Document:

Exhibit 10.1

 

COSMOS GROUP HOLDINGS INC.

 

DIRECTOR RETAINER AGREEMENT

 

THIS DIRECTOR RETAINER
AGREEMENT (“Agreement”) is entered into by and between Cosmos Group Holdings, Inc., a Nevada corporation (“Corporation”)
and Chio Meng LEUNG (“Director”) as of January 14, 2019.

 

WHEREAS, Director
has been duly appointed or elected as an independent director of the Corporation in accordance with the Corporation’s bylaws;
and

 

WHEREAS, the Corporation
wishes to compensate Director as consideration for his expected service as a director;

 

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

 

		1.	Services Provided.

 

Director agrees, subject to Director’s
continued status as an independent director as determined by the Board of Directors of the Corporation (“Board”) and
its stockholders (if applicable), to serve as a member of the Board and, subject to Director’s appointment thereto, the (1)
Audit Committee, (2) Compensation Committee and (3) Nominating/Governance Committee of the Board (each a “Committee”)
and to provide those services (“Services”) required of a director and Committee member under the Corporation’s
certificate of incorporation and bylaws (“Charter and Bylaws”), as both may be amended from time to time, and under
the corporate law of the State of Nevada, the federal securities laws and other state and federal laws and regulations, as applicable.

 

Director agrees to cooperate with
the Corporation and its attorneys, both during and after the termination of this Agreement, in connection with any litigation or
other proceeding arising out of or relating to matters of which Director was involved prior to the termination of this Agreement.
Director's cooperation shall include, without limitation, providing assistance to Corporation’s counsel, experts and consultants,
and providing truthful testimony in pretrial and trial or hearing proceedings. In the event that Director’s cooperation is
requested after the termination of this Agreement, Corporation will (a) seek to minimize interruptions to Director’s schedule
to the extent consistent with its interests in the matter; and (b) reimburse executive for all reasonable and appropriate out-of-pocket
expenses actually incurred by Director in connection with such cooperation upon reasonable substantiation of such expenses.

 

 

 

 

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Director agrees that Director
will not testify voluntarily in any lawsuit or other proceeding which directly or indirectly involves Corporation, or any affiliated
companies, or which may create the impression that such testimony is endorsed or approved by Corporation or its affiliated companies,
without advance notice (including the general nature of the testimony) to and, as such testimony is without subpoena or other compulsory
legal process the approval of, the Corporation’s general counsel.

 

		2.	Nature of Relationship.

 

Director is an independent contractor
and will not be deemed an employee of the Corporation for purposes of employee benefits, income tax withholding, F.I.C.A. taxes,
unemployment benefits or otherwise. Except as authorized by the Board of Directors or the Corporation’s Charter and Bylaws,
or as allowed by law, Director shall not hold himself out as an agent of the Corporation or enter into any agreement or incur any
obligations on the Corporation’s behalf. This Agreement shall not be deemed an employment contract between the Corporation
(or any of its subsidiaries or related companies) and Director. Director specifically acknowledges that the term of service provided
by this Agreement is set forth in Section 7 below.

 

		3.	Corporation Information.

 

The Corporation will supply to
Director, at the Corporation’s expense:

 

		a.	periodic briefings on the business and operations of the Corporation;

 

		b.	“director packages” (which will include but will not be limited to, for example, meeting
agendas and Corporation reports) for each Board and Committee meeting, at a reasonable time before each meeting;

 

		c.	Copies of minutes of all requested stockholders’, directors’ and Committee meetings;

 

		d.	Any other materials that are required under the Charter and Bylaws or the charter of any Committee
on which the Director serves; and

 

		e.	Any other materials which may, in the reasonable judgment of Corporation, be necessary for performing
the Services.

 

		4.	Representations, Warranties and Covenants of Director.

 

		4.1	Director agrees to provide complete and accurate information and to permit Corporation to perform
a full background investigation. Accordingly, Director represents and warrants that the information provided to the Corporation
regarding Director’s experience, background and expertise is truthful, accurate and complete.

 

 

 

 

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		4.2	Director represents and warrants that the performance of the Services will not violate any agreement
to which Director is a party, compromise any rights or trust between any other party and Director, or create a conflict of interest.

 

		4.3	Director agrees not to enter into any agreement during the term of this Agreement that will create
a conflict of interest with this Agreement.

 

		4.4	Director agrees to comply with all applicable state and federal laws and regulations, including
Section 10 and Section 16 of the Securities and Exchange Act of 1934 and the rules promulgated thereunder.

 

		5.	Compensation.

 

		5.1	Retainer. The Corporation shall pay Director a cash retainer of Twenty Four Thousand Dollars (US $24,000) per calendar year during Director’s period of Service (“Retainer”), payable in accordance with
                                                             the Corporation’s normal and customary practices.

 

		5.2	Expenses. The Corporation will reimburse Director for reasonable expenses incurred in the performance
of the Services promptly upon submission of invoices and receipts for such expenses in a form reasonably acceptable to the Corporation,
provided that such expenses are approved in writing in advance. Such approval by the Corporation shall not be unreasonably withheld
or delayed. Director’s expenses shall not be reimbursable hereunder if those expenses do not qualify for reimbursement under
the Charter and Bylaws.

 

		6.	Indemnification.

 

		6.1	The Corporation has previously executed, or shall execute concurrently with the execution of this
Agreement, an Indemnity Agreement with Director substantially in the form attached hereto as Exhibit A.

 

		7.	Term and Termination.

 

		7.1	This Agreement shall be effective beginning on the date hereof and continuing until the last day
of Director’s current term as an independent director of the Corporation, unless earlier terminated as provided in this Section.
This Agreement shall automatically renew upon the date of Director’s reelection as an independent director of the Corporation.

 

 

 

 

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		7.2	The term of service as a Director under this Agreement is as specified in the bylaws of the Corporation,
unless earlier terminated as provided in this Section.

 

		7.3	Director may at any time, and for any reason, resign from such position subject to any other contractual
obligation or any obligation imposed by operation of law.

 

		7.4	Director may be removed from the Board or any Committee, with or without cause.

 

		7.5	This Agreement shall automatically terminate upon the death or disability of Director or upon his
resignation or removal from the Board. For purposes of this Section, “disability” shall mean the inability of Director
to perform the Services for a period of at least fifteen (15) consecutive days.

 

		7.6	In the event of any termination of this Agreement, Director agrees to return any materials received
from the Corporation pursuant to Section 3 of this Agreement except as may be necessary to fulfill any outstanding obligations
hereunder. Director agrees that the Corporation has the right of injunctive relief to enforce this provision.

 

		7.7	Upon termination of this Agreement, the Corporation shall promptly pay Director all unpaid compensation
due, pursuant to Section 5 above, and expense reimbursements incurred, if any, as of the date of termination, upon receipt of reasonable
documentation.

 

		8.	Proprietary Information, Inventions and Non-Competition.

 

Director shall, concurrently with
the execution of this Agreement, enter into a Proprietary Information, Inventions and Non-Competition Agreement with the Corporation
substantially in the form attached hereto as Exhibit B.

 

		9.	Assignment.

 

This Agreement and all of the
provisions hereof shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted
assigns and, except as otherwise expressly provided herein, neither this Agreement, nor any of the rights, interests or obligations
hereunder shall be assigned by either of the parties hereto without the prior written consent of the other party.

 

 

 

 

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		10.	General.

 

		10.1	Governing Law and Venue. This Agreement and the legal relations among the parties shall
be governed by, and construed and enforced in accordance with, the laws of the State of Nevada, without regard to its conflict
of laws rules. The Corporation and Director hereby irrevocably and unconditionally (i) agree that any action or proceeding arising
out of or in connection with this Agreement shall be brought only in the State of Nevada (the “Nevada Court”), and
not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit
to the exclusive jurisdiction of the Nevada Court for purposes of any action or proceeding arising out of or in connection with
this Agreement, (iii) waive any objection to the laying of venue of any such action or proceeding in the Nevada Court and waive,
and agree not to plead or to make, any claim that any such action or proceeding brought in the Nevada Court has been brought in
an improper or inconvenient forum.

 

		10.2	Notices. All notices and other communications required or permitted hereunder will be in
writing and will be delivered by hand or sent by overnight courier or e-mail to:

 

	 	Corporation	 	Director:
	 	
        Cosmos Group Holdings Inc

        Rooms 1705-6, 17th Floor,

        Tai Yau Building,

        No. 181 Johnston Road,

        Wanchai, Hong Kong
	 	
        Chio Meng LEUNG

        

Block 3, Shuiyuntian 6th Street

Daze Country Garden

Jiangmen City, 2005

China

	 	
        Attn: Chief Executive Officer

        Fax: 

        e-mail: 
	 	Fax:

e-mail: 

 

		10.3	Severability. In the event that any provision of this Agreement is held to be unenforceable
under applicable law, this Agreement will continue in full force and effect without such provision and will be enforceable in accordance
with its terms.

 

		10.4	Survival of Obligations. Notwithstanding the expiration or termination of this Agreement,
neither party hereto shall be released hereunder from any liability or obligation to the other which has already accrued as of
the time of such expiration or termination (including, without limitation, Corporation’s obligation to make any fees and
expense payments) or which thereafter might accrue in respect of any act or omission of such party prior to such expiration or
termination.

 

		10.5	Entire Agreement. This Agreement, along with the Exhibits referenced herein that may be
previously or contemporaneously executed, embodies the entire agreement and understanding between the parties hereto with respect
to the subject matter of this Agreement and supersedes all prior or contemporaneous agreements and understanding other than this
Agreement relating to the subject matter hereof.

 

		10.6	Counterparts. This Agreement may be signed in any number of counterparts, each of which
will be deemed an original, but all of which together will constitute one instrument. The parties hereto agree to accept a facsimile
transmission copy of their respective actual signatures as evidence of their actual signatures to this Agreement and any modification
or amendment of this Agreement; provided, however, that each party who produces a facsimile signature agrees, by the express terms
hereof, to place, promptly after transmission of his or her signature by fax, a true and correct original copy of his or her signature
in overnight mail to the address of the other party.

 

[The remainder of this page has been
intentionally left blank. Signature page(s) to follow] 

 

 

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IN WITNESS WHEREOF, the undersigned have
executed this Director Retainer Agreement as of the date first written above.

 

COSMOS GROUP HOLDINGS INC.

 

 

By:______________________________________________

Printed Name:

Title: Chief Executive Officer

 

 

DIRECTOR

 

 

By:______________________________________________

 

 

 

 

 

 

 

 

 

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EXHIBIT A

 

INDEMNITY AGREEMENT

 

This Indemnity
Agreement (“Agreement”) is effective as of January 14, 2019, by and between Cosmos Group Holdings, Inc., a
Nevada corporation (the “Company”), and Chio Meng LEUNG (“Indemnitee”).

 

RECITALS

 

WHEREAS, the Articles
of Incorporation and Bylaws of the Company require indemnification of the officers and Board of Directors of the Company (the “Board”).
Indemnitee may also be entitled to indemnification pursuant to the Nevada Revised Statutes (“NRS”). The Articles
of Incorporation and Bylaws of the Company and the NRS expressly provide that the indemnification provisions set forth therein
are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the Board, officers
and other persons with respect to indemnification; and

 

WHEREAS, it is reasonable,
prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such
persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue
concern that they will not be so indemnified.

 

NOW, THEREFORE, in consideration
of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

Section 1. Services
to the Company. Indemnitee agrees to serve as an independent director of the Company. Indemnitee may at any time and for any
reason resign from such position (subject to any other contractual obligation or any obligation imposed by operation of law), in
which event the Company shall have no obligation under this Agreement to continue to allow Indemnitee to serve as an independent
director. This Agreement shall not be deemed an employment contract between the Company (or any of its subsidiaries or any Enterprise)
and Indemnitee. Indemnitee specifically acknowledges that Indemnitee may be removed as an independent director at any time for
any reason, with or without cause, in accordance with the Company’s Articles of Incorporation, its Bylaws, the NRS and any
agreement between Company and Indemnitee. The foregoing notwithstanding, this Agreement shall continue in force after Indemnitee
has ceased to serve as an independent director of the Company.

 

 

 

 

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Section 2. Definitions.
As used in this Agreement:

 

(a) A “Change
in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following
events:

 

(i) Acquisition
of Stock by Third Party. Any Person (as defined below) is or becomes the Beneficial Owner (as defined below), directly or indirectly,
of securities of the Company representing twenty percent (20%) or more of the combined voting power of the Company’s then
outstanding securities;

 

(ii) Change
in Board of Directors. During any period of two (2) consecutive years (not including any period prior to the execution of this
Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated
by a person who has entered into an agreement with the Company to effect a transaction described in Sections 2(a)(i), 2(a)(iii)
or 2(a)(iv)) whose election by the Board or nomination for election by the Company’s stockholders was approved by
a vote of at least a majority of the directors then still in office who either were directors at the beginning of the period or
whose election or nomination for election was previously so approved, cease for any reason to constitute a least a majority of
the members of the Board;

 

(iii) Corporate
Transactions. The effective date of a merger or consolidation of the Company with any other entity, other than a merger or
consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation
continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity)
more than 51% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such
merger or consolidation and with the power to elect at least a majority of the board of directors or other governing body of such
surviving entity;

 

(iv) Liquidation.
The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition
by the Company of all or substantially all of the Company’s assets; and

 

(v)  Other
Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule
14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as
defined below), whether or not the Company is then subject to such reporting requirement.

For purposes of this Section 2(a), the following
terms shall have the following meanings:

 

(A) “Exchange Act”
shall mean the Securities Exchange Act of 1934, as amended.

 

 

 

 

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(B) “Person”
shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that Person
shall exclude (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company
and (iii) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions
as their ownership of stock of the Company.

 

(C) “Beneficial
Owner” shall have the meaning given to such term in Rule 13d-3 under the Exchange Act; provided, however,
that Beneficial Owner shall exclude any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company
approving a merger of the Company with another entity.

 

(b) “Corporate
Status” describes the status of a person who is or was a director, trustee, general partner, managing member, officer,
employee, agent or fiduciary of the Company or of any other corporation, partnership or joint venture, trust, employee benefit
plan or other enterprise which such person is or was serving at the request of the Company.

 

(c) “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.

 

(d) “Enterprise”
shall mean the Company and any other corporation, partnership, limited liability company, joint venture, trust, employee benefit
plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, trustee, general partner,
managing member, officer, employee, agent or fiduciary.

 

(e) “Expenses”
shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel
expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements
or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating,
being or preparing to be a witness in, or otherwise participating in, a Proceeding. Expenses also shall include Expenses incurred
in connection with any appeal resulting from any Proceeding, including without limitation the premium, security for, and other
costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent. Expenses, however, shall not include
amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

(f) “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently
is, nor in the past five (5) years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either
such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar
indemnification agreements) or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding
the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional
conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine
Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel
referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out
of or relating to this Agreement or its engagement pursuant hereto.

 

 

 

 

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(g) “Proceeding”
shall include any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation,
inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Company
or otherwise and whether of a civil, criminal, administrative or investigative nature, including any appeal therefrom, in which
Indemnitee was, is or will be involved as a party, a potential party, a non-party witness or otherwise by reason of the fact that
Indemnitee is or was a director or officer of the Company, by reason of any action taken by him or of any action or inaction on
his part while acting as director or officer of the Company, or by reason of the fact that he is or was serving at the request
of the Company as a director, trustee, general partner, managing member, officer, employee or agent of another corporation, partnership,
joint venture, trust or fiduciary of the Company or any other enterprise, in each case whether or not serving in such capacity
at the time any liability or expense is incurred for which indemnification, reimbursement, or advancement of expenses can be provided
under this Agreement.

 

(h) Reference to “other
enterprise” shall include employee benefit plans; references to “fines” shall include any excise tax
assessed with respect to any employee benefit plan; references to “serving at the request of the Company” shall
include any service as a director, officer, employee or agent of the Company which imposes duties on, or involves services by,
such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person
who acted in good faith and in a manner he reasonably believed to be in the best interests of the participants and beneficiaries
of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the Company”
as referred to in this Agreement.

 

Section 3. Indemnity
in Third-Party Proceedings. The Company shall indemnify Indemnitee in accordance with the provisions of this Section 3 if Indemnitee
is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the
Company to procure a judgment in its favor. Pursuant to this Section 3, Indemnitee shall be indemnified against all Expenses, judgments,
fines and amounts paid in settlement actually and reasonably incurred by Indemnitee or on his behalf in connection with such Proceeding
or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he reasonably believed to be in or not
opposed to the best interests of the Company and, in the case of a criminal proceeding had no reasonable cause to believe that
his conduct was unlawful.

 

Section 4. Indemnity
in Proceedings by or in the Right of the Company. The Company shall indemnify Indemnitee in accordance with the provisions
of this Section 4 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right
of the Company to procure a judgment in its favor. Pursuant to this Section 4, Indemnitee shall be indemnified against all Expenses
actually and reasonably incurred by him or on his behalf in connection with such Proceeding or any claim, issue or matter therein,
if Indemnitee acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company.
No indemnification for Expenses shall be made under this Section 4 in respect of any claim, issue or matter as to which Indemnitee
shall have been finally adjudged by a court to be liable to the Company, unless and only to the extent that the Nevada Court of
Chancery or any court in which the Proceeding was brought shall determine upon application that, despite the adjudication of liability
but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification.

 

 

 

 

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Section 5. Indemnification
for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions of this Agreement, to the
extent that Indemnitee is a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or
in defense of any claim, issue or matter therein, in whole or in part, the Company shall indemnify Indemnitee against all Expenses
actually and reasonably incurred by him in connection therewith. If Indemnitee is not wholly successful in such Proceeding but
is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the
Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or on his behalf in connection
with each successfully resolved claim, issue or matter. If the Indemnitee is not wholly successful in such Proceeding, the Company
also shall indemnify Indemnitee against all Expenses actually and reasonably incurred in connection with a claim, issue or matter
related to any claim, issue, or matter on which the Indemnitee was successful. For purposes of this Section and without limitation,
the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to
be a successful result as to such claim, issue or matter.

 

Section 6. Indemnification
For Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason
of his Corporate Status, a witness in any Proceeding to which Indemnitee is not a party, he shall be indemnified against all Expenses
actually and reasonably incurred by him or on his behalf in connection therewith.

 

Section 7. Additional
Indemnification.

 

(a) Notwithstanding
any limitation in Sections 3, 4, or 5, the Company shall indemnify Indemnitee to the fullest extent permitted by law
if Indemnitee is a party to or threatened to be made a party to or a participant in any Proceeding (including a Proceeding by or
in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, fines and amounts paid in settlement
actually and reasonably incurred by Indemnitee in connection with the Proceeding.

 

(b) For purposes of Section
7(a), the meaning of the phrase “to the fullest extent permitted by law” shall include, but not be limited
to:

 

(i) to the fullest extent
permitted by the provision of the NRS that authorizes or contemplates additional indemnification by agreement, or the corresponding
provision of any amendment to or replacement of the NRS; and

 

(ii) to
the fullest extent authorized or permitted by any amendments to or replacements of the NRS adopted after the date of this Agreement
that increase the extent to which a corporation may indemnify its officers and directors.

 

 

 

 

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Section 8. Exclusions.
Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity
in connection with any claim made against Indemnitee:

 

(a)  for which
payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except with
respect to any excess beyond the amount paid under any insurance policy or other indemnity provision, except (i) to the extent
that amounts are thereafter “clawed back” or otherwise under dispute and (ii) as may be otherwise agreed upon by the
Company in writing;

 

(b)  for an
accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within
the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory law or
common law; or

 

(c)  in connection
with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding)
initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized
the Proceeding (or any part of the Proceeding) prior to its initiation (ii) the Company provides the indemnification, in its sole
discretion, pursuant to the powers vested in the Company under applicable law or (iii) such Proceeding is initiated by Indemnitee
to enforce his rights under this Agreement.

 

Section 9. Advances
of Expenses. Notwithstanding any provision of this Agreement to the contrary, the Company shall advance the expenses incurred
by Indemnitee in connection with any Proceeding within thirty (30) days after the receipt by the Company of a statement or statements
requesting such advances from time to time (which shall include invoices received by Indemnitee in connection with such Expenses
but, in the case of invoices in connection with legal services, any references to legal work performed or to expenditures made
that would cause Indemnitee to waive any privilege accorded by applicable law shall not be so included), whether prior to or after
final disposition of any Proceeding. Advances shall be unsecured and interest free. Advances shall be made without regard to Indemnitee’s
ability to repay the expenses and without regard to Indemnitee’s ultimate entitlement to indemnification under the other
provisions of this Agreement. Advances shall include any and all reasonable Expenses incurred pursuing an action to enforce this
right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances claimed. The
Indemnitee shall qualify for advances upon the execution and delivery to the Company of this Agreement which shall constitute an
undertaking providing that the Indemnitee undertakes to repay the advance to the extent that it is ultimately determined that Indemnitee
is not entitled to be indemnified by the Company. This Section 9 shall not apply to any claim made by Indemnitee for which indemnity
is excluded pursuant to Section 8.

 

 

 

 

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Section 10. Procedure
for Notification and Defense of Claim.

 

(a) To obtain indemnification
under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation
and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee
is entitled to indemnification, not later than thirty (30) days after receipt by Indemnitee of notice of the commencement of any
Proceeding. The failure by Indemnitee to notify the Company will not relieve the Company from any liability which it may have to
Indemnitee hereunder or under any other agreement (including, without limitation, the Company’s Certificate of Incorporation
and Bylaws), and any delay in so notifying the Company shall not constitute a waiver by Indemnitee of any rights hereunder, except
to the extent (solely with respect to the indemnity hereunder) that such failure or delay materially prejudices the Company. The
Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee
has requested indemnification.

 

(b) The Company will
be entitled to participate in the Proceeding at its own expense.

 

Section 11. Procedure Upon Application for
Indemnification.

 

(a) Upon written request
by Indemnitee for indemnification pursuant to the first sentence of Section 10(a), a determination, if required by
applicable law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case: (i) if a Change in Control
shall have occurred, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee
or (ii) if a Change in Control shall not have occurred, (A) by a majority vote of the Disinterested Directors, even though less
than a quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors,
even though less than a quorum of the Board, (C) if there are no such Disinterested Directors or, if such Disinterested Directors
so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee or (D) if
so directed by the Board, by the stockholders of the Company; and, if it is so determined that Indemnitee is entitled to indemnification,
payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall cooperate with the person,
persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing
to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise
protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs
or expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons
or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement
to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 

 

 

 

    	 	13	 

     

    

 

(b) In the event
the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 11(a) hereof,
the Independent Counsel shall be selected as provided in this Section 11(b). If a Change in Control shall not have
occurred, the Independent Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee advising
him of the identity of the Independent Counsel so selected. If a Change in Control shall have occurred, the Independent Counsel
shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board, in which event the preceding
sentence shall apply), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel
so selected. In either event, Indemnitee or the Company, as the case may be, may, within ten (10) days after such written notice
of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided,
however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements
of “Independent Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth
with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act
as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve
as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit.
If, within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section
10(a) hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may
petition a court of competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee
to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by
the Court or by such other person as the Court shall designate, and the person with respect to whom all objections are so resolved
or the person so appointed shall act as Independent Counsel under Section 11(a) hereof. Upon the due commencement
of any judicial proceeding or arbitration pursuant to Section 13(a) of this Agreement, Independent Counsel shall
be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional
conduct then prevailing).

 

Section 12. Presumptions
and Effect of Certain Proceedings.

 

(a) In making a determination
with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume
that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in
accordance with Section 10(a) of this Agreement, and the Company shall have the burden of proof to overcome that
presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither
the failure of the Company (including by its directors or independent legal counsel) to have made a determination prior to the
commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has
met the applicable standard of conduct, nor an actual determination by the Company (including by its directors or independent legal
counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption
that Indemnitee has or has not met the applicable standard of conduct.

 

 

 

 

    	 	14	 

     

    

 

(b) If the person, persons
or entity empowered or selected under Section 11 of this Agreement to determine whether Indemnitee is entitled
to indemnification shall not have made a determination within sixty (60) days after receipt by the Company of the request therefor,
the requisite determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled
to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary
to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification or (ii) a prohibition
of such indemnification under applicable law; provided, however, that such 60-day period may be extended for a reasonable
time, not to exceed an additional thirty (30) days, if the person, persons or entity making the determination with respect to entitlement
to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information
relating thereto; and provided, further, that the foregoing provisions of this Section 12(b) shall
not apply (i) if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section
11(a) of this Agreement and if (A) within fifteen (15) days after receipt by the Company of the request for such determination
the Board has resolved to submit such determination to the stockholders for their consideration at an annual meeting thereof to
be held within seventy-five (75) days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders
is called within fifteen (15) days after such receipt for the purpose of making such determination, such meeting is held for such
purpose within sixty (60) days after having been so called and such determination is made thereat or (ii) if the determination
of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 11(a) of this Agreement.

 

(c) The termination
of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo
contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner
which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding,
that Indemnitee had reasonable cause to believe that his conduct was unlawful.

 

(d) Reliance
as Safe Harbor. For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if
Indemnitee’s action is based on the records or books of account of the Enterprise, including financial statements, or on
information supplied to Indemnitee by the officers of the Enterprise in the course of their duties, or on the advice of legal counsel
for the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public accountant
or by an appraiser or other expert selected with reasonable care by the Enterprise. The provisions of this Section 12(d) shall
not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed to have met
the applicable standard of conduct set forth in this Agreement.

 

 

 

 

    	 	15	 

     

    

 

(e) Actions
of Others. The knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall
not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

 

Section 13. Remedies of Indemnitee.

 

(a) In the event that
(i) a determination is made pursuant to Section 11 of this Agreement that Indemnitee is not entitled to indemnification
under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 9 of this Agreement, (iii)
no determination of entitlement to indemnification shall have been made pursuant to Section 11(a) of this Agreement
within forty-five (45) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is
not made pursuant to Section 5 or 6 or the last sentence of Section 11(a) of this Agreement within
ten (10) days after receipt by the Company of a written request therefor, (v) payment of indemnification pursuant to Section
3, 4 or 7 of this Agreement is not made within ten (10) days after a determination has been made that Indemnitee is entitled
to indemnification or (vi) the Company or any other person or entity takes or threatens to take any action to declare this Agreement
void or unenforceable, or institutes any litigation or other action or proceeding designed to deny, or to recover from, Indemnitee
the benefits provided or intended to be provided to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by a
court, selected pursuant to Section 22, to such indemnification or advancement of Expenses. Alternatively, Indemnitee, at his option,
may seek an award in arbitration to be conducted by a single arbitrator through the Judicial Arbitration and Mediation Service
(“JAMS”). Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration within 180 days
following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 13(a);
provided, however, that the foregoing clause shall not apply in respect of a proceeding brought by Indemnitee to enforce his
rights under Section 5 of this Agreement. The Company shall not oppose Indemnitee’s right to seek any such
adjudication or award in arbitration.

  

(b) In
the event that a determination shall have been made pursuant to Section 11(a) of this Agreement that Indemnitee
is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 13 shall
be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason
of that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 13 the
Company shall have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case
may be.

 

(c) If a determination
shall have been made pursuant to Section 11(a) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section
13, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification or (ii) a prohibition of such indemnification
under applicable law.

 

 

 

 

 

    	 	16	 

     

    

 

(d) The Company
shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 13 that
the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court
or before any such arbitrator that the Company is bound by all the provisions of this Agreement. The Company shall indemnify Indemnitee
against any and all Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company of a written
request therefore) advance such Expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought
by Indemnitee for indemnification or advancement of Expenses from the Company under this Agreement or under any directors’
and officers’ liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined
to be entitled to such indemnification, advancement of Expenses or insurance recovery, as the case may be.

 

Section 14. Non-exclusivity; Survival of Rights;
Insurance; Subrogation.

 

(a) The rights of indemnification
and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which
Indemnitee may at any time be entitled under applicable law, the Company’s Certificate of Incorporation, the Company’s
Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. No amendment, alteration or repeal of
this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any
action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. To the extent
that a change in Nevada law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses
than would be afforded currently under the Company’s Certificate of Incorporation, Bylaws and this Agreement, it is the intent
of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or
remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative
and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment
of any other right or remedy.

 

(b) To the extent
that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or
agents of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise
which such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with
its or their terms to the maximum extent of the coverage available for any such director, officer, employee or agent under such
policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has director
and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers
in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable
action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance
with the terms of such policies.

 

 

 

 

    	 	17	 

     

    

 

(c) In the event
of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery
of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of
such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

(d) The Company
shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable (or for which advancement is provided
hereunder) hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy,
contract, agreement or otherwise except (i) to the extent that amounts are thereafter “clawed back” or otherwise under
dispute and (ii) as may be otherwise agreed upon by the Company in writing.

 

(e) The Company’s
obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company as a director,
officer, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise
shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of expenses from such other corporation,
partnership, joint venture, trust, employee benefit plan or other enterprise.

 

Section 15. Duration
of Agreement. This Agreement shall continue until and terminate upon the later of: (a) ten (10) years after the date that Indemnitee
shall have ceased to serve as a director or (b) one (1) year after the final termination of any Proceeding then pending in respect
of which Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and of any proceeding (including
any appeal) commenced by Indemnitee pursuant to Section 13 of this Agreement relating thereto. This Agreement shall be binding
upon the Company and its successors and assigns and shall inure to the benefit of Indemnitee and his heirs, executors and administrators.
The Company shall require and shall cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise)
to all or substantially all of the business or assets of the Company to, by written agreement, expressly assume and agree to perform
this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had
taken place.

 

Section 16. Severability.
If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever:
(a) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each
portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not
itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to
the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform
to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the
provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such
provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed
so as to give effect to the intent manifested thereby.

 

 

 

 

 

    	 	18	 

     

    

 

Section 17. Enforcement.

 

(a) The Company expressly
confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce
Indemnitee to serve as a director of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in
serving as a director of the Company.

 

(b) This Agreement constitutes
the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and
understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.

 

Section 18. Modification
and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the parties
thereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions
of this Agreement nor shall any waiver constitute a continuing waiver.

 

Section 19. Notice
by Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with any summons, citation, subpoena,
complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification
or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve the Company
of any obligation which it may have to the Indemnitee under this Agreement or otherwise.

 

Section 20. Notices.
All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been
duly given (a) if delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed,
or (b) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so
mailed:

 

(a)      If
to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide
to the Company.

 

(b)      If
to the Company to:

Rooms 1705-6, 17th Floor, Tai Yau Building,

No. 181 Johnston Road

Wanchai, Hong Kong

Attn: President

 

or to any other address as may have been furnished to Indemnitee
by the Company.

 

 

 

 

    	 	19	 

     

    

 

Section 21. Contribution.
To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to
Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred
by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses,
in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and
reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the
Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding and/or (ii) the relative
fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or
transaction(s).

 

Section 22. Applicable
Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and construed
and enforced in accordance with, the laws of the State of Nevada, without regard to its conflict of laws rules. Except with respect
to any arbitration commenced by Indemnitee pursuant to Section 13(a) of this Agreement, the Company and Indemnitee hereby irrevocably
and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought
only in the Superior Court of the State of Nevada (the “Nevada Court”), and not in any other state or federal
court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of
the Nevada Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) waive any
objection to the laying of venue of any such action or proceeding in the Nevada Court and (iv) waive, and agree not to plead or
to make, any claim that any such action or proceeding brought in the Nevada Court has been brought in an improper or inconvenient
forum.

 

Section 23. Coverage.
This Agreement shall apply with respect to Indemnitee’s service as a director of the Company prior to the date of this Agreement.

 

Section 24. Identical
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to
be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party
against whom enforceability is sought needs to be produced to evidence the existence of this Agreement. The parties hereto agree
to accept a facsimile transmission copy of their respective actual signatures as evidence of their actual signatures to this Agreement
and any modification or amendment of this Agreement; provided, however, that each party who produces a facsimile signature agrees,
by the express terms hereof, to place, promptly after transmission of his or her signature by fax, a true and correct original
copy of his or her signature in overnight mail to the address of the other party.

 

Section 25. Miscellaneous.
Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of the paragraphs
of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the
construction thereof.

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be signed as of the day and year first above written.

 

COSMOS GROUP HOLDINGS INC.

 

	By: ____________________	 	______________________
	 	 	Chio Meng Leung
	Name: 	 	 
	 	 	 
	Its: Chief Executive Officer	 	 

 

 

 

 

    	 	20	 

     

    

 

EXHIBIT B

 

PROPRIETARY INFORMATION, INVENTIONS AND
NON-COMPETITION AGREEMENT

 

This PROPRIETARY INFORMATION,
INVENTIONS and NON-COMPETITION AGREEMENT (the “Agreement”) is made and entered into as of January 14, 2019 (the “Effective
Date”), by and between Cosmos Group Holdings, Inc., a Nevada corporation (“Corporation”) and Chio Meng LEUNG
(“Director”).

 

RECITALS

 

WHEREAS, the parties
desire to assure the confidential status and proprietary nature of the information which may be disclosed by Corporation to the
Director; and

 

AGREEMENT

 

NOW THEREFORE, in reliance
upon and in consideration of the following undertaking, the parties agree as follows:

 

1. Nondisclosure.

 

1.1 Recognition
of Corporation’s Rights; Nondisclosure. At all times during the period of time Director serves as a member of the board
of directors of the Corporation (“Service Period”) and provides the necessary and requested services in such capacity
(“Services”), Director will hold in strictest confidence and will not disclose, use, lecture upon or publish any of
the Corporation’s Proprietary Information (defined below), except as such disclosure, use or publication may be required
in connection with Service to the Corporation, or unless the Corporation expressly authorizes such disclosure in writing. Director
will obtain Corporation’s written approval before publishing or submitting for publication any material (written, verbal,
or otherwise) that relates to Services and/or incorporates any Proprietary Information. Director hereby assigns to the Corporation
any rights Director may have or acquire in such Proprietary Information and recognizes that all Proprietary Information shall be
the sole property of the Corporation and its assigns.

 

1.2 Proprietary
Information. The term “Proprietary Information” shall mean any and all confidential and/or proprietary
knowledge, data or information of the Corporation, including that which Director may produce in service to the Corporation. By
way of illustration but not limitation, “Proprietary Information” includes (a) trade secrets, inventions,
mask works, ideas, processes, formulas, source and object codes, data, programs, other works of authorship, know-how, improvements,
discoveries, developments, designs and techniques (hereinafter collectively referred to as “Inventions”);
and (b) information regarding plans for research, development, new products, marketing and selling, business plans, budgets and
unpublished financial statements, pricing strategies, licenses, prices and costs, suppliers and customers; and (c) information
regarding the skills and compensation of other service providers of the Corporation.

 

 

 

 

    	 	21	 

     

    

 

1.3 Third
Party Information. Director understands, in addition, that the Corporation has received and in the future will receive from
third parties, including clients, customers, consultants, licensees or affiliates, confidential or proprietary information (“Third
Party Information”). Director understands that the Corporation has a duty to maintain the confidentiality of such Third
Party Information and to use it only for certain limited purposes. During the Service Period and thereafter, Director will hold
Third Party Information in the strictest confidence and will not disclose Third Party Information to anyone (other than Corporation
personnel who need to know such information in connection with their work for the Corporation) or use Third Party Information (except
in connection with the performance of Director’s Services for the Corporation), unless expressly authorized by the Corporation
in writing.

 

1.4 No
Improper Use of Information of Prior Employers and Others. During the Service Period, Director will not improperly use or disclose
any confidential information or trade secrets, if any, of any former or current employer or any other person to whom Director has
an obligation of confidentiality, and Director will not bring onto the Corporation premises any unpublished documents or any property
belonging to any former or current employer or any other person to whom Director has an obligation of confidentiality unless consented
to in writing by that former or current employer or person. In the performance of his duties, Director will only use information
which is generally known and used by persons with training and experience comparable to his own, which is common knowledge in the
industry or otherwise legally in the public domain, or which is otherwise provided or developed by the Corporation.

 

2.       Assignment
of Inventions.

 

2.1 Proprietary
Rights. The term “Proprietary Rights” shall mean all trade secrets, patent, copyright, mask work
and other intellectual property rights throughout the world.

 

2.2 Prior
Inventions. Inventions, if any, patented or unpatented, which Director made prior to the commencement of the Service Period
are excluded from the scope of this Agreement. To preclude any possible uncertainty, Director has set forth on Attachment
B (Previous Inventions) attached hereto a complete list of all Inventions that Director has or caused to be (alone or
jointly with others) conceived, developed or reduced to practice prior to the commencement of the Service Period, that Director
considers to be his property or the property of third parties and that Director wishes to have excluded from the scope of this
Agreement (collectively referred to as “Prior Inventions”). If such disclosure would cause Director to
violate any prior confidentiality agreement, Director shall not list such Prior Inventions in Attachment B but
only disclose a cursory name for each such Invention, a listing of the party(ies) to whom it belongs and the fact that full disclosure
as to such inventions has not been made for that reason. A space is provided on Attachment B for such purpose.
If no such disclosure is attached, Director represents that there are no Prior Inventions. If, during the Service Period, Director
incorporates a Prior Invention into a Corporation product, process or machine, the Corporation is hereby granted and shall have
a nonexclusive, royalty-free, irrevocable, perpetual, worldwide license (with rights to sublicense through multiple tiers of sublicensees)
to make, have made, modify, use and sell such Prior Invention. Notwithstanding the foregoing, Director agrees that he will not
incorporate, or permit to be incorporated, Prior Inventions in any Corporation Inventions without the Corporation’s prior
written consent.

 

 

 

 

    	 	22	 

     

    

 

2.3 Assignment
of Inventions. Subject to Sections 2.4 and 2.6, Director hereby assigns, and agrees to assign in the future when any such Inventions
or Proprietary Rights are first reduced to practice or first fixed in a tangible medium, as applicable, to the Corporation all
right, title and interest in and to any and all Inventions (and all Proprietary Rights with respect thereto) whether or not patentable
or registrable under copyright or similar statutes, made or conceived or reduced to practice or learned by Director, either alone
or jointly with others, during the Service Period. Inventions assigned to the Corporation, or to a third party as directed by the
Corporation pursuant to this Section 2, are hereinafter referred to as “Corporation Inventions.”

 

2.4 Non-assignable
Inventions. This Agreement does not apply to an Invention which the Director developed entirely on his or her own
time without using the Company’s equipment, supplies, facilities, or trade secret information except for those inventions
that either:

 

	 	·	Relate at the time of conception or reduction to practice of the invention to the Company’s business, or actual or demonstrably anticipated research or development of the Company; or

 

	 	·	Result from any Services performed by the Director for the Company.

 

2.5. Limited
Exclusion Notification. Director has reviewed the notification on Attachment A (Limited Exclusion Notification)
and agrees that his signature acknowledges receipt of the notification.

 

2.6 Obligation
to Keep Corporation Informed. During the Service Period, and for twelve (12) months after termination of the Service Period,
Director will fully disclose in writing to the Corporation all Inventions authored, conceived or reduced to practice by Director,
either alone or jointly with others, within no more than thirty (30) days after creation. In addition, Director will disclose to
the Corporation all patent applications filed within a year after termination of the Service Period by Director, or on his behalf,
within no more than thirty (30) days after filing. At the time of each such disclosure, Director will advise the Corporation in
writing of any Inventions that he believes fully qualify for exemption under Section 2.4 of this Agreement, and Director will,
at that time, provide all written evidence necessary to substantiate that belief. The Corporation will keep in confidence and will
not use for any purpose or disclose to third parties without Director’s consent any confidential information disclosed in
writing to the Corporation pursuant to this Agreement relating to Inventions that qualify fully for exemption under the provisions
of Section 2.4 of this Agreement. Director will preserve the confidentiality of any Invention that does not fully qualify for exemption
under Section 2.4 of this Agreement.

 

 

 

 

    	 	23	 

     

    

 

2.7 Works
for Hire. Director acknowledges that all original works of authorship which are made by Director (solely or jointly with others)
within the scope of Service and which are protectable by copyright are “works made for hire,” pursuant to United States
Copyright Act (17 U.S.C., Section 101) and shall be the sole property of the Corporation.

 

2.8 Enforcement
of Proprietary Rights. Director will assist the Corporation, or its nominee, to obtain and enforce United States and foreign
Proprietary Rights relating to Corporation Inventions in any and all countries, and such Proprietary Rights and Corporation Inventions
shall be and remain the sole and exclusive property of the Corporation, or its nominee, whether or not patented or copyrighted.
Accordingly, Director will promptly execute, verify and deliver such documents and perform such other acts (including appearances
as a witness and assistance or cooperation in legal proceedings) as the Corporation may reasonably request in applying for, obtaining,
perfecting, evidencing, sustaining and enforcing such Proprietary Rights and the assignment thereof. This obligation shall survive
and continue beyond the termination of the Service Period, but the Corporation shall compensate Director at a reasonable rate after
his termination for the time actually spent providing such assistance.

 

2.9 Appointment
of Corporation as Agent. If, after reasonable effort, the Corporation is unable to secure Director’s signature on any
document needed in connection with the actions specified herein, Director hereby irrevocably designates and appoints the Corporation
and its duly authorized officers and agents as Director’s agents and attorneys-in-fact, which appointment is coupled with
an interest, to act for and in Director’s behalf to execute, verify and file any such documents and to do all other lawfully
permitted acts to further the purposes of this Agreement with the same legal force and effect as if executed by Director. Director
hereby waives and quitclaims to the Corporation any and all claims, of any nature whatsoever, which Director now or may hereafter
have for infringement of any Proprietary Rights assigned hereunder to the Corporation.

 

3.            Records.

 

Director agrees to keep and maintain adequate
and current records (in the form of notes, sketches, drawings and in any other form that may be required by the Corporation) of
all Proprietary Information developed by Director and all Inventions made by Director during the Service Period, which records
shall be available to and remain the sole property of the Corporation at all times.

 

4.            Non-Competition
Obligation.

 

Director agrees that during the Service
Period, Director will not provide any services or engage in any employment or business activity which is competitive with, or would
otherwise conflict with, Director’s Service to the Corporation, without the Corporation’s express written consent.
Director agrees further that during the Service Period and for two (2) years after the termination of the Service Period, Director
will not, either directly or through others, use trade secret information of the Company to solicit or attempt to solicit any customer,
vendor, employee, independent contractor or consultant of the Corporation to terminate his or her relationship with the Corporation
in order to become a customer, vendor, employee, consultant or independent contractor to or for any other person or entity including,
without limitation, Director.

 

 

 

    	 	24	 

     

    

 

5.            Non-Solicitation
With the Corporation.

 

Director covenants and agrees that, for
a period of two (2) years following termination of the Service Period, Director will not use trade secret information of the Corporation
to solicit or engage in competitive business with Corporation’s existing or potential vendors or customers at the time of
his separation from the Corporation and Director will not encourage or solicit any customer, vendor, employee or consultant to
leave the Corporation for any reason.

 

6.            No
Conflicting Obligation.

 

Director represents that his performance
of all the terms of this Agreement and as a Director to the Corporation does not and will not breach any agreement to keep information
acquired by Director prior to the Service Period in confidence or trust. Director has not entered into, and agrees he will not
enter into, any agreement either written or oral in conflict herewith.

 

7.            Return
of Corporation Documents.

 

Upon termination of the Service Period,
Director will deliver to the Corporation any and all drawings, notes, memoranda, specifications, devices, formulas, and documents,
together with all copies thereof, and any other material containing, comprising or disclosing any Corporation Inventions, Proprietary
Information and Third Party Information. Director further agrees that any property situated on the Corporation’s premises
and owned by the Corporation, including disks and other storage media, filing cabinets or other work areas, is subject to inspection
by the Corporation at any time with or without notice. Prior to leaving, Director will cooperate with the Corporation in completing
and signing the Corporation’s termination statement, which will include, at a minimum, the certifications set forth in Attachment
C.

 

8.            Legal
and Equitable Remedies.

 

Because Director’s services are personal
and unique and because Director may have access to and become acquainted with the Proprietary Information of the Corporation, the
Corporation shall have the right to enforce this Agreement and any of its provisions by injunction, specific performance or other
equitable relief, without bond and without prejudice to any other rights and remedies that the Corporation may have for a breach
of this Agreement.

 

 

 

 

    	 	25	 

     

    

 

9.            Notices.

 

Any notices required or permitted hereunder
shall be given to the appropriate party at the address specified below or at such other address as the party shall specify in writing.
Such notice shall be deemed given upon personal delivery to the appropriate address or, if sent by certified or registered mail,
three (3) days after the date of mailing.

 

10.          General
Provisions.

 

10.1 Governing
Law; Consent to Personal Jurisdiction; Attorney’s Fees. This Agreement and the legal relations among the parties shall
be governed by, and construed and enforced in accordance with, the laws of the State of Nevada, without regard to its conflict
of laws rules. The Corporation and Director hereby irrevocably and unconditionally (i) agree that any action or proceeding arising
out of or in connection with this Agreement shall be brought only in the State of Nevada (the “Nevada Court”),
and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to
submit to the exclusive jurisdiction of the Nevada Court for purposes of any action or proceeding arising out of or in connection
with this Agreement, and (iii) waive any objection to the laying of venue of any such action or proceeding in the Nevada Court
and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Nevada Court has
been brought in an improper or inconvenient forum.

 

10.2 Severability.
If one or more of the provisions contained in this Agreement shall, for any reason, be held to be invalid, illegal or unenforceable
in any respect, such invalidity, illegality or unenforceability shall not affect the other provisions of this Agreement, and this
Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein. If, moreover,
any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration,
geographical scope, activity or subject, it shall be construed by limiting and reducing it, so as to be enforceable to the extent
compatible with the applicable law as it shall then appear.

 

10.3 Successors
and Assigns. This Agreement will be binding upon Director’s heirs, executors, administrators and other legal representatives
and will be for the benefits of the Corporation, its successors, and its assigns.

 

10.4 Survival.
Director agrees that the provisions of this Agreement shall survive the termination of the Service Period and the assignment of
this Agreement by the Corporation to any successor-in-interest or other assignee, regardless of the reason or reasons for termination
and whether such termination is voluntary or involuntary.

 

 

 

 

 

    	 	26	 

     

    

 

10.5 Nature
of Relationship. This Agreement shall not be deemed nor does it create an employment contract between the Corporation (or any
of its subsidiaries or related companies) and Director. Director is an independent contractor and shall not be deemed an employee
of the Corporation for purposes of employee benefits, income tax withholding, F.I.C.A. taxes, unemployment benefits or any other
purpose. Director’s term of service is defined in Section 7 of the Director Retainer Agreement between Director and the Company
signed concurrently herewith.

 

10.6 Waiver.
No waiver by the Corporation of any breach of this Agreement shall be a waiver of any preceding or succeeding breach. No waiver
by the Corporation of any right under this Agreement shall be construed as a waiver of any other right. The Corporation shall not
be required to give notice to enforce strict adherence to all terms of this Agreement.

 

10.7 Advice
of Counsel. Director acknowledges that, in executing this Agreement, Director has had the opportunity to seek the advice of
independent legal counsel, and Director has read and understood all of the terms and provisions of this Agreement. This Agreement
shall not be construed against any party by reason of the drafting or preparation hereof.

 

10.8 Modification.
This Agreement may not be changed, modified, released, discharged, abandoned or otherwise amended, in whole or in part, except
by an instrument in writing, signed by Director and the Corporation. Director agrees that any subsequent change or changes in Director’s
duties, salary, or compensation shall not affect the validity or scope of this Agreement.

 

10.9 Entire
Agreement. The obligations of this Agreement shall apply to any time during which Director previously provided service, or
will in the future provide service, to the Corporation as a consultant or agent if no other agreement governs nondisclosure and
assignment of inventions during such period. This Agreement is the final, complete and exclusive agreement of the parties with
respect to the subject matter hereof and supersedes and merges all prior discussions between us. No modification of or amendment
to this Agreement, nor any waiver of any rights under this Agreement, will be effective unless in writing and signed by the party
to be charged. The headings in this Agreement are used for convenience only and are not to be considered a part of this Agreement
or be used to interpret the meaning of any part of this Agreement.

 

10.10 Counterparts.
This Agreement may be signed in two counterparts, each shall be deemed an original and both of which shall together constitute
one agreement. The parties hereto agree to accept a facsimile transmission copy of their respective actual signatures as evidence
of their actual signatures to this Agreement and any modification or amendment of this Agreement; provided, however, that each
party who produces a facsimile signature agrees, by the express terms hereof, to place, promptly after transmission of his or her
signature by fax, a true and correct original copy of his or her signature in overnight mail to the address of the other party.

 

[The remainder of this page has been
intentionally left blank. Signature page(s) to follow]

 

 

 

 

    	 	27	 

     

    

 

I HAVE READ THIS AGREEMENT CAREFULLY AND
UNDERSTAND ITS TERMS. I HAVE COMPLETELY FILLED OUT ATTACHMENT B TO THIS AGREEMENT. NO PROMISES OR REPRESENTATIONS HAVE BEEN MADE
TO ME TO INDUCE ME TO SIGN THIS AGREEMENT. I SIGN THIS AGREEMENT VOLUNTARILY AND FREELY.

 

Dated:

 

 

By: ________________________

 

Printed Name:

 

ACCEPTED AND AGREED TO:

 

COSMOS GROUP HOLDINGS, INC.

 

 

By: _________________________

Its: Chief Executive Officer

 

 

 

 

 

 

 

 

    	 	28	 

     

    

 

ATTACHMENT A

 

LIMITED EXCLUSION NOTIFICATION

 

THIS IS TO NOTIFY you that
the foregoing Agreement between you and the Corporation dots not require you to assign or offer to assign to the Corporation any
invention that you developed entirely on your own time without using the Corporation's equipment, supplies, facilities or trade
secret information except for those inventions that either:

 

1.     Relate at
the time of conception or reduction to practice of the invention to the Corporation's business or actual or demonstrably anticipated
research or development of the Corporation;

 

2.     Result from
any Services performed by you for the Corporation.

 

To the extent a provision
in the foregoing Agreement purports to require you to assign an invention otherwise excluded front the preceding paragraph, the
provision is unenforceable.

 

This limited exclusion
does not apply to any patent or invention covered by a contract between the Corporation and the United States or any of its agencies
requiring full title to such patent or invention to be in the United States.

 

I ACKNOWLEDGE RECEIPT of
a copy of this notification.

 

By:______________________________________________

Date:

 

 

 

WITNESSED BY:

 

 

_________________________________

Printed Name Of Corporation Representative

 

 

 

 

 

    	 	29	 

     

    

 

ATTACHMENT B

TO:     [                                   ]

 

FROM: _____________________

 

DATE: _____________________

 

SUBJECT: Previous Inventions

 

1. Except as listed in Section 2 below,
the following is a complete list of all inventions or improvements relevant to the subject matter of my provision of service to
Cosmos Group Holdings, Inc., a Nevada corporation (the “Corporation”), that have been made or conceived or first reduced
to practice by me alone or jointly with others prior to my engagement by the Corporation:

 

o No
inventions or improvements.

 

o See
below:

_____________________________________________________________

_____________________________________________________________

_____________________________________________________________

 

o Additional
sheets attached.

 

2. Due to a prior confidentiality agreement,
I cannot complete the disclosure under Section 1 above with respect to inventions or improvements generally listed below, the proprietary
rights and duty of confidentiality with respect to which I owe to the following party(ies):

 

	 	Invention or Improvement Party(ies)	 	Relationship
	1.	 	 	 
	2.	 	 	 
	3.	 	 	 

 

o Additional
sheets attached.

 

 

 

    	 	30	 

     

    

 

ATTACHMENT C

 

CERTIFICATIONS

 

[Fill Out ONLY Upon Termination of Relationship]

 

I certify that I do
not have in my possession, nor have I failed to return, any records, documents, computer disks, tapes or printouts, sound recordings,
customer lists, photographs, data, specifications, drawings, blueprints, reproductions, sketches, notes, reports, proposals, or
copies of them, or other documents or materials, equipment, samples, prototypes, models or material containing, comprising or disclosing
any Corporation Inventions, Third Party Information or Proprietary Information of the Corporation, its successors and assigns.

 

I further certify that
I have complied with and will continue to comply with all the terms of the Proprietary Information and Inventions Agreement signed
by me with the Corporation, including the reporting of any Inventions conceived or made by me covered by such agreement.

 

I further agree that
in compliance with the Proprietary Information and Inventions Agreement, I will preserve as confidential all trade secrets, confidential
information, Proprietary Information, Inventions, Third Party Information, Proprietary Rights and Corporation Inventions, as well
as any other subject matter pertaining to any business of the Corporation or any of its clients, customers, consultants, licensees,
or affiliates.

 

By:______________________________________________

 

_________________________________________________

Date:

 

 

 

 

 

 

 

 

    	 	31Exhibit 4.1

 

 

 

 SALE
AND SERVICING AGREEMENT

 

among

 

WORLD
OMNI [SELECT] AUTO [RECEIVABLES] TRUST 20[___]-[___]

Issuing Entity,

 

WORLD
OMNI AUTO RECEIVABLES LLC,

Depositor,

 

and

 

WORLD
OMNI FINANCIAL CORP.,

Servicer

 

Series
20[___]-[___]

 

Dated
as of [___], 20[___]

 

 

  

    	 		 

     

    

 

TABLE OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	ARTICLE I DEFINITIONS	 	1
	Section 1.01	Definitions	 	1
	 	 	 	 
	ARTICLE II CONVEYANCE OF RECEIVABLES	 	1
	Section 2.01	Conveyance of [Initial] Receivables	 	1
	Section 2.02	Intention of Parties	 	2
	Section 2.03	[Conveyance of Subsequent Receivables]	 	3
	 	 	 	 
	ARTICLE III THE RECEIVABLES	 	5
	Section 3.01	Representations and Warranties of World Omni with Respect to each Receivable and the Pool of Receivables	 	5
	Section 3.02	Repurchase upon Breach; Dispute Resolution	 	9
	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	 	18
	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	 	19
	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	 	20
	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	 	21
	Section 4.16	Exchange Act Certifications	 	21
	 	 	 	 
	ARTICLE V TRUST ACCOUNTS; DISTRIBUTIONS; STATEMENTS TO CERTIFICATEHOLDERS AND NOTEHOLDERS	 	21
	Section 5.01	Establishment of Trust Accounts	 	21
	Section 5.02	Collections	 	25

 

 

    	 	i	 

     

    

 

	Section 5.03	Application of Collections	 	25
	Section 5.04	[Reserved]	 	25
	Section 5.05	Additional Deposits	 	25
	Section 5.06	Distributions	 	26
	Section 5.07	Reserve Account	 	29
	Section 5.08	Statements to Noteholders and Certificateholders	 	30
	Section 5.09	Net Deposits	 	32
	Section 5.10	Transfer of Certificates	 	33
	 	 	 	 
	ARTICLE VI THE DEPOSITOR	 	33
	Section 6.01	Representations of Depositor	 	33
	Section 6.02	Limited Liability Company Existence	 	34
	Section 6.03	Liability of Depositor; Indemnities	 	35
	Section 6.04	Merger or Consolidation of, or Assumption of Obligations of Depositor	 	37
	Section 6.05	Limitation on Liability of Depositor and Others	 	37
	Section 6.06	Depositor May Own Notes	 	37
	Section 6.07	Security Interest	 	37
	 	 	 	 
	ARTICLE VII THE SERVICER	 	37
	Section 7.01	Representations of Servicer	 	37
	Section 7.02	Indemnities of Servicer	 	39
	Section 7.03	Merger or Consolidation of, or Assumption of Obligations of, Servicer	 	40
	Section 7.04	Limitation on Liability of Servicer and Others	 	40
	Section 7.05	World Omni Not To Resign as Servicer	 	41
	 	 	 	 
	ARTICLE VIII DEFAULT	 	41
	Section 8.01	Servicer Default	 	41
	Section 8.02	Appointment of Successor	 	43
	Section 8.03	Notification to Noteholders and Certificateholders	 	43
	Section 8.04	Waiver of Past Defaults	 	43
	Section 8.05	Payment of Servicing Fees	 	44
	 	 	 	 
	ARTICLE IX TERMINATION	 	44
	Section 9.01	Optional Purchase of All Receivables	 	44
	 	 	 	 
	ARTICLE X MISCELLANEOUS	 	45
	Section 10.01	Amendment	 	45
	Section 10.02	Protection of Title to Trust	 	46
	Section 10.03	Notices	 	48
	Section 10.04	Assignment by the Depositor or the Servicer	 	48
	Section 10.05	Limitations on Rights of Others	 	48
	Section 10.06	Severability	 	49
	Section 10.07	Separate Counterparts	 	49
	Section 10.08	Headings	 	49
	Section 10.09	Governing Law	 	49

 

 

    	 	ii	 

     

    

 

	Section 10.10	Assignment by Issuing Entity	 	49
	Section 10.11	Nonpetition Covenants	 	49
	Section 10.12	Limitation of Liability of Owner Trustee and Indenture Trustee	 	50
	Section 10.13	Regulation AB	 	51
	Section 10.14	Notices to the Rating Agencies	 	51

 

	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 [Initial] SSA Assignment
	[EXHIBIT D	Form of Subsequent Transfer 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 [___], 20[___], among WORLD OMNI [SELECT] AUTO [RECEIVABLES] TRUST 20[___]-[___], 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 [Initial] Receivables[, and has agreed to sell Subsequent Receivables,] to the Depositor pursuant to the Receivables Purchase
Agreement;

 

WHEREAS, World Omni Auto
Receivables LLC, as depositor, desires to sell the [Initial] Receivables [and Subsequent 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 [(whether by
Subsequent Transfer SSA Assignment or otherwise)] 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 [Initial] 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 “[Initial] 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 [Initial] Receivables
identified in the Schedule of Receivables to the [Initial] SSA Assignment delivered to the Issuing Entity (all of which are identified
in World Omni’s computer files by a code indicating the [Initial] Receivables are owned by the Trust and pledged to the Indenture
Trustee) and all monies received thereon and in respect thereof after the [Initial] Cutoff Date;

 

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

 

(c) any proceeds with
respect to the [Initial] 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] [an Initial] 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, [the Negative Carry Account and the Pre-Funding Account] [and the
Accumulation Account], from time to time, including the Reserve Account Initial Deposit, [any Reserve Account Subsequent Transfer
Deposit,] [the Negative Carry Account Initial Deposit and the Pre-Funding 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 [Initial] 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 [Initial] 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.

 

    	 	2	 

     

    

 

Section 2.03         [Conveyance
of Subsequent Receivables].

 

(a) [During the [Funding
Period][Revolving Period], subject to satisfaction of the conditions set forth in Section 2.03(b) below, in consideration
of the Issuing Entity’s delivery on the related Subsequent Transfer Date, if any, to or upon the order of the Depositor
of [the amount described in Section 5.01(d)][an amount equal to the aggregate Starting Principal Balance less the Yield
Supplement Overcollateralization Amount for such Subsequent Receivables as of the related Subsequent Cutoff Date on deposit in
the Accumulation Account pursuant to Sections 5.06(ii)[[(E)][(G)]] and [(I)], to be delivered to the Depositor and the increase
in the value of the Certificates as a result of such sale, the Depositor does hereby agree to sell, transfer, assign, set over
and otherwise convey to the Issuing Entity, without recourse (except as provided in Section 3.02(b)), pursuant to an assignment
in substantially the form of Exhibit D (a “Subsequent Transfer SSA Assignment”), all right, title
and interest of the Depositor in, to and under:

 

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

 

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

		 	 

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

		 	 

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

		 	 

		(v)	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

		 	 

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

 

It is the intention of the Depositor and
the Issuing Entity that the assignment and transfer contemplated by this Section 2.03 constitute (and shall be construed
and treated for all purposes, other than for tax purposes, as) a true and complete sale of such Subsequent Receivables, if any,
and the other property of the Depositor specified in Section 2.03(a) 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 Subsequent Receivables, if any, and the other property of the Depositor specified
in Section 2.03(a) 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.

 

    	 	3	 

     

    

 

(b) During
the [Funding Period][Revolving Period], the Depositor shall transfer to the
Issuing Entity Subsequent Receivables and the other property and rights related
thereto described in Section 2.03(a) above only upon the satisfaction
of each of the following conditions precedent on or prior to the related Subsequent Transfer Date:

 

		(i)	the [Funding
Period][Revolving Period] shall not have terminated;

 

		(ii)	each of the
representations and warranties made by the Depositor pursuant to Section
3.01(a) and (b) with respect
to such Subsequent Receivables shall be true and correct as of the related Subsequent Transfer Date with the same effect as if
then made, and the Depositor shall have performed all obligations to be performed
by it hereunder on or prior to such Subsequent Transfer Date;

		 	 

		(iii)	the Depositor
shall have delivered to the Owner Trustee and the Indenture Trustee a duly executed
Subsequent Transfer SSA Assignment, including the Schedule of Receivables (which schedule shall be deemed to supplement the existing
Schedule of Receivables in effect at such time);

		 	 

		(iv)	[the applicable
Reserve Account Subsequent Transfer Deposit for such Subsequent Transfer Date shall have been deposited in the Reserve Account
pursuant to Section 5.01(d);]

		 	 

		(v)	the Depositor
shall, at its own expense, on or prior to each Subsequent Transfer Date, indicate in
its computer files that the Subsequent Receivables conveyed on such date have been sold to the Issuing Entity pursuant
to this Agreement and the related Subsequent Transfer SSA Assignment;

		 	 

		(vi)	the Depositor
shall have taken any action required to maintain the first priority perfected ownership
interest of the Issuing Entity in the Owner Trust Estate and the first priority
perfected security interest of the Indenture Trustee in the Collateral;

 

    	 	4	 

     

    

 

		(vii)	[the Receivables
in the Trust (after giving effect to the conveyance of the Subsequent Receivables to the Trust on such Subsequent Transfer Date)
shall meet the following criteria: (A) the weighted average Annual Percentage Rate of the Receivables in the Trust shall
not be less than [___]%, (B) not less than [___]%
of the Aggregate Starting Principal Balance of the Receivables shall represent financings of new Financed Vehicles, (C) no
Subsequent Receivable shall have a remaining term in excess of [___] months,
(D) the weighted average original term to maturity of the Receivables in the Trust shall not be greater than [___]
months, (E) not less than [___]%
of Aggregate Starting Principal Balance of the Receivables shall represent financings of Toyota vehicles, (F) the weighted average
FICO score of the Receivables in the Trust shall not be less than [___] and
(G) such other criteria as may be required by the Rating Agencies;]

		 	 

		(viii)	the Depositor
shall have delivered to the Indenture Trustee and the Owner Trustee an Officers’
Certificate confirming the satisfaction of the conditions specified in this Section 2.03(b);
[and]

		 	 

		(ix)	[the Depositor
shall have delivered to the Trust, the Indenture Trustee and the Rating Agencies an
Opinion of Counsel with respect to the transfer of such Subsequent Receivables substantially in the form of the Opinion of Counsel
delivered to the Rating Agencies on the Closing Date].

 

(c) [During
the Funding Period, the Depositor covenants to transfer to the Issuing
Entity pursuant to Section 2.03(a) before
the termination of the Funding Period Subsequent Receivables with an aggregate Starting Principal Balance [less the Yield
Supplement Overcollateralization Amount for such Subsequent Receivables] as of the related Subsequent Cutoff Date equal to approximately
Pre-Funding Account Initial Deposit to the extent such Receivables were transferred to the Depositor under the Receivables Purchase
Agreement.]/[During the Revolving Period, the Depositor covenants to transfer to the Issuing Entity pursuant to Section 2.03(a),
on each Payment Date during the Revolving Period, Subsequent Receivables with an aggregate Starting Principal Balance [less the
Yield Supplement Overcollateralization Amount for such Subsequent Receivables] as of the related Subsequent Cutoff Date approximately
equal to (but not greater than) the amount of funds deposited on such Payment Date in the Accumulation Account pursuant to Section
5.06.]

 

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 [and each Subsequent Transfer Date], World Omni, which
sold the Receivables specified in the [related] SSA Assignment on such date, hereby represents and warrants to the other parties
hereto, with respect to such Receivables as of the [applicable] Cutoff Date:

 

    	 	5	 

     

    

 

(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 (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).

 

(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.

 

    	 	6	 

     

    

 

(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 overdue as of the [applicable]
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 nor that a continuing condition
that with notice or the lapse of time would constitute a default, breach, violation or event permitting acceleration under the
terms of any Receivable has arisen; and World Omni has not waived and, except as permitted hereby, shall not waive any of the foregoing.

 

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

 

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

 

(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.

 

    	 	7	 

     

    

 

(xvi)      Maturity
of Receivables. [In the case of Initial] Receivables, each such] [Each] Receivable has a final maturity date not later than
[____], 20[___]. [In the case of Subsequent Receivables, each such Receivable has a final maturity date not later than [___].]

 

(xvii)     Scheduled
Payments. As of the [Initial] Cutoff Date, each Receivable [being
purchased on the Closing Date] had a first scheduled due date on or prior to the end of the [third] month immediately following
the [Initial] Cutoff Date. [As of the applicable Subsequent Cutoff Date, each
Subsequent Receivable being purchased during the [Funding Period][Revolving Period] had or will have a first scheduled due
date on or prior to the end of the [third] month immediately following the applicable
Subsequent 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 [and each Subsequent Transfer Date], World Omni,
which sold the Receivables specified in the [related] 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 [applicable] 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 [applicable] 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.

 

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).

 

    	 	9	 

     

    

 

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

 

(c) Dispute Resolution.

 

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

 

    	 	10	 

     

    

 

(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 neutrals 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 arbitration
under this Section 3.02(c) or may seek adjudication of the Repurchase Request in court.

 

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

 

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

 

(B)         A
single arbitrator will be selected by the ADR Organization from a list of neutrals 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.

 

    	 	11	 

     

    

 

(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.

 

    	 	12	 

     

    

 

(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 customer 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 [Initial] Receivable [and as of the Subsequent Transfer Date with respect to each Subsequent Receivable]:

 

    	 	13	 

     

    

 

(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;

 

(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. 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).

 

    	 	14	 

     

    

 

(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 misfeasance, bad faith or negligence of the Owner Trustee, and the Servicer shall not
be liable to the Indenture Trustee for any portion of any such amount resulting from the willful misfeasance, bad faith or negligence
of the Indenture Trustee.

 

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

 

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ARTICLE IV

ADMINISTRATION AND SERVICING OF RECEIVABLES

 

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

 

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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.

 

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 [__] 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][; provided, further however, that the Servicing Fee on any Payment Date related to
a Collection Period in which Subsequent Receivables were transferred to the Trust shall be prorated to compensate for those Subsequent
Receivables and the portion of the Collection Period for which those Subsequent Receivables were held by the Trust]. 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.

 

    	 	18	 

     

    

 

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).

 

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 [and the Swap Counterparty] on or before the date that is 90 days after the end of
each calendar year, commencing with the calendar year ended December 31, 20[___], 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, 20[___], 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.

 

    	 	19	 

     

    

 

(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 [the Swap Counterparty], 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, 20[___], 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.

 

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.

 

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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.

 

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

 

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

 

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

 

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

 

(v)        [The
Servicer, for the benefit of the Noteholders and the Swap Counterparty, if any,
shall cause to be established and maintained with and in the name of the Indenture Trustee an Eligible Deposit Account (the “Negative
Carry Account”), bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Noteholders [and the Swap Counterparty].]

 

    	 	21	 

     

    

 

(vi)         [The
Servicer, for the benefit of the Noteholders and the Swap Counterparty, if any,
shall cause to be established and maintained with and in the name of the Indenture Trustee an Eligible Deposit Account (the “Accumulation
Account”), bearing a designation clearly indicating that the funds deposited
therein are held for the benefit of the Noteholders [and the Swap Counterparty].]

 

(b) Funds on deposit
in the Collection Account, the Note Distribution Account[,] [and] the Reserve Account[, the Pre-Funding Account and the Negative
Carry Account][the Accumulation Account] (collectively the “Trust Accounts”) shall be invested by the Indenture
Trustee in Eligible Investments selected by the Servicer. In absence of written direction from the Servicer, such funds shall be
invested in Eligible Investments specified in clause (i) of the definition thereof. All such Eligible Investments shall
be held by the Indenture Trustee for the benefit of the Noteholders[,] [and] the Certificateholders [and the Swap Counterparty],
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, [the Pre-Funding Account and the Negative Carry Account][and
the Accumulation 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,
[the Pre-Funding Account and the Negative Carry Account][and the Accumulation Account], if any, as applicable, is then maintained
and is invested either (i) in a time deposit of the Indenture Trustee rated at least [___] by [___] and [___] by [___] (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 [___] and [___] 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.

 

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

 

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(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.

 

(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 Swap Counterparty,] 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.

 

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(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[, the Swap Counterparty] and the Trust thereof.

 

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

 

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

 

(d)
[Pre-Funding Account. On the Closing Date, the Depositor shall
deposit in the Pre-Funding Account $[___] (the “Pre-Funding
Account Initial Deposit”) from the net proceeds of the sale of the Notes.
On each Subsequent Transfer Date, if any, upon satisfaction of the conditions set forth in Section 2.03(b) with
respect to such transfer, the Servicer shall instruct the Indenture Trustee to withdraw from the Pre-Funding Account (i) an amount
equal to [___]% of the result of the aggregate Starting Principal Balance of
the Subsequent Receivables transferred to the Trust on such Subsequent Transfer Date [less the Yield Supplement Overcollateralization
Amount] with respect to such Subsequent Receivables as of the related Cutoff Date and (ii), on behalf of the Depositor, deposit
into the Reserve Account a portion of such funds equal to the Reserve Account Subsequent Transfer Deposit with respect to such
Subsequent Transfer Date and distribute the remainder to or upon the order of the Depositor as payment for such Subsequent
Receivables.

 

If
the Pre-Funded Amount has not been reduced to zero on the Payment Date immediately following the calendar month in which the Funding
Period, if any, ends, the Servicer shall instruct the Indenture Trustee to transfer from the Pre-Funding Account on such Payment
Date any amount then remaining in the Pre-Funding Account to the Note Distribution Account for distribution in accordance with
Section 8.02(g) of the Indenture.]

 

    	 	24	 

     

    

 

(e)
[Negative Carry Account. On the Closing Date, the Depositor shall
deposit in the Negative Carry Account $[___] (the “Negative
Carry Account Initial Deposit”) from the net proceeds of the sale of the
Notes.

 

On
each Payment Date during the Funding Period, if any, the Servicer will instruct the Indenture Trustee to withdraw from the Negative
Carry Account (i) an amount equal to the Negative Carry Amount and deposit it into the Collection Account for application as Total
Available Funds for such Payment Date, and (ii) the excess of the amount on deposit in the Negative Carry Account, if any, over
the Required Negative Carry Account Balance (after withdrawal of the Negative Carry Amount for such Payment Date) and deposit
it into the Collection Account for application as Available Funds for such Payment Date. In addition, on the Payment Date following
the calendar month in which the last day of the Funding Period occurs, the Servicer will instruct the Indenture Trustee to withdraw
from the Negative Carry Account the amount remaining on deposit in the Negative Carry Account (after giving effect to all withdrawals
from the Negative Carry Account on that Payment Date) and deposit it into the Collection Account for application as Available
Funds for such Payment Date.]

 

(f) [Accumulation
Account. On or before each Payment Date related to the Revolving Period
and on the first Distribution Date during the Amortization Period, to the extent not used to purchase Receivables pursuant to
Section 2.03, the Servicer will instruct the Indenture Trustee to transfer all amounts in the Accumulation Account to the Collection
Account.]

 

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 (i) World Omni remains the Servicer, (ii)
no Servicer Default shall have occurred and be continuing and (iii) the Rating Agency Condition is met, the Servicer shall remit
such collections with respect to the preceding calendar month to the Collection Account on the Payment Determination Date immediately
preceding the related Payment Date. For purposes of this Article V the phrase “payments by or on behalf of Obligors”
shall mean payments made with respect to the Receivables by Persons other than the Servicer or the 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, [(C)
all amounts required to be transferred from the Pre-Funding Account and the Negative Carry Account][,] [and] [(D) the net amount
payable by or to the Trust under the Interest Rate Swaps] [and (E) all amounts required to be deposited in, and transferred from,
the Accumulation Account].

 

(ii)         Except
as otherwise provided in clause (iii) below, on each Payment Date, the Servicer shall instruct the Indenture Trustee (based
on the information contained in the Servicer’s Certificate delivered on the related Payment Determination Date pursuant to
Section 4.09) to make the following deposits and distributions in the following order of priority, in each case, to the
extent of [Total] Available Funds, if any, remaining after application thereof pursuant to prior clauses [(provided, that, amounts
withdrawn from the Reserve Account may not be used to pay amounts owing to World Omni or any Affiliate of World Omni to the extent
such Person is a Noteholder or a Note Owner)]:

 

(A) [pro rata
to (a) the applicable Swap Counterparty, the applicable Monthly Swap Payment Amount, if any and (b)] 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 $[ ] per calendar year;

 

(B) [pro rata
to (a)] the Note Distribution Account, the Class A Noteholders’ Interest Distributable Amount [and (b) the applicable Swap
Counterparty, any Senior Swap Termination Payment Amount owed to such Swap Counterparty by the Trust];

 

(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) [during
the Revolving Period, to the Accumulation Account, the Parity Reinvestment Amount and, following the Revolving Period,] to the
Note Distribution Account, the Noteholders’ Second Priority Principal Distributable Amount;

 

    	 	26	 

     

    

 

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

 

(G) [[during
the Revolving Period, to the Accumulation Account, the Parity Reinvestment Amount and, following the Revolving Period,] to the
Note Distribution Account, the Noteholders’ Third Priority Principal Distributable Amount;]]

 

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

 

(I) [[during
the Revolving Period, to the Accumulation Account, the Parity Reinvestment Amount and, following the Revolving Period,] to the
Note Distribution Account, the Noteholders’ Fourth Priority Principal Distributable Amount;]]

 

(J) [to the
Note Distribution Account, the Class E Noteholders’ Interest Distributable Amount;]

 

(K) [[during
the Revolving Period, to the Accumulation Account, the Parity Reinvestment Amount and, following the Revolving Period,] to the
Note Distribution Account, the Noteholders’ Fifth Priority Principal Distributable Amount;]]

 

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

 

(M) [during
the Revolving Period, to the Accumulation Account, an amount equal to the excess, if any, of the Target Reinvestment Amount minus
any amounts allocated to the Accumulation Account pursuant to clause [(E)],[(G)],[(I)] and [(K)] above and, following the
Revolving Period,] 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)[,] [and] (E) [and (G)] [and
(I)] [and (K)] above;

 

(N) [pro rata
to the applicable Swap Counterparty, any Subordinate Swap Termination Payment Amount together with any other amount due and payable
by the Trust to such Swap Counterparty pursuant to the Interest Rate Swap];

 

(O) [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

 

    	 	27	 

     

    

 

(P) 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 [Total] Available Funds
due such Certificateholders into the Collection Account.

 

The Holders of 100% Percentage Interest
of the Certificates will have the right, but not the obligation, in their sole discretion, to instruct the Indenture Trustee in
writing on or prior to the close of business on the related Payment Determination Date to retain in the Collection Account all
or a portion of distributions otherwise payable to them pursuant to clause ([P]) 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 ([P]) 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)         [pro
rata to (a) the applicable Swap Counterparty, the applicable Monthly Swap Payment Amount, if any, and (b)] 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)         [pro
rata to (a)] the Holders of the Class A Notes, the aggregate accrued and unpaid interest on each Class of the Class A Notes [and
(b) the applicable Swap Counterparty, any Senior Swap Termination Payment Amount owed to such Swap Counterparty by the Trust, if
any];

 

(C)         [if
the Notes have been declared to be due and payable as a result of the occurrence of an Event of Default under Section 5.01(a)(i)
or (ii) of the Indenture,] 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 aggregate Outstanding Amount of such Notes, then to the Holders of the Class A-3
Notes, the aggregate Outstanding Amount of such Notes[,] [and] then to the Holders of the Class A-4 Notes[, the aggregate Outstanding
Amount of such Notes, and then to the Holders of the Class A-5 Notes]];

 

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

 

(E)         [if
the Notes have been declared to be due and payable as a result of the occurrence of an Event of Default under Section 5.01(a)(i)
or (ii) of the Indenture,] to the Holders of the Class B Notes, the aggregate Outstanding Amount of the Class B Notes;

 

    	 	28	 

     

    

 

(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 Outstanding Amount of the Class C Notes;]

 

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

 

(I)          [to
the Holders of the Class D Notes, the Outstanding Amount of the Class D Notes;]

 

(J)          [to
the Holders of the Class E Notes, the accrued and unpaid interest on the Class E Notes;]

 

(K)         [to
the Holders of the Class E Notes, the Outstanding Amount of the Class E Notes;]

 

(L)         [pro
rata to the applicable Swap Counterparty, any Subordinate Swap Termination Payment Amount together with any other amount due and
payable by the Trust to such Swap Counterparty pursuant to the Interest Rate Swaps;] and

 

(M)         to
the Certificateholders, any remaining amounts.

 

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 shall instruct the Indenture Trustee
to withdraw such amount from the Reserve Account and apply it as [Total] Available Funds for such Payment Date.

 

(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), (G), (H), (I),
(J) and (K)] on such Payment Date, the Servicer shall instruct the Indenture Trustee to withdraw from the Reserve
Account on such Payment Date an amount equal to such shortfall, to the extent of funds available therein, and pay or deposit such
amount according to the priorities set forth in Section 5.06(ii), provided, that, amounts withdrawn from the Reserve Account
may not be used to pay amounts owing to World Omni or any Affiliate of World Omni to the extent such Person is a Noteholder or
a Note Owner]. In addition, amounts will be withdrawn from the Reserve Account as provided in Section 8.02(c) and (d)
of the Indenture[; provided, that, amount withdrawn from the Reserve Account may not be used to pay amounts owing to World
Omni or any Affiliate of World Omni to the extent such Person is a Noteholder or a Note Owner].

 

    	 	29	 

     

    

 

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

 

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 [and the Swap Counterparty]) for the Indenture Trustee
to post on its internet website pursuant to Section 6.06 of the Indenture, a statement substantially in the form of Exhibit
B, setting forth at least the following information as to the Notes, to the extent applicable:

 

(a) the amount of such
distribution allocable to principal allocable to each Class of Notes [(related to the Amortization Period only)];

 

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

 

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

 

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

 

(e) the balance of the
Reserve Account on such Payment Determination Date 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 Class D Noteholders’
Interest Carryover Shortfall;]

 

(l) [the Class E Noteholders’
Interest Carryover Shortfall;]

 

    	 	30	 

     

    

 

(m) 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;

 

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

 

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

 

(p) the amount, if any,
distributed to the Certificateholders [and the balance of the Certificate after giving effect to all distributions reported under
this clause (p)];

 

(q) the Noteholders’
First Priority Principal Distributable Amount [(related to the Amortization Period only)];

 

(r) the Noteholders’
Second Priority Principal Distributable Amount [(related to the Amortization Period only)];

 

(s) [the Noteholders’
Third Priority Principal Distributable Amount [(related to the Amortization Period only)];]

 

(t) [the Noteholders’
Fourth Priority Principal Distributable Amount [(related to the Amortization Period only)];]

 

(u) [the Noteholders’
Fifth Priority Principal Distributable Amount [(related to the Amortization Period only)];]

 

(v) the Noteholders’
Principal Distributable Amount [(related to the Amortization Period only)];

 

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

 

(x) [the Negative Carry
Amount, if any, and the balance, if any, of the Negative Carry Account on such date, after giving effect to deposits and withdrawals
to be made on the immediately following Payment Date, if any;]

 

(y) [for Payment Dates
during the [Funding Period][Revolving Period], the Starting Principal Balance
for all Subsequent Receivables transferred to the Trust since the preceding Payment Date,
the remaining Pre-Funded Amount and the Investment Earnings on amounts on deposit in the Pre-Funding Account, if any, for the
related Collection Period;]

 

(z) [for the Payment
Date immediately following the calendar month in which the Funding Period ends, the amount of any remaining Pre-Funded Amount that
has not been used to fund the purchase of Subsequent Receivables;]

 

    	 	31	 

     

    

 

(aa) 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;

 

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

 

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

 

(dd) 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;

 

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

 

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

 

(gg) the
Interest Rate for each Class of Notes for the next Payment Date[, including One-Month LIBOR];

 

(hh) [whether
the Revolving Period has terminated due to the occurrence of an Early Amortization Event;]

 

(ii) [the
amount on deposit in the Accumulation Account after giving effect to changes in the Accumulation Account on the related Payment
Date];

 

(jj) [the
Monthly Swap Payment Amount, the Senior Swap Termination Payment Amount and the Subordinate Swap Termination Payment Amount;] and

 

(kk) [the
Parity Reinvestment Amount, the Target Reinvestment Amount, the amount on deposit in the Accumulation Account].

 

Each amount set forth on the Payment Date
statement under clauses [(a), (b), (h), (i), (j), (k) and (l)] above shall be expressed
as a dollar amount per $1,000 of original principal amount of a Note. Deliveries pursuant to this Section 5.08 may be delivered
by electronic mail.

 

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

 

    	 	32	 

     

    

 

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

 

ARTICLE VI

THE DEPOSITOR

 

Section 6.01         Representations
of Depositor. The Depositor makes the following representations on which the Issuing Entity is deemed to have relied in acquiring
the Receivables. The representations speak as of the Closing Date [and each Subsequent Transfer 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).

 

    	 	33	 

     

    

 

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

 

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

 

    	 	34	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

(a) The
Depositor shall indemnify, defend and hold harmless the Issuing Entity, the Owner Trustee, the Indenture Trustee[,] [and] the Servicer
[and the Swap Counterparty] 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 the Swap Counterparty] 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 misfeasance, bad faith or negligence (except for errors in judgment) in the performance
of its duties under this Agreement, or by reason of reckless disregard of its obligations and duties under this Agreement.

 

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(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 misfeasance, bad faith or negligence (except for errors in judgment) of the Owner
Trustee or, in the case of the Indenture Trustee, shall be due to the willful misfeasance, bad faith or negligence (except
for errors in judgment) of the Indenture Trustee or (ii) in the case of the Owner Trustee, shall arise from the breach by the
Owner Trustee of any of its representations or warranties set forth in Section 7.03 of the Trust Agreement.

 

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

 

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

 

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

 

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

 

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

 

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.

 

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

 

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

 

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

 

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

 

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

 

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(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.

 

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 Swap Counterparty,] 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 Swap Counterparty,]
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 misfeasance, bad faith or negligence (except for errors in judgment) of the Servicer in the performance of its duties
under this Agreement or by reason of reckless disregard of its obligations and duties under this Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE VIII

DEFAULT

 

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

 

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

 

(b)
failure by the Servicer or, if the Servicer is an affiliate of the Depositor, the Depositor, as the case may be, duly to
observe or to perform in any material respect any other covenants or agreements of the Servicer or the Depositor (as the case
may be) set forth in this Agreement or any other Basic Document, which failure shall (i) materially and adversely affect the
rights of Certificateholders or Noteholders and (ii) continue unremedied for a period of 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.

 

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

 

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

 

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Section 8.02         Appointment
of Successor.

 

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

 

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

 

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

 

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

 

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.

 

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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 [and all amounts owing to the
Swap Counterparty under the Interest Rate Swaps].

 

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

 

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

 

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ARTICLE X

MISCELLANEOUS

 

Section 10.01        Amendment.

 

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

 

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

 

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

 

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

 

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(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.

 

(f) [Notwithstanding any other provision of this Agreement, no amendment to this Agreement shall be effective unless the Swap
Counterparty consents in writing to such amendment or such amendment will, as evidenced by a Materiality Opinion, have no
material adverse effect on the interests of the Swap Counterparty; provided, however, that if an amendment is
entered into pursuant to Section 10.01(a), in lieu of providing a Materiality Opinion, the Servicer may provide an
Officers’ Certificate stating that such amendment will have no material adverse effect on the interests of the Swap
Counterparty.]

 

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.

 

(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.

 

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

 

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

 

    	47

     

    

 

(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
Swap Counterparty,] 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: [___], Attention: [___], (b) in the case of the Servicer,
World Omni Financial Corp., 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: [___], Attention: [___], (c) in
the case of the Issuing Entity or the Owner Trustee, at its Corporate Trust Office, Telecopy: [___] with a copy to Telecopy: [___],
Email: [___], (d) in the case of the Indenture Trustee, at its Corporate Trust Office, Telecopy: [___], Email: [___], [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[, and (f) in the case of the Swap Counterparty, to
[___]]; 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[, provided, however, that the Swap Counterparty shall
be a third-party beneficiary to this Agreement, but only to the extent that it has rights specified herein or rights with respect
to this Agreement specified under the Swap Counterparty Rights Agreement].

 

    	48

     

    

 

 

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.

 

    	49

     

    

 

(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 [___], not in its individual
capacity but solely as Indenture Trustee and in no event shall [___] 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.

 

    	50

     

    

 

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 a 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.

 

    	51

     

    

 

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 [SELECT] AUTO [RECEIVABLES]
	 	TRUST 20[___]-[___]
	 	 
	 	by:  [___],
	 	not in its individual capacity 
	 	but solely as Owner Trustee,

 

	 	By:	 
	 	Name:
	 	Title:

 

	 	WORLD OMNI AUTO RECEIVABLES LLC, 
	 	as Depositor

 

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

 

    	 

     

    

 

Acknowledged and agreed to as of the day

and year first above written:

 

[___]

not in its individual capacity but solely as

Indenture Trustee

 

	By:	 	 
	Name:	 
	Title:	 

 

    	53

     

    

 

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 [Select] Auto [Receivables] Trust 20[___]-[___]
Payment Date Statement to Noteholders

 

Available Funds

 

	Class A-1[a/b] Notes:	($_______ per $1,000 original principal amount) 
	Class A-2[a/b] Notes:	($_______ per $1,000 original principal amount) 
	Class A-3[a/b] Notes:	($_______ per $1,000 original principal amount) 
	Class A-4[a/b] Notes:	($_______ per $1,000 original principal amount)
	[Class A-5[a/b] Notes:	($_______ per $1,000 original principal amount)]
	Class B[a/b] Notes: 	($_______ per $1,000 original principal amount) 
	[Class C[a/b] Notes: 	($_______ per $1,000 original principal amount)]
	[Class D[a/b] Notes: 	($_______ per $1,000 original principal amount)]
	[Class E[a/b] Notes: 	($_______ per $1,000 original principal amount)]

 

Outstanding Amount

Class A-1[a/b] Notes

Class A-2[a/b] Notes

Class A-3[a/b] Notes

Class A-4[a/b] Notes

[Class A-5[a/b] Notes]

Class B[a/b] Notes

[Class C[a/b] Notes]

[Class D[a/b] Notes]

[Class E[a/b] Notes]

 

Note Pool Factor

Class A-1[a/b] Notes

Class A-2[a/b] Notes

Class A-3[a/b] Notes

Class A-4[a/b] Notes

[Class A-5[a/b] Notes]

Class B[a/b] Notes

[Class C[a/b] Notes]

[Class D[a/b] Notes]

[Class E[a/b] 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 [Select] Auto [Receivables] Trust 20[___]-[___] Monthly Servicer’s Certificate

 

World Omni [Select] Auto [Receivables] Trust 20[___]-[___]

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	 	 	 	 	 	 	 	 

 

    	Ex. B-1

     

    

 

	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	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Total 31+ Delinquent as % Ending Pool Balance	 	 	 	 	 	 	 	 
	Total 61+ Delinquent as % Ending Pool Balance	 	 	 	 	 	 	 	 
	Delinquency Trigger Occurred	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	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	 	 	 	 	 	 	 	 

 

    	Ex. B-2

     

    

 

	Flow of Funds	 	$ Amount	 	 	 	 
	 	 	 	 	 	 	 
	Collections	 	 		 	 	 		 
	Investment Earnings on Cash Accounts	 	 		 	 	 		 
	Servicing Fee	 	 	 	 	 	 	 	 
	Interest Rate [Swap][Cap] Receipt (if any)	 	 	 	 	 	 	 	 
	Transfer to Collection Account	 	 	 	 	 	 	 	 
	Available Funds	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Distributions of Available Funds	 	 	 	 	 	 	 	 
	[(1(a)) Monthly Swap Payment Amount (if any)]	 	 	 	 	 	 	 	 
	[(1(b)) Asset Representation Reviewer Amounts (upon to $[  ] per calendar year)]	 	 	 	 	 	 	 	 
	[(2(a))]  Class A Interest	 	 	 	 	 	 	 	 
	[(2(b))  Senior Swap Termination Payment Amount]	 	 	 	 	 	 	 	 
	[(3)]  Noteholders’ First Priority Principal Distributable Amount	 	 	 	 	 	 	 	 
	[(4)]  Class B Interest	 	 	 	 	 	 	 	 
	[(5)]  Noteholders’ Second Priority Principal Distributable Amount	 	 	 	 	 	 	 	 
	[(6)  Class C Interest]	 	 	 	 	 	 	 	 
	[(7)  Parity Reinvestment Amount]	 	 	 	 	 	 	 	 
	[(8)  Noteholders’ Third Priority Principal Distributable Amount]	 	 	 	 	 	 	 	 
	[(9)  Class D Interest]	 	 	 	 	 	 	 	 
	[(10)  Noteholders’ Fourth Priority Principal Distributable Amount]	 	 	 	 	 	 	 	 
	[(11)  Class E Interest]	 	 	 	 	 	 	 	 
	[(12)  Noteholders’ Fifth Priority Principal Distributable Amount]	 	 	 	 	 	 	 	 
	[(13)]  Required Reserve Account	 	 	 	 	 	 	 	 
	[(14) Target Reinvestment Amount]	 	 	 	 	 	 	 	 
	[(15)] Noteholders’ Principal Distributable Amount	 	 	 	 	 	 	 	 
	[(16) Subordinated Swap Termination Payment Amounts]	 	 	 	 	 	 	 	 
	[(17)  Asset Representation Reviewer Amounts (in excess of 1(b))]	 	 	 	 	 	 	 	 
	[(18)]  Distribution to Certificateholders	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Total Distributions of Available Funds	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Servicing Fee	 	 	 	 	 	 	 	 
	Unpaid Servicing Fee	 	 	 	 	 	 	 	 
	Change in amount of Unpaid Servicing Fee from the prior period	 	 	 	 	 	 	 	 

 

    	Ex. B-3

     

    

 

	Note Balances & Note Factors	 	$ Amount	 	 	 	 
	 	 	 	 	 	 	 
	Original Class A	 	 		 	 	 		 
	Original Class B	 	 	 	 	 	 	 	 
	[Original Class C]	 	 	 	 	 	 	 	 
	[Original Class D]	 	 	 	 	 	 	 	 
	[Original Class E]	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Total Class A[,] [&] B[, C, D & E]	 	 	 	 	 	 	 	 
	Note Balance @ mm/dd/yy	 	 	 	 	 	 	 	 
	Principal Paid	 	 	 	 	 	 	 	 
	Note Balance @ mm/dd/yy	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Class A-1[a/b]	 	 	 	 	 	 	 	 
	Note Balance @ mm/dd/yy	 	 	 	 	 	 	 	 
	Principal Paid	 	 	 	 	 	 	 	 
	Note Balance @ mm/dd/yy	 	 	 	 	 	 	 	 
	Note Factor @ mm/dd/yy	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Class A-2[a/b]	 	 	 	 	 	 	 	 
	Note Balance @ mm/dd/yy	 	 	 	 	 	 	 	 
	Principal Paid	 	 	 	 	 	 	 	 
	Note Balance @ mm/dd/yy	 	 	 	 	 	 	 	 
	Note Factor @ mm/dd/yy	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Class A-3[a/b]	 	 	 	 	 	 	 	 
	Note Balance @ mm/dd/yy	 	 	 	 	 	 	 	 
	Principal Paid	 	 	 	 	 	 	 	 
	Note Balance @ mm/dd/yy	 	 	 	 	 	 	 	 
	Note Factor @ mm/dd/yy	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Class A-4[a/b]	 	 	 	 	 	 	 	 
	Note Balance @ mm/dd/yy	 	 	 	 	 	 	 	 
	Principal Paid	 	 	 	 	 	 	 	 
	Note Balance @ mm/dd/yy	 	 	 	 	 	 	 	 
	Note Factor @ mm/dd/yy	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	[Class A-5[a/b]	 	 	 	 	 	 	 	 
	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]	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	[Class D	 	 	 	 	 	 	 	 
	Note Balance @ mm/dd/yy	 	 	 	 	 	 	 	 
	Principal Paid	 	 	 	 	 	 	 	 
	Note Balance @ mm/dd/yy	 	 	 	 	 	 	 	 
	Note Factor @ mm/dd/yy]	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	[Class E	 	 	 	 	 	 	 	 
	Note Balance @ mm/dd/yy	 	 	 	 	 	 	 	 
	Principal Paid	 	 	 	 	 	 	 	 
	Note Balance @ mm/dd/yy	 	 	 	 	 	 	 	 
	Note Factor @ mm/dd/yy]	 	 	 	 	 	 	 	 

 

    	Ex. B-4

     

    

 

	Interest & Principal Payments	 	$ Amount	 	 	 	 
	 	 	 	 	 	 	 
	Total Interest Paid	 	 		 	 	 		 
	Total Principal Paid	 	 	 	 	 	 	 	 
	Total Paid	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Class A-1[a/b]	 	 	 	 	 	 	 	 
	Coupon	 	 	 	 	 	 	 	 
	Interest Paid	 	 	 	 	 	 	 	 
	Principal Paid	 	 	 	 	 	 	 	 
	Total Paid to A-1[a/b] Holders	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Class A-2[a/b]	 	 	 	 	 	 	 	 
	Coupon	 	 	 	 	 	 	 	 
	Interest Paid	 	 	 	 	 	 	 	 
	Principal Paid	 	 	 	 	 	 	 	 
	Total Paid to A-2[a/b] Holders	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Class A-3[a/b]	 	 	 	 	 	 	 	 
	Coupon	 	 	 	 	 	 	 	 
	Interest Paid	 	 	 	 	 	 	 	 
	Principal Paid	 	 	 	 	 	 	 	 
	Total Paid to A-3[a/b] Holders	 	 	 	 	 	 	 	 
		 	 	 	 	 	 	 	 
	Class A-4[a/b]	 	 	 	 	 	 	 	 
	Coupon	 	 	 	 	 	 	 	 
	Interest Paid	 	 	 	 	 	 	 	 
	Principal Paid	 	 	 	 	 	 	 	 
	Total Paid to A-4[a/b] Holders	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	[Class A-5[a/b]	 	 	 	 	 	 	 	 
	Coupon	 	 	 	 	 	 	 	 
	Interest Paid	 	 	 	 	 	 	 	 
	Principal Paid	 	 	 	 	 	 	 	 
	Total Paid to A-5[a/b] Holders]	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Class B	 	 	 	 	 	 	 	 
	Coupon	 	 	 	 	 	 	 	 
	Interest Paid	 	 	 	 	 	 	 	 
	Principal Paid	 	 	 	 	 	 	 	 
	Total Paid to B[a/b] Holders	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	[Class C	 	 	 	 	 	 	 	 
	Coupon	 	 	 	 	 	 	 	 
	Interest Paid	 	 	 	 	 	 	 	 
	Principal Paid	 	 	 	 	 	 	 	 
	Total Paid to C[a/b] Holders]	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	[Class D	 	 	 	 	 	 	 	 
	Coupon	 	 	 	 	 	 	 	 
	Interest Paid	 	 	 	 	 	 	 	 
	Principal Paid	 	 	 	 	 	 	 	 
	Total Paid to D[a/b] Holders]	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	[Class E	 	 	 	 	 	 	 	 
	Coupon	 	 	 	 	 	 	 	 
	Interest Paid	 	 	 	 	 	 	 	 
	Principal Paid	 	 	 	 	 	 	 	 
	Total Paid to E[a/b] Holders]	 	 	 	 	 	 	 	 

 

    	Ex. B-5

     

    

 

	Distribution per $1,000 of Notes	 	Total	 	 		 
	 	 	 	 	 	 	 
	Total Interest Distribution Amount	 	 		 	 	 		 
	 	 	 	 	 	 	 	 	 
	Total Interest Carryover Shortfall	 	 	 	 	 	 	 	 
	Total Principal Distribution Amount	 	 	 	 	 	 	 	 
	Total Distribution Amount	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	A-1[a/b] Interest Distribution Amount	 	 	 	 	 	 	 	 
	A-1[a/b] Interest Carryover Shortfall	 	 	 	 	 	 	 	 
	A-1[a/b] Principal Distribution Amount	 	 	 	 	 	 	 	 
	Total A-1[a/b] Distribution Amount	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	A-2[a/b] Interest Distribution Amount	 	 	 	 	 	 	 	 
	A-2[a/b] Interest Carryover Shortfall	 	 	 	 	 	 	 	 
	A-2[a/b] Principal Distribution Amount	 	 	 	 	 	 	 	 
	Total A-2[a/b] Distribution Amount	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	A-3[a/b] Interest Distribution Amount	 	 	 	 	 	 	 	 
	A-3[a/b] Interest Carryover Shortfall	 	 	 	 	 	 	 	 
	A-3[a/b] Principal Distribution Amount	 	 	 	 	 	 	 	 
	Total A-3[a/b] Distribution Amount	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	A-4[a/b] Interest Distribution Amount	 	 	 	 	 	 	 	 
	A-4[a/b] Interest Carryover Shortfall	 	 	 	 	 	 	 	 
	A-4[a/b] Principal Distribution Amount	 	 	 	 	 	 	 	 
	Total A-4[a/b] Distribution Amount	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	[A-5[a/b] Interest Distribution Amount	 	 	 	 	 	 	 	 
	A-5[a/b] Interest Carryover Shortfall	 	 	 	 	 	 	 	 
	A-5[a/b] Principal Distribution Amount	 	 	 	 	 	 	 	 
	Total A-5[a/b] Distribution Amount]	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	B[a/b] Interest Distribution Amount	 	 	 	 	 	 	 	 
	B[a/b] Interest Carryover Shortfall	 	 	 	 	 	 	 	 
	B[a/b] Principal Distribution Amount	 	 	 	 	 	 	 	 
	Total B[a/b] Distribution Amount	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	[C[a/b] Interest Distribution Amount	 	 	 	 	 	 	 	 
	C[a/b] Interest Carryover Shortfall	 	 	 	 	 	 	 	 
	C[a/b] Principal Distribution Amount	 	 	 	 	 	 	 	 
	Total C[a/b] Distribution Amount]	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	[D[a/b] Interest Distribution Amount	 	 	 	 	 	 	 	 
	D[a/b] Interest Carryover Shortfall	 	 	 	 	 	 	 	 
	D[a/b] Principal Distribution Amount	 	 	 	 	 	 	 	 
	Total D[a/b] Distribution Amount]	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	[E[a/b] Interest Distribution Amount	 	 	 	 	 	 	 	 
	E[a/b] Interest Carryover Shortfall	 	 	 	 	 	 	 	 
	E[a/b] Principal Distribution Amount	 	 	 	 	 	 	 	 
	Total E[a/b] Distribution Amount]	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Noteholders’ First Priority Principal Distributable Amount	 	 	 	 	 	 	 	 
	Noteholders’ Second Priority Principal Distributable Amount	 	 	 	 	 	 	 	 
	[Noteholders’ Third Priority Principal Distributable Amount]	 	 	 	 	 	 	 	 
	[Noteholders’ Fourth Priority Principal Distributable Amount]	 	 	 	 	 	 	 	 
	[Noteholders’ Fifth 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 [Initial] SSA Assignment

 

As of [___],
20[___], 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 [Select] Auto [Receivables] Trust 20[___]-[___] (the “Issuing Entity”) and World Omni Financial Corp.,
a Florida corporation, (the “Servicer”), as acknowledged and accepted by [___], 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 [Initial] Receivables identified on the Schedule of Receivables attached hereto
having an aggregate Starting Principal Balance of $[___] and all monies received thereon and in respect thereof after the [Initial]
Cutoff Date; (b) the security interests in, and the liens on, the Financed Vehicles granted by Obligors in connection with the
[Initial] Receivables and any other interest of the Depositor in such Financed Vehicles; (c) any proceeds with respect to the [Initial]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 [Initial] 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[, the Negative Carry
Account and the Pre-Funding Account] [and the Accumulation Account] from time to time, including the Reserve Account Initial Deposit[,
any Reserve Account Subsequent Transfer Deposit, the Negative Carry Account Initial Deposit and the Pre-Funding 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 [Initial] Receivables, the agreements with Dealers,
any insurance policies or any agreement or instrument relating to any of them.

 

This [Initial]
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 [Initial] 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

     

    

 

[EXHIBIT D

 

Form of Subsequent Transfer
SSA Assignment]

 

As of ___________,
for value received, in accordance with the Sale and Servicing Agreement, dated as of [___], 20[___] (the “Sale and Servicing
Agreement”), among World Omni Auto Receivables LLC, a Delaware limited liability company (the “Depositor”),
World Omni [Select] Auto [Receivables] Trust 20[___]-[___] (the “Issuing Entity”) and World Omni Financial Corp.,
a Florida corporation, (the “Servicer”), as acknowledged and accepted by [___], 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 Subsequent Receivables identified on the Schedule of Receivables attached hereto
having an aggregate Starting Principal Balance of $______and all monies received thereon and in respect thereof after the close
of business on _____, 20__; (b) the security interests in, and the liens on, the Financed Vehicles granted by Obligors in connection
with such Subsequent Receivables and any other interest of the Depositor in such Financed Vehicles; (c) any proceeds with respect
to the Subsequent 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 such Subsequent Receivable and shall have been acquired
by or on behalf of the Depositor, the Servicer or the Trust; (e) 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 (f) the proceeds of any and all of the foregoing; provided,
however, that the foregoing items (a) through (f) 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 such Subsequent Receivables, the agreements with Dealers,
any insurance policies or any agreement or instrument relating to any of them.

 

This Subsequent
Transfer 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. D-1

     

    

 

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

 

	 	WORLD OMNI AUTO RECEIVABLES LLC
	 	 	 
	 	By:	                
	 	Name:	 
	 	Title:	]

 

    	Ex. D-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.

 

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

 

“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 [___] or, if [___] 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 [Initial] Receivables as of the [Initial] Cutoff Date, which is equal to the Initial Aggregate Starting Principal Balance[,
plus the aggregate of the Starting Principal Balances, as of each of the related Subsequent Cutoff Dates, for all Subsequent Receivables,
if any, sold to the Issuing Entity on or prior to such date of determination].

 

[“Amortization
Date” means the earlier of (i) [___], 20[__], and (ii) the date on which an Early Amortization Event occurs.]

 

[“Amortization
Period” means the period beginning on the Amortization Date and ending on the date that all classes of Notes have been
paid in full.]

 

    	 	App. A-1	 

     

    

 

“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.

 

“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 [___], 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) amounts on deposit in the Reserve
Account after giving effect to all other deposits and withdrawals thereto or therefrom on the Payment Date relating to such Collection
Period in excess of the Required Reserve Amount, [(f) amounts on deposit in the Negative Carry Account, after giving effect to
all other deposits and withdrawals thereto and therefrom on the Payment Date relating to such Collection Period in excess of the
Required Negative Carry Account Balance,] [(g)] Investment Earnings for the related Payment Date, [(h)] any Collection Account
Redeposits for the related Payment Date, [(i)] all amounts received from the Indenture Trustee pursuant to Section 5.04
of the Indenture [and [(j)] the [net] amount paid to the Trust under the Interest Rate [Swaps][Caps] since the preceding Payment
Date] 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.

 

    	 	App. A-2	 

     

    

 

[“Available
Purchase Amount” means as of any Subsequent Transfer Date, the excess, if any, of $[___] over the Aggregate Starting
Principal Balance on (and before giving effect to any transfers of Receivables on) such Subsequent Transfer Date.] 

 

“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, [the Interest
Rate Swaps, the Swap Counterparty Rights Agreement][,the Interest Rate Caps] and other documents and certificates delivered in
connection therewith.

 

“Book-Entry
Notes” means, to the extent they are not Definitive Notes, a beneficial interest in the Class [___] 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.

 

[“Cap Counterparty”
means [___], and any permitted successor pursuant to the terms of each applicable Interest Rate Cap.]

 

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

 

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

 

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

 

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

 

“Class”
means any one of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes[,] [the Class A-5 Notes][,]
[or] the Class B Notes[,] [or] [the Class C Notes][,] [or] [the Class D Notes][,] [or] [the Class E 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.

 

    	 	App. A-3	 

     

    

 

“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 [____] 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, [___]) divided by 360].

 

Interest with respect
to the Class [__] 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 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

 

		·	[the actual number of days from and including the previous Payment Date (or, in the case of the
initial Payment Date, from and including 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 [and the Class A-5 Notes].

 

“Class A-1
Final Scheduled Payment Date” means the [___], 20[___] Payment Date.

 

“Class A-1
Interest Rate” means [[___]%][One-Month LIBOR plus [__]%] per annum computed on the basis of [the actual number of days
elapsed and on a 360 day year][a 360 day year of twelve 30 day months].

 

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

 

    	 	App. A-4	 

     

    

 

“Class A-1
Notes” means the Class A-1[a/b] [[___]% ][Floating Rate] Asset-Backed Notes, substantially in the form of Exhibit A-1
to the Indenture.

 

“Class A-2
Final Scheduled Payment Date” means the [___], 20[___] Payment Date.

 

“Class A-2
Interest Rate” means [[___]%][One-Month LIBOR plus [__]%] per annum computed on the basis of [the actual number of days
elapsed and on a 360 day year][a 360 day year of twelve 30 day months].

 

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

 

“Class A-2
Notes” means the Class A-2[a/b] [[___]% ][Floating Rate] Asset-Backed Notes, substantially in the form of Exhibit A-2
to the Indenture.

 

“Class A-3
Final Scheduled Payment Date” means the [___], 20[___] Payment Date.

 

“Class A-3
Interest Rate” means [[___]%][One-Month LIBOR plus [__]%] per annum computed on the basis of [the actual number of days
elapsed and on a 360 day year][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[a/b] [[___]% ][Floating Rate] Asset-Backed Notes, substantially in the form of Exhibit A-3
to the Indenture.

 

“Class A-4
Final Scheduled Payment Date” means the [___], 20[___] Payment Date.

 

“Class A-4
Interest Rate” means [[___]%][One-Month LIBOR plus [__]%] per annum computed on the basis of [the actual number of days
elapsed and on a 360 day year][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[a/b] [[___]% ][Floating Rate] Asset-Backed Notes, substantially in the form of Exhibit A-4
to the Indenture.

 

[“Class A-5
Final Scheduled Payment Date” means the [___], 20[___] Payment Date.]

 

[“Class A-5
Interest Rate” means [[___]%][One-Month LIBOR plus [__]%] per annum computed on the basis of [the actual number of days
elapsed and on a 360 day year][a 360 day year of twelve 30 day months].]

 

[“Class A-5
Noteholder” means the Person in whose name a Class A-5 Note is registered in the Note Register.]

 

    	 	App. A-5	 

     

    

 

[“Class A-5
Notes” means the Class A-5[a/b] [[___]% ][Floating Rate] Asset-Backed Notes, substantially in the form of Exhibit A-5
to the Indenture.]

 

“Class B Final
Scheduled Payment Date” means the [___], 20[___] Payment Date.

 

“Class B Interest
Rate” means [[___]%][One-Month LIBOR plus [__]%] per annum computed on the basis of [the actual number of days elapsed
and on a 360 day year][a 360 day year of twelve 30 day months].

 

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

 

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

 

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

 

“Class B Noteholders’
Monthly Interest Distributable Amount” means, with respect to any Payment Date, interest accrued for the related Interest
Accrual Period on the Class B Notes at the interest rate for such Class on the Outstanding Amount of the Notes of such Class on
the immediately preceding Payment Date (or, in the case of the initial Payment Date, on the Closing Date), after giving effect
to all payments of principal to the Noteholders of such Class on or prior to such preceding Payment Date. For all purposes of this
Agreement and the Basic Documents, interest with respect to all Class B[a] 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[a] Notes;

 

		·	the Class B[a] Interest Rate; and

 

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

 

[Interest with respect
to the Class Bb 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 such Class 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

 

 

    	 	App. A-6	 

     

    

 

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

 

“Class B Notes”
means the Class B[a/b] [[___]% ][Floating Rate] Asset-Backed Notes substantially in the form of Exhibit B to the Indenture.

 

“Class C Final
Scheduled Payment Date” means the [___], 20[___] Payment Date.

 

“Class C Interest
Rate” means [[___]%][One-Month LIBOR plus [__]%] per annum computed on the basis of [the actual number of days elapsed
and on a 360 day year][a 360 day year of twelve 30 day months].

 

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

 

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

 

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

 

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

 

		·	the Outstanding Principal Balance of the Class C Notes;

 

		·	the Class C Interest Rate; and

 

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

 

[Interest with respect
to the Class Cb 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 such Class of notes on each Payment Date will be the product of:

    	 	App. A-7	 

     

    

 

		·	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, from and including the Closing Date) to but excluding the current Payment Date divided by 360].

 

“Class C Notes”
means the Class C[a/b] [[___]% ][Floating Rate] Asset-Backed Notes substantially in the form of Exhibit C to the Indenture.

 

[“Class D
Final Scheduled Payment Date” means the [___], 20[___] Payment Date.]

 

[“Class D
Interest Rate” means [[___]%][One-Month LIBOR plus [__]%] per annum computed on the basis of [the actual number of days
elapsed and on a 360 day year][a 360 day year of twelve 30 day months].]

 

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

 

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

 

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

 

[“Class D
Noteholders’ Monthly Interest Distributable Amount” means, with respect to any Payment Date, interest accrued for
the related Interest Accrual Period on the Class D 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 D 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 D Notes;

 

		·	the Class D Interest Rate; and

 

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

 

    	 	App. A-8	 

     

    

 

[Interest with respect
to the Class Db 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 such Class 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

 

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

 

[“Class D
Notes” means the Class D[a/b] [[___]% ][Floating Rate] Asset-Backed Notes substantially in the form of Exhibit D
to the Indenture.]

 

[“Class E
Final Scheduled Payment Date” means the [___], 20[___] Payment Date.]

 

[“Class E
Interest Rate” means [[___]%][One-Month LIBOR plus [__]%] per annum computed on the basis of [the actual number of days
elapsed and on a 360 day year][a 360 day year of twelve 30 day months].]

 

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

 

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

 

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

 

[“Class E
Noteholders’ Monthly Interest Distributable Amount” means, with respect to any Payment Date, interest accrued for
the related Interest Accrual Period on the Class E 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 E 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 E Notes;

 

    	 	App. A-9	 

     

    

 

		·	the Class E Interest Rate; and

 

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

 

[Interest with respect
to the Class Eb 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 such Class 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

 

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

 

[“Class E
Notes” means the Class E[a/b] [[___]% ][Floating Rate] Asset-Backed Notes substantially in the form of Exhibit E
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 [___], 20[___].

 

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

 

“Collateral”
has the meaning specified in the Granting Clause of 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 [Initial] 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-10	 

     

    

 

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

 

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

 

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

 

“Controlling
Securities” means (i) the Class A Notes so long as the Class A Notes are outstanding[,] [and] (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] [,] [and] [(iv) after the Class
C Notes are no longer outstanding, the Class D Notes so long as the Class D Notes are outstanding] [and (v) after the Class D Notes
are no longer outstanding, the Class E Notes so long as the Class E Notes are outstanding].

 

“Corporate
Trust Office” means:

 

(a)          with
respect to the Indenture Trustee, [____], 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, [___], 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.

 

“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.

 

“Cutoff Date”
means [the close of business on [____], 20[__]]/[, with respect to an Initial Receivable, the Initial Cutoff Date, and with respect
to a Subsequent Receivable, the related Subsequent Cutoff Date].

 

“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.

 

    	 	App. A-11	 

     

    

 

“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 [___]%.

 

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

 

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

 

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

 

    	 	App. A-12	 

     

    

 

(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-13	 

     

    

 

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

 

[“Early Amortization
Event” means the occurrence during the Revolving Period of one or more of the following: (i) the amount on deposit in
the Reserve Account is less than the Required Reserve Amount on [two] consecutive Payment Dates following any application of amounts
on deposit therein on each such Payment Date; (ii) the amount on deposit in the Accumulation Account is less than the Target Reinvestment
Amount on [two] consecutive Payment Dates following any application of amounts on deposit therein on each such Payment Dates; (iii)
the amount on deposit in the Accumulation Account exceeds [ ]% of the Initial Aggregate Starting Principal Balance on [three] consecutive
Payment Dates following any application of amounts on deposit therein; (iv) an Event of Default occurs; or (v) a Servicer Default
occurs.]

 

[“Early Termination
Date” has the meaning specified in Section [ ] of the applicable Interest Rate Swap.]

 

“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 [___] or better by [___] and in one of its generic rating categories that signifies investment grade by
[___].

 

“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
[___]or better by [___],[___]or better by [___], or such other rating that is acceptable to each Rating Agency or (B) a certificate
of deposit rating of [___] by [___],[___] by [___], 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 [___] and [___], 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;

 

    	 	App. A-14	 

     

    

 

(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;

 

(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 [___] and [___], 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;

 

    	 	App. A-15	 

     

    

 

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

 

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

 

(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 [___] and [___], 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 [___]credit rating of [___] and [___]; and

 

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

 

Notwithstanding anything
to the contrary contained in the foregoing definition:

 

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

 

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

 

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

 

(ii)         in
the case of a certificated security that is in registered form (A)(1) the Indenture Trustee acquires physical possession of such
certificated 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-16	 

     

    

 

(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 [___] by [___] 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-17	 

     

    

 

“FDIC”
means the Federal Deposit Insurance Corporation.

 

“Final Prospectus”
shall mean the prospectus dated [___], 20[___], relating
to the Notes.

 

“Final Scheduled
Maturity Date” means in the case of an [Initial] Receivable, [___], 20[___][, or, in the case of a Subsequent Receivable,
[___], 20[___]].

 

“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 A-5 Notes, the Class A-5 Final Scheduled Payment Date][,] [and] [(vi)] with respect to the Class B Notes, the Class
B Final Scheduled Payment Date[,] [and] [(vii) with respect to the Class C Notes, the Class C Final Scheduled Payment Date][,]
[and] [(viii) with respect to the Class D Notes, the Class D Final Scheduled Payment Date] [and (ix) with respect to the Class
E Notes, the Class E 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 successors.]

 

[“Funding
Period” means the period beginning on and including the Closing Date and ending on the first to occur of (a) the date
on which the amount on deposit in the Pre-Funding Account (after giving effect to any transfers therefrom in connection with the
transfer of Subsequent Receivables to the Issuing Entity on such Payment Date) is not greater than $[100,000], (b) the date on
which an Event of Default or a Servicer Default occurs, (c) the date on which an Insolvency Event occurs with respect to WOAR
or World Omni or (d) the last Business Day of [___].]

 

“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.

 

    	 	App. A-18	 

     

    

 

“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 [___], not in its individual capacity but solely as Indenture Trustee under the Indenture, or any successor
Indenture Trustee under the Indenture.

 

“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 $[___].

 

[“Initial
Closing Date” means [___], 20[___].]

 

[“Initial
Cutoff Date” means [___], 20[___].]

 

[“Initial
RPA Assignment” has the meaning assigned in Section 2.01 of the Receivables Purchase Agreement.]

 

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

 

[“Initial
Receivables” means the Receivables transferred to the Trust on the Closing Date as set forth on the Schedule of Receivables
attached to the Initial SSA Assignment.]

 

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

 

    	 	App. A-19	 

     

    

 

“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 [__] 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 [__] Notes, the period from and including the [15]th day of the preceding calendar month (or, in the
case of the initial Payment Date, the Closing Date) to, but excluding, the [15]th day of the current calendar month.

 

“Interest
Rate” means the Class A-1 Interest Rate, the Class A-2 Interest Rate, the Class A-3 Interest Rate, the Class
A-4 Interest Rate[,] [the Class A-5 Interest Rate][,] [or] the Class B Interest Rate [or Class C Interest Rate][,] [or] [the
Class D Interest Rate] [or Class E Interest Rate], as applicable.

 

[“Interest
Rate Caps” means the interest rate cap agreements, if any, including all schedules and confirmations related thereto,
between the Trust and the Cap Counterparty, if any, in effect on the Closing Date (as may be amended, supplemented, replaced or
otherwise modified and in effect from time to time).]

 

[“Interest
Rate Swaps” means the interest rate swap agreements, if any, including all schedules and confirmations related thereto,
between the Trust and the Swap Counterparty, if any, in effect on the Closing Date (as may be amended, supplemented, replaced or
otherwise modified and in effect from time to time).]

 

“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.

 

    	 	App. A-20	 

     

    

 

“Issuing Entity”
means World Omni [Select] Auto [Receivables] Trust 20[___]-[___] 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 United States Dollars are transacted in the London bank market.]

 

[“Materiality
Opinion” has the meaning set forth in the Swap Counterparty Rights Agreement, if any.]

 

[“Maximum
Negative Carry Amount” means, if there is a Funding Period, with respect to the Closing Date and any Payment Date, the
product of (i) the excess of (a) the weighted average of the Interest Rates on the Notes, as of such date over (b) [___]% multiplied
by (ii) the amount on deposit in the Pre-Funding Account on such date multiplied by (iii) the fraction of a year represented by
the number of days from such date until, but excluding, the Payment Date immediately following the calendar month in which the
last day of the Funding Period occurs (calculated on the basis of a 360-day year of twelve 30-day months).]

 

[“Monthly
Swap Payment Amount” means, with respect to any Payment Date, the amount payable by the Trust under the Interest Rate
Swaps other than Swap Termination Payment Amounts, if any.]

 

[“Negative
Carry Account” means the account, if any, designated as such, established and maintained pursuant to Section 5.01(a)(v)
of the Sale and Servicing Agreement.]

 

[“Negative
Carry Account Initial Deposit” means cash or Eligible Investments having a value of $[___].]

 

[“Negative
Carry Amount” means, if there is a Funding Period, with respect to any Payment Date, the excess (if any) of (i) the
product of (a) the sum of the aggregate of the Class A Noteholders’ Interest Distributable Amount[,] [and] the Class B Noteholders’
Interest Distributable Amount [and the Class C Noteholders’ Interest Distributable Amount] for such Payment Date multiplied
by (b) a fraction, the numerator of which is the amount on deposit in the Pre-Funding Account as of the preceding Payment Date
(or, if none, the Closing Date) and the denominator of which is the Outstanding Amount on such preceding Payment Date (or, if
none, the Closing Date), in each case, giving effect to all deposits, withdrawals and payments to be made on such Payment Date
over (ii) the Investment Earnings on amounts in the Pre-Funding Account during the related Collection Period.]

 

    	 	App. A-21	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

[“Noteholders’
Fifth Priority Principal Distributable Amount” means, with respect to any Payment Date [during the Amortization Period],
an amount equal to the excess, if any, of (a) the Outstanding Amount of the 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, the Noteholders’ Second Priority Principal Distributable Amount, the Noteholders’ Third Priority
Principal Distributable Amount and the Noteholders’ Fourth Priority Principal Distributable Amount. [With respect to any
Payment Date during the Revolving Period, the Noteholders’ Fifth Priority Principal Distributable Amount shall be equal to
zero.]]

 

    	 	App. A-22	 

     

    

 

“Noteholders’
First Priority Principal Distributable Amount” means, with respect to any Payment Date [during the Amortization Period],
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. [With respect to any Payment Date during the Revolving Period, the
Noteholders’ First Priority Principal Distributable Amount shall be equal to zero.]

 

[“Noteholders’
Fourth Priority Principal Distributable Amount” means, with respect to any Payment Date [during the Amortization Period],
an amount equal to the excess, if any, of (a) the Outstanding Amount of the [Class A Notes, Class B Notes, Class C Notes and Class
D] 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, the Noteholders’ Second Priority Principal
Distributable Amount and the Noteholders’ Third Priority Principal Distributable Amount. [With respect to any Payment Date
during the Revolving Period, the Noteholders’ Fourth Priority Principal Distributable Amount shall be equal to zero.]]

 

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

 

“Noteholders’
Principal Distributable Amount” means, with respect to any Payment Date [during the Amortization Period], 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. [With respect to any Payment
Date during the Revolving Period, the Noteholders’ Principal Distributable Amount shall be equal to zero.] [On the first
Payment Date related to the Amortization Period, the Noteholders’ Principal Distributable Amount shall also include the amount
on deposit in the Accumulation Account as of the close of business on the preceding Payment Date.]

 

“Noteholders’
Second Priority Principal Distributable Amount” means, with respect to any Payment Date [during the Amortization Period],
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. [With respect to any Payment Date during the Revolving Period, the Noteholders’
Second Priority Principal Distributable Amount shall be equal to zero.]

 

    	 	App. A-23	 

     

    

 

[“Noteholders’
Third Priority Principal Distributable Amount” means, with respect to any Payment Date [during the Amortization Period],
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 Noteholders’ First Priority Principal Distributable Amount and the Noteholders’ Second Priority Principal
Distributable Amount. [With respect to any Payment Date during the Revolving Period, the Noteholders’ Third Priority Principal
Distributable Amount shall be equal to zero.]]

 

“Notes”
means Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes[,] [the Class A-5 Notes][,] [and]
the Class B Notes[,] [and the Class C Notes][,] [and the Class D Notes] [and the Class E 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 United States dollars having a one month maturity
that appears on Bloomberg Screen US0001M Index Page (or the successor page or screen as may replace that page or screen or that
service) at approximately 11:00 a.m., London time on the related LIBOR Determination Date. Notwithstanding the foregoing, in the
event that no rate for one-month United States 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 United States
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. 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 United States 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. If such quotation cannot be obtained, One-Month LIBOR for such Payment Date will
be One-Month LIBOR that was determined with respect to the prior Payment Date. For the avoidance of doubt, in no event shall the
Indenture Trustee be responsible for determining LIBOR or any substitute for LIBOR.]

 

    	 	App. A-24	 

     

    

 

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

 

“Outstanding”
means, as of the date of determination, all Notes theretofore authenticated and delivered under this 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 this 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 this 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 [(i)] [so long as the Class [__] Notes are
Outstanding,] [___]% 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 [and
(ii) with respect to any Payment Date [after the Class [__] Notes are paid in full,] an amount equal to [___]% 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 [in either case] not less than the result
of [___]% of the [Initial] Aggregate Starting Principal Balance of the Receivables minus the Yield Supplement Overcollateralization
Amount [as of the Closing Date][, plus [_]% of the aggregate of the Starting Principal Balances of any Subsequent Receivables
transferred to the Issuing Entity less the Yield Supplement Overcollateralization Amount of those Subsequent Receivables as of
the related Cutoff Date].

 

    	 	App. A-25	 

     

    

 

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

 

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

 

[“Parity Reinvestment
Amount” means, as of any Payment Date during the Revolving Period, the excess, if any, of the Outstanding Amount of the
Notes as of the preceding Payment Date or the Closing Date, as applicable, over the Pool Balance for that Payment Date.]

 

“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 [___], 20[___].

 

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

 

[“Payment
Extension Program” means a program where one month’s payment of principal is deferred in return for the payment
of an extension fee calculated generally at the APR of the contract for the month in which such payment is deferred (unless such
fee is waived by the Servicer in accordance with the Servicer’s customary servicing procedures).]

 

“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.

 

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

 

    	 	App. A-26	 

     

    

 

“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[, plus amounts, if any, on deposit in the Pre-Funding Account, if any, as
of the last day of the related Collection Period (after giving effect to any withdrawals therefrom on such date in connection
with the purchase of Subsequent Receivables), for such Collection Period], and after reduction to zero of the aggregate outstanding
Principal Balance of any Receivable that became a Defaulted Receivable during the related Collection Period.

 

“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.

 

[“Pre-Funded
Amount” means with respect to any Payment Date, the amount on deposit in the Pre-Funding Account.]

 

[“Pre-Funding
Account” means the account, if any, designated as such, established and maintained pursuant to Section 5.01(a)(iv)
of the Sale and Servicing Agreement.]

 

[“Pre-Funding
Account Initial Deposit” means Cash or Eligible Investments having a value of $[___].]

 

“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.

 

    	 	App. A-27	 

     

    

 

“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, [___] and [___] 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.

 

“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.

 

    	 	App. A-28	 

     

    

 

“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.

 

“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 [Initial] Cutoff Date and any Payment Date on or prior to the date on which
the Outstanding Amount of the Class [__] Notes is paid in full, [__]% per annum, and (ii) with respect to any Payment Date after
the date on which the Outstanding Amount of the Class [__] Notes is paid in full, [__]%,] or[, in each case,] such other rate as
shall be approved by the Rating Agencies. [If no Class [__] Notes are issued, the Required Rate will step down from [__]% to [__]%
on the initial Payment Date and remain at that level for each period thereafter.]

 

“Required
Rating” means a rating on commercial paper or other short term unsecured debt obligations of [___] by [___] so long as
[___] is a Rating Agency and [___] by [___] so long as [___] 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
[___] and [___].

 

    	 	App. A-29	 

     

    

 

[“Required
Negative Carry Account Balance” means, if applicable, as of any Payment Date, an amount equal to the lesser of (a) the
amount then on deposit in the Negative Carry Account, if any, and (b) the Maximum Negative Carry Amount as of such date.]

 

“Required
Reserve Amount” means, with respect to any Payment Date, the lesser of (a) [___]% of the difference of the Aggregate
Starting Principal Balance less the Yield Supplement Overcollateralization Amount as of the [applicable] Cutoff Date of all Receivables
transferred to the Trust[, provided that, with respect to any Payment Date after the date on which the Outstanding
Amount of the Class [___] Notes is paid in full, [___]% of the Pool Balance for that Payment Date,] and (b) the Outstanding Amount
of the Notes.

 

“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 $[___].

 

[“Reserve
Account Subsequent Transfer Deposit” means with respect to any Subsequent Transfer Date, cash or Eligible Investments
in an amount equal to [___]% of the aggregate Starting Principal Balance of the transferred Subsequent Receivables as of the applicable
Subsequent Transfer Date less the Yield Supplement Overcollateralization Amount as of the applicable Subsequent Transfer Date,
which shall be deposited into the Reserve Account on such Subsequent Transfer Date pursuant to Section 5.01(d) of the Sale
and Servicing Agreement.]

 

“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] [the Class [___] Notes, until such time as such Notes are the subject of an opinion specified
in Section 2.04(b) of the Indenture regarding treatment of such Notes as indebtedness for federal income tax purposes, which
opinion shall have been received by the Depositor and the Indenture Trustee].

 

“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.

 

    	 	App. A-30	 

     

    

 

“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.

 

[“Revolving
Period” means the period beginning on the Initial Closing Date and ending on (but not including) the Amortization Date.]

 

“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 [each][the] schedule attached to [an][the] RPA Assignment or [an][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.

 

[“Senior Swap
Termination Payment Amount” means any Swap Termination Payment Amount other than a Subordinate Swap Termination Payment
Amount, if any.]

 

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

 

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

 

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

 

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

 

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

 

    	 	App. A-31	 

     

    

 

“Servicing
Fee Rate” means [1]% per annum.

 

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

 

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

 

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

 

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

 

“SSA Assignment”
[has the meaning assigned in Section 2.01 of the Sale and Servicing Agreement][means the Initial SSA Assignment and any
Subsequent Transfer SSA Assignment].

 

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

 

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

 

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

 

“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.

 

[“Subordinate
Swap Termination Payment Amount” means any Swap Termination Payment Amount resulting from a termination where the Swap
Counterparty is the Defaulting Party or the sole Affected Party (each as defined in the applicable Interest Rate Swap) other than
terminations arising from a Tax Event or Illegality (each as defined in the applicable Interest Rate Swap) , if any.]

 

    	 	App. A-32	 

     

    

 

[“Subsequent
Cutoff Date” means with respect to any Receivable transferred to the Trust after the Closing Date, if any, the date
specified by the Depositor in the month those Receivables are transferred to the Trust.]

 

[“Subsequent
Receivables” means the Receivables transferred from the Depositor to the Issuing Entity pursuant to Section 2.03
of the Sale and Servicing Agreement, which shall be listed on the schedules to the related Subsequent Transfer SSA Assignment,
if any.]

 

[“Subsequent
Transfer Date” means any date during the [Funding Period][Revolving Period] on which Subsequent Receivables are to be
transferred to the Issuing Entity and a related Subsequent Transfer SSA Assignment is executed and delivered to the Issuing Entity
and the Indenture Trustee pursuant to Section 2.03 of the Sale and Servicing Agreement.]

 

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

 

[“Subsequent
Transfer SSA Assignment” has the meaning assigned thereto in Section 2.03(a) of the Sale and Servicing Agreement.]

 

“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.

 

[“Swap Counterparty”
means [___], and any permitted successor pursuant to the terms of each applicable Interest Rate Swap.]

 

[“Swap Counterparty
Rights Agreement” means the swap counterparty rights agreement, dated as of the Closing Date, as amended, supplemented
or otherwise modified and in effect from time to time, by and among the Trust, the Swap Counterparty, the Depositor and World
Omni.]

 

[“Swap Termination
Payment Amount” means any amount due to the Swap Counterparty from the Trust in respect of an Early Termination Date
of the applicable Interest Rate Swap, if any.]

 

[“Target Reinvestment
Amount” means, as of any Payment Date during the Revolving Period, the excess, if any, of the Outstanding Amount of the
Notes as of the preceding Payment Date or the Closing Date, as applicable, plus the Overcollateralization Target Amount over the
Pool Balance for that payment date.]

 

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

 

[“Total Available
Funds” means with respect to any Payment Date, an amount equal to Available Funds and funds available from the Negative
Carry Account, if any, up to the Negative Carry Amount.]

 

    	 	App. A-33	 

     

    

 

“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 [Select] Auto [Receivables] Trust 20[___]-[___], 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[, the Pre-Funding Account and the Negative Carry Account] [and the Accumulation Account], and all proceeds of the
foregoing.

 

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

 

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

 

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

 

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

 

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

 

“Trust Officer”
means, in the case of the Indenture Trustee, any Officer within the Corporate Trust Office of the Indenture Trustee, including
any vice president, assistant vice president, 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, 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.

 

    	 	App. A-34	 

     

    

 

“Trustee Bank”
means [___] 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.

 

“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;

 

(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
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 [Initial Cutoff] Date [or any Subsequent Cutoff Date], the aggregate amount by which the Principal Balance as of the last
day of such Collection Period or the [respective] 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 Receivables, exceeds the present value, calculated by using a discount
rate equal to the Required Rate, of each scheduled payment of each such Receivables assuming such scheduled payment is made on
the last day of each month and each month has 30 days.

 

    	 	App. A-35	 

     

    

 

APPENDIX A

PART II - RULES OF CONSTRUCTION

 

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

 

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

 

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

 

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

 

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

 

    	 	App. A-36	 

     

    

 

(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-37	 

     

    

 

[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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