdiction to appoint any established institution, having a net worth
of not less than $100,000,000 and whose regular business shall include the servicing of automotive receivables, as the successor
to the Servicer under this Agreement.

 

    39

     

    

 

(b)  
Upon appointment, the successor Servicer (including the Indenture Trustee acting as successor Servicer) shall be the successor
in all respects to the predecessor Servicer and shall be subject to all the responsibilities, duties and liabilities arising thereafter
relating thereto placed on the predecessor Servicer and shall be entitled to the Servicing Fee and all the rights granted to the
predecessor Servicer by the terms and provisions of this Agreement. The successor Servicer shall not be liable for any actions
or inactions of the predecessor Servicer. Notwithstanding anything to the contrary contained herein or in the Basic Documents,
if the Indenture Trustee shall act as Successor Servicer, it shall not, in any event have obligations (i) with respect to the repurchase
of the Receivables, (ii) to pay any fees, expenses and other amounts owing to the Administrator, or (iii) to pay any indemnities
owed by the Servicer to another party under the Basic Documents (other than those resulting from the actions or inactions of the
Indenture Trustee as successor Servicer).

 

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

 

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

 

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

 

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

 

ARTICLE IX

TERMINATION

 

Section 9.01       
Optional Purchase of All Receivables.

 

(a)  
On the Payment Date immediately following (and on each Payment Date thereafter) the last day of any Collection Period as
of which the then outstanding aggregate Principal Balance of the Receivables is 10% or less of the Aggregate Starting Principal
Balance, the Servicer shall have the option to purchase the Owner Trust Estate, other than the Trust Accounts. To exercise such
option, the Servicer shall deposit pursuant to Section 5.05 in the Collection Account an amount equal to the aggregate Purchase
Amount for the Receivables (including Defaulted Receivables), and shall succeed to all interests in and to the Trust. Notwithstanding
the foregoing, the Servicer shall not be permitted to exercise such option unless the amount to be deposited in the Collection
Account pursuant to the preceding sentence is greater than or equal to the sum of the Outstanding Amount of the Notes, all accrued
but unpaid interest (including any overdue interest and premium) thereon and all amounts owing by the Issuing Entity to the Asset
Representations Reviewer.

 

    40

     

    

 

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

 

(c)  
Following the satisfaction and discharge of the Indenture and the payment in full of the principal of and interest on the
Notes, the Certificateholders will succeed to the rights of the Noteholders hereunder other than Section 5.07(b) and the
Owner Trustee will succeed to the rights of, but not the obligations of, the Indenture Trustee pursuant to this Agreement.

 

ARTICLE X

MISCELLANEOUS

 

Section 10.01   
Amendment.

 

(a)  
This Agreement may be amended by the Depositor, the Servicer and the Issuing Entity, with the consent of the Indenture Trustee,
but without the consent of any of the Noteholders or the Certificateholders, to cure any ambiguity or to correct or supplement
any provisions in this Agreement (including to further prevent or help avoid the application to the Notes or Certificates of the
Treasury Regulations (or other interpretive guidance) issued under Section 385 of the Code) or for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of
the Noteholders or the Certificateholders; provided that such amendments require: (i) satisfaction of the Rating Agency
Condition or (ii) an Officer’s Certificate of the Servicer delivered to the Issuing Entity, the Owner Trustee and the Indenture
Trustee stating that the amendment will not materially and adversely affect the interest of any Noteholder or Certificateholder.

 

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

 

    41

     

    

 

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

 

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

 

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

 

Section 10.02   
Protection of Title to Trust.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(B) on
or before March 31, in each calendar year, beginning in 2020, an Opinion of Counsel, dated as of a date during such
90-day period, stating that, in the opinion of such counsel, either (1) all financing statements and continuation statements
have been filed that are necessary fully to preserve and protect the interest of the Trust and the Indenture Trustee in the
Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are
given, or (2) no such action shall be necessary to preserve and protect such interest other than any action necessary (as of
the date of such opinion) to be taken in the following year to preserve and protect such interest.

 

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

 

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

 

(j)    
The Servicer shall deliver to the Owner Trustee and the Indenture Trustee, prior to any change in the location of the Receivable
Files, an Opinion of Counsel stating that, in the opinion of such counsel, either (i) all financing statements and continuation
statements have been filed that are necessary fully to preserve and protect the interest of the Trust and the Indenture Trustee
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, deliveries, notices, communications and instructions upon or to the Depositor, the Servicer,
the Owner Trustee, the Indenture Trustee or the Rating Agencies under this Agreement shall be by facsimile, in writing, personally
delivered or mailed by certified mail, return receipt requested, and shall be deemed to have been duly given upon receipt or by
electronic mail (if designated by such party to the other parties) (a) in the case of the Depositor, to World Omni Auto Receivables
LLC, 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: (954) 429-2685, Attention: Treasurer, (b) in the case of
the Servicer, World Omni Financial Corp., 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: (954) 429-2685, Attention:
Treasurer, (c) in the case of the Issuing Entity or the Owner Trustee, at its Corporate Trust Office, Telecopy: (866) 807-8670,
Email: christopher.nuxoll@usbank.com, (d) in the case of the Indenture Trustee, at its Corporate Trust Office, Telecopy: (646)
452-2001, Email: CTNY1@unionbank.com, and (e) in the case of the Rating Agencies, to the Depositor who promptly shall post such
notice to the website maintained by the Depositor for notifications to nationally recognized statistical rating organizations;
or, as to each of the foregoing, at such other address or electronic mail address as shall be designated by written notice to the
other parties; provided, that, so long as World Omni is the Servicer, the Servicer’s obligation to deliver
or provide any demand, delivery, notice, communication or instruction (including the Servicer’s Certificate) to any Person
other than a Noteholder shall be satisfied by the Servicer making such demand, delivery, notice, communication or instruction available
at https://via.intralinks.com/, or such other website or distribution service or provider as the Servicer shall designate by written
notice to the other parties.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 10.11   
Nonpetition Covenants.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 10.14   
Notices to the Rating Agencies . If World Omni is no longer the Servicer, the successor Servicer shall provide any
required Rating Agency notices under this Agreement to the Depositor, who promptly shall provide such notices to the Rating Agencies.

 

    47

     

    

 

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

 

	 	WORLD
    OMNI AUTO RECEIVABLES

    TRUST 2019-C

 

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

 

	 	By:	 /s/
    Christopher J. Nuxoll
	 	Name:
 Christopher J. Nuxoll    

    Title: Vice President

 

	 	WORLD
    OMNI AUTO RECEIVABLES LLC,

    as Depositor

 

	 	By:	 /s/
    Ronald J. Virtue
	 	Name:
    Ronald J. Virtue
     Title: Assistant Treasurer

 

	 	WORLD OMNI FINANCIAL CORP.,
    as Servicer, and, with respect to Sections 3.01 and 3.02, individually

 

	 	By:	 /s/
    Ronald J. Virtue
	 	Name:
    Ronald J. Virtue
     Title: Assistant Treasurer

 

    

     

    

 

	Acknowledged and agreed to as of the day
 and year first above written:
	 
	MUFG UNION BANK, N.A.,
 not in its individual capacity but solely as
 Indenture Trustee
	 
	By:	/s/ Rafael E. Miranda	 	 
	Name:	 Rafael E. Miranda	 	 
	Title:	Vice President	 	 

 

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SCHEDULE A

 

Schedule of Receivables

 

Documents on file at:

 

Kirkland & Ellis LLP

300 North LaSalle Street

Chicago, Illinois 60654

 

    Sch. A

     

    

 

SCHEDULE B

Location of Receivable Files

 

World Omni Financial Corp.

6150 Omni Park Drive

Mobile, Alabama 36609

 

RecordMax LLC

2051 West I-65 Service Rd. N.

Mobile, AL 36618

 

HP Enterprise Services LLC

5400 Legacy Dr

Plano, TX 75024

 

RouteOne LLC

31500 Northwestern Hwy Ste 200

Farmington Hills, MI 48334

 

    Sch. B

     

    

 

EXHIBIT A

Form of Distribution Statement to Noteholders 

 

World Omni Financial Corp.

 

World Omni Auto Receivables Trust 2019-C Payment Date Statement
to Noteholders

Total Available Funds

 

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

Outstanding Amount

Class A-1 Notes

Class A-2a Notes

Class A-2b Notes

Class A-3 Notes

Class A-4 Notes

Class B Notes

Class C Notes

Note Pool Factor

Class A-1 Notes

Class A-2a Notes

Class A-2b Notes

Class A-3 Notes

Class A-4 Notes

Class B Notes

Class C Notes

Servicing Fee 

Servicing Fee Per $1,000 Note

Reserve Account Balance

 

    Ex. A

     

    

 

 

EXHIBIT B

 

Form of Servicer’s Certificate

 

World Omni Financial Corp.

World Omni Auto Receivables Trust 2019-C Monthly Servicer’s Certificate

 

	World Omni Auto Receivables Trust 2019-C	 	 	 
	Monthly Servicer Certificate	 	 	 
	mm/dd/yyyy	 	 	 

 

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

 

    Ex. B-1

     

    

 

	Total 31+ Delinquent as % Ending Pool Balance	 	 	 	 
	Total 61+ Delinquent as % Ending Pool Balance	 	 	 	 
	Delinquency Trigger Occurred	 	 	 	[Yes/No]
	 	 	 	 	 
	Recoveries	 	 	 	 
	 	 	 	 	 
	Aggregate Net Losses/(Gains) - mm/yyyy	 	 	 	 
	Ratio of Net Loss to the Receivables Balance 
as of beginning of Collection period (Annualized)	 	 	 	 
	Current Net Loss Ratio	 	 	 	 
	Prior Period Net Loss Ratio	 	 	 	 
	Second Prior Period Net Loss Ratio	 	 	 	 
	Third Prior Period Net Loss Ratio	 	 	 	 
	Four Month Average	 	 	 	 
	 	 	 	 	 
	Cumulative Net Loss as a % of Aggregate Starting Principal Balance	 	 	 	 
	 	 	 	 	 
	Overcollateralization Target Amount	 	 	 	 
	Actual Overcollateralization	 	 	 	 
	Weighted Average APR	 	 	 	 
	Weighted Average APR, Yield Adjusted	 	 	 	 
	Weighted Average Remaining Term	 	 	 	 
	 	 	 	 	 
	Flow of Funds	 	$ Amount	 	 
	 	 	 	 	 
	Collections	 	 	 	 
	Investment Earnings on Cash Accounts	 	 	 	 
	Servicing Fee	 	 	 	 
	Transfer to Collection Account	 	 	 	 
	Available Funds	 	 	 	 
	 	 	 	 	 
	Distributions of Available Funds	 	 	 	 
	(1)  Asset Representation Reviewer Amounts (up to $150,000 per calendar year)	 	 	 	 
	(2)  Class A Interest	 	 	 	 
	(3)  Noteholders’ First Priority Principal Distributable Amount	 	 	 	 
	(4)  Class B Interest	 	 	 	 
	(5)  Noteholders’ Second Priority Principal Distributable Amount	 	 	 	 

 

    Ex. B-2

     

    

 

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

 

    Ex. B-3

     

    

 

	Class A-4	 	 	 	 
	Note Balance @ mm/dd/yy	 	 	 	 
	Principal Paid	 	 	 	 
	Note Balance @ mm/dd/yy	 	 	 	 
	Note Factor @ mm/dd/yy	 	 	 	 

 

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

 

    Ex. B-4

     

    

 

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

 

    Ex. B-5

     

    

 

	 	 	Total	 	 
	A-1 Interest Distribution Amount	 	 	 	 
	A-1 Interest Carryover Shortfall	 	 	 	 
	A-1 Principal Distribution Amount	 	 	 	 
	Total A-1 Distribution Amount	 	 	 	 
	 	 	 	 	 
	A-2a Interest Distribution Amount	 	 	 	 
	A-2a Interest Carryover Shortfall	 	 	 	 
	A-2a Principal Distribution Amount	 	 	 	 
	Total A-2a Distribution Amount

                                                                           
	 	 	 	 
	 	 	 	 	 
	A-2b Interest Distribution Amount	 	 	 	 
	A-2b Interest Carryover Shortfall	 	 	 	 
	A-2b Principal Distribution Amount	 	 	 	 
	Total A-2b Distribution Amount 	 	 	 	 
	 	 	 	 	 
	A-3 Interest Distribution Amount	 	 	 	 
	A-3 Interest Carryover Shortfall	 	 	 	 
	A-3 Principal Distribution Amount	 	 	 	 
	Total A-3 Distribution Amount	 	 	 	 
	 	 	 	 	 
	A-4 Interest Distribution Amount	 	 	 	 
	A-4 Interest Carryover Shortfall	 	 	 	 
	A-4 Principal Distribution Amount	 	 	 	 
	Total A-4 Distribution Amount	 	 	 	 
	 	 	 	 	 
	B Interest Distribution Amount	 	 	 	 
	B Interest Carryover Shortfall	 	 	 	 
	B Principal Distribution Amount	 	 	 	 
	Total B Distribution Amount	 	 	 	 
	 	 	 	 	 
	C Interest Distribution Amount	 	 	 	 
	C Interest Carryover Shortfall	 	 	 	 
	C Principal Distribution Amount	 	 	 	 
	Total C Distribution Amount	 	 	 	 
	 	 	 	 	 
	Noteholders’ First Priority Principal Distributable Amount	 	 	 	 
	Noteholders’ Second Priority Principal Distributable Amount 	 	 	 	 
	Noteholders’ Third Priority Principal Distributable Amount	 	 	 	 
	Noteholders’ Principal Distributable Amount	 	 	 	 
	 	 	 	 	 

 

    Ex. B-6

     

    

 

	Account Balances	 	$ Amount	 	 
	 	 	 	 	 
	Reserve Account	 	 	 	 
	Balance as of mm/dd/yy	 	 	 	 
	Investment Earnings	 	 	 	 
	Investment Earnings paid	 	 	 	 
	Deposit (Withdrawal)	 	 	 	 
	Balance as of mm/dd/yy	 	 	 	 
	Change	 	 	 	 
	Required Reserve Amount	 	 	 	 

 

    Ex. B-7

     

    

 

 

EXHIBIT
C

Form of SSA Assignment

 

As of November 14,
2019, for value received, in accordance with the Sale and Servicing Agreement, dated as of the date hereof (the “Sale
and Servicing Agreement”), among World Omni Auto Receivables LLC, a Delaware limited liability company (the “Depositor”),
World Omni Auto Receivables Trust 2019-C (the “Issuing Entity”) and World Omni Financial Corp., a Florida corporation,
(the “Servicer”), as acknowledged and accepted by MUFG Union Bank, N.A., as Indenture Trustee, the Depositor
does hereby sell, assign, transfer and otherwise convey unto the Issuing Entity, without recourse, all right, title and
interest of the Depositor in, to and under (a) the Receivables identified on the Schedule of Receivables attached hereto having
an aggregate Starting Principal Balance of $1,125,526,442.29 and all monies received thereon and in respect thereof after the Cutoff
Date; (b) the security interests in, and the liens on, the Financed Vehicles granted by Obligors in connection with the Receivables
and any other interest of the Depositor in such Financed Vehicles; (c) any proceeds with respect to the Receivables from claims
on any physical damage, credit life or disability insurance policies covering such Financed Vehicles or Obligors; (d) any Financed
Vehicle that shall have secured an Receivable and shall have been acquired by or on behalf of the Depositor, the Servicer or the
Trust; (e) all funds on deposit in, and “financial assets” (as such term is defined in the Uniform Commercial Code
as from time to time in effect) credited to, the Trust Accounts, including the Reserve Account, from time to time, including the
Reserve Account Initial Deposit, and in all investments and proceeds thereof (including all income thereon); (f) the Receivables
Purchase Agreement; (g) all “accounts,” “chattel paper,” “general intangibles” and “promissory
notes” (as such terms are defined in the Uniform Commercial Code as from time to time in effect) constituting or relating
to the foregoing; and (h) the proceeds of any and all of the foregoing; provided, however, that the foregoing
items (a) through (h) shall not include the Notes and Certificates.

 

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

 

This SSA Assignment
is made pursuant to and upon the representations, warranties and agreements on the part of the undersigned contained in the Sale
and Servicing Agreement and is to be governed by the Sale and Servicing Agreement.

 

Capitalized terms used
herein and not otherwise defined shall have the meaning assigned to them in the Sale and Servicing Agreement.

 

* * * * *

 

    Ex. C-1

     

    

 

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

 

	 	WORLD
    OMNI AUTO RECEIVABLES LLC
	 	 
	 	By:
      	 
                   
	 	Name:  	 
	 	Title:	 

 

    Ex. C-2

     

    

 

APPENDIX A

 

PART I - DEFINITIONS

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Applicable
Law” shall have the meaning assigned to such term in Section 6.02(m) of the Indenture.

 

    App. A-1

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    App. A-2

     

    

 

“Benchmark”
means (a) initially, One-Month LIBOR and (b) if a Benchmark Transition Event and its related Benchmark Replacement Date
have occurred with respect to One-Month LIBOR or the then-current Benchmark, the applicable Benchmark Replacement.

 

 “Benchmark
Determination Date” means (a) if the Benchmark is One-Month LIBOR, the LIBOR Determination Date, (b) if the Benchmark
is Term SOFR, the date that is two Business Days before the first day of the applicable Interest Period, (c) if the Benchmark
is Compounded SOFR, the date that is five Business Days before the last day of the applicable Interest Period and (d) if the
Benchmark is any other rate, the date determined by the Issuing Entity in accordance with the Indenture.

 

 “Benchmark
Replacement” means the first alternative set forth in the order below that can be determined by the Issuing Entity as
of the Benchmark Replacement Date:

 

(a)  
the sum of (i) Term SOFR and (ii) the Benchmark Replacement Adjustment;

 

(b)  
the sum of (i) Compounded SOFR and (ii) the Benchmark Replacement Adjustment;

 

(c)  
the sum of (i) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as
the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (ii) the Benchmark
Replacement Adjustment; or

 

(d)  
the sum of (i) the alternate rate of interest that has been selected by the Issuing Entity in its reasonable discretion
as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (ii) the Benchmark Replacement
Adjustment.

 

“Benchmark
Replacement Adjustment” means the first alternative set forth in the order below that can be determined by the Issuing
Entity as of the Benchmark Replacement Date:

 

(a)  
the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative
value or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark
Replacement; or

 

(b)  
the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Issuing Entity in
its reasonable discretion for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement.

 

 “Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational
changes (including changes to the definitions of “Benchmark Determination Date,” “Interest Accrual Period,”
and “Reference Time,” the timing and frequency of determining rates, the process of making payments of interest and
other administrative matters) that the Issuing Entity decides may be appropriate to reflect the adoption of such Benchmark Replacement
in a manner substantially consistent with market practice (or, if the Issuing Entity decides that adoption of any portion of such
market practice is not administratively feasible or if the Issuing Entity determines that no market practice for use of the Benchmark
Replacement exists, in such other manner as the Issuing Entity determines is reasonably necessary).

 

    App. A-3

     

    

 

 “Benchmark
Replacement Date” means:

 

(a)  
in the case of clause (a) or (b) of the definition of “Benchmark Transition Event,” the later of (i) the
date of the public statement or publication of information referenced therein and (ii) the date on which the administrator
of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or

 

(b)  
 in the case of clause (c) of the definition of “Benchmark Transition Event,” the date of the public
statement or publication of information referenced therein.

 

For the avoidance of
doubt, if the event giving rise to the Benchmark Replacement Date occurs on a Benchmark Determination Date, but earlier than the
Reference Time for that Benchmark Determination Date, the Benchmark Replacement Date will be deemed to have occurred prior to the
Reference Time for such determination.

 

“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:

 

(a)   a
public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such
administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely; provided, that, at the
time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark;

 

(b)  
a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the
central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark,
a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency
or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased
or will cease to provide the Benchmark permanently or indefinitely; provided, that, at the time of such statement or publication,
there is no successor administrator that will continue to provide the Benchmark; or

 

(c)  
a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing
that the Benchmark is no longer representative of the underlying market or economic reality or may no longer be used.

 

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

 

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

 

    App. A-4

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		·	the related Interest Rate; and

 

		·	30 (or, in the case of the initial Payment Date, 31) divided by 360.

 

    App. A-5

     

    

 

Interest with respect
to the Class A-1 Notes and the Class A-2b Notes shall be computed on the basis of the actual number of days in the related Interest
Accrual Period and a 360-day year. The interest due on the Class A-1 Notes and the Class A-2b Notes on each Payment Date will be
the product of:

 

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

 

		·	the related Interest Rate; and

 

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

 

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

 

“Class A-1
Final Scheduled Payment Date” means the November 16, 2020 Payment Date.

 

“Class A-1
Interest Rate” means 1.90481% per annum computed on the basis of the actual number of days elapsed and on a 360 day year.

 

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

 

“Class A-1
Notes” means the Class A-1 1.90481% Asset-Backed Notes, substantially in the form of Exhibit A-1 to
the Indenture.

 

“Class A-2
Final Scheduled Payment Date” means the February 15, 2023 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-2
Notes” means the Class A-2a Notes and the Class A-2b Notes.

 

“Class A-2a
Interest Rate” means 1.96% per annum computed on the basis of a 360 day year of twelve 30 day months.

 

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

 

“Class A-2a
Notes” means the Class A-2a 1.96% Asset-Backed Notes, substantially in the form of Exhibit A-2a to the Indenture.

 

“Class A-2b
Interest Rate” means with respect to any Payment Date, One-Month LIBOR for the related Payment Date plus 0.23% per annum
(computed on the basis of the actual number of days elapsed and on a 360 day year); provided, that for any Interest Accrual Period
for which the sum of One-Month LIBOR plus 0.23% is less than 0.00%, the Class A-2b Interest Rate shall be deemed to be 0.00%. Upon
the occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date, the Class A-2b Interest Rate shall be
as determined by the Issuing Entity in accordance with the terms of the Indenture.

 

    App. A-6

     

    

 

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

 

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

 

“Class A-3
Final Scheduled Payment Date” means the December 16, 2024 Payment Date.

 

“Class A-3
Interest Rate” means 1.96% per annum computed on the basis of a 360 day year of twelve 30 day months.

 

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

 

“Class A-3
Notes” means the Class A-3 1.96% Asset-Backed Notes, substantially in the form of Exhibit A-3 to the
Indenture.

 

“Class A-4
Final Scheduled Payment Date” means the December 15, 2025 Payment Date.

 

“Class A-4
Interest Rate” means 2.03% per annum computed on the basis of a 360 day year of twelve 30 day months.

 

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

 

“Class A-4
Notes” means the Class A-4 2.03% Asset-Backed Notes, substantially in the form of Exhibit A-4 to the
Indenture.

 

“Class B Final
Scheduled Payment Date” means the December 15, 2025 Payment Date.

 

“Class B Interest
Rate” means 2.20% per annum computed on the basis of a 360 day year of twelve 30 day months.

 

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

 

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

 

    App. A-7

     

    

 

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

 

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

 

		·	the Outstanding Principal Balance of the Class B Notes;

 

		·	the Class B Interest Rate; and

 

		·	30 (or, in the case of the initial Payment Date, 31) divided by 360.

 

“Class B Notes”
means the Class B 2.20% Asset-Backed Notes substantially in the form of Exhibit B to the Indenture.

 

“Class C Final
Scheduled Payment Date” means the June 15, 2026 Payment Date.

 

“Class C Interest
Rate” means 2.40% per annum computed on the basis of a 360 day year of twelve 30 day months.

 

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

 

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

 

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

 

    App. A-8

     

    

 

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

 

		·	the Outstanding Principal Balance of the Class C Notes;

 

		·	the Class C Interest Rate; and

 

		·	30 (or, in the case of the initial Payment Date, 31) divided by 360.

 

“Class C Notes”
means the Class C 2.40% Asset-Backed Notes substantially in the form of Exhibit C to the Indenture.

 

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

 

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

 

“Closing Date”
shall mean November 14, 2019.

 

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

 

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

 

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

 

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

 

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

 

    App. A-9

     

    

 

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

 

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

 

“Compounded
SOFR” means, for any Interest Period, the compounded average, in arrears, of the SOFRs for each day of such Interest
Period, as determined on the Benchmark Determination Date for such Interest Period, with the rate, or methodology for this rate,
and conventions for this rate (which will include a five Business Day suspension period as a mechanism to determine the interest
amount payable prior to the end of each Interest Period, such that the SOFR on the Benchmark Determination Date will apply for
each day in the Interest Period following the Benchmark Determination Date) being established by the Issuing Entity in accordance
with:

 

(a)  
the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental
Body for determining Compounded SOFR; or

 

(b)  
if, and to the extent that, the Issuing Entity determines that Compounded SOFR cannot be determined in accordance with clause
(i) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected by the Issuing
Entity in its reasonable discretion.

 

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

 

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

 

“Corporate
Trust Office” means:

 

(a)    with
respect to the Indenture Trustee, 1251 Avenue of the Americas, 19th Floor, New York, New York 10020, or at such other address or
electronic mail address as the Indenture Trustee may designate from time to time by notice to the Noteholders and the Issuing Entity,
or the principal corporate trust office of any successor Indenture Trustee at the address or electronic mail address designated
by such successor Indenture Trustee by notice to the Noteholders and the Issuing Entity; and

 

(b)   with
respect to the Owner Trustee, the corporate trust office of the Owner Trustee located at U.S. Bank Trust National Association,
300 Delaware Avenue, 9th Floor, Wilmington, Delaware 19801, Attn: World Omni Auto Receivables Trust 2019-C, with a copy to U.S.
Bank Trust National Association, Mail Code MK-IL-SL7R, 190 S. LaSalle Street, 7th Floor, Chicago, Illinois 60603, Attention: Global
Corp. Trust and Custody - World Omni Auto Receivables Trust 2019-C, Telecopy: (866) 807-8670, or at such other address or electronic
mail address as the Owner Trustee may designate by notice to the Certificateholders and the Depositor, or the principal corporate
trust office of any successor Owner Trustee at the address or electronic mail address designated by such successor Owner Trustee
by notice to the Certificateholders and the Depositor.

 

    App. A-10

     

    

 

“Corresponding
Tenor” means, with respect to a Benchmark Replacement, a tenor (including overnight) having approximately the same length
(disregarding business day adjustment) as the applicable tenor for the then-current Benchmark.

 

“Cutoff Date”
means the close of business on October 1, 2019.

 

“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.

 

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

 

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

 

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

 

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

 

“Delinquency
Trigger” means 4.70%.

 

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

 

    App. A-11

     

    

 

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

 

(a)   with
respect to bankers’ acceptances, commercial paper, negotiable certificates of deposit and other obligations that constitute
 “instruments” within the meaning of Section 9-102(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 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.

 

    App. A-12

     

    

 

“Depositor”
means World Omni Auto Receivables LLC in its capacity as Depositor under certain of the Basic Documents.

 

“Eligible
Deposit Account” means either (a) a segregated account with an Eligible Institution or (b) a segregated trust account
with the corporate trust department of a depository institution organized under the laws of the United States of America or any
one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers
and acting as trustee for funds deposited in such account, so long as any of the securities of such depository institution shall
have a credit rating of BBB or better by S&P Global Ratings and of each Rating Agency (if rated by Fitch) 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 A or better by Fitch, AA or better by S&P Global Ratings, or such other rating that is acceptable to each Rating
Agency or (B) a certificate of deposit rating of F1 by Fitch, A-1+ by S&P Global Ratings, or such other rating that is acceptable
to each Rating Agency and (ii) whose deposits are insured by the FDIC.

 

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

 

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

 

(b)              
money market deposit accounts, certificates of deposit, demand or time deposits, savings deposits, bankers acceptances,
or federal funds, in each case as defined in Regulation D of the Board of Governors of the Federal Reserve System and issued by
or sold by or offered by, any domestic office of any commercial bank or any depository institution or trust company (including
the Indenture Trustee or the Owner Trustee or their successors) incorporated or organized under the laws of the United States or
any State thereof which has a combined capital and surplus and undivided profits of not less than $250,000,000 and the deposits
of which are insured by the FDIC to the full extent legally permitted;

 

    App. A-13

     

    

 

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

 

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

 

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

 

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

 

    App. A-14

     

    

 

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

 

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

 

(i)                
funds classified as money market funds; provided, however, that the fund shall be rated with the highest
available credit rating of Fitch (if rated by Fitch or, if not rated by Fitch, an equivalent rating by a nationally recognized
statistical rating organization other than S&P and Fitch) and S&P Global Ratings, and redemptions shall be permitted on
a daily or next business day basis;

 

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

 

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

 

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

 

Notwithstanding anything
to the contrary contained in the foregoing definition:

 

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

 

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

 

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

 

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

 

    App. A-15

     

    

 

(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 S&P Global Ratings shall be Eligible Investments, so long as the aggregate
amount of such investments does not exceed 10% of the Outstanding Amount of the Notes.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    App. A-16

     

    

 

“FDIC”
means the Federal Deposit Insurance Corporation.

 

“Final Prospectus”
shall mean the prospectus dated November 5, 2019, relating
to the Notes.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Indenture
Trustee” means MUFG Union Bank, N.A., not in its individual capacity but solely as Indenture Trustee under the Indenture,
or any successor Indenture Trustee under the Indenture.

 

    App. A-17

     

    

 

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

 

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

 

“Initial Aggregate
Starting Principal Balance” means $1,125,526,442.29.

 

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

 

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

 

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

 

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

 

    App. A-18

     

    

 

 

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

 

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

 

“Issuing Entity”
means World Omni Auto Receivables Trust 2019-C until a successor replaces it and, thereafter, means the successor and, for purposes
of any provision contained in the Indenture and required by the TIA, each other obligor on the Notes.

 

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

 

“LIBOR Determination
Date” means for any Payment Date, the date that is two London Business Days prior to the Payment Date immediately preceding
such Payment Date or, in the case of the initial Payment Date, two London Business Days prior to the Closing Date.

 

“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.

 

“London Business
Day” means any day on which dealing in deposits in U.S. Dollars are transacted in the London bank market.

 

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

 

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

 

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

 

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

 

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

 

    App. A-19

     

    

 

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

 

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

 

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

 

“Noteholders”
shall mean the holders of the Notes.

 

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

 

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

 

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

 

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

 

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

 

    App. A-20

     

    

 

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

 

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

 

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

 

“One-Month
LIBOR” means, for any Payment Date, the rate per annum of deposits in U.S. dollars having a one-month maturity that appears
on Bloomberg Screen US0001M Index Page at approximately 11:00 a.m., London time, two London Business Days prior to the Payment
Date immediately preceding such Payment Date (or, in the case of the initial Payment Date, for the period from and including the
Closing Date to but excluding the initial Payment Date, two London Business Days prior to the closing date) (each, a “LIBOR
Determination Date”). Notwithstanding the foregoing, in the event that no rate for one-month U.S. dollar deposits appears
on Bloomberg Screen US0001M Index Page (or the successor page or screen as may replace that page or screen or that service) on
the applicable LIBOR Determination Date, then One-Month LIBOR shall be the arithmetic mean (rounded upwards to the nearest one-sixteenth
of 1%) of the rates at which one-month U.S. dollar deposits are offered to prime banks in the London interbank market by four major
banks in that market selected by the Servicer as of the LIBOR Determination Date and time specified above, and in an amount that
is representative of a single transaction in such market at such time. If fewer than two quotations are provided by such banks,
then One-Month LIBOR shall be the arithmetic mean (rounded upwards as above) of the rates at which one-month loans in U.S. dollars
are offered to leading European banks by three major banks in New York City selected by the Servicer as of 11:00 a.m. New York
City time on the applicable LIBOR Determination Date, and in an amount that is representative of a single transaction in such market
at such time. If no such quotation can be obtained, One-Month LIBOR for such Payment Date will be One-Month LIBOR for the prior
Payment Date. For the avoidance of doubt, in no event shall the Indenture Trustee or the Owner Trustee be responsible for determining
LIBOR or any substitute for LIBOR.

 

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

 

    App. A-21

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    App. A-22

     

    

 

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

 

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

 

“Payment Date”
means, with respect to each Collection Period, the fifteenth day of the following month or, if such day is not a Business Day,
the immediately following Business Day. The initial Payment Date will be December 16, 2019.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    App. A-23

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    App. A-24

     

    

 

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

 

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

 

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

 

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

 

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

 

“Reference
Time” means, for an Interest Period, (a) if the Benchmark is One-Month LIBOR, 11:00 a.m. (London time) on the
Benchmark Determination Date, and (b) if the Benchmark is a rate other than One-Month LIBOR, the time on the Benchmark Determination
Date determined by the Issuing Entity in accordance with the terms of the Indenture.

 

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

 

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

 

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

 

“Relevant
Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially
endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York, or any successor thereto.

 

    App. A-25

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Required Rate”
means (i) with respect to the Cutoff Date and any Payment Date on or prior to the date on which the Outstanding Amount of the Class
A-2 Notes is paid in full, 6.00% per annum, and (ii) with respect to any Payment Date after the date on which the Outstanding Amount
of the Class A-2 Notes is paid in full, 5.75% per annum; or, in each case, such other percentage approved by the Rating Agencies.

 

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

 

“Required
Reserve Amount” means, with respect to any Payment Date, 0.25% of the difference of the Aggregate Starting Principal
Balance less the Yield Supplement Overcollateralization Amount as of the Cutoff Date
of all Receivables transferred to the Trust.

 

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

 

“Reserve
Account Initial Deposit” means cash or Eligible Investments having a value of $2,699,840.43.

 

    App. A-26

     

    

 

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

 

“Retained
Notes” means [RESERVED].

 

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

 

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

 

“Review Receivable”
has the meaning designated in Section 1.01 of the Asset Representations Review Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    App. A-27

     

    

 

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

 

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

 

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

 

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

 

“Servicing
Fee Rate” means 1.00% per annum.

 

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

 

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

 

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

 

“SOFR”
means, with respect to any day, the secured overnight financing rate published for such day by the Federal Reserve Bank of New
York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s website.

 

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

 

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

 

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

 

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

 

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

 

    App. A-28

     

    

 

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

 

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

 

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

 

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

 

“Term SOFR”
means the forward-looking term rate for the applicable Corresponding Tenor based on SOFR that has been selected or recommended
by the Relevant Governmental Body.

 

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

 

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

 

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

 

“Trust”
means World Omni Auto Receivables Trust 2019-C, a Delaware statutory trust.

 

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

 

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

 

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

 

    App. A-29

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Unadjusted
Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

 

“U.S. Person”
means:

 

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

 

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

 

    App. A-30

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

APPENDIX A

 

PART II - RULES OF CONSTRUCTION

 

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

 

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

 

    App. A-31

     

    

 

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

 

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

 

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

 

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

 

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

 

    App. A-32

     

    

 

APPENDIX
B

 

Additional Representations and Warranties

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    App. B

     

    

 

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

 

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

 

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

 

    App. B-2

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