Document:

EXHIBIT 4.2

 

 

 

INDENTURE

 

between

 

WORLD OMNI AUTO RECEIVABLES TRUST 2019-A,

as Issuing Entity

 

and

 

U.S.
bank national association,

as Indenture Trustee

 

Dated as of January 30, 2019

 

 

 

    	 

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I	 
	 	 	 
	Definitions and Incorporation by Reference	 
	 	 	 
	Section 1.01	Definitions	2
	Section 1.02	Incorporation by Reference of Trust Indenture Act	2
	 	 	 
	ARTICLE II	 
	 	 
	The Notes	 
	 	 	 
	Section 2.01	Form	3
	Section 2.02	Execution, Authentication and Delivery	3
	Section 2.03	Temporary Notes	4
	Section 2.04	Transfer Restrictions on Notes	4
	Section 2.05	Registration; Registration of Transfer and Exchange	7
	Section 2.06	Mutilated, Destroyed, Lost or Stolen Notes	8
	Section 2.07	Persons Deemed Owner	9
	Section 2.08	Payment of Principal and Interest; Defaulted Interest	10
	Section 2.09	Cancellation	11
	Section 2.10	Release of Collateral	11
	Section 2.11	Book-Entry Notes	11
	Section 2.12	Notices to Clearing Agency	12
	Section 2.13	Definitive Notes	12
	Section 2.14	Tax Treatment	13
	Section 2.15	CUSIP Numbers	13
	 	 	 
	ARTICLE III	 
	 	 	 
	Covenants	 
	 	 	 
	Section 3.01	Payment of Principal and Interest	13
	Section 3.02	Maintenance of Office or Agency	14
	Section 3.03	Money for Payments to Be Held in Trust	14
	Section 3.04	Existence	16
	Section 3.05	Protection of Trust Estate	16
	Section 3.06	Opinions as to Trust Estate	16
	Section 3.07	Performance of Obligations; Servicing of Receivables	17
	Section 3.08	Negative Covenants	19
	Section 3.09	Annual Statement as to Compliance	20
	Section 3.10	Issuing Entity May Consolidate, etc., Only on Certain Terms	20
	Section 3.11	Successor or Transferee	22

 

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	Section 3.12	No Other Business	22
	Section 3.13	No Borrowing	22
	Section 3.14	Servicer’s Obligations	22
	Section 3.15	Guarantees, Loans, Advances and Other Liabilities	22
	Section 3.16	Capital Expenditures	22
	Section 3.17	Removal of Administrator	22
	Section 3.18	Restricted Payments	23
	Section 3.19	Notice of Events of Default	23
	Section 3.20	Further Instruments and Acts	23
	 	 	 
	ARTICLE IV	 
	 	 	 
	Satisfaction and Discharge	 
	 	 	 
	Section 4.01	Satisfaction and Discharge of Indenture	23
	Section 4.02	Application of Trust Money	24
	Section 4.03	Repayment of Monies Held by Paying Agent	24
	 	 	 
	ARTICLE V	 
	 	 	 
	Remedies	 
	 	 	 
	Section 5.01	Events of Default	25
	Section 5.02	Acceleration of Maturity; Rescission and Annulment	26
	Section 5.03	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	27
	Section 5.04	Remedies; Priorities	29
	Section 5.05	Optional Preservation of the Receivables	30
	Section 5.06	Limitation of Suits	30
	Section 5.07	Unconditional Rights of Noteholders to Receive Principal and Interest	31
	Section 5.08	Restoration of Rights and Remedies	31
	Section 5.09	Rights and Remedies Cumulative	32
	Section 5.10	Delay or Omission Not a Waiver	32
	Section 5.11	Control by Noteholders	32
	Section 5.12	Waiver of Past Defaults	32
	Section 5.13	Undertaking for Costs	33
	Section 5.14	Waiver of Stay or Extension Laws	33
	Section 5.15	Action on Notes	33
	Section 5.16	Performance and Enforcement of Certain Obligations	34
	 	 	 
	ARTICLE VI	 
	 	 	 
	The Indenture Trustee	 
	 	 	 
	Section 6.01	Duties of Indenture Trustee	34
	Section 6.02	Rights of Indenture Trustee	36

 

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	Section 6.03	Individual Rights of Indenture Trustee	38
	Section 6.04	Indenture Trustee’s Disclaimer	38
	Section 6.05	Notice of Defaults	38
	Section 6.06	Reports by Indenture Trustee	38
	Section 6.07	Compensation and Indemnity	39
	Section 6.08	Replacement of Indenture Trustee	39
	Section 6.09	Successor Indenture Trustee by Merger	40
	Section 6.10	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	41
	Section 6.11	Eligibility; Disqualification	42
	Section 6.12	Preferential Collection of Claims Against Issuing Entity	42
	Section 6.13	Representations and Warranties of the Indenture Trustee	42
	Section 6.14	Communications Regarding Demands to Repurchase Receivables	43
	 	 	 
	ARTICLE VII	 
	 	 	 
	Noteholders’ Lists and Reports	 
	 	 	 
	Section 7.01	Issuing Entity to Furnish Indenture Trustee Names and Addresses of Noteholders	44
	Section 7.02	Preservation of Information; Communications to Noteholders; Noteholder Communications with Indenture Trustee; Communications between Noteholders	44
	Section 7.03	Reports by Issuing Entity	46
	Section 7.04	Reports by Indenture Trustee	46
	Section 7.05	Noteholder Demand for Asset Representations Review	47
	 	 	 
	ARTICLE VIII	 
	 	 	 
	Accounts, Disbursements and Releases	 
	 	 	 
	Section 8.01	Collection of Money	48
	Section 8.02	Trust Accounts	48
	Section 8.03	General Provisions Regarding Accounts	50
	Section 8.04	Release of Trust Estate	50
	Section 8.05	Opinion of Counsel	51
	 	 	 
	ARTICLE IX	 
	 	 	 
	Supplemental Indentures	 
	 	 	 
	Section 9.01	Supplemental Indentures Without Consent of Noteholders	51
	Section 9.02	Supplemental Indentures with Consent of Noteholders	53
	Section 9.03	Execution of Supplemental Indentures	54
	Section 9.04	Effect of Supplemental Indenture	54
	Section 9.05	Conformity with Trust Indenture Act	55
	Section 9.06	Reference in Notes to Supplemental Indentures	55

 

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	ARTICLE X	 
	 	 	 
	Redemption of Notes	 
	 	 	 
	Section 10.01	Redemption	55
	Section 10.02	Form of Redemption Notice	55
	Section 10.03	Notes Payable on Redemption Date	56
	 	 	 
	ARTICLE XI	 
	 	 	 
	Miscellaneous	 
	 	 	 
	Section 11.01	Compliance Certificates and Opinions, etc.	56
	Section 11.02	Form of Documents Delivered to Indenture Trustee	58
	Section 11.03	Acts of Noteholders	59
	Section 11.04	Notices, etc., to Indenture Trustee, Issuing Entity and Rating Agencies	59
	Section 11.05	Notices to Noteholders; Waiver	60
	Section 11.06	Alternate Payment and Notice Provisions	61
	Section 11.07	Conflict with Trust Indenture Act	61
	Section 11.08	Effect of Headings and Table of Contents	61
	Section 11.09	Successors and Assigns	61
	Section 11.10	Severability	61
	Section 11.11	Benefits of Indenture	61
	Section 11.12	Legal Holidays	61
	Section 11.13	GOVERNING LAW	62
	Section 11.14	Counterparts	62
	Section 11.15	Recording of Indenture	62
	Section 11.16	Trust Obligation	62
	Section 11.17	No Petition	63
	Section 11.18	Inspection	63
	Section 11.19	Waiver of Jury Trial	63
	 	 	 
	ARTICLE XII	 
	 	 	 
	COMPLIANCE WITH REGULATION AB	 
	 	 	 
	Section 12.01	Intent of the Parties; Reasonableness	64
	Section 12.02	Additional Representations and Warranties of the Indenture Trustee	64
	Section 12.03	Information to Be Provided by the Indenture Trustee	64
	Section 12.04	Regulation AB Reports by Indenture Trustee	65

 

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	SCHEDULE A	–	Schedule of Receivables
	 	 	 
	EXHIBIT A-1	–	Form of Class A-1 Note
	EXHIBIT A-2	–	Form of Class A-2 Note
	EXHIBIT A-3	–	Form of Class A-3 Note
	EXHIBIT A-4	–	Form of Class A-4 Note
	EXHIBIT B	–	Form of Class B Note
	EXHIBIT C	–	Form of Class C Note
	EXHIBIT D	–	Servicing Criteria for Indenture Trustee’s Assessment of Compliance
	EXHIBIT E	–	Form of Indenture Trustee’s Annual Certification
	EXHIBIT F	–	Form of Transferor Certificate
	EXHIBIT G	–	Form of Investment Letter

 

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THIS INDENTURE dated
as of January 30, 2019 (as it may be amended and supplemented from time to time, this “Indenture”) is between
WORLD OMNI AUTO RECEIVABLES TRUST 2019-A, a Delaware statutory trust (the “Issuing Entity”), and U.S. BANK NATIONAL
ASSOCIATION, a national banking association, as trustee and not in its individual capacity (the “Indenture Trustee”).

 

Each party agrees as
follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Issuing Entity’s Class A-1
2.72616% Asset-Backed Notes (the “Class A-1 Notes”), Class A-2 3.02% Asset-Backed Notes (the “Class
A-2 Notes”), Class A-3 3.04% Asset-Backed Notes (the “Class A-3 Notes”), Class A-4 3.22%
Asset-Backed Notes (the “Class A-4 Notes”), Class B 3.34% Asset-Backed Notes (the “Class B Notes”)
and Class C 3.54% Asset-Backed Notes (the “Class C Notes” and, together with the Class A-1 Notes, the Class A-2
Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes, the “Notes”):

 

GRANTING CLAUSE

 

The Issuing Entity hereby
Grants to the Indenture Trustee at the Closing Date, as Indenture Trustee for the benefit of the Holders of the Notes, all of
the Issuing Entity’s right, title and interest, whether now or hereafter acquired, and wherever located, in and to (a) the
Receivables identified on the SSA Assignment (all of which are identified in World Omni’s computer files by a code indicating
that such Receivables are owned by the Issuing Entity and pledged to the Indenture Trustee) and all monies received thereon and
in respect thereof after the Cutoff Date; (b) the security interests in, and the liens on, the Financed Vehicles granted
by Obligors in connection with the Receivables and any other interest of the Issuing Entity in such Financed Vehicles; (c) any
proceeds with respect to the Receivables from claims on any physical damage, credit life or disability insurance policies covering
Financed Vehicles or Obligors; (d) any Financed Vehicle that shall have secured a Receivable and that shall have been acquired
by or on behalf of the Depositor, the Servicer or the Issuing Entity; (e) all right, title and interest in all funds on deposit
in, and “financial assets” (as such term is defined in the Uniform Commercial Code as from time to time in effect)
credited to, the Trust Accounts, including the Reserve Account, from time to time, including the Reserve Account Initial Deposit,
and in all investments and proceeds thereof (including all income thereon); (f) the Receivables Purchase Agreement, including
the RPA Assignment, and the Sale and Servicing Agreement, including the SSA Assignment (including the Issuing Entity’s right
to cause World Omni, the Servicer or the Depositor to repurchase Receivables from the Issuing Entity under certain circumstances
described therein); (g) all “accounts,” “chattel paper,” “general intangibles” and “promissory
notes” (as such terms are defined in the UCC) constituting or relating to the foregoing; and
(h) all proceeds of any and all of the foregoing and all present and future claims, demands, causes of action and choses
in action in respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever
in respect of any or all of the foregoing, including all proceeds of the conversion thereof, voluntary or involuntary, into cash
or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks,
deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations
and receivables, instruments, general intangibles and other property which at any time constitute all or part of or are included
in the proceeds of any of the foregoing; provided, however, that the foregoing items (a) through (i) shall not include
the Notes and Trust Certificates (collectively, the “Collateral”).

 

    	 

     

    

 

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

 

The Indenture Trustee,
as Indenture Trustee on behalf of the Holders of the Notes, acknowledges such Grant, accepts the trusts under this Indenture in
accordance with the provisions of this Indenture and agrees to perform its duties required in this Indenture to the end that the
interests of the Holders of the Notes may be adequately and effectively protected.

 

ARTICLE
I

 

Definitions and Incorporation by Reference

 

Section 1.01         Definitions.
Certain capitalized terms used in this Indenture shall have the respective meanings assigned to them in Part I of Appendix
A to the Sale and Servicing Agreement of even date herewith among the Issuing Entity, World Omni Auto Receivables LLC and World
Omni. All references herein to “the Indenture” or “this Indenture” are to this Indenture
as it may be amended, supplemented or modified from time to time, the exhibits hereto and the capitalized terms used herein which
are defined in such Appendix A. All references herein to Articles, Sections, subsections and exhibits are to Articles, Sections,
subsections and exhibits contained in or attached to this Indenture unless otherwise specified. All terms defined in this Indenture
shall have the defined meanings when used in any certificate, notice, Note or other document made or delivered pursuant hereto
unless otherwise defined therein. The rules of construction set forth in Part II of such Appendix A shall be applicable
to this Indenture.

 

Section 1.02         Incorporation
by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated
by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings:

 

“indenture securities”
means the Notes.

 

“indenture security
holder” means a Noteholder.

 

“indenture to
be qualified” means this Indenture.

 

“indenture trustee”
or “institutional trustee” means the Indenture Trustee.

 

“obligor”
on the indenture securities means the Issuing Entity and any other obligor on the indenture securities.

 

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

 

ARTICLE
II

 

The Notes

 

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

 

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

 

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

 

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

 

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

 

The Indenture Trustee
shall upon receipt of an Issuing Entity Order authenticate and deliver Class A-1 Notes for original issue in an aggregate
principal amount of $211,000,000, Class A-2 Notes for original issue in an aggregate principal amount of $348,000,000, Class A-3
Notes for original issue in an aggregate principal amount of $347,000,000 Class A-4 Notes for original issue in an aggregate
principal amount of $82,950,000, Class B Notes for original issue in an aggregate principal amount of $31,150,000 and Class C Notes
for original issue in an aggregate principal amount of $15,570,000. The aggregate principal amount of Class A-1 Notes, Class
A-2 Notes, Class A-3 Notes, Class A-4 Notes, Class B and Class C Notes outstanding at any time may not exceed such respective amounts
except as provided in Section 2.06.

 

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Each Note shall be dated
the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral
multiples thereof; provided, that the minimum amounts of any Retained Notes shall be subject to the restrictions
set forth in Section 2.04.

 

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

 

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

 

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

 

Section 2.04         Transfer
Restrictions on Notes.

 

(a)   As
of the date of this Indenture, the Retained Notes have not been registered under the Securities Act and will not be listed on any
exchange. Unless and until such Notes have been sold pursuant to a transaction registered under the Securities Act, no transfer
of such a Note shall be made unless such transfer is made pursuant to an effective registration statement under the Securities
Act and any applicable state securities laws or is exempt from the registration requirements under the Securities Act and such
state securities laws. Except in a transfer pursuant to Rule 144A or a transfer to the Depositor or by the Depositor to an Affiliate
thereof, in the event that a transfer is to be made in reliance upon an exemption from the Securities Act and state securities
laws, in order to assure compliance with the Securities Act and such laws, the Noteholder desiring to effect such transfer and
such Noteholder’s prospective transferee shall each certify to the Issuing Entity, the Indenture Trustee and WOAR in writing
the facts surrounding the transfer in substantially the forms set forth in Exhibit F (the “Transferor Certificate”)
and Exhibit G (the “Investment Letter”). Except in a transfer pursuant to Rule 144A or a transfer to
the Depositor or by the Depositor to an Affiliate thereof, there shall also be delivered to the Issuing Entity and the Indenture
Trustee an Opinion of Counsel that such transfer may be made pursuant to an exemption from the Securities Act, which Opinion of
Counsel shall not be an expense of the Trust, the Owner Trustee or the Indenture Trustee (unless it is the transferee from whom
such opinion is to be obtained) or of WOAR or World Omni. WOAR shall provide to any Noteholder and any prospective transferee designated
by any such Noteholder information regarding the Retained Notes 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 Retained Notes without registration
thereof under the Securities Act pursuant to the registration exemption provided by Rule 144A. Each Noteholder desiring to effect
such a transfer shall, and does hereby agree to, indemnify the Issuing Entity, the Owner Trustee, the Indenture Trustee, WOAR and
World Omni (in any capacity) against any liability that may result if the transfer is not so exempt or is not made in accordance
with federal and state securities laws.

 

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(b)   (i)
Sale, pledge or transfer of a Retained Note may only be made to a Person who is a United States Person (within the meaning of Section
7701(a)(30) of the Internal Revenue Code) and is not acquiring such Retained Notes with the assets of any Plan; and (ii) no sale,
pledge, or transfer of a Retained Note shall be made (x) to any one person in an amount less than $2,000,000 (or such other amount
as the Depositor may determine in order to prevent the Issuing Entity from being treated as a “publicly traded partnership”
under Section 7704 of the Code) or (y) to a Special Pass-Through Entity, in each case under this clause (ii), unless (A) an Opinion
of Counsel satisfactory to the Indenture Trustee and the Depositor that such sale, pledge, or transfer shall not cause the Issuing
Entity to be treated as an association (or publicly traded partnership) taxable as a corporation for federal income tax purposes
shall have been delivered to the Indenture Trustee and the Depositor and (B) the Depositor shall have provided prior written approval;
provided, however, that the restrictions in Section 2.04(b)(i) and (ii) above shall not continue to
apply to such Retained Notes (covered by the opinion described in this clause) in the event counsel satisfactory to the Indenture
Trustee and the Depositor has rendered an Opinion of Counsel, with respect to the sale, pledge or transfer by the Depositor or
an Affiliate thereof, to the effect that the Retained Notes to be sold, pledged, or transferred will be characterized as indebtedness
for federal income tax purposes. Any transferee, other than the Depositor or an Affiliate thereof, acquiring a Retained Note or
an interest therein shall be deemed to have made the representations set forth in Section 2.14 (as if Section 2.14(a) applied
to the Retained Notes). Any attempted sale, pledge or other transfer in contravention of this Section 2.4(b) will be void
ab initio and the purported transferor will continue to be treated as the owner of the Retained Note.

 

For the purposes of this
Section 2.4(b), “Special Pass-Through Entity” means a grantor trust, S corporation, or partnership (as determined,
in each case, for Federal income tax purposes) where more than 50% of the value of any beneficial owner’s interest in such
pass through entity is attributable to the pass-through entity’s interest in the Retained Note.

 

(c)   [Reserved].

 

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(d)   By
acquiring a Note other than any Retained Note to which the restrictions of Section 2.04(b) of this Indenture apply, each initial
purchaser, transferee and owner of a beneficial interest in such Note will be deemed to represent that either (1) it is not acquiring
the Notes with the assets of any Plan or (2) the acquisition and holding of such Notes will not give rise to a nonexempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of Similar Law. Each Note other than any Retained
Note will bear a legend reflecting such deemed representation. By acquiring a Retained Note to which the restrictions of Section
2.04(b) of this Indenture apply, each initial purchaser, transferee and owner of a beneficial interest in such Retained Note
will be deemed to represent that it is not acquiring such Retained Note with the assets of any Plan.

 

(e)   By
directly or indirectly acquiring a Retained Note in a transaction pursuant to Rule 144A, each initial purchaser, transferee and
owner of a beneficial interest will be deemed to represent, warrant and agree as follows:

 

(i)          it
understands that such Notes have not been registered under the Securities Act, and may not be sold except as permitted in the following
sentence. It understands and agrees, on its own behalf and on behalf of any accounts for which it is acting as hereinafter stated,
(x) that such Notes are being offered only in a transaction not involving any public offering within the meaning of the Securities
Act and (y) that such Notes may be resold, pledged or transferred only (i) to the Depositor, (ii) to an “accredited investor”
as defined in Rule 501(a)(1),(2),(3) or (7) of Regulation D under the Securities Act (an “Accredited Investor”)
acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are Accredited
Investors unless the holder is a bank acting in its fiduciary capacity) that executes a certificate substantially in the form of
the Investment Letter, (iii) so long as such Note is eligible for resale pursuant to Rule 144A under the Securities Act, to a person
whom it reasonably believes after due inquiry is a “qualified institutional buyer” as defined in Rule 144A, acting
for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are “qualified
institutional buyers”) to whom notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A
or (iv) in a sale, pledge or other transfer made in a transaction otherwise exempt from the registration requirements of the Securities
Act, in which case the Indenture Trustee shall require that both the prospective transferor and the prospective transferee certify
to the Indenture Trustee and the Depositor in writing the facts surrounding such transfer, which certification shall be in form
and substance satisfactory to the Indenture Trustee and the Depositor. Except in the case of a transfer described in clauses
(i) or (iii) above, the Indenture Trustee shall require that a written Opinion of Counsel (which will not be at the
expense of the Depositor, any Affiliate of the Depositor or the Indenture Trustee), satisfactory to the Indenture Trustee and the
Depositor, be delivered to the Indenture Trustee and the Depositor to the effect that such transfer will not violate the Securities
Act, and will be effected in accordance with any applicable securities laws of each state of the United States. It will notify
any purchaser of such Notes from it of the above resale restrictions, if then applicable. It further understands that in connection
with any transfer of such Notes by it that the Indenture Trustee and the Depositor may request, and if so requested it will furnish,
such certificates and other information as they may reasonably require to confirm that any such transfer complies with the foregoing
restrictions;

 

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(ii)         it
is a “qualified institutional buyer” as defined under Rule 144A under the Securities Act and is acquiring such Notes
for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are “qualified
institutional buyers”). It is familiar with Rule 144A under the Securities Act and is aware that the seller of such Notes
and other parties intend to rely on the foregoing representations, warranties and acknowledgements and the exemption from the registration
requirements of the Securities Act provided by Rule 144A;

 

(iii)        [Reserved];

 

(iv)        it
understands that Issuing Entity, the Indenture Trustee, the Depositor and others will rely upon the truth and accuracy of the foregoing
acknowledgments, representations and agreements, and it agrees that if any of the acknowledgments, representations and warranties
deemed to have been made by it by its purchase of such Notes, for its own account or for one or more accounts as to each of which
it exercises sole investment discretion, are no longer accurate, it shall promptly notify the Depositor; and

 

(v)         Issuing
Entity, the Indenture Trustee and the Depositor are entitled to rely upon the foregoing representations, warranties and acknowledgements
and are irrevocably authorized to produce the foregoing representations, warranties and acknowledgments or a copy hereof to any
interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

 

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

 

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

 

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

 

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

 

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

 

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

 

No service charge shall
be made to a Holder for any registration of transfer or exchange of Notes, but the Issuing Entity or the Note Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration
of transfer or exchange of Notes, other than exchanges pursuant to Section 2.03 or 9.06 not involving any transfer.

 

The preceding provisions
of this Section notwithstanding, the Issuing Entity shall not be required to make and the Note Registrar need not register transfers
or exchanges of Notes selected for redemption or of any Note for a period of 15 days preceding the due date for any payment with
respect to the Note.

 

Section 2.06         Mutilated,
Destroyed, Lost or Stolen Notes. If (i) any mutilated Note is surrendered to the Indenture Trustee or Note Registrar,
or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there
is delivered to the Indenture Trustee such security or indemnity as may be required by it to hold the Issuing Entity and the Indenture
Trustee harmless, then, in the absence of notice to the Issuing Entity, the Note Registrar or the Indenture Trustee that such Note
has been acquired by a protected purchaser, and provided that the requirements of Sections 8-405 and 8-406 of the UCC are met,
the Issuing Entity shall execute, and upon its request the Indenture Trustee shall authenticate and deliver, in exchange for or
in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of the same Class; provided, however,
that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven days shall be due
and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuing Entity may pay such destroyed,
lost or stolen Note when so due or payable or upon the Redemption Date without surrender thereof. If, after the delivery of such
replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a protected
purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuing
Entity and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it
was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee
of such Person, except a protected purchaser, and shall be entitled to recover upon the security or indemnity provided therefor
to the extent of any loss, damage, cost or expense incurred by the Issuing Entity or the Indenture Trustee in connection therewith.

 

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

 

Every replacement Note
issued pursuant to this Section in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional
contractual obligation of the Issuing Entity, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all
other Notes duly issued hereunder.

 

The provisions of this
Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Notes.

 

Section 2.07         Persons
Deemed Owner. Prior to due presentment for registration of transfer of any Note, the Issuing Entity, the Indenture Trustee
and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name any Note is registered (as of the
day of determination) as the owner of such Note for the purpose of receiving payments of principal of and interest, if any, on
such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Issuing Entity, the Indenture
Trustee or any agent of the Issuing Entity or the Indenture Trustee shall be affected by notice to the contrary.

 

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Section 2.08         Payment
of Principal and Interest; Defaulted Interest.

 

(a)   The
Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes and the Class C Notes
shall accrue interest during the related Interest Accrual Period at the Class A-1 Interest Rate, the Class A-2 Interest
Rate, the Class A-3 Interest Rate, the Class A-4 Interest Rate, the Class B Interest Rate and the Class C Interest Rate, respectively,
and such interest shall be payable on each Payment Date in accordance with the priorities set forth in Section 8.02(c) and
(d), as applicable, subject to Section 3.01. Interest on the Class A-2 Notes, the Class A-3 Notes, the Class
A-4 Notes, the Class B Notes and the Class C Notes will be calculated on the basis of a 360-day year consisting of twelve 30-day
months. Interest on the Class A-1 Notes will be calculated on the basis of the actual number of days in the related Interest Accrual
Period and a 360-day year. The Issuing Entity will pay interest on each Class of Notes at the related Interest Rate on each Payment
Date on the principal amount of the related Class of Notes outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain limitations contained in the last sentence of Section 3.01.
Any installment of interest or principal payable on a Note that is punctually paid or duly provided for by the Issuing Entity on
the applicable Payment Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered
on the Record Date by check mailed first-class postage prepaid to such Person’s address as it appears on the Note Register
on such Record Date, except that, unless Definitive Notes have been issued pursuant to Section 2.13, with respect to
Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.) or WOAR or any of its Affiliates, payment will be made by wire transfer in immediately available funds to the account designated
by such person or nominee and except for the final installment of principal payable with respect to such Note on a Payment Date
or on the applicable Final Scheduled Payment Date for such Class (and except for the Redemption Price for any Note called for redemption
pursuant to Section 10.01) which shall be payable as provided below. The funds represented by any such checks returned
undelivered shall be held in accordance with Section 3.03.

 

(b)   Prior
to the occurrence of an Event of Default and a declaration in accordance with Section 5.02 that the Notes have become immediately
due and payable, the Outstanding Amount of each Class of Notes shall be payable in full on the Final Scheduled Payment Date for
such Class and, to the extent of funds available therefor, in installments on the Payment Dates (if any) preceding the Final Scheduled
Payment Date for such Class, in the amounts and in accordance with the priorities set forth in Section 8.02(c), subject
to Section 3.01.

 

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

 

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

 

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

 

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

 

Section 2.11         Book-Entry
Notes. Except as provided in Section 2.13, the Notes, upon original issuance, will be issued in the form of typewritten,
printed, lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders) Notes
representing the Book-Entry Notes, to be delivered to (or held by the Indenture Trustee on behalf of) The Depository Trust Company,
the initial Clearing Agency, by, or on behalf of, the Issuing Entity. The Book-Entry Notes shall be registered initially on the
Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner will receive a
definitive Note representing such Note Owner’s interest in such Note, except as provided in Section 2.13. Unless
and until definitive, fully registered Notes (the “Definitive Notes”) have been issued to such Note Owners pursuant
to Section 2.13:

 

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

 

(ii)         the
Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Indenture
(including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the
sole holder of the Notes, and shall have no obligation to the Note Owners, except as stated in Section 7.05;

 

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

 

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(iv)        the
rights of Note Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and
agreements between such Note Owners and the Clearing Agency and/or the Clearing Agency Participants pursuant to the Note Depository
Agreement. Unless and until Definitive Notes are issued pursuant to Section 2.13, the initial Clearing Agency will
make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest
on the Notes to such Clearing Agency Participants; and

 

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

 

Section 2.12       Notices
to Clearing Agency. Whenever a notice or other communication to the Noteholders is required under this Indenture, unless and
until Definitive Notes shall have been issued to such Note Owners pursuant to Section 2.13, the Indenture Trustee shall
give all such notices and communications specified herein to be given to Holders of the Notes to the Clearing Agency, and shall
have no obligation to such Note Owners; provided, that, the Indenture Trustee’s obligation to provide or forward
any notice or other communication to the Noteholders may be met by the Indenture Trustee posting a copy of such information on
its internet website described in Section 6.06 promptly following its receipt thereof.

 

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

 

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Section 2.14         Tax
Treatment.

 

(a)   The
Issuing Entity has entered into this Indenture, and the Notes will be issued, with the intention that, for all purposes including
federal, state and local income, single business and franchise tax purposes, the Notes (other than any Retained Notes) will qualify
as indebtedness secured by the Trust Estate. The Issuing Entity, by entering into this Indenture, and each Noteholder, by its acceptance
of a Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry Note), agree to treat the Notes (other
than Notes held by any entity whose separate existence from the Issuing Entity is disregarded for federal income tax purposes,
but only so long as such Notes are held by such entity) for all purposes including federal, state and local income, single business
and franchise tax purposes as indebtedness.

 

(b)   Each
Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees
to provide to the Person from whom it receives payments on the Notes (including the Paying Agent) the Noteholder Tax Identification
Information and, upon request, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information.

 

(c)   Each
Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees
that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding
gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of Section 2.14(b).

 

Section 2.15         CUSIP
Numbers. The Issuing Entity in issuing the Notes may use “CUSIP” numbers (if then generally in use), and, if so,
the Indenture Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Noteholders; provided
that any such notice may state that no representation is made as to the correctness of such “CUSIP” numbers either
as printed on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification
numbers printed on the Notes and any such redemption shall not be affected by any defect in or omission of such numbers. The Depositor
will promptly notify the Indenture Trustee in writing of any change in the “CUSIP” numbers.

 

ARTICLE
III

 

Covenants

 

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

 

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

 

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

 

On or before the Payment
Determination Date or the Business Day prior to the Redemption Date, as applicable, the Issuing Entity shall allocate or cause
to be allocated in the Note Distribution Account for distribution to the Noteholders an aggregate sum sufficient to pay the amounts
then becoming due under the Notes, such sum to be held in trust for the benefit of the Persons entitled thereto, and (unless the
Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee of its action or failure so to act.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 3.05       Protection
of Trust Estate. The Issuing Entity will from time to time execute and deliver all such supplements and amendments hereto and
all such financing statements, continuation statements, instruments of further assurance and other instruments, and also deliver
the Schedule of Receivables and the Sale and Servicing Agreement (including Schedule A thereto, as revised from time to
time) to the Indenture Trustee, and will take such other action necessary or advisable to:

 

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

 

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

 

(iii)        enforce
any of the Collateral; or

 

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

 

The Issuing Entity hereby
authorizes the Administrator and Indenture Trustee to file any financing statement, continuation statement or other instrument
required to be executed pursuant to this Section 3.05. The Issuing Entity hereby ratifies any such financing statements
filed prior to the date hereof; it being understood that such authorization shall not be deemed to be an obligation on the part
of the Administrator or the Indenture Trustee to make any such filing.

 

Section 3.06        Opinions
as to Trust Estate.

 

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

 

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(b)   On
or before April 30, in each calendar year, beginning in 2020, the Issuing Entity shall furnish to the Indenture Trustee an Opinion
of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing,
re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect
to the execution and filing of any financing statements and continuation statements as is necessary to maintain the lien and security
interest created by this Indenture and reciting the details of such action, or stating that in the opinion of such counsel no such
action is necessary to maintain such lien and security interest. Such Opinion of Counsel shall also describe the recording, filing,
re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution
and filing of any financing statements and continuation statements that will, in the opinion of such counsel, be required to maintain
the lien and security interest of this Indenture until April 30 in the following calendar year.

 

Section 3.07         Performance
of Obligations; Servicing of Receivables.

 

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

 

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

 

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

 

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

 

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(e)   As
promptly as possible after the giving of notice of termination to the Servicer of the Servicer’s rights and powers pursuant
to Section 8.01 of the Sale and Servicing Agreement, the Indenture Trustee shall appoint a successor servicer (the
“Successor Servicer”), and such Successor Servicer shall accept its appointment by a written assumption in a
form acceptable to the Indenture Trustee. In the event that a Successor Servicer has not been appointed and accepted its appointment
at the time when the Servicer ceases to act as Servicer, the Indenture Trustee without further action shall automatically be appointed
the Successor Servicer, subject to Section 8.02 of the Sale and Servicing Agreement. The Indenture Trustee may resign as the Servicer
by giving written notice of such resignation to the Issuing Entity and the Depositor and in such event will be released from such
duties and obligations, such release not to be effective until the date a new servicer enters into a servicing agreement with the
Issuing Entity as provided below. Upon delivery of any such notice to the Issuing Entity, the Indenture Trustee shall obtain a
new servicer as the Successor Servicer under the Sale and Servicing Agreement. Any Successor Servicer other than the Indenture
Trustee shall (i) be an established financial institution having a net worth of not less than $100,000,000 and whose regular
business includes the servicing of Contracts and (ii) enter into a servicing agreement with the Issuing Entity having substantially
the same provisions as the provisions of the Sale and Servicing Agreement applicable to the Servicer. If within 30 days after the
delivery of the notice referred to above, the Issuing Entity shall not have obtained such a new servicer, the Indenture Trustee
may appoint, or may petition a court of competent jurisdiction to appoint, a Successor Servicer. In connection with any such appointment,
the Indenture Trustee may make such arrangements for the compensation of such successor as it and such successor shall agree, subject
to the limitations set forth below and in the Sale and Servicing Agreement, and in accordance with Section 8.02 of
the Sale and Servicing Agreement, the Issuing Entity shall enter into an agreement with such successor for the servicing of the
Receivables (such agreement to be in form and substance satisfactory to the Indenture Trustee). Notwithstanding anything herein
or in the Sale and Servicing Agreement to the contrary, in no event shall the Indenture Trustee be liable for any Servicing Fee
or for any differential in the amount of the Servicing Fee paid hereunder and the amount necessary to induce any Successor Servicer
to act as Successor Servicer under the Basic Documents and the transactions set forth or provided for therein. If the Indenture
Trustee shall succeed to the Servicer’s duties as servicer of the Receivables as provided herein, it shall do so in its individual
capacity and not in its capacity as Indenture Trustee and, accordingly, the provisions of Article VI hereof shall be
inapplicable to the Indenture Trustee in its duties as the successor to the Servicer and the servicing of the Receivables. In case
the Indenture Trustee shall become successor to the Servicer under the Sale and Servicing Agreement, the Indenture Trustee shall
be entitled to appoint as Servicer any one of its Affiliates, provided that it shall be fully liable for the actions and omissions
of such Affiliate in such capacity as Successor Servicer.

 

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

 

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(g)   Without
derogating from the absolute nature of the assignment granted to the Indenture Trustee under this Indenture or the rights of the
Indenture Trustee hereunder, the Issuing Entity agrees (i) that it will not, without the prior written consent of the Indenture
Trustee or the Holders of at least a majority of the Outstanding Amount of the Controlling Securities, amend, modify, waive, supplement,
terminate or surrender, or agree to any amendment, modification, supplement, termination, waiver or surrender of, the terms of
any Collateral (except to the extent otherwise provided in the Sale and Servicing Agreement) or the Trust Agreement, the Sale and
Servicing Agreement, the Receivables Purchase Agreement, the Administration Agreement (except as may be permitted thereby), or
waive timely performance or observance by the Servicer or the Depositor under the Sale and Servicing Agreement (except as may be
permitted thereby); and (ii) that any such amendment shall not (A) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, distributions that are required to be made for the benefit of the Noteholders or (B) reduce
the aforesaid percentage of the Controlling Securities that is required to consent to any such amendment, without the consent of
the Holders of all the Outstanding Notes. If any such amendment, modification, supplement or waiver shall be so consented to by
the Indenture Trustee or such Holders, the Issuing Entity agrees, promptly following a request by the Indenture Trustee to do so,
to execute and deliver, in its own name and at its own expense, such agreements, instruments, consents and other documents as the
Indenture Trustee may deem necessary or appropriate in the circumstances.

 

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

 

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

 

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

 

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

 

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Section 3.09       Annual
Statement as to Compliance. The Issuing Entity will deliver to the Indenture Trustee within 120 days after the end of each
fiscal year of the Issuing Entity (commencing with the fiscal year 2019), an Officer’s Certificate stating, as to the Authorized
Officer signing such Officer’s Certificate, that:

 

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

 

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

 

Section 3.10       Issuing
Entity May Consolidate, etc., Only on Certain Terms.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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(b)   The
Issuing Entity shall not convey or transfer any of its properties or assets, including those included in the Trust Estate, to any
Person, unless:

 

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

 

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

 

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

 

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

 

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

 

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

 

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Section 3.11        Successor
or Transferee. Upon any consolidation or merger of the Issuing Entity in accordance with Section 3.10(a), the
Person formed by or surviving such consolidation or merger (if other than the Issuing Entity) shall succeed to, and be substituted
for, and may exercise every right and power of, the Issuing Entity under this Indenture with the same effect as if such Person
had been named as the Issuing Entity herein.

 

(a)   Upon
a conveyance or transfer of all the assets and properties of the Issuing Entity pursuant to Section 3.10(b), World
Omni Auto Receivables Trust 2019-A will be released from every covenant and agreement of this Indenture to be observed or performed
on the part of the Issuing Entity with respect to the Notes immediately upon the delivery of written notice to the Indenture Trustee
stating that World Omni Auto Receivables Trust 2019-A is to be so released.

 

Section 3.12         No
Other Business. The Issuing Entity shall not engage in any business other than financing, purchasing, owning, selling and managing
the Receivables in the manner contemplated by this Indenture and the Basic Documents and activities incidental thereto. After the
Closing Date, the Issuing Entity shall not fund the purchase of any new Contracts.

 

Section 3.13         No
Borrowing. The Issuing Entity shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly,
for any indebtedness.

 

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

 

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

 

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

 

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

 

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Section 3.18         Restricted
Payments. The Issuing Entity shall not, directly or indirectly, (i) pay any dividend or make any distribution (by reduction
of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of
a beneficial interest in the Issuing Entity or otherwise with respect to any ownership or equity interest or security in or of
the Issuing Entity or to the Servicer (except as provided in the Basic Documents), (ii) redeem, purchase, retire or otherwise
acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise segregate any amounts
for any such purpose; provided, however, that the Issuing Entity may make, or cause to be made, (x) distributions
as contemplated by, and to the extent funds are available for such purpose under, the Sale and Servicing Agreement or the Trust
Agreement and (y) payments to the Indenture Trustee pursuant to Section 1.01(a)(ii) of the Administration Agreement.
The Issuing Entity will not, directly or indirectly, make payments to or distributions from the Collection Account except in accordance
with this Indenture and the Basic Documents.

 

Section 3.19         Notice
of Events of Default. The Issuing Entity shall give the Indenture Trustee and the Rating Agencies prompt written notice of
each Event of Default hereunder and each Servicer Default.

 

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

 

ARTICLE
IV

 

Satisfaction
and Discharge

 

Section 4.01         Satisfaction
and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to the Notes except as to (i) rights
of registration of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of
Noteholders to receive payments of principal thereof and interest thereon, (iv) Sections 3.03, 3.04, 3.05,
3.08, 3.10, 3.12, 3.13, 3.14 and 3.15, (v) the rights, obligations and immunities of the
Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section 6.07 and the obligations of
the Indenture Trustee under Section 4.02) and (vi) the rights of Noteholders as beneficiaries hereof with respect
to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of
and at the expense of the Issuing Entity, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture
with respect to the Notes, when:

 

(A)        either:

 

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

 

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

 

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(I)          have
become due and payable, or

 

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

 

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

 

(B)        the
Issuing Entity has paid or caused to be paid all other sums payable by the Issuing Entity hereunder; and

 

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

 

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

 

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

 

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ARTICLE
V

 

Remedies

 

Section 5.01        Events
of Default.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 5.02         Acceleration
of Maturity; Rescission and Annulment. If an Event of Default should occur and be continuing, then and in every such case the
Indenture Trustee or the Holders of Notes representing at least a majority of the Outstanding Amount of the Controlling Securities
may declare all the Notes to be immediately due and payable, by a notice in writing to the Issuing Entity (and to the Indenture
Trustee if given by Noteholders), and upon any such declaration the unpaid principal amount of such Notes, together with accrued
and unpaid interest thereon through the date of acceleration, shall become immediately due and payable.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(a)   The
Issuing Entity covenants that if (i) an Event of Default specified in Section 5.01(i) has occurred and is continuing
or (ii) an Event of Default specified in Section 5.01(ii) has occurred and is continuing, the Issuing Entity will,
upon demand of the Indenture Trustee, pay to it, for the benefit of the Holders of the Notes, the whole amount then due and payable
on such Notes for principal and interest, with interest on the overdue principal and, to the extent payment at such rate of interest
shall be legally enforceable, on overdue installments of interest at the rate borne by the Notes and, in addition thereto, such
further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Indenture Trustee and its agents and counsel.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 5.04        Remedies;
Priorities.

 

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

 

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

 

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

 

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

 

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

 

(b)   If
the Indenture Trustee collects any money or property pursuant to this Article V, it shall deposit such money or property
to the Collection Account as Collections to be applied pursuant to Article V of the Sale and Servicing Agreement.

 

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

 

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

 

Section 5.06       Limitation
of Suits. No Holder of any Note shall have any right to institute any Proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, except in accordance with Section
3.02(c) of the Sale and Servicing Agreement, unless:

 

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

 

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

 

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

 

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

 

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

 

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

 

Subject to Section
5.06(v), in the event the Indenture Trustee shall receive, in connection with Sections 5.06(ii) and (iii), conflicting
or inconsistent requests and indemnity from two or more groups of Holders of Notes, each representing less than a majority of the
Outstanding Amount of the Controlling Securities, the Indenture Trustee shall act at the direction of the group of Holders of Notes
representing the greater Outstanding Amount of Controlling Securities. If the Indenture Trustee receives, in connection with this
Section 5.06, conflicting or inconsistent requests and indemnity from two or more groups of Holders of Notes representing
an equal Outstanding Amount of the Controlling Securities, the Indenture Trustee in its sole discretion may determine what action,
if any, shall be taken, notwithstanding any other provisions of this Indenture.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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Section 5.16       Performance
and Enforcement of Certain Obligations.

 

(a)   Promptly
following a request from the Indenture Trustee to do so and at the Administrator’s expense, the Issuing Entity shall take
all such lawful action as the Indenture Trustee may, in its discretion, or, at the direction of the Holders of a majority of the
Outstanding Amount of the Controlling Securities, shall request to compel or secure the performance and observance by the Depositor
or the Servicer, as applicable, of each of their obligations to the Issuing Entity under or in connection with the Sale and Servicing
Agreement or by the Depositor or the Servicer, as applicable, of each of their obligations under or in connection with the Receivables
Purchase Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuing Entity
under or in connection with the Sale and Servicing Agreement to the extent and in the manner directed by the Indenture Trustee,
in its discretion or at the direction of the Holders of a majority of the Outstanding Amount of the Controlling Securities, including
the transmission of notices of default under the Sale and Servicing Agreement on the part of the Depositor or the Servicer thereunder
and the institution of legal or administrative actions or proceedings to compel or secure performance by the Depositor or the Servicer
of each of their obligations under the Sale and Servicing Agreement.

 

(b)   If
an Event of Default has occurred and is continuing, the Indenture Trustee may, and at the direction (which direction shall be in
writing) of the Holders of 66 2/3% of the Outstanding Amount of the Controlling Securities shall, exercise all rights, remedies,
powers, privileges and claims of the Issuing Entity against the Depositor or the Servicer under or in connection with the Sale
and Servicing Agreement, or against the Depositor under or in connection with the Receivables Purchase Agreement, including the
right or power to take any action to compel or secure performance or observance by the Depositor or the Servicer, of each of their
obligations to the Issuing Entity thereunder and to give any consent, request, notice, direction, approval, extension or waiver
under the Sale and Servicing Agreement or the Receivables Purchase Agreement, as the case may be, and any right of the Issuing
Entity to take such action shall be suspended.

 

ARTICLE
VI

 

The
Indenture Trustee

 

Section 6.01       Duties
of Indenture Trustee.

 

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

 

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

 

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

 

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(ii)         in
the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements
of this Indenture; however, in the case of certificates or opinions specifically required by any provision of this Indenture to
be furnished to it, the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform
on their face to the requirements of this Indenture (but need not confirm or investigate the accuracy of any mathematical calculations
or other facts stated therein).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(j)    The
Indenture Trustee shall not be charged with knowledge of any Default, Event of Default or breach of representation or warranty
unless either (1) a Responsible Officer shall have actual knowledge of such Default, Event of Default or breach of representation
or warranty or (2) written notice of such Default, Event of Default or breach of representation or warranty shall have been given
to such Indenture Trustee in accordance with the provisions of this Indenture. For the avoidance of doubt, receipt by the Indenture
Trustee of a Review Report shall not constitute actual knowledge of any breach of representation or warranty.

 

Section 6.02         Rights
of Indenture Trustee.

 

(a)   The
Indenture Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the
proper person.

 

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

 

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

 

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

 

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

 

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(f)   The
Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture or to institute,
conduct or defend any litigation hereunder or in relation hereto or to honor the request or direction of any of the Noteholders
pursuant to this Indenture, unless such Noteholders shall have offered to the Indenture Trustee security or indemnity reasonably
satisfactory to it against the reasonable costs, expenses, disbursements, advances and liabilities which might be incurred by it,
its agents and its counsel in compliance with such request or direction, except with respect to requests, demands or directions
relating to communications between Noteholders or Note Owners under Section 7.02(e) or an asset representations review demand under
Section 7.05, in which case any such costs, expenses, disbursements, advances and liabilities which might be incurred by the Indenture
Trustee, its agents and its counsel in compliance with such request or direction shall be subject to the Issuing Entity and Administrator’s
compensation and indemnification obligations pursuant to Section 6.07.

 

(g)   The
Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested
in writing to do so by the Holders of Notes representing at least 25% of the Controlling Securities; provided that if the payment
within a reasonable time to the Indenture Trustee of the costs, expenses or liabilities likely to be incurred by it in the making
of such investigation is, in the opinion of the Indenture Trustee, not reasonably assured to the Indenture Trustee by the security
afforded to it by the terms of this Indenture, the Indenture Trustee may require indemnity satisfactory to the Indenture Trustee
in its reasonable discretion against such cost, expense or liability as a condition to taking any such action. In no event shall
the Indenture Trustee have any responsibility to monitor World Omni’s compliance with or be charged with knowledge of the
Credit Risk Retention Rules, nor shall it be liable to any Noteholder, Certificateholder, or any party whatsoever for violation
of such rules or requirements or such similar provisions now or hereafter in effect.

 

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

 

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

 

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

 

(k)   In
no event shall the Trustee be personally liable (i) for special, consequential, indirect or punitive damages, (ii) for the acts
or omissions of its nominees, correspondents, clearing agencies or securities depositories and (iii) for the acts or omissions
of brokers or dealers.

 

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(l)    In
no event shall the Indenture Trustee be liable for the failure to perform its duties hereunder if such failure is a direct or proximate
result of another party's failure to perform its obligations hereunder.

 

(m) The Indenture Trustee shall not be required to take any
action it is directed to take under this Indenture if the Indenture Trustee reasonably determines in good faith that the action
so directed would involve the Indenture Trustee in personal liability, would violate the rights of the non-directing Noteholders,
or is contrary to law or inconsistent with this Indenture or other

Basic Documents.

 

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

 

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

 

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

 

Section 6.06         Reports
by Indenture Trustee. The Indenture Trustee shall deliver to each Noteholder such information as may be required to enable
such holder to prepare its federal and state income tax returns. On or before each Payment Date, the Indenture Trustee will
post a copy of the statement or statements provided to the Indenture Trustee by the Servicer pursuant to Section 5.08
of the Sale and Servicing Agreement with respect to the applicable Payment Date on its internet website promptly following its
receipt thereof, for the benefit of the Noteholders. The Indenture Trustee’s internet website shall initially be located
at https://pivot.usbank.com. Assistance in using the website can be obtained by calling the Indenture Trustee’s customer
service desk at (800) 934-6802. The Indenture Trustee may change the way the statements and information are posted or distributed
in order to make such distribution more convenient and/or accessible for such Noteholders, and the Indenture Trustee shall provide
on the website timely and adequate notification to all parties regarding any such change.

 

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Section 6.07         Compensation
and Indemnity. The Issuing Entity shall, or shall cause the Administrator to, pursuant to the Administration Agreement, pay
to the Indenture Trustee from time to time reasonable compensation for its services. The Indenture Trustee’s compensation
shall not be limited by any law on compensation of a trustee of an express trust. The Issuing Entity shall, or shall cause the
Administrator to, reimburse the Indenture Trustee for all reasonable and documented out-of-pocket expenses incurred or made by
it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable
and documented compensation and expenses, disbursements and advances of the Indenture Trustee’s agents, counsel, accountants
and experts; provided, that, reimbursement for expenses and disbursements of any legal counsel to the Indenture Trustee
shall be subject to any limitations separately agreed upon before the date hereof between the Administrator and the Indenture Trustee.
The Issuing Entity shall, or shall cause the Administrator to, pursuant to the Administration Agreement, indemnify the Indenture
Trustee against any and all loss, liability, claim, damage or expense (including reasonable and documented legal fees and expenses
and including, without limitation, any legal fees, costs and expenses incurred in connection with any enforcement (including any
action, claim or suit brought) by the Indenture Trustee of any indemnification or other obligation of the Issuing Entity or the
Administrator) incurred by it in connection with the administration of this trust and the performance of its duties hereunder.
The Indenture Trustee shall notify the Issuing Entity and the Administrator promptly of any claim of which the Indenture Trustee
has received written notice for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuing Entity and
the Administrator shall not relieve the Issuing Entity or the Administrator of its obligations hereunder. The Issuing Entity shall,
or shall cause the Administrator to, defend any such claim, and the Indenture Trustee may have separate counsel and the Issuing
Entity shall, or shall cause the Administrator to, pay the fees and expenses of such counsel. Neither the Issuing Entity nor the
Administrator need reimburse any expense or indemnify against any loss, liability or expense incurred by the Indenture Trustee
through the Indenture Trustee’s own willful misconduct, negligence or bad faith.

 

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

 

Section 6.08         Replacement
of Indenture Trustee. No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture Trustee
shall become effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.08.
The Indenture Trustee may resign at any time with thirty days' prior written notice by so notifying the Issuing Entity. The Indenture
Trustee shall resign following the occurrence of an Event of Default if required by Section 3.10 of the TIA. The Indenture
Trustee shall bear all costs and expenses of locating and procuring the written acceptance by a qualified successor Indenture Trustee
within 90 days of such Event of Default. The Holders of at least a majority of the Outstanding Amount of the Controlling Securities
may remove the Indenture Trustee by so notifying the Indenture Trustee and the Depositor and may appoint a successor Indenture
Trustee. The Issuing Entity shall remove the Indenture Trustee if:

 

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

 

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

 

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

 

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

 

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

 

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

 

If a successor Indenture
Trustee does not take office within 60 days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture
Trustee, the Issuing Entity or the Holders of at least a majority of the Outstanding Amount of the Controlling Securities may,
at the expense of the Issuing Entity, petition any court of competent jurisdiction for the appointment of a successor Indenture
Trustee.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 6.11         Eligibility;
Disqualification. The Indenture Trustee shall at all times satisfy the requirements of TIA § 310(a). The Indenture
Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report
of condition, and the time deposits of the Indenture Trustee shall be rated at least A-1 by S&P Global Ratings and F1 by Fitch.
The Indenture Trustee shall comply with TIA § 310(b), including the optional provision permitted by the second sentence
of TIA § 310(b)(9); provided, however, that there shall be excluded from the operation of TIA § 310(b)(1)
any indenture or indentures under which other securities of the Issuing Entity are outstanding if the requirements for such exclusion
set forth in TIA § 310(b)(1) are met. 

 

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

 

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

 

(a)   the
Indenture Trustee is a national banking association duly organized, validly existing under the laws of the jurisdiction of its
formation;

 

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

 

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

 

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(d)   no
consent, license, approval or authorization of, or filing or registration with, any governmental authority, bureau or agency is
required to be obtained that has not been obtained by the Indenture Trustee in connection with the execution, delivery or performance
by the Indenture Trustee of the Basic Documents; and

 

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

 

Section 6.14         Communications
Regarding Demands to Repurchase Receivables. The Indenture Trustee shall provide prompt notice to World Omni and the Depositor
of all demands received by a Responsible Officer of the Indenture Trustee for the repurchase or replacement of any Receivable for
breach of the representations and warranties concerning such Receivable. The Indenture Trustee shall, upon written request and
at the sole cost and expense of either World Omni or the Depositor, provide (x) notification to World Omni and the Depositor with
respect to any actions taken by the Indenture Trustee or determinations made by the Indenture Trustee, in each case with respect
to any such demand communicated to the Indenture Trustee in respect of any Receivables, and (y) any other records or information
reasonably requested by World Omni or the Depositor, as applicable, that is in the Indenture Trustee’s possession and reasonably
accessible to it, such notifications to be provided by the Indenture Trustee as soon as practicable and in any event within five
(5) Business Days of such request or such other time frame as may be mutually agreed to by the Indenture Trustee and World Omni
or the Depositor, as applicable. Such notices shall be provided to World Omni and the Depositor at: (a) in the case of World Omni,
World Omni Financial Corp., 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: (954) 429-2685, Attention: Treasurer,
and (b) in the case of the Depositor, to World Omni Auto Receivables LLC, 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442,
Telecopy: (954) 429-2685, Attention: Treasurer, or at such other address or by such other means of communication as may be specified
by World Omni or the Depositor to the Indenture Trustee from time to time. The Indenture Trustee and the Issuing Entity acknowledge
and agree that the purpose of this Section 6.14 is to facilitate compliance by World Omni and the Depositor with Rule 15Ga-1
under the Exchange Act, as amended, and Items 1104(e) and 1121(c) of Regulation AB (the “Repurchase Rules and Regulations”).
The Indenture Trustee acknowledges that interpretations of the requirements of the Repurchase Rules and Regulations 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 agrees to comply with reasonable requests made by World Omni and the Depositor
in good faith for delivery of information under these provisions on the basis of evolving interpretations of the Repurchase Rules
and Regulations. The Indenture Trustee shall cooperate fully with World Omni and the Depositor to deliver any and all records and
any other information necessary in the good faith determination of World Omni and the Depositor to permit them to comply with the
provisions of Repurchase Rules and Regulations. In no event shall the Indenture Trustee have any responsibility or liability in
connection with any filing required to be made by a securitizer under the Exchange Act or Regulation AB, nor shall the Indenture
Trustee have any duty or obligation to undertake any investigation or inquiry related to repurchase activity or otherwise to assume
any additional duties or responsibilities in respect of the Indenture or the Sale and Servicing Agreement or the transactions contemplated
thereby, other than any express duties or obligations as Indenture Trustee under this Indenture.  

 

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ARTICLE
VII

Noteholders’ Lists and Reports

 

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

 

Section 7.02         Preservation
of Information; Communications to Noteholders; Noteholder Communications with Indenture Trustee; Communications between Noteholders.

 

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

 

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

 

(c)   The
Issuing Entity, the Indenture Trustee and the Note Registrar shall have the protection of TIA § 312(c).

 

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(d)   Noteholder
Communications with Indenture Trustee. A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if
the Notes are represented by Book-Entry Notes) may communicate with the Indenture Trustee and give notices and make requests and
demands and give directions to the Indenture Trustee through the procedures of the Clearing Agency and by notice to the Indenture
Trustee. Any Note Owner must provide a written certification stating that the Note Owner is a beneficial owner of a Note, together
with supporting documentation such as a trade confirmation, an account statement, a letter from a broker or dealer verifying ownership
or another similar document evidencing ownership of a Note, upon which the Indenture Trustee may conclusively rely. The Indenture
Trustee will not be required to take action in response to requests, demands or directions of a Noteholder or a Note Owner, unless
such Noteholder or Note Owner shall have offered to the Indenture Trustee security or indemnity reasonably satisfactory to it against
the reasonable costs, expenses, disbursements, advances and liabilities which might be incurred by it, its agents and its counsel
in compliance with such request, demand or direction, except with respect to requests, demands or directions relating to communications
between Noteholders or Note Owners under Section 7.02(e) or an asset representations review demand under Section 7.05, in which
case any such costs, expenses, disbursements, advances and liabilities which might be incurred by the Indenture Trustee, its agents
and its counsel in compliance with such request or direction shall be subject to the Issuing Entity and Administrator’s compensation
and indemnification obligations pursuant to Section 6.07. The Indenture Trustee shall provide the Seller, the Servicer and the
Issuing Entity with notice, as soon as practicable and in any event within five (5) Business Days, of receipt of any requests by
any Noteholder or Note Owner to communicate with other Noteholders or Note Owners pursuant to Section 7.02(e) or any requests
to repurchase a Receivable as the result of a breach of a representation or warranty pursuant to the Sale and Servicing Agreement.

 

(e)   Communications
between Noteholders. A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented
by Book-Entry Notes) that seeks to communicate with other Noteholders or Note Owners, as applicable, about a possible exercise
of rights under this Indenture or the other Basic Documents may send a written request to the Administrator on behalf of the Issuing
Entity or the Servicer to include information regarding the communication in a Form 10-D to be filed by the Servicer, on behalf
of the Issuing Entity, with the Commission. Each request must include (i) the name of the requesting Noteholder (in the case of
any Definitive Note) or Note Owner (in the case of any Book-Entry Note), (ii) the method by which other Noteholders and Note Owners
may contact the requesting Noteholder or Note Owner and (iii) in the case of a Note Owner, a certification from that Person that
it is a Note Owner, together with at least one form of documentation evidencing its ownership of a Note, which may be a trade confirmation,
account statement, letter from a broker or dealer or similar document. A Noteholder or Note Owner that delivers a request under
this Section 7.02(e) will be deemed to have certified to the Issuing Entity and the Servicer that its request to communicate
with other Noteholders or Note Owners relates solely to a possible exercise of rights under this Indenture or the other Basic Documents,
and will not be used for other purposes. The Issuing Entity will promptly deliver any such request to the Servicer. On receipt
of such a request, the Servicer will include in the Form 10-D filed by the Issuing Entity with the Commission for the Collection
Period in which the request was received (A) a statement that the Issuing Entity has received a request from a Noteholder or Note
Owner, as applicable, that is interested in communicating with other Noteholders or Note Owners about a possible exercise of rights
under this Indenture or the other Basic Documents, (B) the name of the requesting Noteholder or Note Owner, (C) the date the request
was received and (D) a description of the method by which the other Noteholders or Note Owners may contact the requesting Noteholder
or Note Owner. The Servicer will bear any costs associated with including any such communication in the Form 10-D and each Noteholder
or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, shall be required
to agree that such requesting Noteholder or Note Owner will pay any costs associated with communicating with other Noteholders
or Note Owners, and none of the Seller, the Asset Representations Reviewer, the Servicer, the Depositor, the Issuing Entity, the
Administrator, the Indenture Trustee or the Owner Trustee will be responsible for such costs (for the avoidance of doubt, this
sentence shall not limit the Issuing Entity or Administrator’s obligations to the Indenture Trustee pursuant to Sections
6.02(f) or 7.02(d)).

 

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Section 7.03         Reports
by Issuing Entity.

 

(a)   The
Issuing Entity shall:

 

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

 

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

 

(iii)        supply
to the Indenture Trustee (and the Indenture Trustee shall transmit to The Depository Trust Company, on behalf of the Noteholders
as described in TIA § 313(c)) such summaries of any information, documents and reports required to be filed by the Issuing
Entity pursuant to clauses (i) and (ii) of this Section 7.03(a) and by rules and regulations prescribed
from time to time by the Commission; and

 

(iv)        delivery
of such reports, information and documents to the Indenture Trustee is for informational purposes only and the Indenture Trustee’s
receipt of such shall not constitute constructive notice of any information contained therein or determinable from information
contained therein, including the Issuing Entity’s compliance with any of its covenants hereunder (as to which the Indenture
Trustee is entitled to rely exclusively on Officers’ Certificates).

 

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

 

Section 7.04         Reports
by Indenture Trustee. 

 

(a)   If
required by TIA § 313(a), within 60 days after each February 1, beginning with February 1, 2020, the Indenture Trustee
shall make available to each Noteholder as required by TIA § 313(c) a brief report dated as of such date that complies
with TIA § 313(a). The Indenture Trustee also shall comply with TIA § 313(b). A copy of each report at the
time of its transmission to Noteholders shall be filed by the Indenture Trustee with the Commission and each stock exchange, if
any, on which the Notes are listed. The Issuing Entity shall notify the Indenture Trustee if and when the Notes are listed on any
stock exchange or delisted therefrom.

 

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Section 7.05         Noteholder
Demand for Asset Representations Review . 

 

(a)   If
the Delinquency Percentage for any Payment Date exceeds the Delinquency Trigger, a Noteholder (if the Notes are represented by
Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) may make a demand on the Indenture Trustee
to cause a vote of the Noteholders or Note Owners, as applicable, about whether to direct the Asset Representations Reviewer to
conduct a Review of the Review Receivables under the Asset Representations Review Agreement. In the case of a Note Owner, each
demand and vote must be accompanied by a certification from that Person that it is a Note Owner, together with at least one form
of documentation evidencing its ownership of a Note, which may include a trade confirmation, account statement, letter from a broker
or dealer or similar document, upon which the Indenture Trustee may conclusively rely. If Noteholders and Note Owners that collectively
hold Notes evidencing at least 5% of the aggregate Outstanding Amount of the Notes as of the date of filing the Form 10-D that
disclosed that the Delinquency Percentage for the related Payment Date exceeds the Delinquency Trigger demand a vote within 90
days of the filing of such Form 10-D, the Indenture Trustee will promptly request a vote of the Noteholders and Note Owners as
described in Section 7.05(b) below; provided, that for the purpose of determining the holders of the Notes Outstanding,
any Notes held by World Omni or any of its Affiliates shall not be included in such calculation.

 

(b)   Upon
the direction of the requisite Noteholders or Note Owners set forth in Section 7.05(a), the Indenture Trustee shall conduct
a vote of all Noteholders in accordance with the Indenture Trustee’s standard vote solicitation process (if the Notes are
represented by Definitive Notes) and shall cause a vote to be conducted in accordance with applicable Depository Trust Company
procedures of all Note Owners (if the Notes are represented by Book-Entry Notes). The Indenture Trustee shall provide to the Servicer,
to the extent available from the Depository Trust Company, if applicable, the voting instructions and procedures applicable to
the Noteholders and Note Owners to be included in the Form 10-D filed by the Issuing Entity with the Commission. Such Form 10-D
will also include a statement that sufficient Noteholders and Note Owners are requesting a full Noteholder vote to commence a Review
and will describe the applicable voting deadline. Each Noteholder and Note Owner that elects to vote shall vote on the issue of
whether or not the Asset Representations Reviewer should be directed to conduct a Review. The vote will remain open until the 150th
day after the filing of the Form 10-D reporting that the Delinquency Percentage for the related Payment Date exceeds the Delinquency
Trigger.

 

(c)   If
Noteholders holding at least 5% of the aggregate Outstanding Amount of the Notes participate in such vote, and Noteholders representing
a majority of the Outstanding Amount of such Notes vote for a Review, the Indenture Trustee will promptly send a Review Notice
to the Asset Representations Reviewer, the Issuing Entity and the Servicer notifying the Asset Representations Reviewer that the
Noteholders have requested the Review.

 

(d)   The
Indenture Trustee shall cooperate with the Asset Representations Reviewer in the event a Review is commenced pursuant to this Section
7.05 and shall provide the Asset Representations Reviewer with any documents or other information in its possession and requested
by the Asset Representations Reviewer in connection with the Review. The Indenture Trustee shall have no obligation to obtain missing
information from any other party or source.

 

(e)   For
the avoidance of doubt, the Indenture Trustee shall not be required to (i) give notice to Noteholders that or determine whether
the Delinquency Percentage for any Payment Date exceeds the Delinquency Trigger or (ii) determine which assets are subject to Review
by the Asset Representations Reviewer.

 

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ARTICLE
VIII

Accounts, Disbursements and Releases

 

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

 

Section 8.02         Trust
Accounts. 

 

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

 

(b)   On
or before each Payment Date, the Indenture Trustee shall make all withdrawals and deposits to the Collection Account, Note Distribution
Account and Reserve Account and shall make all distributions to Certificateholders in accordance with Sections 5.06
and 5.07 of the Sale and Servicing Agreement.

 

(c)   Except
as otherwise provided in paragraph (d) below, on each Payment Date and Redemption Date, the Indenture Trustee shall distribute
all amounts on deposit in the Note Distribution Account, other than amounts deposited in the Note Distribution Account pursuant
to Section 5.01(d) of the Sale and Servicing Agreement, and allocated pursuant to Section 5.06 of the Sale and Servicing
Agreement to Noteholders in respect of the Notes to the extent of amounts due and unpaid on the Notes for principal and interest
(including any premium) in the following amounts:

 

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

 

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

 

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

 

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

 

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

 

(B)         to
the Class A-2 Notes until they are paid in full; then

 

(C)         to
the Class A-3 Notes until they are paid in full; then

 

(D)         to
the Class A-4 Notes until they are paid in full; then

 

(E)         to
the Class B Notes until they are paid in full; and then

 

(F)         to
the Class C Notes until they are paid in full.

 

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

 

(d)   In
the event the Notes are declared to be due and payable following the occurrence of an Event of Default, the Indenture Trustee shall
distribute all amounts on deposit in the Note Distribution Account and allocated pursuant to Section 5.06 of the Sale and
Servicing Agreement to Noteholders in the following order of priority: (i) to the Holders of the Class A Notes, all amounts allocated
to such Holders in respect of interest on the Class A Notes pro rata based upon the aggregate amount of accrued and unpaid interest
due and payable to the Holders of such Notes; (ii) to the Holders of the Class A Notes, all amounts allocated to such Holders in
respect of principal on the Class A Notes, first to the Holders of the Class A-1 Notes until the Outstanding Amount of the Class
A-1 Notes is reduced to zero, then to the Holders of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, pro rata,
until paid in full; (iii) to the Holders of the Class B Notes, all amounts allocated to such Holders in respect of interest on
the Class B Notes; (iv) to the Holders of the Class B Notes, all amounts allocated to such Holders in respect of principal on the
Class B Notes, until paid in full; (v) to the Holders of the Class C Notes, all amounts allocated to such Holders in respect of
interest on the Class C Notes; and (vi) to the Holders of the Class C Notes, all amounts allocated to such Holders in respect of
principal on the Class C Notes, until paid in full. If the Outstanding Amount of any Class of Notes remains greater than zero after
application of clauses (i), (ii), (iii), (iv), (v) and (vi) above, the Indenture Trustee
shall apply funds from the Reserve Account in the same order of priority as described above to repay the Outstanding Amount of
such Class of Notes in full.

 

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Section 8.03         General
Provisions Regarding Accounts. 

 

(a)   So
long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts
shall be invested in Eligible Investments and reinvested by the Indenture Trustee subject to the provisions of Section 5.01(b)
of the Sale and Servicing Agreement. All income or other gain from investments of monies deposited in the Trust Accounts shall
be deposited by the Indenture Trustee in the Collection Account, and any loss resulting from such investments shall be charged
to such account. The Issuing Entity will not direct the Indenture Trustee to make any investment of any funds or to sell any investment
held in any Trust Account unless the security interest Granted and perfected in such account will continue to be perfected in such
investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction
to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Issuing Entity shall deliver
to the Indenture Trustee an Opinion of Counsel, acceptable to the Indenture Trustee, to such effect. The Issuing Entity further
understands that trade confirmations for securities transactions effected by the Indenture Trustee will be available upon request
and at no additional cost and other trade confirmations may be obtained from the applicable broker.

 

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

 

(c)   If
(i) the Issuing Entity (or the Servicer) shall have failed to give investment directions for any funds on deposit in the Trust
Accounts to the Indenture Trustee by such time as may be agreed by the Issuing Entity and Indenture Trustee on any Business Day,
(ii) a Default or Event of Default shall have occurred and be continuing with respect to the Notes but the Notes shall not
have been declared due and payable pursuant to Section 5.02 or (iii) if such Notes shall have been declared due
and payable following an Event of Default but amounts collected or receivable from the Trust Estate are being applied in accordance
with Section 5.05 as if there had not been such a declaration, then the Indenture Trustee shall, to the fullest extent
practicable, invest and reinvest funds in the Trust Accounts in Eligible Investments (as defined in the Sale and Servicing Agreement)
specified in clause (i) of the definition thereof.

 

Section 8.04         Release
of Trust Estate. 

 

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

 

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

 

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

 

ARTICLE
IX

Supplemental Indentures

 

Section 9.01         Supplemental
Indentures Without Consent of Noteholders. 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(vii)       to
modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of
this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions
as may be expressly required by the TIA;

 

(viii)      to
correct any manifest error with the terms of this Indenture as compared to the terms set forth in the Final Prospectus; or

 

(ix)         to
further prevent or help avoid the application to the Notes of the Treasury Regulations (or other interpretive guidance) issued
under Section 385 of the Code.

 

The Indenture Trustee
is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements
and stipulations that may be therein contained.

 

(b)   The
Issuing Entity and the Indenture Trustee, when authorized by an Issuing Entity Order, may, also without the consent of any of the
Holders of the Notes, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or
changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the
Holders of the Notes under this Indenture; provided that such amendments require: (i) satisfaction of the Rating Agency
Condition or (ii) an Officer’s Certificate of the Servicer stating that the amendment will not materially and adversely affect
the interest of any Noteholder.

 

(c)   Notwithstanding
anything in this Indenture to the contrary, no supplemental indenture shall be effective without the prior written consent of the
Asset Representations Reviewer if the supplemental indenture would adversely modify the amount or timing of distributions to be
made to the Asset Representations Reviewer under this Indenture. The Indenture Trustee shall have no responsibility for determining
whether any supplemental indenture would adversely modify the amount or timing of distributions to be made to the Asset Representations
Reviewer under this Indenture.

 

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Section 9.02         Supplemental
Indentures with Consent of Noteholders. 

 

(a)   The
Issuing Entity and the Indenture Trustee, when authorized by an Issuing Entity Order, also may, with prior notice to the Rating
Agencies and with the consent of the Holders of at least a majority of the Outstanding Amount of the Controlling Securities, by
Act of such Holders delivered to the Issuing Entity and the Indenture Trustee, enter into an indenture or indentures supplemental
hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture
or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided, however, that
no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby:

 

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

 

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

 

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

 

(iv)        reduce
the percentage of the Outstanding Amount of the Controlling Securities required to direct the Indenture Trustee to direct the Issuing
Entity to sell or liquidate the Trust Estate pursuant to Section 5.04;

 

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

 

(vi)        modify
any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any payment of interest or
principal due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation)
or to affect the rights of the Holders of Notes to the benefit of any provisions for the mandatory redemption of the Notes contained
herein;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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Section 9.05         Conformity
with Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture executed pursuant to this Article IX
shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified
under the Trust Indenture Act. 

 

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

 

ARTICLE
X

Redemption of Notes

 

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

 

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

 

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All notices of redemption
shall state:

 

(a)   the
Redemption Date;

 

(b)   the
Redemption Price;

 

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

 

(d)   applicable
“CUSIP” numbers.

 

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

 

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

 

ARTICLE
XI

Miscellaneous

 

Section 11.01         Compliance
Certificates and Opinions, etc.

 

(a)   Upon
any application or request by the Issuing Entity to the Indenture Trustee to take any action under any provision of this Indenture,
the Issuing Entity shall furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all conditions precedent,
if any, provided for in this Indenture relating to the proposed action have been complied with, (ii) an Opinion of Counsel
stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with and (iii) (if required
by the TIA) an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this
Section, except that, in the case of any such application or request as to which the furnishing of such documents is specifically
required by any provision of this Indenture, no additional certificate or opinion need be furnished.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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(v)         Notwithstanding
Section 2.10 or any other provision of this Section, the Issuing Entity may, without compliance with the requirements
of the other provisions of this Section, (A) collect, liquidate, sell or otherwise dispose of Receivables and Financed Vehicles
as and to the extent permitted or required by the Basic Documents and (B) make cash payments out of the Note Distribution
Account as and to the extent permitted or required by the Basic Documents, so long as the Issuing Entity shall deliver to the Indenture
Trustee every six months, commencing June 15, 2019, an Officer’s Certificate of the Issuing Entity stating that all the dispositions
of Collateral described in clauses (A) or (B) above that occurred during the preceding six calendar months were in the ordinary
course of the Issuing Entity’s business and that the proceeds thereof were applied in accordance with the Basic Documents.

 

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

 

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

 

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

 

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

 

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Section 11.03        Acts
of Noteholders. 

 

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

 

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

 

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

 

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

 

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

(i)          the
Indenture Trustee by any Noteholder or by the Issuing Entity shall be sufficient for every purpose hereunder if made, given, furnished
or filed in writing (which may be made via e-mail transmission, pdf, facsimile or overnight delivery) to or with the Indenture
Trustee at its Corporate Trust Office, or

 

(ii)         the
Issuing Entity by the Indenture Trustee or by any Noteholder shall be sufficient for every purpose hereunder if in writing and
mailed first-class, postage prepaid to the Issuing Entity addressed to: World Omni Auto Receivables Trust 2019-A, in care of the
Owner Trustee at its Corporate Trust Office, or at any other address previously furnished in writing to the Indenture Trustee by
the Issuing Entity or the Administrator. The Issuing Entity shall promptly transmit any notice received by it from the Noteholders
to the Indenture Trustee.

 

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Notices required to be
given to the Rating Agencies shall be given to the Depositor, which shall promptly post such notice to the website maintained by
the Depositor for notifications to nationally recognized statistical rating organizations.

 

The Issuing Entity’s
obligation to deliver or provide any demand, delivery, notice, communication or instruction to any Person other than a Noteholder
shall be satisfied by the Issuing Entity 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 Issuing Entity shall designate by written notice to the other
parties.

 

The Indenture Trustee
shall promptly transmit any notice received by it from the Noteholders or Note Owners to the Issuing Entity, the Administrator
and the Servicer and, if such notice is a Repurchase Request, to World Omni.

 

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

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

 

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

 

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

 

If the Indenture Trustee
receives a Repurchase Request from a Noteholder or Note Owner and World Omni does not repurchase the Receivable related to such
Repurchase Request within 180 days of the receipt of such Repurchase Request, the Indenture Trustee shall, at the direction of
the Administrator, deliver a notice to the related Noteholder or Note Owner indicating that the repurchase request is unresolved.

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 11.11         Benefits
of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder, and the Noteholders and any other party secured hereunder, and any other Person with an
ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture.
The Asset Representations Reviewer shall be a third-party beneficiary to this Indenture, but only to the extent that it has any
rights specified herein. 

 

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

 

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Section 11.13         GOVERNING
LAW. THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY OTHERWISE
APPLICABLE CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS. 

 

Section 11.14         Counterparts.
This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same instrument. 

 

Section 11.15         Recording
of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be
effected by the Issuing Entity and at its expense accompanied by an Opinion of Counsel to the effect that such recording is necessary
either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy
granted to the Indenture Trustee under this Indenture. 

 

Section 11.16         Trust
Obligation. It is expressly understood and agreed by the parties hereto that (a) this Indenture 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, (b) 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, (c) 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, (d) the Trustee Bank has made
no investigation into the accuracy or completeness of any representations or warranties made by the Issuing Entity in this Indenture,
and (e) under no circumstances shall the Trustee Bank be personally liable for the payment of any indebtedness or expenses of the
Issuing Entity under this Indenture or any other related documents. 

 

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

 

    62 

     

    

 

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

 

Section 11.17         No
Petition. The Indenture Trustee, by entering into this Indenture, and each Noteholder, by accepting a Note, hereby covenant
and agree that they will not at any time institute against the Depositor or the Issuing Entity, or join in any institution against
the Depositor or the Issuing Entity of, any involuntary bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating
to the Notes, this Indenture or any of the Basic Documents. 

 

Section 11.18         Inspection.
The Issuing Entity agrees that, on reasonable prior notice, it will permit any representative of the Indenture Trustee, during
the Issuing Entity’s normal business hours, to examine all the books of account, records, reports and other papers of the
Issuing Entity, to make copies and extracts therefrom, to cause such books to be audited by Independent certified public accountants,
and to discuss the Issuing Entity’s affairs, finances and accounts with the Issuing Entity’s officers, employees and
Independent certified public accountants, all at such reasonable times and as often as may be reasonably requested. The Indenture
Trustee shall, and shall cause its representatives to, hold in confidence all such information except to the extent disclosure
may be required by law (and all reasonable applications for confidential treatment are unavailing) and except to the extent that
the Indenture Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder. 

 

Section 11.19       Waiver
of Jury Trial. EACH OF THE ISSUING ENTITY AND THE INDENTURE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE
NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

 

    63 

     

    

 

ARTICLE
XII

COMPLIANCE WITH REGULATION AB

 

Section 12.01         Intent
of the Parties; Reasonableness. The Depositor and the Indenture Trustee acknowledge and agree that the purpose of this Article
XII is to facilitate compliance by the Depositor with the provisions of Regulation AB and related rules and regulations of the
Commission. The Depositor shall not exercise its right to request delivery of information or other performance under these provisions
other than in good faith, or for purposes other than the Depositor’s compliance with the Securities Act, the Securities Exchange
Act and the rules and regulations of the Commission thereunder (or the provision in a private offering of disclosure comparable
to that required under the Securities Act). The Indenture Trustee agrees to cooperate in good faith with any reasonable request
by the Depositor for information regarding the Indenture Trustee which is required in order to enable the Depositor to comply with
the provisions of Items 1109(a), 1109(b), 1117, 1119 and 1122 of Regulation AB as it relates to the Indenture Trustee or to the
Indenture Trustee’s obligations under this Indenture or any indenture supplement. 

 

Section 12.02         Additional
Representations and Warranties of the Indenture Trustee. The Indenture Trustee shall be deemed to represent to the Depositor,
as of the date on which information is provided to The Depository Trust Company under Section 6.06 that, except as disclosed
in writing to the Depositor prior to such date to the best of its knowledge, but without independent investigation: (i) neither
the execution, delivery and performance by the Indenture Trustee of this Indenture or any indenture supplement, the performance
by the Indenture Trustee of its obligations under this Indenture or any indenture supplement nor the consummation of any of the
transactions by the Indenture Trustee contemplated thereby, is in violation of any indenture, mortgage, bank credit agreement,
note or bond purchase agreement, long-term lease, license or other agreement or instrument to which the Indenture Trustee is a
party or by which it is bound, which violation would have a material adverse effect on the Indenture Trustee’s ability to
perform its obligations under this Indenture or any indenture supplement, or of any judgment or order applicable to the Indenture
Trustee; and (ii) there are no proceedings pending or threatened against the Indenture Trustee in any court or before any governmental
authority, agency or arbitration board or tribunal which, individually or in the aggregate, would have a material adverse effect
on the right, power and authority of the Indenture Trustee to enter into this Indenture or any indenture supplement or to perform
its obligations under this Indenture or any indenture supplement. 

 

Section 12.03         Information
to Be Provided by the Indenture Trustee. For so long as the Issuing Entity is required to report under the Exchange Act, the
Indenture Trustee shall (i) on or before the fifth Business Day of each month, provide to the Depositor, in writing, such
information regarding the Indenture Trustee as is requested by the Depositor (if any) for the purpose of compliance with Item 1117
of Regulation AB; provided, however, that the Indenture Trustee shall not be required to provide such information
in the event that there has been no change to the information previously provided by the Indenture Trustee to the Depositor, and
(ii) as promptly as practicable following notice to or discovery by a Responsible Officer of the Indenture Trustee of any
changes to such information, provide to the Depositor, in writing, such updated information.  

 

For so long as the Issuing
Entity is required to report under the Exchange Act, the Indenture Trustee shall (i) on or before the fifth Business Day of each
January, April, July and October, provide to the Depositor such information regarding the Indenture Trustee as is requested for
the purpose of compliance with Items 1109(a), 1109(b) and 1119 of Regulation AB; provided, however, that the Indenture
Trustee shall not be required to provide such information in the event that there has been no change to the information previously
provided by the Indenture Trustee to the Depositor, and (ii) as promptly as practicable following notice to or discovery by the
Indenture Trustee of any changes to such information, provide to the Depositor, in writing, updated information necessary for compliance
with Item 1117 of Regulation AB. Such information shall include, at a minimum:

 

    64 

     

    

 

(a)   the
Indenture Trustee’s name and form of organization;

 

(b)   a
description of the extent to which the Indenture Trustee has had prior experience serving as trustee for asset-backed securities
transactions involving receivables of the same type as the Receivables;

 

(c)   a
description of any affiliation between the Indenture Trustee and any of the following parties to a Securitization Transaction,
as such parties are identified to the Indenture Trustee by the Depositor in writing in advance of such Securitization Transaction:

 

(i)          the
sponsor;

 

(ii)         any
depositor;

 

(iii)        the
issuing entity;

 

(iv)        any
servicer;

 

(v)         any
trustee;

 

(vi)        any
originator;

 

(vii)       any
significant obligor;

 

(viii)      any
enhancement or support provider, including any swap counterparty;

 

(ix)         any
asset representations reviewer; and

 

(x)          any
other material transaction party.

 

 

In connection with the
above-listed parties, a description of whether there is, and if so the general character of, any business relationship, agreement,
arrangement, transaction or understanding that is entered into outside the ordinary course of business or is on terms other than
would be obtained in an arm’s length transaction with an unrelated third party, apart from the asset-backed securities transaction,
that currently exists or that existed during the past two years and that is material to an investor’s understanding of the
asset-backed securities.

 

Section 12.04       Regulation
AB Reports by Indenture Trustee. For so long as the Issuing Entity is required to report under the Exchange Act, the Indenture
Trustee will, on or before March 1 of each year, beginning March 1, 2020:

 

    65 

     

    

 

(i)          deliver
to the Depositor a report regarding the Indenture Trustee’s assessment of compliance with the Servicing Criteria specified
in Exhibit D during the immediately preceding calendar year, including disclosure of any material instance of non-compliance
identified by the Indenture Trustee (provided, that to the extent the Indenture Trustee identifies any material instance
of non-compliance, the Indenture Trustee shall disclose (whether in such report or separately) to the Depositor whether such material
instance of non-compliance relates to the Receivables or the Notes and whether and to what extent the Indenture Trustee has instituted
steps to remediate such material instance of non-compliance), as required under paragraph (b) of Rule 13a-18, Rule 15d-18 of the
Exchange Act and Item 1122 of Regulation AB. Such report shall be signed by an authorized officer of the Indenture Trustee, and
shall address each of the Servicing Criteria specified in Exhibit D or such criteria as mutually agreed upon by the Depositor
and the Indenture Trustee.

 

(ii)         deliver
to the Depositor a report of a registered public accounting firm that attests to, and reports on, the assessment of compliance
made by the Indenture Trustee and delivered pursuant to the preceding paragraph. Such attestation shall be in accordance with Rules
1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act.

 

(iii)        deliver
to the Depositor and any other Person that will be responsible for signing the certification (a “Sarbanes Certification”)
required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) on
behalf of the Issuing Entity or the Depositor substantially in the form attached hereto as Exhibit E or such form as mutually
agreed upon by the Depositor and the Indenture Trustee.

 

    66 

     

    

 

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

 

	 	WORLD OMNI AUTO RECEIVABLES TRUST 2019-A,

 

	 	By:	BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Owner Trustee

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

     

     

    

 

SCHEDULE A

 

Schedule of Receivables

 

Provided to the Indenture Trustee and Owner
Trustee on the Closing Date

 

    	Sch. A

     

    

 

EXHIBIT A-1

[FORM OF CLASS A-1 NOTE]

 

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

 

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

 

	REGISTERED	 	$	 
	 	 	 	 
	No.:	 	 	 	CUSIP No.:	 
	 	 	 	 
	 	 	ISIN No.:  	 
	 	 	 
	 	 	CINS No.: ....................
	 	 	 	 	 	 	 

 

WORLD OMNI AUTO RECEIVABLES TRUST 2019-A

CLASS A-1 2.72616% ASSET-BACKED NOTES

 

WORLD OMNI AUTO RECEIVABLES
TRUST 2019-A a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of ___________
DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator
of which is $_____ and the denominator of which is $211,000,000 by (ii) the aggregate amount, if any, payable from the Note
Distribution Account in respect of principal on the Class A-1 Notes pursuant to Section 3.01 of the Indenture
dated as of January 30, 2019 (the “Indenture”), between the Issuing Entity and U.S. Bank National Association,
as Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the February 2020 Payment Date (the “Class A-1 Final
Scheduled Payment Date”) and the Redemption Date, if any, pursuant to Section 10.01 of the Indenture. Capitalized
terms used but not defined herein are defined in Article I of the Indenture, which also contains rules as to construction
that shall be applicable herein.

 

    	Ex. A-1-1

     

    

 

BY ACQUIRING A CLASS
A-1 NOTE, EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT THAT EITHER
(1) IT IS NOT AND WILL NOT BE AND IS NOT ACTING ON BEHALF OF OR ACQUIRING THE NOTES WITH THE ASSETS OF ANY PERSON THAT IS OR WILL
BE (i) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA, (ii) A “PLAN” DESCRIBED IN SECTION 4975(e)(1)
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (iii) ANY
ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATION LOCATED
AT 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) OR (iv) ANY U.S. GOVERNMENTAL PLAN, NON U.S. PLAN, CHURCH
PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN, ACCOUNT OR ARRANGEMENT THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE, LOCAL OR NON-U.S. LAW
THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (2) ITS ACQUISITION
AND HOLDING OF THE CLASS A-1 NOTES (OR ANY INTEREST THEREIN) WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION
406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION SIMILAR LAW.

 

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

 

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

 

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

 

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

 

    	Ex. A-1-2

     

    

 

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

 

	Date:	 	 	WORLD OMNI AUTO RECEIVABLES TRUST 2019-A

 

	 	By: BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Owner Trustee

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

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

 

	Date:	 	 	U.S. BANK NATIONAL ASSOCIATION, not
	 	in its individual capacity but solely as Indenture
	 	Trustee

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Ex. A-1-3

     

    

 

This Note is one of a
duly authorized issue of Notes of the Issuing Entity, designated as its Class A-1 2.72616% Asset-Backed Notes (herein called
the “Class A-1 Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the
Indenture Trustee and the Holders of the Notes. The Class A-1 Notes are subject to all terms of the Indenture.

 

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

 

Principal of the Class A-1
Notes will be payable on each Payment Date and, if the Class A-1 Notes have not been paid in full prior to the Class A-1
Final Scheduled Payment Date, on the Class A-1 Final Scheduled Payment Date, in an amount described on the face hereof. “Payment
Date” means the fifteenth day of each month or, if such day is not a Business Day, the immediately following Business
Day. The initial Payment Date will be February 15, 2019.

 

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

 

Payments of interest
on this Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or
one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to
Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks
shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable
Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining
unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuing
Entity, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice
mailed or transmitted by facsimile prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation
and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture
Trustee’s agent appointed for such purposes located in the City of St. Paul, Minnesota.

 

    	Ex. A-1-4

     

    

 

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

 

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

 

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

 

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

 

    	Ex. A-1-5

     

    

 

The Issuing Entity has
entered into the Indenture and this Note is issued with the intention that, for federal, state and local income, single business
and franchise tax purposes, the Notes will qualify as indebtedness secured by the Trust Estate. Each Noteholder (other than the
Depositor and any Affiliate of the Depositor that is not treated as a separate entity from the Depositor for federal income tax
purposes), by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees to treat the
Notes for federal, state and local income, single business and franchise tax purposes as indebtedness of the Issuing Entity.

 

Each Noteholder or Note
Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting
the benefits of the Indenture that such Noteholder or Note Owner shall provide to the Person from whom it receives payments on
the Notes on behalf of the Issuer, (1) any applicable IRS Form W-9, W-8BEN, W-8BEN-E, W-8ECI or W-8IMY (with any applicable attachments)
and (2) any documentation that is required under FATCA to enable the Issuer, the Indenture Trustee and any other agent of the Issuer
to determine their duties and liabilities with respect to any taxes they may be required to withhold in respect of such Note or
the Noteholder of such Note or, in the case of the Note Owner, a beneficial interest therein, in each case, prior to the first
Payment Date after such Noteholder’s acquisition of Notes and at such time or times required by law or that the Indenture
Trustee on behalf of the Issuer or their respective agents may reasonably request, and shall update or replace such IRS form or
documentation in accordance with its terms or its subsequent amendments. Each Noteholder or Note Owner will provide the applicable
replacement IRS form or documentation every three (3) years (or sooner if there is a transfer to a new Noteholder or Note Owner
or if required by applicable law). In each case above, the applicable IRS form or documentation shall be properly completed and
signed under penalty of perjury. The Indenture Trustee has the right to withhold any amounts (properly withholdable under law and
without any corresponding gross-up) payable to a Noteholder or Note Owner that fails to comply with the requirements of the preceding
sentence.

 

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

 

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

 

    	Ex. A-1-6

     

    

 

The term “Issuing
Entity” as used in this Note includes any successor to the Issuing Entity under the Indenture.

 

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

 

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

 

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

 

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

 

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

 

    	Ex. A-1-7

     

    

 

ASSIGNMENT

 

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

_________________________________________________

 

FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto:

_________________________________________________

	 	(name and address of assignee)

 

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

 

	Dated:	 	 	 	*

 

Signature Guaranteed:

	 	 	*

 

	 	 

 

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

 

    	Ex. A-1-8

     

    

 

EXHIBIT A-2

[FORM OF CLASS A-2 NOTE]

 

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

 

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

 

	REGISTERED	 	$	 
	 	 	 	 
	No.:	 	 	 	CUSIP No.:	 
	 	 	 	 
	 	 	ISIN No.:  	 
	 	 	 
	 	 	CINS No.: ....................
	 	 	 	 	 	 	 

 

WORLD OMNI AUTO RECEIVABLES TRUST 2019-A

CLASS A-2 3.02% ASSET-BACKED NOTES

 

WORLD OMNI AUTO RECEIVABLES
TRUST 2019-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum
of ___________ DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction
the numerator of which is $______ and the denominator of which is $348,000,000 by (ii) the aggregate amount, if any, payable
from the Note Distribution Account in respect of principal on the Class A-2 Notes pursuant to Section 3.01 of
the Indenture dated as of January 30, 2019 (the “Indenture”), between the Issuing Entity and U.S. Bank National
Association, as Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on the earlier of the April 2022 Payment Date (the “Class A-2
Final Scheduled Payment Date”) and the Redemption Date, if any, pursuant to Section 10.01 of the Indenture. Generally,
no payment of principal of the Class A-2 Notes shall be made until the Class A-1 Notes have been paid in full. Capitalized terms
used but not defined herein are defined in Article I of the Indenture, which also contains rules as to construction
that shall be applicable herein.

 

    	Ex. A-2-1

     

    

 

BY ACQUIRING A CLASS
A-2 NOTE, EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT THAT EITHER
(1) IT IS NOT AND WILL NOT BE AND IS NOT ACTING ON BEHALF OF OR ACQUIRING THE NOTES WITH THE ASSETS OF ANY PERSON THAT IS OR WILL
BE (i) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA, (ii) A “PLAN” DESCRIBED IN SECTION 4975(e)(1)
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (iii) ANY
ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATION
LOCATED AT 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) OR (iv) ANY U.S. GOVERNMENTAL PLAN, NON-U.S. PLAN,
CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN, ACCOUNT OR ARRANGEMENT THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE, LOCAL OR NON-U.S.
LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (2) ITS ACQUISITION
AND HOLDING OF THE CLASS A-1 NOTES (OR ANY INTEREST THEREIN) WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION
406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF SIMILAR LAW.

 

The Issuing Entity will
pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain limitations contained in the last sentence of Section 3.01
of the Indenture. Interest on this Note will accrue for each Payment Date from and including the 15th day of the preceding calendar
month (or, for the initial interest accrual period, from and including the Closing Date) to but excluding the 15th day of the current
calendar month. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest
on this Note shall be paid in the manner specified on the reverse hereof.

 

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

 

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

 

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

 

    	Ex. A-2-2

     

    

 

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

 

	Date:	 	 	WORLD OMNI AUTO RECEIVABLES TRUST 2019-A

 

	 	By: BNY MELLON TRUST OF
    DELAWARE, not in its individual capacity but solely as Owner Trustee

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

INDENTURE
TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	Date:	 	 	U.S. BANK NATIONAL ASSOCIATION, not
	 	 	 	in its individual capacity but solely as Indenture
	 	 	 	Trustee

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Ex. A-2-3

     

    

 

This Note is one of a
duly authorized issue of Notes of the Issuing Entity, designated as its Class A-2 3.02% Asset-Backed Notes (herein called
the “Class A-2 Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the
Indenture Trustee and the Holders of the Notes. The Class A-2 Notes are subject to all terms of the Indenture.

 

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

 

Principal of the Class A-2
Notes will be payable on each Payment Date and, if the Class A-2 Notes have not been paid in full prior to the Class A-2
Final Scheduled Payment Date, on the Class A-2 Final Scheduled Payment Date, in an amount described on the face hereof. “Payment
Date” means the fifteenth day of each month or, if such day is not a Business Day, the immediately following Business
Day. The initial Payment Date will be February 15, 2019.

 

As described above, the
entire unpaid principal amount of this Note shall be due and payable on the Class A-2 Final Scheduled Payment Date. Notwithstanding
the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee or the Holders of Notes representing at least a majority of the
Outstanding Amount of the Controlling Securities have declared the Notes to be immediately due and payable in the manner provided
in Section 5.02 of the Indenture. All principal payments on the Class A-2 Notes shall be made pro rata to the Class
A-2 Noteholders entitled thereto.

 

Payments of interest
on this Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or
one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to
Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks
shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable
Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining
unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuing
Entity, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice
mailed or transmitted by facsimile prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation
and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture
Trustee’s agent appointed for such purposes located in the City of St. Paul, Minnesota.

 

    	Ex. A-2-4

     

    

 

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

 

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

 

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

 

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

 

    	Ex. A-2-5

     

    

 

The Issuing Entity has
entered into the Indenture and this Note is issued with the intention that, for federal, state and local income, single business
and franchise tax purposes, the Notes will qualify as indebtedness secured by the Trust Estate. Each Noteholder (other than the
Depositor and any Affiliate of the Depositor that is not treated as a separate entity from the Depositor for federal income tax
purposes), by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees to treat the
Notes for federal, state and local income, single business and franchise tax purposes as indebtedness of the Issuing Entity.

 

Each Noteholder or Note
Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting
the benefits of the Indenture that such Noteholder or Note Owner shall provide to the Person from whom it receives payments on
the Notes on behalf of the Issuer, (1) any applicable IRS Form W-9, W-8BEN, W-8BEN-E, W-8ECI or W-8IMY (with any applicable attachments)
and (2) any documentation that is required under FATCA to enable the Issuer, the Indenture Trustee and any other agent of the Issuer
to determine their duties and liabilities with respect to any taxes they may be required to withhold in respect of such Note or
the Noteholder of such Note or, in the case of the Note Owner, a beneficial interest therein, in each case, prior to the first
Payment Date after such Noteholder’s acquisition of Notes and at such time or times required by law or that the Indenture
Trustee on behalf of the Issuer or their respective agents may reasonably request, and shall update or replace such IRS form or
documentation in accordance with its terms or its subsequent amendments. Each Noteholder or Note Owner will provide the applicable
replacement IRS form or documentation every three (3) years (or sooner if there is a transfer to a new Noteholder or Note Owner
or if required by applicable law). In each case above, the applicable IRS form or documentation shall be properly completed and
signed under penalty of perjury. The Indenture Trustee has the right to withhold any amounts (properly withholdable under law and
without any corresponding gross-up) payable to a Noteholder or Note Owner that fails to comply with the requirements of the preceding
sentence.

 

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

 

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

 

    	Ex. A-2-6

     

    

 

The term “Issuing
Entity” as used in this Note includes any successor to the Issuing Entity under the Indenture.

 

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

 

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

 

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

 

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

 

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

 

    	Ex. A-2-7

     

    

 

ASSIGNMENT

 

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

 

 

 

FOR VALUE RECEIVED, the undersigned
hereby sells, assigns and transfers unto:

	 	 
	(name and address of assignee)	 

 

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

 

	Dated:__________________	 	*

 

	 	Signature Guaranteed:	
	 	 	 
	 	 	

 

 

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

 

    	Ex. A-2-8

     

    

 

EXHIBIT A-3

 

[FORM OF CLASS A-3 NOTE]

 

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

 

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

 

	REGISTERED	$__________
	 	 
	No.: ____	CUSIP No.:  _____
	 	 
	 	ISIN No.:  _____
	 	 
	 	CINS No.: ....................

 

WORLD OMNI AUTO RECEIVABLES TRUST 2019-A

CLASS A-3 3.04% ASSET-BACKED NOTES

 

WORLD OMNI AUTO RECEIVABLES
TRUST 2019-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum
of ___________ DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction
the numerator of which is $________ and the denominator of which is $347,000,000 by (ii) the aggregate amount, if any, payable
from the Note Distribution Account in respect of principal on the Class A-3 Notes pursuant to Section 3.01 of
the Indenture dated as of January 30, 2019 (the “Indenture”), between the Issuing Entity and U.S. Bank National
Association, as Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on the earlier of the May 2024 Payment Date (the “Class A-3
Final Scheduled Payment Date”) and the Redemption Date, if any, pursuant to Section 10.01 of the Indenture. Generally,
no payments of principal of the Class A-3 Notes shall be made until the Class A-1 and Class A-2 Notes have been
paid in full. Capitalized terms used but not defined herein are defined in Article I of the Indenture, which also contains
rules as to construction that shall be applicable herein.

 

    	Ex. A-3-1

     

    

 

BY ACQUIRING A CLASS
A-3 NOTE, EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT THAT EITHER
(1) IT IS NOT AND WILL NOT BE AND IS NOT ACTING ON BEHALF OF OR ACQUIRING THE NOTES WITH THE ASSETS OF ANY PERSON THAT IS OR WILL
BE (i) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA, (ii) A “PLAN” DESCRIBED IN SECTION 4975(e)(1)
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (iii) ANY
ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATION
LOCATED AT 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) OR (iv) ANY U.S. GOVERNMENTAL PLAN, NON-U.S. PLAN,
CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN, ACCOUNT OR ARRANGEMENT THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE, LOCAL OR NON-U.S.
LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (2) ITS ACQUISITION
AND HOLDING OF THE CLASS A-1 NOTES (OR ANY INTEREST THEREIN) WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION
406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF SIMILAR LAW.

 

The Issuing Entity will
pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain limitations contained in the last sentence of Section 3.01
of the Indenture. Interest on this Note will accrue for each Payment Date from and including the 15th day of the preceding calendar
month (or, for the initial interest accrual period, from and including the Closing Date) to but excluding the 15th day of the current
calendar month. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest
on this Note shall be paid in the manner specified on the reverse hereof.

 

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

 

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

 

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

 

    	Ex. A-3-2

     

    

 

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

 

	Date:  _________________	WORLD OMNI AUTO RECEIVABLES TRUST 2019-A
	 	 
	 	By: bny mellon trust of delaware, not in its individual capacity but solely as Owner Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

INDENTURE
TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	Date:  _________________	U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Ex. A-3-3

     

    

 

This Note is one of
a duly authorized issue of Notes of the Issuing Entity, designated as its Class A-3 3.04% Asset-Backed Notes (herein called
the “Class A-3 Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the
Indenture Trustee and the Holders of the Notes. The Class A-3 Notes are subject to all terms of the Indenture.

 

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

 

Principal of the Class A-3
Notes will be payable on each Payment Date and, if the Class A-3 Notes have not been paid in full prior to the Class A-3
Final Scheduled Payment Date, on the Class A-3 Final Scheduled Payment Date, in an amount described on the face hereof. “Payment
Date” means the fifteenth day of each month or, if such day is not a Business Day, the immediately following Business
Day. The initial Payment Date will be February 15, 2019.

 

As described above, the
entire unpaid principal amount of this Note shall be due and payable on the Class A-3 Final Scheduled Payment Date. Notwithstanding
the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee or the Holders of Notes representing at least a majority of the
Outstanding Amount of the Controlling Securities have declared the Notes to be immediately due and payable in the manner provided
in Section 5.02 of the Indenture. All principal payments on the Class A-3 Notes shall be made pro rata to the
Class A-3 Noteholders entitled thereto.

 

Payments of interest
on this Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or
one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to
Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks
shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable
Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining
unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuing
Entity, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice
mailed or transmitted by facsimile prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation
and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture
Trustee’s agent appointed for such purposes located in the City of St. Paul, Minnesota.

 

    	Ex. A-3-4

     

    

 

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

 

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

 

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

 

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

 

    	Ex. A-3-5

     

    

 

The Issuing Entity has
entered into the Indenture and this Note is issued with the intention that, for federal, state and local income, single business
and franchise tax purposes, the Notes will qualify as indebtedness secured by the Trust Estate. Each Noteholder (other than the
Depositor and any Affiliate of the Depositor that is not treated as a separate entity from the Depositor for federal income tax
purposes), by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees to treat the
Notes for federal, state and local income, single business and franchise tax purposes as indebtedness of the Issuing Entity.

 

Each Noteholder or Note
Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting
the benefits of the Indenture that such Noteholder or Note Owner shall provide to the Person from whom it receives payments on
the Notes on behalf of the Issuer, (1) any applicable IRS Form W-9, W-8BEN, W-8BEN-E, W-8ECI or W-8IMY (with any applicable attachments)
and (2) any documentation that is required under FATCA to enable the Issuer, the Indenture Trustee and any other agent of the Issuer
to determine their duties and liabilities with respect to any taxes they may be required to withhold in respect of such Note or
the Noteholder of such Note or, in the case of the Note Owner, a beneficial interest therein, in each case, prior to the first
Payment Date after such Noteholder’s acquisition of Notes and at such time or times required by law or that the Indenture
Trustee on behalf of the Issuer or their respective agents may reasonably request, and shall update or replace such IRS form or
documentation in accordance with its terms or its subsequent amendments. Each Noteholder or Note Owner will provide the applicable
replacement IRS form or documentation every three (3) years (or sooner if there is a transfer to a new Noteholder or Note Owner
or if required by applicable law). In each case above, the applicable IRS form or documentation shall be properly completed and
signed under penalty of perjury. The Indenture Trustee has the right to withhold any amounts (properly withholdable under law and
without any corresponding gross-up) payable to a Noteholder or Note Owner that fails to comply with the requirements of the preceding
sentence.

 

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

 

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

 

    	Ex. A-3-6

     

    

 

The term “Issuing
Entity” as used in this Note includes any successor to the Issuing Entity under the Indenture.

 

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

 

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

 

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

 

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

 

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

 

    	Ex. A-3-7

     

    

 

ASSIGNMENT

 

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

 

 

 

 

FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto:

 

	 	 
	(name and address of assignee)	 

 

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

 

	Dated:_____________________	 	*

 

	 	Signature Guaranteed:	 
	 	 	 
	 	 	*

 

 

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

 

    	Ex. A-3-8

     

    

 

 

EXHIBIT A-4

[FORM OF CLASS A-4 NOTE]

 

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

 

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

 

	REGISTERED	$__________
	 	 
	No.: ____	CUSIP No.: _____
	 	 
	 	ISIN No.:  _____
	 	 
	 	CINS No.: ....................

 

WORLD OMNI AUTO RECEIVABLES TRUST 2019-A

CLASS A-4 3.22% ASSET-BACKED NOTES

 

WORLD OMNI AUTO RECEIVABLES
TRUST 2019-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum
of ___________ DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction
the numerator of which is $______ and the denominator of which is $82,950,000 by (ii) the aggregate amount, if any, payable
from the Note Distribution Account in respect of principal on the Class A-4 Notes pursuant to Section 3.01 of
the Indenture dated as of January 30, 2019 (the “Indenture”), between the Issuing Entity and U.S. Bank National
Association, as Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on the earlier of the June 2025 Payment Date (the “Class A-4
Final Scheduled Payment Date”) and the Redemption Date, if any, pursuant to Section 10.01 of the Indenture. Generally,
no payments of principal of the Class A-4 Notes shall be made until the Class A-1 Notes, Class A-2 Notes and Class A-3
Notes have been paid in full. Capitalized terms used but not defined herein are defined in Article I of the Indenture,
which also contains rules as to construction that shall be applicable herein.

 

    	Ex. A-4-1

     

    

 

BY ACQUIRING A CLASS
A-4 NOTE, EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT THAT EITHER
(1) IT IS NOT AND WILL NOT BE AND IS NOT ACTING ON BEHALF OF OR ACQUIRING THE NOTES WITH THE ASSETS OF ANY PERSON THAT IS OR WILL
BE (i) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA, (ii) A “PLAN” DESCRIBED IN SECTION 4975(e)(1)
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (iii) ANY
ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATION
LOCATED AT 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) OR (iv) ANY U.S. GOVERNMENTAL PLAN, NON-U.S. PLAN,
CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN, ACCOUNT OR ARRANGEMENT THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE, LOCAL OR NON-U.S.
LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (2) ITS ACQUISITION
AND HOLDING OF THE CLASS A-1 NOTES (OR ANY INTEREST THEREIN) WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION
406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF SIMILAR LAW.

 

The Issuing Entity will
pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain limitations contained in the last sentence of Section 3.01
of the Indenture. Interest on this Note will accrue for each Payment Date from and including the 15th day of the preceding calendar
month (or, for the initial interest accrual period, from and including the Closing Date) to but excluding the 15th day of the current
calendar month. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest
on this Note shall be paid in the manner specified on the reverse hereof.

 

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

 

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

 

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

 

    	Ex. A-4-2

     

    

 

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

 

	Date:  _________________	 	WORLD OMNI AUTO RECEIVABLES TRUST 2019-A
	 	 	 
	 	 	By: bny mellon trust of delaware, not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

INDENTURE
TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	Date:  _________________	 	U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

    	Ex. A-4-3

     

    

 

This Note is one of a
duly authorized issue of Notes of the Issuing Entity, designated as its Class A-4 3.22% Asset-Backed Notes (herein called
the “Class A-4 Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the
Indenture Trustee and the Holders of the Notes. The Class A-4 Notes are subject to all terms of the Indenture.

 

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

 

Principal of the Class A-4
Notes will be payable on each Payment Date and, if the Class A-4 Notes have not been paid in full prior to the Class A-4
Final Scheduled Payment Date, on the Class A-4 Final Scheduled Payment Date, in an amount described on the face hereof. “Payment
Date” means the fifteenth day of each month or, if such day is not a Business Day, the immediately following Business
Day. The initial Payment Date will be February 15, 2019.

 

As described above, the
entire unpaid principal amount of this Note shall be due and payable on the Class A-4 Final Scheduled Payment Date. Notwithstanding
the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee or the Holders of Notes representing at least a majority of the
Outstanding Amount of the Controlling Securities have declared the Notes to be immediately due and payable in the manner provided
in Section 5.02 of the Indenture. All principal payments on the Class A-4 Notes shall be made pro rata to the
Class A-4 Noteholders entitled thereto.

 

Payments of interest
on this Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or
one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to
Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks
shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable
Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining
unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuing
Entity, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice
mailed or transmitted by facsimile prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation
and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture
Trustee’s agent appointed for such purposes located in the City of St. Paul, Minnesota.

 

    	Ex. A-4-4

     

    

 

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

 

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

 

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

 

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

 

    	Ex. A-4-5

     

    

 

The Issuing Entity has
entered into the Indenture and this Note is issued with the intention that, for federal, state and local income, single business
and franchise tax purposes, the Notes will qualify as indebtedness secured by the Trust Estate. Each Noteholder (other than the
Depositor and any Affiliate of the Depositor that is not treated as a separate entity from the Depositor for federal income tax
purposes), by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees to treat the
Notes for federal, state and local income, single business and franchise tax purposes as indebtedness of the Issuing Entity.

 

Each Noteholder or Note
Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting
the benefits of the Indenture that such Noteholder or Note Owner shall provide to the Person from whom it receives payments on
the Notes on behalf of the Issuer, (1) any applicable IRS Form W-9, W-8BEN, W-8BEN-E, W-8ECI or W-8IMY (with any applicable attachments)
and (2) any documentation that is required under FATCA to enable the Issuer, the Indenture Trustee and any other agent of the Issuer
to determine their duties and liabilities with respect to any taxes they may be required to withhold in respect of such Note or
the Noteholder of such Note or, in the case of the Note Owner, a beneficial interest therein, in each case, prior to the first
Payment Date after such Noteholder’s acquisition of Notes and at such time or times required by law or that the Indenture
Trustee on behalf of the Issuer or their respective agents may reasonably request, and shall update or replace such IRS form or
documentation in accordance with its terms or its subsequent amendments. Each Noteholder or Note Owner will provide the applicable
replacement IRS form or documentation every three (3) years (or sooner if there is a transfer to a new Noteholder or Note Owner
or if required by applicable law). In each case above, the applicable IRS form or documentation shall be properly completed and
signed under penalty of perjury. The Indenture Trustee has the right to withhold any amounts (properly withholdable under law and
without any corresponding gross-up) payable to a Noteholder or Note Owner that fails to comply with the requirements of the preceding
sentence.

 

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

 

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

 

    	Ex. A-4-6

     

    

 

The term “Issuing
Entity” as used in this Note includes any successor to the Issuing Entity under the Indenture.

 

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

 

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

 

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

 

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

 

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

 

    	Ex. A-4-7

     

    

 

ASSIGNMENT

 

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

 

 

 

FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto:

 

	 	 
	(name and address of assignee)	 

 

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

 

	Dated:_____________________	 	*

 

	 	Signature Guaranteed:	 
	 	 	 
	 	 	*

 

 

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

 

    	Ex. A-4-8

     

    

 

EXHIBIT B

[FORM OF CLASS B NOTE]

 

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

 

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

 

	REGISTERED	$________
	 	 
	No.: ___	CUSIP No.:  _____
	 	 
	 	ISIN No.:  _____
	 	 
	 	CINS No. : ..............

 

WORLD OMNI AUTO RECEIVABLES TRUST 2019-A

CLASS B 3.34% ASSET-BACKED NOTES

 

WORLD OMNI AUTO RECEIVABLES
TRUST 2019-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum
of ___________ DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction
the numerator of which is $________ and the denominator of which is $31,150,000 by (ii) the aggregate amount, if any, payable
from the Note Distribution Account in respect of principal on the Class B Notes pursuant to Section 3.01 of the
Indenture dated as of January 30, 2019 (the “Indenture”), between the Issuing Entity and U.S. Bank National
Association, as Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on the earlier of the June 2025 Payment Date (the “Class B
Final Scheduled Payment Date”) and the Redemption Date, if any, pursuant to Section 10.01 of the Indenture. Generally,
no payments of principal of the Class B Notes shall be made until the Class A-1 Notes, Class A-2 Notes, Class A-3
Notes and Class A-4 Notes have been paid in full. Capitalized terms used but not defined herein are defined in Article I
of the Indenture, which also contains rules as to construction that shall be applicable herein.

 

    	Ex. B - 1

     

    

 

BY ACQUIRING A CLASS
B NOTE, EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT THAT EITHER
(1) IT IS NOT AND WILL NOT BE AND IS NOT ACTING ON BEHALF OF OR ACQUIRING THE NOTES WITH THE ASSETS OF ANY PERSON THAT IS OR WILL
BE (i) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA, (ii) A “PLAN” DESCRIBED IN SECTION 4975(e)(1)
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (iii) ANY
ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATION
LOCATED AT 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) OR (iv) ANY U.S. GOVERNMENTAL PLAN, NON-U.S. PLAN,
CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN, ACCOUNT OR ARRANGEMENT THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE, LOCAL OR NON-U.S.
LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (2) ITS ACQUISITION
AND HOLDING OF THE CLASS A-1 NOTES (OR ANY INTEREST THEREIN) WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION
406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF SIMILAR LAW.

 

The Issuing Entity will
pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain limitations contained in the last sentence of Section 3.01
of the Indenture. Interest on this Note will accrue for each Payment Date from and including the 15th day of the preceding calendar
month (or, for the initial interest accrual period, from and including the Closing Date) to but excluding the 15th day of the current
calendar month. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest
on this Note shall be paid in the manner specified on the reverse hereof.

 

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

 

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

 

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

 

    	Ex. B - 2

     

    

 

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

 

	Date:  _________________	 	WORLD OMNI AUTO RECEIVABLES TRUST 2019-A
	 	 	 
	 	 	By: bny mellon trust of delaware, not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

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

 

	Date:  _________________	 	U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

    	Ex. B - 3

     

    

 

This Note is one of a
duly authorized issue of Notes of the Issuing Entity, designated as its Class B 3.34% Asset-Backed Notes (herein called the
“Class B Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture
Trustee and the Holders of the Notes. The Class B Notes are subject to all terms of the Indenture.

 

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

 

Principal of the Class B
Notes will be payable on each Payment Date and, if the Class B Notes have not been paid in full prior to the Class B Final
Scheduled Payment Date, on the Class B Final Scheduled Payment Date, in an amount described on the face hereof. “Payment
Date” means the fifteenth day of each month or, if such day is not a Business Day, the immediately following Business
Day. The initial Payment Date will be February 15, 2019.

 

As described above, the
entire unpaid principal amount of this Note shall be due and payable on the Class B Final Scheduled Payment Date. Notwithstanding
the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee or the Holders of Notes representing at least a majority of the
Outstanding Amount of the Controlling Securities have declared the Notes to be immediately due and payable in the manner provided
in Section 5.02 of the Indenture. All principal payments on the Class B Notes shall be made pro rata to the Class B
Noteholders entitled thereto.

 

Payments of interest
on this Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or
one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to
Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks
shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable
Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining
unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuing
Entity, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice
mailed or transmitted by facsimile prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation
and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture
Trustee’s agent appointed for such purposes located in the City of St. Paul, Minnesota.

 

    	Ex. B - 4

     

    

 

The Issuing Entity shall
pay interest on overdue installments of interest at the Class B Interest Rate to the extent lawful.

 

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

 

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

 

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

 

    	Ex. B - 5

     

    

 

The Issuing Entity has
entered into the Indenture and this Note is issued with the intention that, for federal, state and local income, single business
and franchise tax purposes, the Notes will qualify as indebtedness secured by the Trust Estate. Each Noteholder (other than the
Depositor and any Affiliate of the Depositor that is not treated as a separate entity from the Depositor for federal income tax
purposes), by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees to treat the
Notes for federal, state and local income, single business and franchise tax purposes as indebtedness of the Issuing Entity.

 

Each Noteholder or Note
Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting
the benefits of the Indenture that such Noteholder or Note Owner shall provide to the Person from whom it receives payments on
the Notes on behalf of the Issuer, (1) any applicable IRS Form W-9, W-8BEN, W-8BEN-E, W-8ECI or W-8IMY (with any applicable attachments)
and (2) any documentation that is required under FATCA to enable the Issuer, the Indenture Trustee and any other agent of the Issuer
to determine their duties and liabilities with respect to any taxes they may be required to withhold in respect of such Note or
the Noteholder of such Note or, in the case of the Note Owner, a beneficial interest therein, in each case, prior to the first
Payment Date after such Noteholder’s acquisition of Notes and at such time or times required by law or that the Indenture
Trustee on behalf of the Issuer or their respective agents may reasonably request, and shall update or replace such IRS form or
documentation in accordance with its terms or its subsequent amendments. Each Noteholder or Note Owner will provide the applicable
replacement IRS form or documentation every three (3) years (or sooner if there is a transfer to a new Noteholder or Note Owner
or if required by applicable law). In each case above, the applicable IRS form or documentation shall be properly completed and
signed under penalty of perjury. The Indenture Trustee has the right to withhold any amounts (properly withholdable under law and
without any corresponding gross-up) payable to a Noteholder or Note Owner that fails to comply with the requirements of the preceding
sentence.

 

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

 

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

 

    	Ex. B - 6

     

    

 

The term “Issuing
Entity” as used in this Note includes any successor to the Issuing Entity under the Indenture.

 

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

 

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

 

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

 

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

 

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

 

    	Ex. B - 7

     

    

 

ASSIGNMENT

 

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

 

 

 

 

FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto:

	 	 
	(name and address of assignee)	 

 

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

 

	Dated:_____________________	 	*

 

	 	Signature Guaranteed:	 
	 	 	 
	 	 	*

 

 

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

 

    	Ex. B - 8

     

    

 

EXHIBIT C

[FORM OF CLASS C NOTE]

 

THIS NOTE HAS NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS
OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. NO SALE, PLEDGE OR OTHER TRANSFER OF THIS NOTE MAY BE MADE BY
ANY PERSON UNLESS EITHER (i) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO THE DEPOSITOR, (ii) SUCH SALE, PLEDGE OR OTHER TRANSFER
IS MADE TO AN ACCREDITED INVESTOR THAT EXECUTES A NOTE, SUBSTANTIALLY IN THE FORM SPECIFIED IN THE INDENTURE, TO THE EFFECT THAT
IT IS AN ACCREDITED INVESTOR ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS
(WHICH OTHERS ALSO ARE ACCREDITED INVESTORS UNLESS THE HOLDER IS A BANK ACTING IN ITS FIDUCIARY CAPACITY), (iii) SO LONG AS THIS
NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE 1933 ACT, SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHO
THE PROSPECTIVE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A QUALIFIED INSTITUTIONAL BUYER, ACTING FOR ITS OWN ACCOUNT
(AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL BUYERS)
TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (iv) SUCH SALE, PLEDGE OR
OTHER TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT, IN WHICH CASE THE
INDENTURE TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE ISSUING ENTITY,
THE INDENTURE TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND
SUBSTANCE SATISFACTORY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR. EXCEPT IN THE CASE OF A TRANSFER DESCRIBED IN CLAUSES (i) OR
(iii) ABOVE, THE INDENTURE TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE ISSUING
ENTITY, THE OWNER TRUSTEE, THE INDENTURE TRUSTEE, THE DEPOSITOR OR WORLD OMNI FINANCIAL CORP.) SATISFACTORY TO THE DEPOSITOR AND
THE INDENTURE TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE 1933 ACT.

 

    	Ex. C - 1

     

    

 

UNLESS COUNSEL SATISFACTORY TO THE INDENTURE
TRUSTEE SHALL HAVE RENDERED AN OPINION TO THE EFFECT THAT THE CLASS C NOTES TO BE SOLD, PLEDGED, OR TRANSFERRED WILL BE CHARACTERIZED
AS INDEBTEDNESS FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, (1) A SALE, PLEDGE, OR TRANSFER OF THIS CLASS C NOTE MAY ONLY BE
MADE TO ANY PERSON WHO IS A UNITED STATES PERSON (WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”)), AND IS NOT ACQUIRING THE CLASS C NOTES WITH THE ASSETS OF (I) AN “EMPLOYEE BENEFIT
PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)
THAT IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE CODE THAT IS SUBJECT TO SECTION
4975 OF THE CODE, (III) ANY ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF
THE DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA (THE “PLAN
ASSET REGULATION”)), OR (IV) ANY U.S. GOVERNMENTAL PLAN, NON-U.S. PLAN, CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN, ACCOUNT
OR ARRANGEMENT THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA
OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) ; AND (2) NO SALE, PLEDGE, OR TRANSFER OF THE CLASS C NOTES SHALL BE MADE
(I) TO ANY ONE PERSON IN AN AMOUNT LESS THAN $2,000,000 (OR SUCH OTHER AMOUNT AS THE DEPOSITOR MAY DETERMINE IN ORDER TO PREVENT
THE ISSUING ENTITY FROM BEING TREATED AS A “PUBLICLY TRADED PARTNERSHIP” UNDER SECTION 7704 OF THE CODE) OR (II) TO
A GRANTOR TRUST, S CORPORATION, OR PARTNERSHIP WHERE MORE THAN 50% OF THE VALUE OF A BENEFICIAL OWNER’S INTEREST IN SUCH
PASS-THROUGH ENTITY IS ATTRIBUTABLE TO THE PASS-THROUGH ENTITY’S INTEREST IN THE CLASS C NOTE, IN EACH CASE, UNLESS (A) AN
OPINION OF COUNSEL SATISFACTORY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR THAT SUCH SALE, PLEDGE, OR TRANSFER SHALL NOT CAUSE
THE ISSUING ENTITY TO BE TREATED AS AN ASSOCIATION (OR PUBLICLY TRADED PARTNERSHIP) TAXABLE AS A CORPORATION FOR FEDERAL INCOME
TAX PURPOSES SHALL HAVE BEEN DELIVERED TO THE INDENTURE TRUSTEE AND THE DEPOSITOR AND (B) THE DEPOSITOR SHALL HAVE PROVIDED PRIOR
WRITTEN APPROVAL; PROVIDED, HOWEVER, THAT THE RESTRICTIONS IN THIS PARAGRAPH SHALL NOT CONTINUE TO APPLY TO THE CLASS C NOTES (COVERED
BY THE OPINION DESCRIBED IN THIS PARAGRAPH) IN THE EVENT COUNSEL SATISFACTORY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR HAS RENDERED
AN OPINION, WITH RESPECT TO THE SALE, PLEDGE OR TRANSFER BY THE DEPOSITOR OR AN AFFILIATE THEREOF, TO THE EFFECT THAT THE CLASS
C NOTES TO BE SOLD, PLEDGED, OR TRANSFERRED WILL BE CHARACTERIZED AS INDEBTEDNESS FOR FEDERAL INCOME TAX PURPOSES. ANY ATTEMPTED
SALE, PLEDGE OR OTHER TRANSFER IN CONTRAVENTION OF THIS PARAGRAPH WILL BE VOID AB INITIO AND THE PURPORTED TRANSFEROR WILL CONTINUE
TO BE TREATED AS THE OWNER OF THE CLASS C NOTES.

 

UNLESS COUNSEL SATISFACTORY TO THE INDENTURE
TRUSTEE SHALL HAVE RENDERED AN OPINION TO THE EFFECT THAT THE CLASS C NOTES TO BE SOLD, PLEDGED, OR TRANSFERRED WILL BE CHARACTERIZED
AS INDEBTEDNESS FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, BY ACQUIRING A CLASS C NOTE, EACH INITIAL PURCHASER, TRANSFEREE
AND OWNER OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT THAT IT IS NOT AND WILL NOT BE AND IS NOT ACTING ON
BEHALF OF OR ACQUIRING THE NOTES WITH THE ASSETS OF ANY PERSON THAT IS OR WILL BE (1) AN “EMPLOYEE BENEFIT PLAN” WITHIN
THE MEANING OF SECTION 3(3) OF ERISA THAT IS SUBJECT TO TITLE I OF ERISA, (2) A “PLAN” DESCRIBED IN SECTION 4975(e)(1)
THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (3) ANY ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS”
(WITHIN THE MEANING OF THE PLAN ASSET REGULATION) OR (4) ANY U.S. GOVERNMENTAL PLAN, NON-U.S. PLAN, CHURCH PLAN OR ANY OTHER EMPLOYEE
BENEFIT PLAN, ACCOUNT OR ARRANGEMENT THAT IS SUBJECT TO SIMILAR LAW.

 

    	Ex. C - 2

     

    

 

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

 

	REGISTERED	$________
	 	 
	No.: ___	CUSIP No.:  _____
	 	 
	 	ISIN No.:  _____
	 	 
	 	CINS No.: ....................

 

WORLD OMNI AUTO RECEIVABLES TRUST 2019-A

CLASS C 3.54% ASSET-BACKED NOTES

 

WORLD OMNI AUTO RECEIVABLES
TRUST 2019-A a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum
of ___________ DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction
the numerator of which is $________ and the denominator of which is $15,570,000 by (ii) the aggregate amount, if any, payable
from the Note Distribution Account in respect of principal on the Class C Notes pursuant to Section 3.01 of the
Indenture dated as of January 30, 2019 (the “Indenture”), between the Issuing Entity and U.S. Bank National
Association, as Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on the earlier of the October 2025 Payment Date (the “Class C
Final Scheduled Payment Date”) and the Redemption Date, if any, pursuant to Section 10.01 of the Indenture. Generally,
no payments of principal of the Class C Notes shall be made until the Class A-1 Notes, Class A-2 Notes, Class A-3
Notes, Class A-4 Notes and Class B Notes have been paid in full. Capitalized terms used but not defined herein are defined
in Article I of the Indenture, which also contains rules as to construction that shall be applicable herein.

 

IF COUNSEL SATISFACTORY
TO THE INDENTURE TRUSTEE HAS RENDERED AN OPINION TO THE EFFECT THAT THE CLASS C NOTES TO BE SOLD, PLEDGED, OR TRANSFERRED WILL
BE CHARACTERIZED AS INDEBTEDNESS FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, BY ACQUIRING A CLASS C NOTE, EACH INITIAL PURCHASER,
TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT THAT EITHER (1) IT IS NOT AND WILL NOT BE
AND IS NOT ACTING ON BEHALF OF OR ACQUIRING THE NOTES WITH THE ASSETS OF ANY PERSON THAT IS OR WILL BE (i) AN “EMPLOYEE BENEFIT
PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)
THAT IS SUBJECT TO TITLE I OF ERISA, (ii) A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE “CODE”) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (iii) ANY ENTITY OR ACCOUNT WHOSE UNDERLYING
ASSETS INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION
2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) OR (iv) ANY U.S. GOVERNMENTAL PLAN, NON-U.S. PLAN, CHURCH PLAN OR ANY OTHER
EMPLOYEE BENEFIT PLAN, ACCOUNT OR ARRANGEMENT THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS SUBSTANTIALLY
SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (2) ITS ACQUISITION AND HOLDING OF THE CLASS
C NOTES (OR ANY INTEREST THEREIN) WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
4975 OF THE CODE OR A VIOLATION OF SIMILAR LAW.

 

    	Ex. C - 3

     

    

 

The Issuing Entity will
pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain limitations contained in the last sentence of Section 3.01
of the Indenture. Interest on this Note will accrue for each Payment Date from and including the 15th day of the preceding calendar
month (or, for the initial interest accrual period, from and including the Closing Date) to but excluding the 15th day of the current
calendar month. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest
on this Note shall be paid in the manner specified on the reverse hereof.

 

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

 

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

 

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

 

    	Ex. C - 4

     

    

 

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

 

	Date:  _________________	 	WORLD OMNI AUTO RECEIVABLES TRUST 2019-A
	 	 	 
	 	 	By:  bny mellon trust of delaware, not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

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

 

	Date:  _________________	 	U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

    	Ex. C - 5

     

    

 

This Note is one of a
duly authorized issue of Notes of the Issuing Entity, designated as its Class C 3.54% Asset-Backed Notes (herein called the
“Class C Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture
Trustee and the Holders of the Notes. The Class C Notes are subject to all terms of the Indenture.

 

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

 

Principal of the Class C
Notes will be payable on each Payment Date and, if the Class C Notes have not been paid in full prior to the Class C Final
Scheduled Payment Date, on the Class C Final Scheduled Payment Date, in an amount described on the face hereof. “Payment
Date” means the fifteenth day of each month or, if such day is not a Business Day, the immediately following Business
Day. The initial Payment Date will be February 15, 2019.

 

As described above, the
entire unpaid principal amount of this Note shall be due and payable on the Class C Final Scheduled Payment Date. Notwithstanding
the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee or the Holders of Notes representing at least a majority of the
Outstanding Amount of the Controlling Securities have declared the Notes to be immediately due and payable in the manner provided
in Section 5.02 of the Indenture. All principal payments on the Class C Notes shall be made pro rata to the Class C
Noteholders entitled thereto.

 

Payments of interest
on this Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or
one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to
Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks
shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable
Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining
unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuing
Entity, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice
mailed or transmitted by facsimile prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation
and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture
Trustee’s agent appointed for such purposes located in the City of St. Paul, Minnesota.

 

    	Ex. C - 6

     

    

 

The Issuing Entity shall
pay interest on overdue installments of interest at the Class C Interest Rate to the extent lawful.

 

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

 

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

 

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

 

    	Ex. C - 7

     

    

 

The Issuing Entity has
entered into the Indenture and this Note is issued with the intention that, for federal, state and local income, single business
and franchise tax purposes, the Notes will qualify as indebtedness secured by the Trust Estate. Each Noteholder (other than the
Depositor and any Affiliate of the Depositor that is not treated as a separate entity from the Depositor for federal income tax
purposes), by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees to treat the
Notes for federal, state and local income, single business and franchise tax purposes as indebtedness of the Issuing Entity.

 

Each Noteholder or Note
Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting
the benefits of the Indenture that such Noteholder or Note Owner shall provide to the Person from whom it receives payments on
the Notes on behalf of the Issuer, (1) any applicable IRS Form W-9, W-8BEN, W-8BEN-E, W-8ECI or W-8IMY (with any applicable attachments)
and (2) any documentation that is required under FATCA to enable the Issuer, the Indenture Trustee and any other agent of the Issuer
to determine their duties and liabilities with respect to any taxes they may be required to withhold in respect of such Note or
the Noteholder of such Note or, in the case of the Note Owner, a beneficial interest therein, in each case, prior to the first
Payment Date after such Noteholder’s acquisition of Notes and at such time or times required by law or that the Indenture
Trustee on behalf of the Issuer or their respective agents may reasonably request, and shall update or replace such IRS form or
documentation in accordance with its terms or its subsequent amendments. Each Noteholder or Note Owner will provide the applicable
replacement IRS form or documentation every three (3) years (or sooner if there is a transfer to a new Noteholder or Note Owner
or if required by applicable law). In each case above, the applicable IRS form or documentation shall be properly completed and
signed under penalty of perjury. The Indenture Trustee has the right to withhold any amounts (properly withholdable under law and
without any corresponding gross-up) payable to a Noteholder or Note Owner that fails to comply with the requirements of the preceding
sentence.

 

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

 

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

 

    	Ex. C - 8

     

    

 

The term “Issuing
Entity” as used in this Note includes any successor to the Issuing Entity under the Indenture.

 

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

 

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

 

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

 

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

 

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

 

    	Ex. C - 9

     

    

 

ASSIGNMENT

 

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

 

 

 

 

FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto:

 

	 	 
	(name and address of assignee)	 

 

 

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

 

	Dated:____________________	 	*

 

	 	Signature Guaranteed:	 
	 	 	 
	 	 	*

 

 

 

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

 

    	Ex. C - 10

     

    

 

EXHIBIT D

 

SERVICING CRITERIA FOR INDENTURE TRUSTEE’S
ASSESSMENT OF COMPLIANCE

 

	Reference	Servicing Criteria	 
	 	General Servicing Considerations	 
	1122(d)(1)(i)	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	 
	1122(d)(1)(ii)	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	 
	1122(d)(1)(iii)	Any requirements in the transaction agreements to maintain a back-up servicer for the credit card accounts or accounts are maintained.	 
	1122(d)(1)(iv)	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	 
	1122(d)(1)(v)	
        Aggregation of information, as applicable,
        is mathematically accurate and the

        information conveyed accurately reflects
        the information.
	 
	 	Cash Collection and Administration	 
	1122(d)(2)(i)	Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.	 
	1122(d)(2)(ii)	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Indenture Trustee
	1122(d)(2)(iii)	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	 
	1122(d)(2)(iv)	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Indenture Trustee
	1122(d)(2)(v)	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements.  For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	Indenture Trustee
	1122(d)(2)(vi)	Unissued checks are safeguarded so as to prevent unauthorized access.	 
	1122(d)(2)(vii)	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts.  These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items.  These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	 

 

    	Ex. D - 1

     

    

 

	Reference	Servicing Criteria	 
	 	Investor Remittances and Reporting	 
	1122(d)(3)(i)	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements.  Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of credit card accounts serviced by the Servicer.	 
	1122(d)(3)(ii)	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	Indenture Trustee
	1122(d)(3)(iii)	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.	Indenture Trustee
	1122(d)(3)(iv)	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	Indenture Trustee
	 	Pool Asset Administration	 
	1122(d)(4)(i)	Collateral or security on credit card accounts is maintained as required by the transaction agreements or related asset pool documents.	 
	1122(d)(4)(ii)	Pool assets and related documents are safeguarded as required by the transaction agreements	 
	1122(d)(4)(iii)	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	 
	1122(d)(4)(iv)	Payments on pool assets, including any payoffs, made in accordance with the related pool assets documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related asset pool documents.	 
	1122(d)(4)(v)	The Servicer’s records regarding the accounts and the accounts agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.	 
	1122(d)(4)(vi)	Changes with respect to the terms or status of an obligor’s account  (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	 
	1122(d)(4)(vii)	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.	 
	1122(d)(4)(viii)	Records documenting collection efforts are maintained during the period an Account is delinquent in accordance with the transaction agreements.  Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent Accounts including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	 
	1122(d)(4)(ix)	Adjustments to interest rates or rates of return for Accounts with variable rates are computed based on the related Account documents.	 
	1122(d)(4)(x)	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s Account documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable Account documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related Accounts, or such other number of days specified in the transaction agreements.	 

 

    	Ex. D - 2

     

    

 

	Reference	Servicing Criteria	 
	1122(d)(4)(xi)	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	 
	1122(d)(4)(xii)	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	 
	1122(d)(4)(xiii)	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.	 
	1122(d)(4)(xiv)	 Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	 
	1122(d)(4)(xv)	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	 
	 	 	 

 

    	Ex. D - 3

     

    

 

EXHIBIT E

FORM OF INDENTURE TRUSTEE’S ANNUAL CERTIFICATION

 

RE:         WORLD OMNI AUTO RECEIVABLES TRUST
2019-A

 

U.S. Bank National
Association not in its individual capacity but solely as indenture trustee (the “Indenture Trustee”), certifies
to World Omni Auto Receivables LLC (the “Depositor”), and its officers, with the knowledge and intent that they
will rely upon this certification, that:

 

		1.	It has reviewed the report on assessment of the Indenture Trustee’s compliance provided in
accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
and Item 1122 of Regulation AB (the “Servicing Assessment”), and the registered public accounting firm’s
attestation report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation
AB (the “Attestation Report”) that were delivered by the Indenture Trustee to the Depositor pursuant to the
Indenture, dated as of January 30, 2019, by and between the Indenture Trustee and World Omni Auto Receivables Trust 2019-A (collectively,
the “Indenture Trustee Information”);

 

		2.	To the best of its knowledge, the Servicing Assessment, taken as a whole, does not contain any
untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in the light of the
circumstances under which such statements were made, not misleading with respect to the period of time covered by the Indenture
Trustee Information;

 

		3.	To the best of its knowledge, all of the Indenture Trustee Information required to be provided
by the Indenture Trustee under the Agreement has been provided to the Depositor; and

 

		4.	To the best of its knowledge, except as disclosed in the Servicing Assessment or the Attestation
Report, the Indenture Trustee has fulfilled its obligations under the Agreement in all material respects.

 

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	not in its individual capacity but solely as
	 	Indenture Trustee
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

Date: _________________________

 

    	Ex. E

     

    

 

EXHIBIT F

 

FORM OF TRANSFEROR CERTIFICATE

 

[DATE]

 

U.S. Bank National Association

111 East Fillmore Avenue

EP-MN-WS2N

St. Paul, MN 55107

 

World Omni Auto Receivables LLC

190 Jim Moran Boulevard

Deerfield Beach, FL 33442

 

World Omni Auto Receivables Trust 2019-A

c/o BNY Mellon Trust of Delaware

301 Bellevue Avenue

3rd Floor

Wilmington, DE 19809

Attention: Corporate Trust Services, WOART
2019-A

 

		Re:	World Omni Auto Receivables Trust 2019-A Class [ ] Notes

 

Ladies and Gentlemen:

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

 

	 	Very truly yours,
	 	 
	 	[NAME OF TRANSFEROR]
	 	 
	 	By:	 
	 	 	Authorized Officer

 

    	Ex. F-1

     

    

 

EXHIBIT G

 

FORM OF INVESTMENT LETTER

 

U.S. Bank National Association

190 South LaSalle Street

7th Floor

Chicago, IL 60603

World Omni Auto Receivables LLC

190 Jim Moran Boulevard

Deerfield Beach, FL 33442

 

World Omni Auto Receivables Trust 2019-A

c/o BNY Mellon Trust of Delaware

301 Bellevue Avenue

3rd Floor

Wilmington, DE 19809

Attention: Corporate Trust Services, WOART
2019-A

 

Ladies and Gentlemen:

 

In connection with our
proposed purchase of Class ___ Notes (the “Class ___ Notes”) of World Omni Auto Receivables Trust 2019-A (the
“Issuing Entity”), we confirm that:

 

1.       We
understand that the Class ___ Notes have not been registered under the Securities Act of 1933, as amended (the “1933 Act”),
and may not be sold except as permitted in the following sentence. We understand and agree, on our own behalf and on behalf of
any accounts for which we are acting as hereinafter stated, (x) that such Class ___ Notes are being offered only in a transaction
not involving any public offering within the meaning of the 1933 Act and (y) that such Class ___ Notes may be resold, pledged or
transferred only (i) to World Omni Auto Receivables LLC (“WOAR”), (ii) to an “accredited investor”
as defined in Rule 501(a)(1),(2),(3) or (7) of Regulation D under the 1933 Act (an “Accredited Investor”) acting for
its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are Accredited Investors
unless the holder is a bank acting in its fiduciary capacity) that executes a certificate substantially in the form hereof, (iii) so
long as such Class ___ Note is eligible for resale pursuant to Rule 144A under the 1933 Act (“Rule 144A”), to a person
whom we reasonably believe after due inquiry is a “qualified institutional buyer” as defined in Rule 144A, acting for
its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are “qualified
institutional buyers”) to whom notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A
or (iv) in a sale, pledge or other transfer made in a transaction otherwise exempt from the registration requirements of the
1933 Act, in which case the Indenture Trustee shall require that both the prospective transferor and the prospective transferee
certify to the Indenture Trustee and WOAR in writing the facts surrounding such transfer, which certification shall be in form
and substance satisfactory to the Indenture Trustee and WOAR. Except in the case of a transfer described in clauses (i) or (iii)
above, the Indenture Trustee shall require that a written opinion of counsel (which will not be at the expense of WOAR, any Affiliate
of WOAR or the Indenture Trustee), satisfactory to the Indenture Trustee and WOAR, be delivered to the Indenture Trustee and WOAR
to the effect that such transfer will not violate the 1933 Act, and will be effected in accordance with any applicable securities
laws of each state of the United States. We will notify any purchaser of the Class ___ Notes from us of the above resale restrictions,
if then applicable. We further understand that in connection with any transfer of the Class ___ Notes by us that the Indenture
Trustee and WOAR may request, and if so requested we will furnish, such certificates and other information as they may reasonably
require to confirm that any such transfer complies with the foregoing restrictions.

 

    	Ex. G-1

     

    

 

2.        [CHECK
ONE]

 

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

 

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

 

3.       If
counsel satisfactory to the Indenture Trustee has rendered an opinion to the effect that the Class __ Notes to be transferred will
be characterized as indebtedness for United States federal income tax purposes, either (i) we are not and will not be and are not
acting on behalf of or acquiring the Class ___ Notes with the assets of any person that is or will be (A) an “employee benefit
plan” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)
that is subject to Title I of ERISA, (B) a “plan” described in Section 4975(e)(1) of the Code that is subject
to Section 4975 of the Code, (C) an entity or account whose underlying assets include “plan assets” (within
the meaning of the U.S. Department of Labor regulation located at 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA)
or (D) any U.S. governmental plan, non-U.S. plan, church plan or any other employee benefit plan, account or arrangement that
is subject to any U.S. federal, state, local, non-U.S. or other law that is substantially similar to Title I of ERISA or Section
4975 of the Code (“Similar Law”) (each, a “Plan”) or (ii) our acquisition and holding of
the Class ___ Notes (or any interest therein) will not give rise to a nonexempt prohibited transaction under Section 406 of ERISA
or Section 4975 of the Code or a violation of Similar Law. We hereby acknowledge that no transfer of any Class ___ Note shall be
permitted to be made to any transferee unless either (i) such transferee is not acquiring the Class ___ Note with the assets of
any Plan or (ii) the acquisition and holding of such Class ___ Note will not give rise to a nonexempt prohibited transaction under
Section 406 of ERISA or Section 4975 of the Code or a violation of Similar Law.

 

    	Ex. G-2

     

    

 

4.       Unless
counsel satisfactory to the Indenture Trustee shall have rendered an opinion to the effect that the Class ___ Notes to be transferred
will be characterized as indebtedness for United States federal income tax purposes, we represent (i) that we are a United States
Person (within the meaning of Section 7701(a)(30) of the Internal Revenue Code) and (ii) that we are not acquiring the Class ___
Notes with the assets of any Plan; and we acknowledge that unless the Indenture Trustee shall have received such an opinion, no
transfer of any Class ___ Note shall be permitted to be made to any person who is not a United States Person or who acquires such
Class ____ Notes with the assets of any Plan and any such purported transfer in violation of these restrictions shall be null and
void.

 

5.       We
understand that the Issuing Entity, the Indenture Trustee, WOAR and others will rely upon the truth and accuracy of the foregoing
acknowledgments, representations and agreements, and we agree that if any of the acknowledgments, representations and warranties
deemed to have been made by us by our purchase of the Class ___ Notes, for our own account or for one or more accounts as to each
of which we exercise sole investment discretion, are no longer accurate, we shall promptly notify WOAR.

 

6.       You
are entitled to rely upon this letter and you are irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

 

	 	Very truly yours,
	 	 
	 	[NAME OF PURCHASER]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	Date:	 

 

    	Ex. G-3EXHIBIT 4.3

 

 

 

TRUST AGREEMENT

 

between

 

WORLD OMNI AUTO RECEIVABLES LLC,

as Depositor,

 

and

 

BNY
Mellon Trust of delaware,

as Owner Trustee

 

Dated as of January 30, 2019

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I Definitions	1
	Section 1.01	Capitalized Terms	1
	 	 	 
	ARTICLE II Organization	1
	Section 2.01	Name	1
	Section 2.02	Office	1
	Section 2.03	Purposes and Powers	1
	Section 2.04	Appointment of Owner Trustee	2
	Section 2.05	Initial Capital Contribution of Owner Trust Estate	2
	Section 2.06	Declaration of Trust	3
	Section 2.07	Liability of the Depositor and the Certificateholders	3
	Section 2.08	Title to Trust Property	3
	Section 2.09	Situs of Trust	3
	Section 2.10	Representations and Warranties of the Depositor	4
	Section 2.11	Financing Statements	5
	Section 2.12	Amended and Restated Trust Agreement	5
	 	 	 
	ARTICLE III Trust Certificates and
    Transfer of Interests	5
	Section 3.01	[Reserved]	5
	Section 3.02	The Trust Certificates	5
	Section 3.03	Authentication of Trust Certificates	5
	Section 3.04	Registration of Transfer and Exchange of Trust Certificates	6
	Section 3.05	Mutilated, Destroyed, Lost or Stolen Trust Certificates	8
	Section 3.06	Persons Deemed Owners	9
	Section 3.07	Access to List of Certificateholders’ Names and Addresses	9
	Section 3.08	Maintenance of Office or Agency	9
	Section 3.09	Appointment of Paying Agent	10
	Section 3.10	Representations of Certificateholders	10
	Section 3.11	Code Section 385 Restrictions	10
	 	 	 
	ARTICLE IV Actions by Owner Trustee	11
	Section 4.01	Prior Notice to Certificateholders with Respect to Certain Matters	11
	Section 4.02	Action by Certificateholders with Respect to Certain Matters	12
	Section 4.03	Action by Certificateholders with Respect to Bankruptcy	12
	Section 4.04	Restrictions on Certificateholders’ Power	13
	Section 4.05	Majority Control	13
	 	 	 
	ARTICLE V Application of Trust Funds;
    Certain Duties	13
	Section 5.01	[Reserved]	13
	Section 5.02	Application of Trust Funds	13
	Section 5.03	Method of Payment	14
	Section 5.04	No Segregation of Monies; No Interest	14
	Section 5.05	Accounting and Reports to the Certificateholders, the Internal Revenue Service and Others	15

 

     

     

    

 

	Section 5.06	Signature on Returns	15
	 	 	 
	ARTICLE VI Authority and Duties of
    Owner Trustee	15
	Section 6.01	General Authority	15
	Section 6.02	General Duties	16
	Section 6.03	Action Upon Instruction	16
	Section 6.04	No Duties Except as Specified in this Agreement or in Instructions	17
	Section 6.05	No Action Except Under Specified Documents or Instructions	17
	Section 6.06	Restrictions	17
	Section 6.07	Execution of Notes	17
	Section 6.08	Doing Business in Other Jurisdictions	18
	 	 	 
	ARTICLE VII Concerning the Owner Trustee	18
	Section 7.01	Acceptance of Trusts and Duties	18
	Section 7.02	Furnishing of Documents	20
	Section 7.03	Representations and Warranties of the Owner Trustee	20
	Section 7.04	[Reserved]	21
	Section 7.05	Reliance; Advice of Counsel	21
	Section 7.06	Not Acting in Individual Capacity	22
	Section 7.07	Owner Trustee Not Liable for Trust Certificates or Receivables	22
	Section 7.08	Owner Trustee May Own Trust Certificates and Notes	22
	Section 7.09	Legal Proceedings	22
	Section 7.10	Communications Regarding Demands to Repurchase Receivables	23
	 	 	 
	ARTICLE VIII Compensation of Owner
    Trustee	24
	Section 8.01	Owner Trustee’s Fees and Expenses	24
	Section 8.02	Indemnification	24
	Section 8.03	Payments to the Owner Trustee	24
	 	 	 
	ARTICLE IX Termination of Trust Agreement	25
	Section 9.01	Termination of Trust Agreement	25
	 	 	 
	ARTICLE X Successor Owner Trustees
    and Additional Owner Trustees	26
	Section 10.01	Eligibility Requirements for Owner Trustee	26
	Section 10.02	Resignation or Removal of Owner Trustee	26
	Section 10.03	Successor Owner Trustee	27
	Section 10.04	Merger or Consolidation of the Owner Trustee	27
	Section 10.05	Appointment of Co-Trustee or Separate Trustee	28
	 	 	 
	ARTICLE XI Miscellaneous	29
	Section 11.01	Supplements and Amendments	29
	Section 11.02	No Legal Title to Owner Trust Estate in Certificateholders	30
	Section 11.03	Limitations on Rights of Others	30
	Section 11.04	Notices	31
	Section 11.05	Severability	31
	Section 11.06	Separate Counterparts	31
	Section 11.07	Successors and Assigns	31
	Section 11.08	Covenants of the Depositor	31
	Section 11.09	No Petition	32

 

     

     

    

 

	Section 11.10	No Recourse	32
	Section 11.11	Headings	32
	Section 11.12	GOVERNING LAW	33
	Section 11.13	Compliance with Applicable Anti-Terrorism and Anti Money Laundering Regulations	33
	 	 	 
	ARTICLE XII COMPLIANCE WITH REGULATION
    AB	34
	Section 12.01	Intent of the Parties; Reasonableness	34
	Section 12.02	Information to Be Provided by the Owner Trustee	34
	 	 	 
	EXHIBIT A	Form of Trust Certificate	 
	EXHIBIT B	Form of Certificate of Trust	 
	EXHIBIT C	Form of Transferor Certificate	 
	EXHIBIT D	Form of Investment Letter	 
	EXHIBIT E	Form of Receivables	 

 

     

     

    

 

TRUST AGREEMENT

 

This TRUST AGREEMENT
is dated January 30, 2019, between WORLD OMNI AUTO RECEIVABLES LLC, a Delaware limited liability company, as depositor, and BNY
Mellon Trust of delaware, a Delaware banking corporation, as owner trustee.

 

ARTICLE
I

Definitions

 

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

 

ARTICLE
II

Organization

 

Section
2.01         Name. The Trust shall be known as “World Omni
Auto Receivables Trust 2019-A” in which name the Owner Trustee may conduct the business of the Trust, make and execute
contracts and other instruments on behalf of the Trust and sue and be sued. The Trust shall obtain and maintain qualification to
transact business in the State of Alabama. For the purpose of qualifying to transact business in the State of Alabama, the Trust
may adopt the fictitious name of “World Omni Auto Receivables Trust 2019-A (Inc.)” and may conduct the business of
the Trust in the State of Alabama under such fictitious name.

 

Section
2.02          Office. The office of the Trust shall be in care of the
Owner Trustee at the Corporate Trust Office or at such other address as the Owner Trustee may designate by written notice to the
Certificateholders and the Depositor.

 

Section
2.03          Purposes and Powers. (a) The purpose of the Trust is to
engage in the following activities and the Trust shall have the power and authority:

 

(i)           to
issue and cause to be authenticated the Notes pursuant to the Indenture and the Trust Certificates pursuant to this Agreement and
to transfer the Notes and the Trust Certificates to the Depositor;

 

(ii)          with
the proceeds of the sale of the Notes, to purchase the Receivables, to make deposits into and withdrawals from the Reserve Account
and to pay the organizational, start-up and transactional expenses of the Trust;

 

     

     

    

 

(iii)        to
assign, grant, transfer, pledge, mortgage and convey the Owner Trust Estate pursuant to the Indenture (including the filing of
financing statements in connection therewith) and to hold, manage and distribute to the Certificateholders pursuant to the terms
of the Sale and Servicing Agreement any portion of the Owner Trust Estate released from the Lien of, and remitted to the Trust
pursuant to, the Indenture;

 

(iv)        to
enter into and perform its obligations under the Basic Documents to which it is to be a party;

 

(v)         to
engage in those activities, including entering into agreements, that are necessary, suitable or convenient to accomplish the foregoing
or are incidental thereto or connected therewith, including entering into interest rate swaps and caps and other derivative instruments;

 

(vi)        to
give the Issuing Entity Order to the Indenture Trustee to authenticate and deliver the Notes; and

 

(vii)       subject
to compliance with the Basic Documents, to engage in such other activities as may be required in connection with conservation of
the Owner Trust Estate and the making of distributions to the Certificateholders and the Noteholders.

 

The Trust is hereby authorized
to engage in the foregoing activities. The Trust shall not engage in any activity other than in connection with the foregoing or
other than as required or authorized by the terms of this Agreement or the Basic Documents.

 

Section
2.04         Appointment of Owner Trustee. The Depositor hereby appoints
the Owner Trustee as trustee of the Trust effective as of the date hereof, to have all the rights, powers and duties set forth
herein and under the Statutory Trust Act.

 

Section
2.05         Initial Capital Contribution of Owner Trust Estate. In
accordance with Section 3802(a) of the Statutory Trust Act, the Depositor has not made, and is not required to make, a contribution
to the Trust; provided that the Depositor may make a contribution to the Trust at its discretion. The Owner Trustee hereby declares
that it will hold any such contribution, which shall constitute the initial Owner Trust Estate. Notwithstanding Section 8.01
hereof, the Depositor shall pay organizational expenses of the Trust as they may arise or shall, upon the request of the Owner
Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee.

 

    	2

     

    

 

Section
2.06         Declaration of Trust. The Owner Trustee hereby declares
that it will hold the Owner Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of
the Certificateholders, subject to the obligations of the Trust under the Basic Documents. It is the intention of the parties hereto
that the Trust constitute a statutory trust under the Statutory Trust Act and that this Agreement constitute the governing instrument
of such statutory trust. The Trust is not intended to be a business trust within the meaning of Section 101(9)(A)(v) of the Bankruptcy
Code. It is also the intention of the parties hereto that, solely for Federal, state and local income and franchise tax purposes,
on and after the Closing Date, (a) so long as the Trust has only one Certificateholder, the Trust shall be disregarded as a separate
entity and (b) at such time as the Trust has more than one Certificateholder, the Trust will be treated as a partnership, with
the assets of the partnership being the Receivables and other assets held by the Trust, the partners of the partnership being the
Certificateholders, and the Notes being non-recourse debt of the partnership. The Depositor (and any future Certificateholder by
the purchase of the Trust Certificate will be deemed to have agreed) and the Owner Trustee agree to take no action inconsistent
with such tax treatment. The Trust shall not elect to be treated as an association under Treasury Regulations Section 301.7701-3(a).
The parties agree that, unless otherwise required by appropriate tax authorities, the sole Certificateholder or the Trust, as applicable,
will file or cause to be filed annual or other necessary returns, reports and other forms consistent with the foregoing characterization
of the Trust for such tax purposes. Effective as of the date hereof, the Owner Trustee, shall have all rights, powers and duties
set forth herein and, to the extent not inconsistent herewith, in the Statutory Trust Act with respect to accomplishing the purposes
of the Trust. Any action taken on behalf of the Trust prior to the date hereof with respect to the filing of financing statements,
the Certificate of Trust, a qualification to do business in the State of Alabama or any other similar qualification or license
in any other state or jurisdiction, if applicable, is hereby ratified.

 

Section
2.07         Liability of the Depositor and the Certificateholders.
(a) The Depositor shall be liable directly to and will indemnify any injured party for all losses, claims, damages, liabilities
and expenses of the Trust (including Expenses, to the extent not paid out of the Owner Trust Estate) to the extent that the Depositor
would be liable if the Trust was a partnership under the Delaware Revised Uniform Limited Partnership Act in which the Depositor
was a general partner; provided, however, that the Depositor shall not be liable for any losses incurred
by a Certificateholder in the capacity of an investor in the Trust Certificates, or by a Noteholder in the capacity of an investor
in the Notes. In addition, any third party creditors of the Trust (other than in connection with the obligations described in the
preceding sentence for which the Depositor shall not be liable) shall be deemed third party beneficiaries of this Section 2.07.

 

(b)          No
Certificateholder, other than to the extent set forth in paragraph (a), shall have any personal liability for any liability
or obligation of the Trust.

 

Section
2.08         Title to Trust Property. Legal title to all the Owner Trust
Estate shall be vested at all times in the Trust as a separate legal entity except where applicable law in any jurisdiction requires
title to any part of the Owner Trust Estate to be vested in a trustee or trustees, in which case title shall be deemed to be vested
in the Owner Trustee, a co-trustee and/or a separate trustee, as the case may be.

 

Section
2.09        Situs of Trust. The Trust will be located and administered
in the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Trust shall be located in the States
of Delaware or New York. The Trust shall not have any employees in any state other than Delaware; provided, however,
that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or outside of the State of Delaware.
Payments will be received by the Trust only in Delaware or New York, and payments will be made by the Trust only from Delaware
or New York. The only office of the Trust shall be the principal corporate trust office of the Owner Trustee located at its Corporate
Trust Office.

 

    	3

     

    

 

Section
2.10         Representations and Warranties of the Depositor.  The
Depositor hereby represents and warrants to the Owner Trustee that:

 

(a)          The
Depositor is duly organized and validly existing as a limited liability company in good standing under the laws of the State of
Delaware, with power and authority to own its properties and to conduct its business as such properties are currently owned and
such business is presently conducted.

 

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

 

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

 

(d)          The
consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not (i) conflict with,
result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under,
the limited liability company agreement or bylaws of the Depositor; (ii) breach, conflict with or violate any of the material terms
or provisions of, or constitute (with or without notice or lapse of time) a default under, any indenture, agreement or other instrument
to which the Depositor is a party or by which it is bound; (iii) result in the creation or imposition of any Lien upon any of its
properties pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant to the Basic Documents);
or (iv) violate any law or, to the best of the Depositor’s knowledge, any order, rule or regulation applicable to the Depositor
of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction
over the Depositor or its properties, except, in the case of clauses (ii), (iii) and (iv), for such breaches,
defaults, conflicts, liens or violations that would not have a material adverse effect on the Depositor’s earnings, business
affairs or business prospects.

 

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

 

    	4

     

    

 

Section
2.11         Financing Statements. The Trust hereby authorizes the filing
of financing statements in connection with the grant of a security interest to the Indenture Trustee pursuant to the granting clause
of the Indenture. In addition, the Trust hereby ratifies any such financing statements filed prior to the date hereof.

 

Section
2.12         Amended and Restated Trust Agreement. This Trust Agreement
is the amended and restated trust agreement contemplated by the Trust Agreement dated as of December 20, 2018, between the Depositor
and the Owner Trustee (the “Initial Trust Agreement”). This Trust Agreement amends and restates in its entirety
the Initial Trust Agreement.

 

ARTICLE
III

Trust Certificates and Transfer of Interests

 

Section
3.01         [Reserved].

 

Section
3.02         The Trust Certificates. The Trust Certificates shall represent
in the aggregate a 100% Percentage Interest in the Trust. On the date hereof, the Depositor or its designee shall be the sole Certificateholder
of each of the Trust Certificates and each of the Trust Certificates shall be registered, upon initial issuance, in the name of
the Depositor or its designee. The Trust Certificates shall be executed on behalf of the Trust by manual or facsimile signature
of an Authorized Officer of the Owner Trustee. Trust Certificates bearing the manual or facsimile signatures of individuals who
were, at the time when such signatures shall have been affixed, authorized to sign on behalf of the Owner Trustee, shall be validly
issued and entitled to the benefit of this Agreement, notwithstanding that such individuals or any of them shall have ceased to
be so authorized prior to the authentication and delivery of such Trust Certificates or did not hold such offices at the date of
authentication and delivery of such Trust Certificates.

 

A transferee of a Trust
Certificate shall become a Certificateholder and shall be entitled to the rights and subject to the obligations of a Certificateholder
hereunder upon such transferee’s acceptance of a Trust Certificate duly registered in such transferee’s name pursuant
to Section 3.04.

 

Section
3.03         Authentication of Trust Certificates. On the Closing Date,
the Owner Trustee shall cause the Trust Certificates to be executed on behalf of the Trust, authenticated and delivered to or upon
the written order of the Depositor signed by the Depositor’s president, any vice president, secretary, treasurer or any assistant
treasurer, without further company action by the Depositor. No Trust Certificate shall entitle a Certificateholder to any benefit
under this Agreement or be valid for any purpose unless there shall appear on such Trust Certificate a certificate of authentication
substantially in the form set forth in Exhibit A, executed by the Owner Trustee or the Certificate Registrar, as its
authenticating agent, by manual signature; such authentication shall constitute conclusive evidence that such Trust Certificate
shall have been duly authenticated and delivered hereunder. All Trust Certificates shall be dated the date of their authentication.

 

    	5

     

    

 

Section
3.04         Registration of Transfer and Exchange of Trust Certificates.
The certificate registrar (the “Certificate Registrar”) shall keep or cause to be kept, at the office or agency
maintained pursuant to Section 3.08, a certificate register (the “Certificate Register”) in which,
subject to such reasonable regulations as it may prescribe, the Certificate Registrar shall provide for the registration of Trust
Certificates and of transfers and exchanges of Trust Certificates as herein provided. U.S. Bank National Association shall be the
initial Certificate Registrar.

 

The Trust Certificates
have not been and will not be registered under the Securities Act and will not be listed on any exchange. No transfer of a Trust
Certificate shall be made unless such transfer is made pursuant to an effective registration statement under the Securities Act
and any applicable state securities laws or is exempt from the registration requirements under the Securities Act and such state
securities laws. In the event that a transfer is to be made in reliance upon an exemption from the Securities Act and state securities
laws, in order to assure compliance with the Securities Act and such laws, the Certificateholder desiring to effect such transfer
and such Certificateholder’s prospective transferee shall each certify to the Owner Trustee and the Depositor in writing
the facts surrounding the transfer in substantially the forms set forth in Exhibit C (the “Transferor Certificate”)
and Exhibit D (the “Investment Letter”). Except in the case of a transfer as to which the proposed transferee
has provided an Investment Letter with respect to a Rule 144A transaction, there shall also be delivered to the Certificate Registrar,
the Owner Trustee and the Depositor an opinion of counsel that such transfer may be made pursuant to an exemption from the Securities
Act and state securities laws, which opinion of counsel shall not be an expense of the Trust, the Certificate Registrar, the Owner
Trustee or the Indenture Trustee (unless it is the transferee from whom such opinion is to be obtained) or of the Depositor or
World Omni; provided that such opinion of counsel in respect of the applicable state securities laws may be a memorandum
of law rather than an opinion if such counsel is not licensed in the applicable jurisdiction. The Depositor shall provide to any
Certificateholder and any prospective transferee designated by any such Certificateholder information regarding the Certificates
and the Receivables and such other information as shall be necessary to satisfy the condition to eligibility set forth in Rule
144A(d)(4) for transfer of any such Certificate without registration thereof under the Securities Act pursuant to the registration
exemption provided by Rule 144A. Each Certificateholder desiring to effect such a transfer shall, and does hereby agree to, indemnify
the Issuing Entity, the Certificate Registrar, the Owner Trustee, the Indenture Trustee, the Depositor and World Omni (in any capacity)
against any liability that may result if the transfer is not so exempt or is not made in accordance with federal and state securities
laws.

 

    	6

     

    

 

No transfer of a Trust
Certificate shall be made to any Person unless the Certificate Registrar has received (A) a certificate in the form of paragraph
3 to the Investment Letter attached hereto as Exhibit D from such Person to the effect that such Person is not and will
not be and is not acting on behalf of or acquiring the notes with the assets of any person that is or will be (i) an “employee
benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)
that is subject to Title I of ERISA, (ii) a “plan” described in Section 4975(e)(1) of the Code subject to Section 4975
of the Code, (iii) any entity or account whose underlying assets include “plan assets”(within the meaning of the
U.S. Department of Labor regulation located at 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA (the “Plan
Asset Regulation”)) or (iv) any any U.S. governmental plan, non-U.S. plan, church plan or any other employee benefit plan,
account or arrangement that is subject to any U.S. federal, state, local or non-U.S. law that is substantially similar to Title
I of ERISA or Section 4975 of the Code (“Similar Law”) (each, a “Plan”) or (B) an opinion
of counsel satisfactory to the Owner Trustee, the Certificate Registrar and the Depositor to the effect that the purchase and holding
of such Trust Certificate by such Person (i) will not result in the assets of the Issuing Entity being deemed to be “plan
assets” (within meaning of the Plan Asset Regulation) or subject to Similar Law and will not subject the Owner Trustee, the
Indenture Trustee, the Certificate Registrar, the Servicer or the Depositor to any obligation in addition to those undertaken in
the Basic Documents and (ii) will not give rise to a nonexempt prohibited transaction under ERISA or Section 4975 of the Code or
a violation of Similar Law. The preparation and delivery of the certificate and opinions referred to above with respect to a proposed
transfer shall not be an expense of the Issuing Entity, the Owner Trustee, the Certificate Registrar, the Indenture Trustee, World
Omni (in any capacity) or the Depositor. Any attempted or purported transfer in violation of these transfer restrictions will be
null and void and will vest no rights in any purported transferee.

 

No transfer of a Trust
Certificate shall be made to any Person unless the Depositor, the Owner Trustee and the Certificate Registrar has received (A)
a certificate in the form of paragraph 4 to the Investment Letter attached hereto as Exhibit D from such Person to the effect
that such Person is a United States Person within the meaning of Section 7701(a)(30) of the Code and (B) the Depositor, the Certificate
Registrar, the Owner Trustee and the Indenture Trustee shall have received an opinion of counsel (which counsel is independent
from the Depositor and the Trust) that such action shall not cause the Trust to be treated as an association (or publicly traded
partnership) taxable as a corporation for federal income tax purposes and such transferee or assignee shall agree to take positions
for tax purposes consistent with the tax positions set forth in Section 2.06 of this Agreement as agreed to be taken by
the Certificateholder.

 

The Certificate Registrar
shall cause each Certificate to contain a legend stating that transfer of the Certificates is subject to certain restrictions and
referring prospective purchasers of the Certificates to the terms of this Agreement with respect to such restrictions.

 

Upon surrender for registration
of transfer of any Trust Certificate at the office or agency maintained pursuant to Section 3.08, the Owner Trustee
shall execute, and the Owner Trustee or the Certificate Registrar shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Trust Certificates in authorized denominations of a like aggregate amount dated the
date of authentication by the Owner Trustee or any authenticating agent. At the option of a Certificateholder, Trust Certificates
may be exchanged for other Trust Certificates of authorized denominations of a like aggregate amount upon surrender of the Trust
Certificates to be exchanged at the office or agency maintained pursuant to Section 3.08. No Certificate (other than
the Certificates issued to and held by the Depositor or its Affiliates) may be subdivided upon transfer or exchange in a manner
such that any resulting Certificate(s) or beneficial ownership of a Certificate held through a party considered a nominee for U.S.
federal income tax purposes represent(s) less than a 2.00% fractional undivided interest in the Trust (or such other amount as
the Depositor may determine in order to prevent the Trust from being treated as a “publicly traded partnership” under
Section 7704 of the Code, but in no event less than a 1.00% fractional undivided interest in the Trust).

 

    	7

     

    

 

Every Trust Certificate
presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer in form
satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Certificateholder or such Certificateholder’s
attorney duly authorized in writing. Each Trust Certificate surrendered for registration of transfer or exchange shall be cancelled
and subsequently disposed of by the Owner Trustee in accordance with its customary practice.

 

No service charge shall
be made for any registration of transfer or exchange of Trust Certificates, but the Owner Trustee or the Certificate Registrar
may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer
or exchange of Trust Certificates.

 

The preceding provisions
of this Section notwithstanding, the Owner Trustee shall not make, and the Certificate Registrar shall not register transfers or
exchanges of, Trust Certificates for a period of 15 days preceding the due date for any payment with respect to the Trust
Certificates.

 

No transfer of a Trust
Certificate or any interest therein shall be made unless the Certificateholder shall have first surrendered such Trust Certificate
to the Certificate Registrar for registration of transfer, or if such Trust Certificate shall have been mutilated, destroyed, lost
or stolen, the Certificateholder must first comply with Section 3.05 hereof.

 

During the period described
in 17 CFR Part 246.12(f)(1), no Certificateholder may sell, transfer, finance, assign, participate, pledge or otherwise dispose
of any Certificate until the expiration of such period; provided, that, during such period, such Certificateholder may sell, transfer,
finance, assign, participate, pledge or otherwise dispose of any Certificate to World Omni or any “majority-owned affiliate”
(as such term is defined in 17 CFR Part 246.2) of World Omni in accordance with the restrictions contained in 17 CFR Part 246.12.
Any purported transfer of a Certificate not in accordance with this paragraph of Section 3.04 shall be null and void and shall
not be given effect for any purpose whatsoever. In no event shall the Owner Trustee or the Certificate Registrar have any responsibility
to monitor compliance with or be charged with knowledge of the Credit Risk Retention Rules, nor shall either of them be liable
to any investor, Noteholder, party or any other Person whatsoever for violation of such rules or requirements or such similar provisions
now or hereafter in effect.

 

Section
3.05         Mutilated, Destroyed, Lost or Stolen Trust Certificates.
If (a) any mutilated Trust Certificate shall be surrendered to the Certificate Registrar, or if the Certificate Registrar
shall receive evidence to its satisfaction of the destruction, loss or theft of any Trust Certificate and (b) there shall
be delivered to the Certificate Registrar and the Owner Trustee such security or indemnity as may be required by them to save each
of them harmless, then in the absence of notice that such Trust Certificate has been acquired by a protected purchaser, the Owner
Trustee on behalf of the Trust shall execute and the Owner Trustee shall authenticate and deliver, in exchange for or in lieu of
any such mutilated, destroyed, lost or stolen Trust Certificate, a new Trust Certificate of like tenor and denomination. In connection
with the issuance of any new Trust Certificate under this Section, the Owner Trustee or the Certificate Registrar may require the
payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. Any duplicate
Trust Certificate issued pursuant to this Section shall constitute conclusive evidence of ownership in the Trust, as if originally
issued, whether or not the lost, stolen or destroyed Trust Certificate shall be found at any time.

 

    	8

     

    

 

Section
3.06          Persons Deemed Owners. Prior to due presentation of a Trust
Certificate for registration of transfer, the Owner Trustee, the Certificate Registrar or any Paying Agent may treat the Person
in whose name any Trust Certificate is registered in the Certificate Register as the owner of such Trust Certificate for the purpose
of receiving distributions pursuant to Section 5.02 and for all other purposes whatsoever, and none of the Owner Trustee,
the Certificate Registrar or any Paying Agent shall be bound by any notice to the contrary.

 

Section
3.07          Access to List of Certificateholders’ Names and Addresses.
The Certificate Registrar shall furnish or cause to be furnished to the Owner Trustee, the Servicer and the Depositor, within 15 days
after receipt by the Certificate Registrar of a written request therefor from the Owner Trustee, the Servicer or the Depositor,
a list, in such form as the Owner Trustee, the Servicer or the Depositor may reasonably require, of the names and addresses of
the Certificateholders as of the most recent Record Date. If three or more Certificateholders or one or more Certificateholders
of Trust Certificates evidencing not less than a 25% Percentage Interest of the Certificates apply in writing to the Certificate
Registrar, and such application states that the applicants desire to communicate with other Certificateholders with respect to
their rights under this Agreement or under the Trust Certificates and such application is accompanied by a copy of the communication
that such applicants propose to transmit, then the Certificate Registrar shall, within five Business Days after the receipt of
such application, afford such applicants access during normal business hours to the current list of Certificateholders. Each Certificateholder,
by receiving and holding a Trust Certificate, shall be deemed to have agreed not to hold any of the Depositor, the Certificate
Registrar or the Owner Trustee accountable by reason of the disclosure of its name and address, regardless of the source from which
such information was derived.

 

Section
3.08          Maintenance of Office or Agency. The Owner Trustee shall
maintain an office or offices or agency or agencies where notices and demands to or upon the Owner Trustee in respect of the Basic
Documents may be served, and the Certificate Registrar shall maintain an office or offices or agency or agencies where Trust Certificates
may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Certificate Registrar
in respect of the Trust Certificates and Basic Documents may be served. The Owner Trustee initially designates its Corporate Trust
Office as its office for such purposes and the Indenture Trustee, as Certificate Registrar, initially designates its Corporate
Trust Office as its office for such purposes. Each of the Owner Trustee and the Certificate Registrar shall give prompt written
notice to the Depositor and to the Certificateholders of any change in the location of any such office or agency.

 

    	9

     

    

 

Section
3.09         Appointment of Paying Agent. The Paying Agent shall make
distributions to Certificateholders pursuant to Section 5.02. Any Paying Agent shall have the revocable power to withdraw
funds from the Collection Account for the purpose of making the distributions referred to above. The Owner Trustee may revoke such
power and remove the Paying Agent if the Owner Trustee determines in its sole discretion that the Paying Agent shall have failed
to perform its obligations under this Agreement in any material respect. The Indenture Trustee will be the initial Paying Agent.
In the event that the Indenture Trustee shall no longer be the Paying Agent, the Depositor shall appoint a successor to act as
Paying Agent (which shall be a bank or trust company). The Depositor shall cause such successor Paying Agent or any additional
Paying Agent appointed by the Depositor to execute and deliver to the Owner Trustee an instrument in which such successor Paying
Agent or additional Paying Agent shall agree with the Owner Trustee that, as Paying Agent, such successor Paying Agent or additional
Paying Agent will hold all sums, if any, held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders
entitled thereto until such sums shall be paid to such Certificateholders. The Paying Agent shall return all unclaimed funds to
the Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Owner
Trustee. Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.

 

Section
3.10          Representations of Certificateholders. Each Certificateholder,
by its acceptance of a Trust Certificate issued hereunder, represents that it has, independently and without reliance on the Owner
Trustee or any other person, and based on such documents and information as it has deemed appropriate, made its own investment
decision in respect of the Trust Certificate. Each Certificateholder also represents that it will, independently and without reliance
on the Owner Trustee or any other person, and based on such documents and information as it shall deem appropriate at the time,
continue to make its own decisions in taking or not taking action under this Trust Agreement and in connection with its Trust Certificate.
Except for notices, reports and other documents expressly required to be furnished to the Certificateholders by the Owner Trustee
hereunder, the Owner Trustee shall not have any duty or responsibility to provide any Certificateholder with any other information
concerning the transactions contemplated hereby, the Trust, the Depositor or any other parties hereto or to any related documents
which may come into the possession of the Owner Trustee or any of its officers, directors, employees, agents, representatives or
attorneys-in-fact.

 

Section
3.11          Code Section 385 Restrictions. Unless the Trust has received
an Opinion of Counsel that the restriction on the proposed acquisition of the Certificate (or interest therein) described by this
paragraph is no longer necessary to conclude that any such acquisition (and subsequent resale of the applicable Notes described
below) will not cause the Treasury Regulations under Section 385 of the Code to apply to the applicable Notes described below in
a manner that could cause an adverse effect on the Trust (including for the applicable Notes to be treated as equity for federal
income tax purposes) or the Trust to be treated as an association or a publicly traded partnership taxable as a corporation, (A)
a Section 385 Certificateholder cannot acquire a Certificate (or interest therein) if (i) a member of any “expanded group”
(as defined in Treasury Regulation Section 1.385-1(c)(4)) that includes the Section 385 Certificateholder owns any Notes (other
than Retained Notes) or (ii) a Section 385 Controlled Partnership of such expanded group owns any Notes (other than Retained Notes)
and (B) a Section 385 Certificateholder cannot hold the Certificate (or interest therein) if (i) a member of any “expanded
group” (as defined in Treasury Regulation Section 1.385-1(c)(4)) that includes the Section 385 Certificateholder acquires
any Notes (other than Retained Notes) from the Trust, any Affiliate, or through the marketplace or (ii) a Section 385 Controlled
Partnership of such expanded group acquires any Notes (other than Retained Notes) from the Trust, any Affiliate, or through the
marketplace. The preceding sentence shall not apply if the holder or potential holder of the applicable Notes is (y) a U.S. corporate
member of the same U.S. corporate affiliated group (as defined in Section 1504 of the Code) filing a consolidated federal income
tax return that includes each of any applicable related Section 385 Certificateholders (including in the case of a partnership,
the relevant “expanded group partner” (as defined in Treasury Regulation Section 1.385-3(g)(12)) or (z) a partnership
all the partners of which are either such U.S. corporate members as described in clause (y) or partnerships all of the partners
of which are such U.S. corporate members as described in clause (y). If a Certificateholder fails to comply with the requirements
of this paragraph, the Administrator is authorized, in the Administrator’s discretion, to compel such Certificateholder to
sell its Certificate (or interest therein) to a Person whose acquisition or holding thereof does not result in a failure to comply
with this paragraph. In no event shall the Owner Trustee or Certificate Registrar be held liable for any default or nonperformance
by the Administrator, and neither the Owner Trustee nor the Certificate Registrar shall have any responsibility to monitor compliance
with or be charged with knowledge of the foregoing restrictions, nor shall either of them be liable to any investor, Noteholder,
party or any other Person whatsoever for violation of such restrictions.

 

    	10

     

    

 

For the purposes of this
section, “Section 385 Certificateholder” means a holder of a Certificate (or interest therein), including such person
who would become a Section 385 Certificateholder upon the transfer of a Certificate (or interest therein) to such person, that
is (1) an entity (foreign or domestic) that is treated as a corporation for United States federal income tax purposes, (2) an entity
(foreign or domestic) that (i) is treated as a partnership for United States federal income tax purposes and 80 percent or more
of its ownership interests are controlled, directly or indirectly, by an “expanded group,” within the meaning of Treasury
Regulation Section 1.385-1(c)(4) and (ii) has an expanded group partner (as defined in Treasury Regulation Section 1.385-3(g)(12))
that is an entity (foreign or domestic) that is treated as a corporation for United States federal income tax purposes or (3) a
disregarded entity or grantor trust of an entity described in clause (1) or (2). For purposes of this section, “Section 385
Controlled Partnership” has the meaning set forth in Treasury Regulation Section 1.385-1(c)(1) for a “controlled partnership.”

 

ARTICLE
IV

Actions by Owner Trustee

 

Section
4.01          Prior Notice to Certificateholders with Respect to Certain
Matters. With respect to the following matters, the Owner Trustee shall not take action unless, at least 30 days before
the taking of such action, the Owner Trustee shall have notified the Certificateholders in writing of the proposed action and the
Certificateholders shall not have notified the Owner Trustee in writing prior to the 30th day after such notice is given that
such Certificateholders have withheld consent or provided alternative direction:

 

(a)          the
initiation of any claim or lawsuit by the Trust (except claims or lawsuits brought in connection with the collection of the Receivables)
and the compromise of any action, claim or lawsuit brought by or against the Trust (except with respect to the aforementioned claims
or lawsuits for collection of the Receivables);

 

    	11

     

    

 

(b)          the
election by the Trust to file an amendment to the Certificate of Trust, a conformed copy of which is attached hereto as Exhibit
B (unless such amendment is required to be filed under the Statutory Trust Act);

 

(c)          the
amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is required;

 

(d)          the
amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is not required and
such amendment would materially adversely affect the interests of the Certificateholders; or

 

(e)          the
amendment, change or modification of the Administration Agreement, except to cure any ambiguity or to amend or supplement any provision
in a manner or add any provision that would not materially adversely affect the interests of the Certificateholders.

 

Section
4.02          Action by Certificateholders with Respect to Certain Matters.
The Owner Trustee shall not have the power, except upon the written direction of the Certificateholders, to (a) remove the
Administrator under the Administration Agreement pursuant to Section 8 thereof, (b) appoint a successor Administrator
under the Administration Agreement pursuant to Section 8 thereof, (c) remove the Servicer under the Sale and Servicing
Agreement pursuant to Section 8.01 thereof, (d) except as expressly provided in the Basic Documents, sell the
Receivables after the termination of the Indenture or (e) appoint, pursuant to the Indenture, a successor Note Registrar, Paying
Agent or Indenture Trustee or, pursuant to this Agreement, a successor Certificate Registrar, or consent to the assignment by the
Note Registrar, Paying Agent or Indenture Trustee or Certificate Registrar of its obligations under the Indenture or this Agreement,
as applicable. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed
by the Certificateholders.

 

Section
4.03          Action by Certificateholders with Respect to Bankruptcy.
To the fullest extent permitted by applicable law, the Owner Trustee shall not have any power to, and shall not, (i) institute
proceedings to have the Trust declared or adjudicated bankrupt or insolvent, (ii) consent to the institution of bankruptcy or insolvency
proceedings against the Trust, (iii) file a petition or consent to a petition seeking reorganization or relief on behalf of the
Trust under any applicable federal or state law relating to bankruptcy, (iv) consent to the appointment of a receiver, liquidator,
assignee, trustee, sequestrator (or any similar official) of the Trust or a substantial portion of the assets of the Trust, (v)
make any assignment for the benefit of the Trust’s creditors, (vi) cause the Trust to admit in writing its inability to pay
its debts generally as they become due, or (vii) take any action, or cause the Trust to take any action, in furtherance of any
of the foregoing (any of the above, a “Bankruptcy Action”). So long as the Indenture remains in effect, no Certificateholder
shall have the power to take, and shall not take, any Bankruptcy Action with respect to the Trust or direct the Owner Trustee to
take any Bankruptcy Action with respect to the Trust.

 

    	12

     

    

 

Section
4.04         Restrictions on Certificateholders’ Power. The Certificateholders
shall not direct the Owner Trustee to take or to refrain from taking any action if such action or inaction would be contrary to
any obligation of the Trust or the Owner Trustee under this Agreement or any of the Basic Documents or would be contrary to Section 2.03
or contrary to applicable law, nor shall the Owner Trustee be obligated to follow any such direction, if given.

 

Section
4.05         Majority Control. Except as expressly provided herein,
any action that may be taken by the Certificateholders under this Agreement may be taken by the Certificateholders of Trust Certificates
evidencing in the aggregate at least a majority Percentage Interest. Except as expressly provided herein, any written notice of
the Certificateholders delivered pursuant to this Agreement shall be effective if signed by Certificateholders of Trust Certificates
evidencing in the aggregate at least a majority Percentage Interest at the time of the delivery of such notice.

 

ARTICLE
V

Application of Trust Funds; Certain Duties

 

Section
5.01         [Reserved].

 

Section
5.02         Application of Trust Funds.

 

(a)          On
each Payment Date, subject to this Section 5.02(a), the Paying Agent shall distribute to Certificateholders, on a pro rata
basis, amounts pursuant to Section 5.06(ii)(K) or (iii)(H), or Section 5.07(d) of the Sale and Servicing Agreement
with respect to such Payment Date.

 

The Certificateholders
of 100% Percentage Interest of the Certificates will have the right, but not the obligation, in their sole discretion, to instruct
the Indenture Trustee in writing 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 Section 5.06(ii)(K) or (iii)(H),
or Section 5.07(d) of the Sale and Servicing Agreement. If the Certificateholders make this election, these amounts will
be treated as collections during the then-current Collection Period and the Certificateholders will have no claim to such amounts
(unless distributed on a subsequent Payment Date pursuant to Section 5.06(ii)(K) of the Sale and Servicing Agreement).

 

(b)          On
each Payment Date, the Paying Agent shall post a copy of the statement or statements provided to the Indenture Trustee by the Servicer
pursuant to Section 5.08 of the Sale and Servicing Agreement with respect to such Payment Date on its internet website
promptly following its receipt thereof, for the benefit of the Certificateholder. The Paying Agent’s internet website shall
initially be located at https://pivot.usbank.com. Assistance in using the website can be obtained by calling the Paying Agent’s
customer service desk at (800) 934-6802. The Paying Agent may change the way the statements and information are posted or distributed
in order to make such distribution more convenient and/or accessible for such Certificateholders, and the Paying Agent shall provide
on the website timely and adequate notification to all parties regarding any such change.

 

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Section
5.03          Method of Payment. Subject to Section 9.01(c), distributions
required to be made to Certificateholders on any Payment Date shall be made to each Certificateholder of record on the preceding
Record Date either (x) by wire transfer, in immediately available funds, to the account of such Certificateholder at a bank
or other entity having appropriate facilities therefor, if such Certificateholder shall have provided to the Certificate Registrar
appropriate written instructions no later than the Record Date prior to such Payment Date, or (y) if such Certificateholder
does not qualify under clause (x), by check mailed to such Certificateholder at the address of such holder appearing in the Certificate
Register. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a
non-U.S. Certificateholder), the Owner Trustee (or the Paying Agent on its behalf) may in its sole discretion withhold such amounts
in accordance with this Section 5.03. If a Certificateholder wishes to apply for a refund of any such withholding tax, the
Owner Trustee shall reasonably cooperate with such Certificateholder in making such claim so long as such Certificateholder agrees
to reimburse the Owner Trustee for any out-of-pocket expenses incurred.

 

Section
5.04         No Segregation of Monies; No Interest. Subject to Section
5.02, monies received by the Owner Trustee hereunder need not be segregated in any manner except to the extent required by
law or the Sale and Servicing Agreement and may be deposited under such general conditions as may be prescribed by law, and the
Owner Trustee shall not be liable for any interest thereon. The Owner Trustee may establish accounts and receive, maintain and
disburse funds in accordance with the terms hereof and the Basic Documents.

 

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Section
5.05         Accounting and Reports to the Certificateholders, the Internal
Revenue Service and Others. The Administrator shall deliver to each Certificateholder, as may be required by the Code and applicable
Treasury Regulations, or as may be requested by such Certificateholder, such information, reports or statements as may be necessary
to enable each Certificateholder to prepare its federal and state income tax returns.  Consistent with the Trust’s characterization
for tax purposes as a disregarded entity so long as the Depositor or any other Person is the sole Certificateholder, no federal
income tax return shall be filed on behalf of the Trust unless either (i) the Owner Trustee shall be provided with an Opinion of
Counsel that, based on a change in applicable law occurring after the date hereof, or as a result of a transfer permitted by Section
3.04, the Code requires such a filing or (ii) the Internal Revenue Service shall determine that the Trust is required to file
such a return.  In the event that there shall be two or more beneficial owners of the Trust, the Administrator shall inform
the Indenture Trustee in writing of such event, (x) the Administrator shall prepare or shall cause to be prepared federal and,
if applicable, state or local partnership tax returns, with all such necessary information provided to it, required to be filed
by the Trust and shall remit such returns to the Depositor (or if the Depositor no longer owns any Certificates, the Certificateholder
designated for such purpose by the Depositor to the Owner Trustee in writing (provided that if no such designation is made,
such returns shall be remitted to the Certificateholder that holds the Certificate representing the “eligible horizontal
residual interest” (as such term is defined in the Credit Risk Retention Rules))) at least (5) days before such returns are
due to be filed, and (y) capital accounts shall be maintained by the Administrator for each Certificateholder in accordance with
the Treasury Regulations under Section 704(b) of the Code reflecting each such Certificateholder’s share of the income, gains,
deductions, and losses of the Trust and/or guaranteed payments made by the Trust and contributions to, and distributions from,
the Trust.  The Administrator shall prepare any such return with all elections the Administrator deems appropriate, except
that no election shall be made to treat the Trust as an association taxable as a corporation.  The Depositor (or such designee
Certificateholder, as applicable) shall promptly sign such returns and deliver such returns after signature to the Administrator
and such returns shall be filed by the Administrator with the appropriate tax authorities.  In the event that a “tax
matters partner” (within the meaning of Code Section 6231(a)(7) prior to the effectiveness of P.L. 114-74, the Bipartisan
Budget Act of 2015) is required to be appointed with respect to the Trust, the Depositor or its designee is hereby designated as
tax matters partner or, if the Depositor is not a Certificateholder, the Certificateholder selected by a majority of the Certificateholders
(by Percentage Interest) shall be designated as tax matters partner; provided that if no such selection is made, the Certificateholder
that holds the Certificate representing the “eligible horizontal residual interest” (as such term is defined in the
Credit Risk Retention Rules) shall be designated as the tax matters partner.  If the Trust is classified as a partnership
for federal income tax purposes (i) for any taxable period beginning before December 31, 2017 (or for state and local tax purposes,
later taxable periods if relevant), the “tax matters partner” shall represent the Trust in connection with all examinations
of the Trust’s affairs by tax authorities, including resulting judicial and administrative proceedings, and (ii) for any
taxable period beginning after December 31, 2017, the “tax matters partner” shall be designated as the “partnership
representative” within the meaning of Section 6223 of the Code and the Trust will make the election described in Section
6226 of the Code. If the Trust is obligated to pay any amount to a governmental agency or body or to any other Person (or otherwise
makes a payment) because of a Certificateholder’s status or otherwise specifically attributable to a Certificateholder (including
any taxes arising under P.L. 114-74, the Bipartisan Budget Act of 2015, and changes to the Code relating thereto), then such Certificateholder
shall, at the Trust’s sole election, either (i) pay the entire amount (including any interest, penalties and expenses associated
with such payment) the Trust is obligated to pay because of such Certificateholder’s status or attributable to such Certificateholder
to the Trust at least five days prior to the due date for such payment by the Trust, or (ii) promptly reimburse the Trust in full
for the entire amount any and all such amounts paid by or on behalf of the Trust (including any interest, penalties and expenses
associated with such payment).

 

Section
5.06         Signature on Returns.

 

The Depositor (or, if
the Depositor no longer owns any of the Certificates, the Certificateholder designated for such purpose pursuant to Section
5.05) or the Administrator (if permitted by law) shall sign the tax returns of the Trust on behalf of the Trust, unless applicable
law requires the Owner Trustee to sign such documents, in which case such documents shall be signed by the Owner Trustee, as required
by applicable law.

 

ARTICLE
VI

Authority and Duties of Owner Trustee

 

Section
6.01         General Authority. The Owner Trustee is authorized and
directed to execute and deliver the Basic Documents to which the Trust is to be a party, the Notes and each certificate or other
document attached as an exhibit to or contemplated by the Basic Documents to which the Trust is to be a party and, in each case,
in such form as the Depositor shall approve, as evidenced conclusively by the presentation of such documents for execution to the
Owner Trustee by the Depositor or its counsel. In addition to the foregoing, the Owner Trustee is authorized, but shall not be
obligated, to take all actions required of the Trust pursuant to the Basic Documents. The Owner Trustee is further authorized from
time to time, but shall not be obligated, to take such action as the Administrator directs in writing with respect to the Basic
Documents.

 

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Section
6.02         General Duties. It shall be the duty of the Owner Trustee
to discharge (or cause to be discharged) all of its responsibilities pursuant to the terms of this Agreement and to administer
the Trust in the interest of the Certificateholders, subject to the Basic Documents and in accordance with the provisions of this
Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities
hereunder to the extent the Administrator has agreed in the Administration Agreement to perform any act or to discharge any duty
of the Owner Trustee or the Trust hereunder or under any Basic Document, and the Owner Trustee shall not be held liable for the
default or failure of the Administrator to carry out its obligations under the Administration Agreement.

 

Section
6.03         Action Upon Instruction.

 

(a)          Subject
to Article IV and in accordance with the terms of the Basic Documents, the Certificateholders may by written instruction
direct the Owner Trustee in the management of the Trust. Such direction may be exercised at any time by written instruction of
the Certificateholders pursuant to Article IV.

 

(b)          The
Owner Trustee shall not be required to take any action hereunder or under any Basic Document if the Owner Trustee shall have reasonably
determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner Trustee
or is contrary to the terms hereof or of any Basic Document or is otherwise contrary to law.

 

(c)          Whenever
the Owner Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Agreement
or under any Basic Document, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances)
to the Certificateholders requesting instruction as to the course of action to be adopted, and to the extent the Owner Trustee
acts in good faith in accordance with any written instruction of the Certificateholders received, the Owner Trustee shall not be
liable on account of such action to any Person. If the Owner Trustee shall not have received appropriate instruction within 10 days
of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the
circumstances) it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with this Agreement
or the Basic Documents, as it shall deem necessary, and shall have no liability to any Person for such action or inaction.

 

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(d)          In
the event that the Owner Trustee is unsure as to the application of any provision of this Agreement or any Basic Document or any
such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or
in the event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course
of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee may give notice
(in such form as shall be appropriate under the circumstances) to the Certificateholders requesting instruction and, to the extent
that the Owner Trustee acts or refrains from acting in good faith in accordance with any such instruction received, the Owner Trustee
shall not be liable, on account of such action or inaction, to any Person. If the Owner Trustee shall not have received appropriate
instruction within 10 days of such notice (or within such shorter period of time as reasonably may be specified in such notice
or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action not
inconsistent with this Agreement or the Basic Documents, as it shall deem necessary, and shall have no liability to any Person
for such action or inaction.

 

Section
6.04         No Duties Except as Specified in this Agreement or in Instructions.
The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose
of, or otherwise deal with the Owner Trust Estate, or to otherwise take or refrain from taking any action under, or in connection
with, any document contemplated hereby to which the Owner Trustee is a party, except as expressly provided by the terms of this
Agreement or in any document or written instruction received by the Owner Trustee pursuant to Section 6.03; and no
implied duties or obligations shall be read into this Agreement or any Basic Document against the Owner Trustee. The Owner Trustee
shall have no responsibility for filing any financing or continuation statement in any public office at any time or to otherwise
perfect or maintain the perfection of any security interest or lien granted to it hereunder or to prepare or file any filing, including
any Securities and Exchange Commission filing for the Trust or to record this Agreement or any Basic Document. The Owner Trustee
nevertheless agrees that it will promptly take all action as may be necessary to discharge any liens on any part of the Owner Trust
Estate that result from actions by, or claims against, the Owner Trustee that are not related to the ownership or the administration
of the Owner Trust Estate.

 

Section
6.05         No Action Except Under Specified Documents or Instructions.
The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal with any part of the Owner Trust Estate except
(i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement,
(ii) in accordance with the Basic Documents or (iii) in accordance with any document or instruction delivered to the
Owner Trustee pursuant to Section 6.03.

 

Section
6.06         Restrictions. The Owner Trustee shall not take any action
(a) that is inconsistent with the purposes of the Trust set forth in Section 2.03 or (b) that, to the actual
knowledge of a Trust Officer of the Owner Trustee, would result in the Trust’s becoming taxable as a corporation for federal
income tax purposes or (c) is not in accordance with applicable law. Neither the Administrator nor Certificateholders shall direct
the Owner Trustee to take action that would violate the provisions of this Section 6.06.

 

Section
6.07         Execution of Notes. The Owner Trustee is hereby authorized
and directed on behalf of the Trust to execute the Notes pursuant to the Indenture.

 

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Section
6.08         Doing Business in Other Jurisdictions. Notwithstanding
anything contained herein or in any other Basic Document to the contrary, the Owner Trustee shall not be required to take any action
in any jurisdiction other than any state in which it is qualified to do business (any such state, a “State of Qualification”)
if the taking of such action may (i) require the consent, approval, authorization or order of, or the giving of notice to, or the
registration with, or the taking of any other action in respect of, any state or other governmental authority or agency of any
jurisdiction other than a State of Qualification; (ii) result in any fee, tax or other governmental charge under the laws of any
jurisdiction or any political subdivisions thereof in existence on the date hereof, other than a State of Qualification, becoming
payable by the Owner Trustee; or (iii) subject the Owner Trustee to personal jurisdiction in any jurisdiction other than a State
of Qualification for causes of action arising from acts unrelated to the consummation of the transactions by the Owner Trustee,
as the case may be, contemplated hereby or in any other Transaction Document. In the event that the Owner Trustee does not take
any action because such action may result in the consequences described in the preceding sentence, it will appoint an additional
trustee pursuant to Section 10.05 to proceed with such action.

 

ARTICLE
VII

Concerning the Owner Trustee

 

Section
7.01         Acceptance of Trusts and Duties. The Owner Trustee accepts
the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts, but only upon the terms of this
Agreement. The Owner Trustee also agrees to disburse all monies actually received by it constituting part of the Owner Trust Estate
upon the terms of this Agreement. The Owner Trustee shall not be answerable or accountable hereunder or under any Basic Document
under any circumstances, except (i) for its own willful misconduct or negligence (including where such willful misconduct or negligence
results in non-compliance with any covenant or agreement of the Owner Trustee herein), (ii) for liabilities arising from the failure
by the Owner Trustee to perform obligations expressly undertaken by it in the last sentence of Section 6.04 hereof, (iii) in
the case of the inaccuracy of any representation or warranty contained in Section 7.03 expressly made by the Owner
Trustee or (iv) for federal or state taxes, fees or other charges, based on or measured by any fees, commissions or compensation
received by the Owner Trustee in connection with any of the transactions contemplated by this Agreement or any of the Basic Documents.
In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence):

 

(a)          The
Owner Trustee shall not be liable for any error of judgment made by a Trust Officer of the Owner Trustee;

 

(b)          The
Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the instructions
of the Administrator or any Certificateholder (provided that the instructions have been given by the requisite Percentage Interest
of the Certificates pursuant to this Agreement or one of the Basic Documents, as applicable);

 

(c)          No
provision of this Agreement or any Basic Document shall require the Owner Trustee to expend or risk funds or otherwise incur any
financial liability in the performance of any of its rights or powers hereunder or under any Basic Document if the Owner Trustee
shall have determined that repayment of such funds or indemnity reasonably satisfactory to the Owner Trustee against such risk
or liability is not reasonably assured or provided to it;

 

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(d)          Under
no circumstances shall the Owner Trustee be liable for indebtedness evidenced by or arising under any of the Basic Documents, including
the principal of and interest on the Notes;

 

(e)          The
Owner Trustee shall not be responsible for or in respect of the accuracy, validity or sufficiency of this Agreement or for the
due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of the Owner Trust
Estate, or for or in respect of the accuracy, validity or sufficiency of the Basic Documents, the Trust Certificates or any other
document supplied to the Owner Trustee other than the certificate of authentication on the Trust Certificates, and the Owner Trustee
shall not in any event assume or incur any liability, duty or obligation to any Noteholder or to any Certificateholder, the Depositor
or any other Person other than as expressly provided for herein;

 

(f)          The
Owner Trustee shall not be liable for the default or misconduct of the Administrator, the Depositor, the Indenture Trustee or the
Servicer under any of the Basic Documents or otherwise, the Owner Trustee shall not have any obligation or liability to perform
the obligations of the Trust under this Agreement or the Basic Documents that are required to be performed by the Administrator
under the Administration Agreement, the Indenture Trustee under the Indenture or the Servicer or the Depositor under the Sale and
Servicing Agreement and the Owner Trustee may assume performance by the Administrator, the Depositor, the Indenture Trustee and
the Servicer absent written notice to or actual knowledge of a Trust Officer of the Owner Trustee to the contrary;

 

(g)          The
Owner Trustee shall not be under any obligation to exercise any of the rights or powers vested in it by this Agreement, or to institute,
conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any Basic Document, at the
request, order or direction of any of the Certificateholders or the Administrator, unless such Certificateholders or the Administrator
have offered to the Owner Trustee reasonable security or indemnity satisfactory to the Owner Trustee against the costs, expenses
and liabilities that may be incurred by it therein or thereby. The right of the Owner Trustee to perform any discretionary act
enumerated in this Agreement or in any Basic Document shall not be construed as a duty, and the Owner Trustee shall not be answerable
for other than its negligence or willful misconduct in the performance of any such act;

 

(h)          The
Owner Trustee shall not be liable for any losses due to forces beyond the control of the Owner Trustee, including without limitation
strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural catastrophes or acts of God and
interruptions, loss or malfunctions of utilities or communications services;

 

(i)          In
no event shall the Owner Trustee be personally liable (i) for special, consequential, indirect or punitive damages or losses, (ii)
for the acts or omissions of its nominees, correspondents, clearing agencies or securities depositories or (iii) for the acts or
omissions of brokers or dealers;

 

(j)          Notwithstanding
anything to the contrary herein or any Basic Document, the Owner Trustee shall not be required to execute, deliver or certify on
behalf of the Trust or any other Person, any filings, certificates, affidavits or other instruments required under the Sarbanes-Oxley
Act of 2002;

 

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(k)          The
Owner Trustee has not provided and will not provide in the future, any advice, counsel or opinion regarding the tax, financial
or investment implications and consequences of the formation, funding and ongoing administration of the Issuing Entity. The Owner
Trustee has no duties to the Depositor, any Certificateholder, the Issuing Entity or any other parties with respect to these matters;

 

(l)          The
Owner Trustee shall not be deemed to have knowledge or notice of any event or information, including any default or Event of Default,
or be required to act upon any event or information (including the sending of any notice), unless a Trust Officer shall have actual
knowledge of such event or information or written notice of such event or information is received by a Trust Officer and such notice
references the event or information. Absent written notice in accordance with this section, the Owner Trustee may conclusively
assume that no such event has occurred. The Owner Trustee shall have no obligation to inquire into, or investigate as to, the occurrence
of any such event (including any default or Event of Default). For purposes of determining the Owner Trustee’s responsibility
and liability hereunder, whenever reference is made in this Trust Agreement to any event (including, but not limited to, a default
or an Event of Default), such reference shall be construed to refer only to such event of which the Owner Trustee has received
notice as described in this section. Knowledge of the Owner Trustee shall not be attributed or imputed to BNY Mellon Trust of Delaware’s
other roles in the transaction; and

 

(m)          In
no event shall the Owner Trustee have any responsibility to monitor World Omni’s compliance with or be charged with knowledge
of the Credit Risk Retention Rules, nor shall it be liable to any Noteholder, Certificateholder, or any party whatsoever for violation
of such rules or requirements or such similar provisions now or hereafter in effect.

 

Section
7.02         Furnishing of Documents. The Owner Trustee shall furnish
to the Certificateholders promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests,
demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Basic Documents.
The Owner Trustee (i) shall have no responsibility for the accuracy of any information provided to the Certificateholders or any
other Person that has been obtained from, or provided to the Owner Trustee, (ii) shall not be required to investigate or reconfirm
the accuracy of any such information and (iii) shall not be liable in any matter whatsoever for any errors, inaccuracies or incorrect
information resulting from the use of such information.

 

Section
7.03         Representations and Warranties of the Owner Trustee. The
Owner Trustee hereby represents and warrants to the Depositor, for the benefit of the Certificateholders, that:

 

(a)          It
is a Delaware banking corporation duly formed and validly existing under the laws of the State of Delaware. It has all requisite
corporate power and authority to execute, deliver and perform its obligations under this Agreement.

 

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(b)          It
has taken all corporate action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will
be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf.

 

(c)          Neither
the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby nor
compliance by it with any of the terms or provisions hereof will (i) contravene any federal or Delaware law, governmental rule
or regulation governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it, (ii) constitute
any default under its charter documents or bylaws, (iii) constitute any default under any indenture, mortgage, contract, agreement
or instrument to which it is a party or by which any of its properties may be bound or (iv) result in the creation or imposition
of any lien, charge or encumbrance on the Owner Trust Estate resulting from actions by or claims against the Owner Trustee which
are unrelated to this Agreement or the other Basic Documents.

 

(d)          It
has the power and authority to execute and deliver this Agreement; and the execution, delivery, and performance of this Agreement
by it has been duly authorized by all necessary corporate action.

 

(e)          This
Agreement constitutes the legal, valid, and binding obligation of the Owner Trustee, enforceable in accordance with its terms,
except as such enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement
of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability shall be considered
in a proceeding in equity or at law.

 

Section
7.04         [Reserved].

 

Section
7.05         Reliance; Advice of Counsel. (a) The Owner Trustee shall
incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate,
report, opinion, bond, or other document or paper (whether in its original or facsimile form) believed by it to be genuine and
believed by it to be signed by the proper party or parties. The Owner Trustee may accept a certified copy of a resolution of the
board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted
by such body and that the same is in full force and effect. As to any fact or matter the method of determination of which is not
specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate (the costs of which shall be
paid by the party requesting such action), signed by the president or any vice president or by the treasurer or other authorized
officers of an appropriate Person, as to such fact or matter, and such certificate shall constitute full protection to the Owner
Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. The Owner Trustee need not investigate
or re-calculate, evaluate, verify or independently determine the accuracy of any report, certificate, information, statement, representation
or warranty or any fact or matter stated in any such document and may conclusively rely thereon as to the truth of the statements
and the correctness of the opinions expressed therein.

 

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(b)          In
the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under this Agreement
or the Basic Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered
into with it, and the Owner Trustee shall not be liable for the conduct or misconduct of such agents or attorneys if such agents
or attorneys shall have been selected by the Owner Trustee with reasonable care, and (ii) may consult with counsel, accountants
and other skilled Persons to be selected with reasonable care and employed by it. The Owner Trustee shall not be liable for anything
done, suffered or omitted in good faith which it believes to be authorized or within its rights or powers, in accordance with the
opinion or advice of any such counsel, accountants or other such Persons and not to its knowledge contrary to this Agreement or
any Basic Document.

 

Section
7.06         Not Acting in Individual Capacity. Except as provided in
this Article VII, in accepting the trusts hereby created, BNY Mellon Trust of Delaware, acts solely as Owner Trustee
hereunder and not in its individual capacity, and all Persons having any claim against the Owner Trustee by reason of the transactions
contemplated by this Agreement or any Basic Document shall look only to the Owner Trust Estate for payment or satisfaction thereof.

 

Section
7.07         Owner Trustee Not Liable for Trust Certificates or Receivables.
The Owner Trustee makes no representations as to the validity or sufficiency of this Agreement, of any Basic Document or of the
Trust Certificates (other than the signature and countersignature of the Owner Trustee on the Trust Certificates) or the Notes,
or of any Receivable or related documents. The Owner Trustee shall not at any time have any responsibility or liability for or
with respect to the legality, validity and enforceability of any Receivable, or the perfection and priority of any security interest
created by any Receivable in any Financed Vehicle or the maintenance of any such perfection and priority, or for or with respect
to the sufficiency of the Owner Trust Estate or its ability to generate the payments to be distributed to Certificateholders under
this Agreement or the Noteholders under the Indenture, including, without limitation: the existence, condition and ownership of
any Financed Vehicle; the existence and enforceability of any insurance thereon; the existence and contents of any Receivable on
any computer or other record thereof; the validity of the assignment of any Receivable to the Trust or of any intervening assignment;
the completeness of any Receivable; the performance or enforcement of any Receivable; the compliance by the Depositor or the Servicer
with any warranty or representation made under any Basic Document or in any related document or the accuracy of any such warranty
or representation, or any action of the Administrator, the Indenture Trustee or the Servicer or any subservicer taken in the name
of the Owner Trustee.

 

Section
7.08         Owner Trustee May Own Trust Certificates and Notes. The
Owner Trustee in its individual or any other capacity may become the owner or pledgee of Trust Certificates or Notes and may deal
with the Depositor, the Administrator, the Indenture Trustee and the Servicer in banking transactions with the same rights as it
would have if it were not Owner Trustee.

 

Section
7.09         Legal Proceedings. As required by Regulation AB, the Owner
Trustee will promptly as practicable notify the Servicer, the Depositor and the Issuing Entity of the commencement or, if applicable,
the termination of any and all legal proceedings of which any property of the Owner Trustee is the subject, and any such proceedings
known to be contemplated by governmental authorities, in each case, that is material to the Holders of any Notes. In addition,
the Owner Trustee will furnish to the Servicer, the Depositor and the Issuing Entity, in writing, the necessary disclosure describing
such proceedings required to be disclosed under Item 1117 of Regulation AB, for inclusion in reports filed pursuant to the Exchange
Act.

 

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Section
7.10         Communications Regarding Demands to Repurchase Receivables.
The Owner Trustee shall provide notice to World Omni and the Depositor, as soon as practicable and in any event within five Business
Days, of all demands communicated to a Reporting Officer of the Owner Trustee for the repurchase or replacement of any Receivable
for breach of the representations and warranties concerning such Receivable. Such notices shall be provided to World Omni and the
Depositor at: (a) in the case of World Omni, World Omni Financial Corp., 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442,
Telecopy: (954) 429-2685, Attention: Treasurer, and (b) in the case of the Depositor, to World Omni Auto Receivables LLC, 190 Jim
Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: (954) 429-2685, Attention: Treasurer, or at such other address or by
such other means of communication as may be specified by World Omni or the Depositor to the Owner Trustee from time to time. The
Owner Trustee acknowledges and agrees that the purpose of this Section 7.10 is to facilitate compliance by World Omni and the Depositor
with Rule 15Ga-1 under the Exchange Act, as amended, and Items 1104(e) and 1121(c) of Regulation AB (the “Repurchase Rules
and Regulations”). The Owner Trustee acknowledges that interpretations of the requirements of the Repurchase Rules and Regulations
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 agrees to cooperate in good faith at the sole cost
and expense of World Omni or the Depositor with any reasonable request made by World Omni or the Depositor for information which
is required in order to enable World Omni or the Depositor to comply with the Repurchase Rules and Regulations. The Owner Trustee’s
reporting is limited to information delivered to a Reporting Officer of the Owner Trustee that it has received or acquired solely
in its capacity as Owner Trustee and not in any other capacity. The Owner Trustee is not a securitizer (as defined in the Repurchase
Rules and Regulations) and in no event will BNY Mellon Trust of Delaware, (individually or as Owner Trustee) have any responsibility
or liability in connection with (i) the compliance by any person who is a securitizer (as defined in Rule 15Ga-1) in connection
with the Issuing Entity, or any other person under the Repurchase Rules and Regulations or (ii) any filing required to be made
by a securitizer under the Repurchase Rules and Regulations in connection with the information provided pursuant to this Section
7.10. Other than any express duties or responsibilities as Owner Trustee under this Agreement, the Owner Trustee has no duty or
obligation to undertake any investigation or inquiry related to demands for the repurchase or replacement of any Receivable or
otherwise to assume any additional duties or responsibilities in respect of any transaction contemplated in this Agreement, and
no such additional obligations or duties are implied in this Agreement. The Owner Trustee will not have any duty to conduct, and
has not conducted, any affirmative investigation as to the occurrence of any conditions requiring the repurchase or replacement
of any Receivable.

 

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ARTICLE
VIII

Compensation of Owner Trustee

 

Section
8.01         Owner Trustee’s Fees and Expenses. The Owner Trustee
shall receive as compensation for its services hereunder during the term of this Agreement such fees as have been separately agreed
upon in writing before the date hereof between the Administrator and the Owner Trustee, and the Owner Trustee shall be entitled
to be reimbursed by the Administrator pursuant to the Administration Agreement for its other reasonable and documented expenses
hereunder, including the reasonable and documented compensation, expenses and disbursements of such agents, representatives, experts
and counsel as the Owner Trustee may employ in connection with the exercise and performance of its rights and its duties hereunder;
provided, that reimbursement for expenses and disbursements of any legal counsel to the Owner Trustee in connection
with the Closing Date shall be subject to any limitations separately agreed upon before the date hereof between the Depositor (or
any Affiliate thereof) and the Owner Trustee. The provisions of this Section 8.01 shall survive the resignation or removal
of the Owner Trustee and the termination of this Agreement.

 

Section
8.02         Indemnification. Pursuant to the Administration Agreement,
the Administrator shall be liable as primary obligor for, and shall indemnify the Owner Trustee and its officers, directors, stockholders,
employees, successors, assigns, agents and servants (collectively, the “Indemnified Parties”) from and against,
any and all liabilities, obligations, losses, costs, damages, taxes, claims, actions and suits, and any and all reasonable and
documented costs, expenses and disbursements (including reasonable and documented legal fees and expenses and including, without
limitation, any legal fees, costs and expenses incurred in connection with any enforcement (including any action, claim or suit
brought) by the Owner Trustee or any other Indemnified Party of any indemnification or other obligation of the Administrator) of
any kind and nature whatsoever (collectively, “Expenses”) which may at any time be imposed on, incurred by or
asserted against any Indemnified Party in any way relating to or arising out of this Agreement, the Basic Documents, the Owner
Trust Estate, the administration of the Owner Trust Estate or the action or inaction of any Indemnified Party hereunder, except
only that the Administrator shall not be liable for or required to indemnify an Indemnified Party from and against Expenses arising
or resulting from any of the matters described in clauses (i), (ii), (iii) or (iv) of the third sentence of Section 7.01.
The indemnities contained in this Section shall survive the resignation or removal of the Owner Trustee or the termination or assignment
of this Agreement. In any event of any claim, action or proceeding for which indemnity is sought pursuant to this Section, the
Owner Trustee’s choice of legal counsel shall be subject to the approval of the Administrator, which approval shall not be
unreasonably withheld or delayed.

 

Section
8.03         Payments to the Owner Trustee. Any amounts paid to the
Owner Trustee pursuant to this Article VIII shall be deemed not to be a part of the Owner Trust Estate simultaneously
with such payment.

 

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ARTICLE
IX

Termination of Trust Agreement

 

Section
9.01         Termination of Trust Agreement. (a) The Trust shall be
dissolved immediately prior to the final distribution by the Owner Trustee or Paying Agent of all monies or other property or proceeds
of the Owner Trust Estate in accordance with the terms of the Indenture, the Sale and Servicing Agreement and Article V.
The bankruptcy, liquidation, dissolution, death or incapacity of any Certificateholder shall not (x) operate to terminate
this Agreement or the Trust or (y) entitle such Certificateholder’s legal representatives or heirs to claim an accounting
or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or Owner Trust Estate
or (z) otherwise affect the rights, obligations and liabilities of the parties hereto.

 

(b)          Except
as provided in Section 9.01(a), neither the Depositor nor any Certificateholder shall be entitled to revoke or terminate
the Trust.

 

(c)          Notice
of any termination of the Trust, specifying the Payment Date upon which Certificateholders shall surrender their Trust Certificates
to the Paying Agent for payment of the final distribution and cancellation, shall be given by the Paying Agent by letter to Certificateholders
mailed within five Business Days of receipt of actual notice of such termination from the Servicer given pursuant to Section 9.01(b)
of the Sale and Servicing Agreement, stating (i) the Payment Date upon or with respect to which final payment of the Trust
Certificates shall be made upon presentation and surrender of the Trust Certificates at the office of the Paying Agent therein
designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment
Date is not applicable, and, as a result, payments will be made only upon presentation and surrender of the Trust Certificates
by Certificateholders at the office of the Paying Agent therein specified. The Paying Agent shall give such notice to the Certificate
Registrar (if other than the Indenture Trustee) and the Owner Trustee at the time such notice is given to Certificateholders. Upon
presentation and surrender of the Trust Certificates, the Paying Agent shall cause to be distributed to Certificateholders amounts
distributable on such Payment Date pursuant to Section 5.02.

 

In the event that all
of the Certificateholders shall not surrender their Trust Certificates for cancellation within six months after the date specified
in the above-mentioned written notice, the Paying Agent shall give a second written notice to the remaining Certificateholders
to surrender their Trust Certificates for cancellation and receive the final distribution with respect thereto. If within one year
after the second notice all the Trust Certificates shall not have been surrendered for cancellation, the Owner Trustee or Paying
Agent may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders
concerning surrender of their Trust Certificates, and the cost thereof shall be paid out of the funds and other assets that shall
remain subject to this Agreement. Any funds remaining in the Owner Trust Estate after exhaustion of such remedies shall be distributed
by the Paying Agent to the Depositor subject to applicable escheat laws.

 

    	25

     

    

 

(d)          Upon
the winding up of the Trust and receipt of written instruction from and at the expense of the Administrator, the Owner Trustee
shall cause the Certificate of Trust to be cancelled by filing a certificate of cancellation (as provided to it) with the Secretary
of State of the State of Delaware in accordance with the provisions of Section 3810 of the Statutory Trust Act and thereupon
the Trust and this Trust Agreement (other than Article VIII) shall terminate and be of no further force or effect.

 

ARTICLE
X

Successor Owner Trustees and Additional Owner Trustees

 

Section
10.01         Eligibility Requirements for Owner Trustee. The Owner
Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust
Act and it shall at all times be authorized to exercise corporate trust powers; having a combined capital and surplus of at least
$50,000,000, subject to supervision or examination by federal or state authorities and having (or having a parent which has) a
long-term rating in any generic rating category which signifies investment grade by each Rating Agency or a rating otherwise acceptable
to each Rating Agency. If such entity shall publish reports of condition at least annually pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of
such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so
published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section,
the Owner Trustee shall resign promptly in the manner and with the effect specified in Section 10.02.

 

Section
10.02         Resignation or Removal of Owner Trustee. (a) Subject to
paragraph (c) of this Section, the Owner Trustee may at any time resign and be discharged from the trusts hereby created by giving
written notice thereof to the Administrator. Upon receiving such notice of resignation, the Administrator shall promptly appoint
a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning
Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have
accepted appointment within 30 days after the giving of such notice of resignation, the resigning Owner Trustee, as applicable,
may petition (at the expense of the Depositor (including without limitation reasonable and documented attorneys’ fees, costs
and expenses)) any court of competent jurisdiction for the appointment of a successor Owner Trustee.

 

(b)          Subject
to paragraph (c) of this Section, if at any time the Owner Trustee shall cease to be eligible in accordance with the provisions
of Section 10.01 and shall fail to resign after written request therefor by the Administrator, or if at any time the
Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or
of its property shall be appointed, or any public officer shall take charge or control of the Owner Trustee or of its property
or affairs for the purpose of rehabilitation, conservation or liquidation, then the Administrator may remove the Owner Trustee.
If the Administrator or the Depositor shall remove the Owner Trustee under the authority of the immediately preceding sentences,
the Administrator shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument
shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee, and shall pay all fees
owed to the outgoing Owner Trustee and one copy to the Depositor, together with the basis for removal.

 

    	26

     

    

 

(c)          Any
resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this
Section shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.03
and payment of all fees and expenses owed to the outgoing Owner Trustee. The Administrator shall provide notice of such resignation
or removal of the Owner Trustee to each Rating Agency.

 

Section
10.03         Successor Owner Trustee. Any successor Owner Trustee appointed
pursuant to Section 10.02 shall execute, acknowledge and deliver to the Administrator and to its predecessor Owner
Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor
Owner Trustee shall become effective, and such successor Owner Trustee, without any further act, deed or conveyance, shall become
fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if
originally named as Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor
Owner Trustee all documents and statements and monies held by it under this Agreement, and the Administrator and the predecessor
Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly
vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations.

 

No successor Owner Trustee
shall accept appointment as provided in this Section unless at the time of such acceptance such successor Owner Trustee shall be
eligible pursuant to Section 10.01.

 

Upon written acceptance
of appointment by a successor Owner Trustee pursuant to this Section, the Administrator shall mail notice thereof to all Certificateholders,
the Indenture Trustee, the Noteholders and the Rating Agencies. If the Administrator shall fail to mail such notice within 10 Business
Days after acceptance of such appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to
be mailed at the expense of the Administrator.

 

Any successor Owner Trustee
appointed hereunder shall promptly file an amendment to the Certificate of Trust with the Secretary of State of the State of Delaware
as required by the Statutory Trust Act.

 

Section
10.04         Merger or Consolidation of the Owner Trustee. Any corporation
or other entity into which the Owner Trustee may be merged or converted or with which it may be consolidated, or any corporation
or other entity resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any corporation
or other entity succeeding to all or substantially all of the corporate trust business of the Owner Trustee, shall be the successor
to and assume all obligations of the Owner Trustee, without the execution or filing of any assignment or other instrument or any
further act on the part of such other entity or any of the parties hereto, anything herein to the contrary notwithstanding; provided,
that such corporation or other entity shall be eligible pursuant to Section 10.01 and, provided, further,
that the Owner Trustee shall mail notice of such merger, conversion or consolidation to the Depositor, who shall promptly
deliver such notice to each Rating Agency.

 

    	27

     

    

 

Section
10.05         Appointment of Co-Trustee or Separate Trustee. Notwithstanding
any other provisions of this Agreement, at any time, for the purpose of (i) meeting any legal requirements of any jurisdiction
in which any part of the Owner Trust Estate or any Financed Vehicle may at the time be located, (ii) facilitating enforcement actions
and (iii) mitigating conflicts of interest, the Administrator and the Owner Trustee acting jointly shall have the power and shall
execute and deliver all instruments to appoint one or more Persons approved by the Administrator and Owner Trustee to act as co-trustee,
jointly with the Owner Trustee, or as separate trustee or separate trustees, of all or any part of the Owner Trust Estate, and
to vest in such Person, in such capacity, such title to the Trust or any part thereof and, subject to the other provisions of this
Section, such powers, duties, obligations, rights and trusts as the Administrator and the Owner Trustee may consider necessary
or desirable. If the Administrator shall not have joined in such appointment within 15 days after the receipt by it of a request
so to do, the Owner Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement
shall be required to meet the terms of eligibility as a successor Owner Trustee pursuant to Section 10.01 and no notice
of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 10.03.

 

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

 

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

 

(b)          No
trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement;
and

 

(c)          The
Administrator and the Owner Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or
co-trustee without notice to any Rating Agency or any other Person.

 

Any notice, request or
other writing given to the Owner Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees,
as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this
Agreement and the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred,
shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee
or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision
of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee. Each such
instrument shall be filed with the Owner Trustee and a copy thereof given to the Administrator.

 

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

 

ARTICLE
XI

Miscellaneous

 

Section
11.01         Supplements and Amendments. This Agreement may be amended
by the Depositor and the Owner Trustee, without the consent of any of the Noteholders or the Certificateholders, to cure any ambiguity,
to correct or supplement any provision in this Agreement (including to further prevent or help avoid the application to the Certificates
of the Treasury Regulations (or other interpretive guidance) issued under Section 385 of the Code) or for the purpose of adding
any provision to or changing in any manner or eliminating any of the provisions in this Agreement or of modifying in any manner
the rights of the Noteholders or the Certificateholders. Such amendments require: (i) satisfaction of the Rating Agency Condition
or (ii) an Officer’s Certificate of the Depositor 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.

 

This Agreement may also
be amended from time to time by the Depositor and the Owner Trustee, with the consent of holders of at least 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 Depositor to that effect delivered to the Indenture Trustee and the Owner
Trustee by the Depositor or (ii) satisfaction of the Rating Agency Condition) and the consent of the Certificateholders evidencing
at least a majority Percentage Interest of the Trust Certificates (unless (i) the interests of the Certificateholders are not affected
materially and adversely and (ii) an Officer’s Certificate of the Depositor to that effect is delivered to the Owner Trustee
by the Depositor), for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided, however,
that no such amendment shall (a) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections
of payments on Receivables or distributions that shall be required to be made for the benefit of the Noteholders or the Certificateholders
or (b) reduce the aforesaid percentage of the Outstanding Amount of the Controlling Securities and the Percentage Interest
in the Trust Certificates required to consent to any such amendment, without the consent of the holders of all the Outstanding
Notes and Certificates affected thereby.

 

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Promptly after the execution
of any such amendment or consent, the Owner Trustee shall furnish written notification of the substance of such amendment or consent
to the Administrator and the Administrator shall furnish such notice to each Certificateholder, the Indenture Trustee and each
Rating Agency.

 

It shall not be necessary
for the consent of Certificateholders, Noteholders or the Indenture Trustee pursuant to this Section to approve the particular
form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The
manner of obtaining such consents (and any other consents of Certificateholders provided for in this Agreement or in any other
Basic Document) and of evidencing the authorization of the execution thereof by Certificateholders shall be subject to such reasonable
requirements as the Administrator may prescribe.

 

Promptly after the execution
of any amendment to the Certificate of Trust, the Owner Trustee shall cause the filing of such amendment with the Secretary of
State of the State of Delaware.

 

In connection with the
execution of any amendment to this Agreement or any amendment to any other agreement to which the Issuing Entity is a party, the
Owner Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel to the effect that such amendment is
authorized or permitted by this Agreement or, as applicable such other agreement, and that all conditions precedent to the execution
and delivery thereof by the Issuing Entity or the Owner Trustee, as the case may be, have been satisfied. The Owner Trustee may,
but shall not be obligated to, enter into any such amendment that affects the Owner Trustee’s own rights, duties or immunities
under this Agreement or otherwise.

 

Section
11.02         No Legal Title to Owner Trust Estate in Certificateholders.
The Certificateholders shall not have legal title to any part of the Owner Trust Estate. The Certificateholders shall be entitled
to receive distributions with respect to their undivided ownership interest therein only in accordance with Articles V
and IX. No transfer, by operation of law or otherwise, of any right, title or interest of the Certificateholders to and
in their ownership interest in the Owner Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle
any transferee to an accounting or to the transfer to it of legal title to any part of the Owner Trust Estate.

 

Section
11.03         Limitations on Rights of Others. Except for Section 2.07,
the provisions of this Agreement are solely for the benefit of the Owner Trustee, the Depositor, the Certificateholders, the Administrator,
the Servicer and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement
(other than Section 2.07 hereof), whether express or implied, shall be construed to give to any other Person any legal
or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions
or provisions contained herein.

 

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Section
11.04         Notices. (a) Unless otherwise expressly specified or permitted
by the terms hereof, all notices shall be in writing and shall be deemed given upon receipt by the intended recipient or on the
next Business Day after delivery if delivered by a recognized overnight courier or upon receipt of written confirmation of receipt
of facsimile, if delivered by facsimile (except that notice to the Owner Trustee shall be deemed given only upon actual receipt
by the Owner Trustee), if to the Owner Trustee, addressed to the Corporate Trust Office, if to the Depositor, addressed to World
Omni Auto Receivables LLC, 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442, telephone: (954) 429-2200, facsimile: (954)
429-2685, Attention: Treasurer; or, as to each party, at such other address or electronic mail address as shall be designated by
such party in a written notice to each other party.

 

(b)          Any
notice required or permitted to be given to a Certificateholder shall be given by first-class mail, postage prepaid, at the address
of such Certificateholder as shown in the Certificate Register. Any notice so mailed within the time prescribed in this Agreement
shall be conclusively presumed to have been duly given, whether or not the Certificateholder receives such notice.

 

(c)          The
Depositor’s obligation to deliver or provide any demand, delivery, notice, communication or instruction to any Person other
than a Noteholder shall be satisfied by the Depositor 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 Depositor shall designate by written
notice to the other parties.

 

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

 

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

 

Section
11.07         Successors and Assigns. All covenants and agreements contained
herein shall be binding upon, and inure to the benefit of, each of the Depositor and its permitted assignees, the Owner Trustee
and its successors, and each Certificateholder and its successors and permitted assigns, all as herein provided. Any request, notice,
direction, consent, waiver or other instrument or action by a Certificateholder shall bind the successors and assigns of such Certificateholder.

 

Section
11.08         Covenants of the Depositor. In the event that any Certificateholder
commences any litigation with claims in excess of $1,000,000 to which the Depositor is a party which in the judgment of counsel
to the Depositor who may be an employee of the Depositor, shall be reasonably likely to result in a material judgment against the
Depositor that the Depositor will not be able to satisfy, during the period beginning nine months following the commencement of
such litigation and continuing until such litigation is dismissed or otherwise terminated (and, if such litigation has resulted
in a final judgment against the Depositor, such judgment has been satisfied), the Depositor shall not pay any dividend to World
Omni, or make any distribution to World Omni, or repay the principal amount of any indebtedness of the Depositor held by World
Omni, unless (i) after giving effect to such dividend, distribution or repayment, the Depositor’s liquid assets shall
not be less than the amount of actual damages claimed in such litigation that are reasonably likely to equal the amount of the
judgment, if any, against the Depositor or (ii) the Rating Agency Condition shall have been satisfied with respect to any
such dividend, distribution or repayment. The Depositor will not at any time institute against the Trust any bankruptcy proceedings
under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Trust Certificates,
the Notes, the Trust Agreement or any of the Basic Documents.

 

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Section
11.09        No Petition. To the fullest extent permitted by applicable
law, the Owner Trustee, by entering into this Agreement, each Certificateholder, by accepting a Trust Certificate, and the Indenture
Trustee and each Noteholder, by accepting the benefits of this Agreement, hereby covenant and agree that they will not at any time
institute against the Depositor or the Trust, or join in any institution against the Depositor or the Trust of, any involuntary
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States Federal
or state bankruptcy or similar law in connection with any obligations relating to the Trust Certificates, the Notes, this Agreement
or any of the Basic Documents.

 

Section
11.10         No Recourse. Each Certificateholder by accepting a Trust
Certificate acknowledges that such Certificateholder’s Trust Certificates represent beneficial interests in the Trust only
and do not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture
Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set
forth or contemplated in this Agreement, the Trust Certificates or the Basic Documents to which such parties are a party.

 

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

 

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

 

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Section
11.12         GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS,
RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS; provided, however,
that there shall not be applicable to the parties hereunder or this Agreement any provision of the laws (common or statutory) of
the State of Delaware pertaining to trusts that relate to or regulate, in a manner inconsistent with the terms hereof, (a) the
filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (b) affirmative
requirements to post bonds for trustees, officers, agents or employees of a trust, (c) the necessity for obtaining court or other
governmental approval concerning the acquisition, holding or disposition of real or personal property, (d) fees or other sums payable
to trustees, officers, agents or employees of a trust, (e) the allocation of receipts and expenditures to income or principal,
(f) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating
to the titling, storage or other manner of holding or investing trust assets or (g) the establishment of fiduciary or other standards
of responsibility or limitations on the acts or powers of trustees that are inconsistent with the limitations or authorities and
powers of the Owner Trustee hereunder as set forth or referenced in this Agreement. Section 3540 of Title 12 of the Delaware Code
shall not apply to the Trust.

 

To the fullest extent
permitted by applicable law, each of the parties to this agreement and each Certificateholder by its acceptance thereof, hereby
irrevocably and unconditionally consents to submit to the nonexclusive jurisdiction of the courts of the State of Delaware for
purposes of any action or proceeding arising out of or in connection with this Agreement, the Certificates or the transactions
contemplated hereby or thereby.

 

EACH OF THE PARTIES HERETO,
AND EACH CERTIFICATEHOLDER BY ITS ACCEPTANCE THEREOF, IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE CERTIFICATES OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY.

 

Section
11.13         Compliance with Applicable Anti-Terrorism and Anti Money Laundering
Regulations. The parties hereto and each Certificateholder acknowledge that in accordance with the Customer Identification
Program (CIP) requirements under the USA PATRIOT Act and its implementing regulations, the Owner Trustee and the Paying Agent,
in order to help fight the funding of terrorism and money laundering, are required to obtain, verify, and record information that
identifies each person or legal entity that establishes a relationship or opens an account with the Owner Trustee or the Paying
Agent. Each party hereto and each Certificateholder by its acceptance of a Trust Certificate agrees that it shall provide the Owner
Trustee and the Paying Agent with such information as may be available for such party as the Owner Trustee and the Paying Agent
may request that will help the Owner Trustee and the Paying Agent to identify and verify each party’s identity, including
without limitation each party’s name, physical address, tax identification number, organizational documents, certificates
of good standing, licenses to do business or other pertinent identifying information.

 

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ARTICLE
XII

COMPLIANCE WITH REGULATION AB

 

Section
12.01         Intent of the Parties; Reasonableness. The Depositor and
the Owner Trustee acknowledge and agree that the purpose of this Article XII is to facilitate compliance by the Depositor with
the provisions of Regulation AB and the related rules and regulations of the Commission. The Depositor shall not exercise its right
to request delivery of information or other performance under these provisions other than in good faith, or for purposes other
than the Depositor’s compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission
thereunder (or the provision in a private offering of disclosure comparable to that required under the Securities Act). The Owner
Trustee agrees to cooperate in good faith with the Depositor and shall deliver (and cause each of its Reporting Subcontractors,
if any, to deliver) to the Depositor any information reasonably requested by the Depositor regarding the Owner Trustee which is
required in order to enable the Depositor to comply with the provisions of Items 1109(a), 1109(b), 1117 and 1119 of Regulation
AB or any of its other Exchange Act reporting obligations as it relates to the Owner Trustee or to the Owner Trustee’s obligations
under this Agreement (including with respect to any of its successors or predecessors; provided, however, that this
parenthetical shall apply only to the successors or predecessors of the Owner Trustee contemplated by Section 10.04 hereof). The
obligations of the Owner Trustee to provide such information shall survive the removal or resignation of the Owner Trustee hereunder.

 

Section
12.02         Information to Be Provided by the Owner Trustee. The Owner
Trustee shall (i) on or before the fifth Business Day following a written request of the Depositor, provide to the Depositor,
in writing, such information regarding the Owner Trustee as is requested for the purpose of compliance with Item 1117 of Regulation
AB, and (ii) pursuant to Section 7.09 hereof as promptly as practicable following notice to or discovery by the Owner Trustee
of any changes to such information, provide to the Depositor, in writing, updated information necessary for compliance with Item
1117 of Regulation AB.

 

The Owner Trustee shall
(i) on or before the fifth Business Day following a written request of the Depositor in connection with the preparation of
any required quarterly or annual report, provide to the Depositor such information regarding the Owner Trustee as is requested
for the purpose of compliance with Items 1109(a), 1109(b) and 1119 of Regulation AB, and (ii) as promptly as practicable following
notice to or discovery by the Owner Trustee of any changes to such information, provide to the Depositor, in writing, updated information.
Such information shall include, at a minimum:

 

(a)          the
Owner Trustee’s name and form of organization;

 

(b)          a
description of the extent to which the Owner Trustee has had prior experience serving as a trustee for asset-backed securities
transactions involving receivables of the same type as the Receivables;

 

(c)          a
description of any affiliation between the Owner Trustee and any of the following parties to a Securitization Transaction, as such
parties are identified to the Owner Trustee by the Depositor in writing in advance of such Securitization Transaction:

 

(i)          the
sponsor;

 

(ii)         any
depositor;

 

(iii)        the
issuing entity;

 

    	34

     

    

 

(iv)        any
servicer;

 

(v)         any
trustee;

 

(vi)        any
originator;

 

(vii)       any
significant obligor;

 

(viii)      any
enhancement or support provider, including any swap or cap counterparty;

 

(ix)         any
asset representations reviewer; and

 

(x)          any
other material transaction party.

 

In connection with the above-listed parties,
a description of whether there is, and if so the general character of, any business relationship, agreement, arrangement, transaction
or understanding that is entered into outside the ordinary course of business or is on terms other than would be obtained in an
arm’s length transaction with an unrelated third party, apart from the asset-backed securities transaction, that currently
exists or that existed during the past two years and that is material to an investor’s understanding of the asset-backed
securities.

 

* * * * * *

 

    	35

     

    

 

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

 

	 	WORLD OMNI AUTO RECEIVABLES LLC,
	 	as Depositor
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	BNY Mellon Trust of delaware, not in its individual capacity, but solely as Owner Trustee,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

u.S.
bank NaTIONAl association acknowledges and accepts, as of the date first above written, its appointment as Paying Agent
and Certificate Registrar in accordance with the terms of this Agreement and agrees to be bound by the terms of this Agreement
applicable to the Paying Agent and Certificate Registrar.

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	36

     

    

 

EXHIBIT A

 

FORM OF TRUST CERTIFICATE

 

THIS CERTIFICATE IS SUBORDINATED TO THE
NOTES, AS AND TO THE EXTENT SET FORTH IN THE SALE AND SERVICING AGREEMENT.

 

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

 

NO SALE, PLEDGE OR OTHER TRANSFER OF THIS
CERTIFICATE MAY BE MADE BY ANY PERSON UNLESS EITHER (i) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO THE DEPOSITOR, (ii) SUCH
SALE, PLEDGE OR OTHER TRANSFER IS MADE TO AN ACCREDITED INVESTOR THAT EXECUTES A CERTIFICATE, SUBSTANTIALLY IN THE FORM SPECIFIED
IN THE TRUST AGREEMENT, TO THE EFFECT THAT IT IS AN ACCREDITED INVESTOR ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF
OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE ACCREDITED INVESTORS UNLESS THE HOLDER IS A BANK ACTING IN
ITS FIDUCIARY CAPACITY), (iii) SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE 1933 ACT,
SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHO THE PROSPECTIVE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS
A QUALIFIED INSTITUTIONAL BUYER, ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR
OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL BUYERS) TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR TRANSFER IS BEING
MADE IN RELIANCE ON RULE 144A, OR (iv) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION
REQUIREMENTS OF THE 1933 ACT, IN WHICH CASE THE OWNER TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE
TRANSFEREE CERTIFY TO THE OWNER TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL
BE IN FORM AND SUBSTANCE SATISFACTORY TO THE OWNER TRUSTEE AND THE DEPOSITOR. EXCEPT IN THE CASE OF A TRANSFER DESCRIBED IN CLAUSES
(i) OR (iii) ABOVE, THE OWNER TRUSTEE, THE DEPOSITOR AND THE CERTIFICATE REGISTRAR SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH
SHALL NOT BE AT THE EXPENSE OF THE DEPOSITOR, ANY AFFILIATE OF THE DEPOSITOR OR THE OWNER TRUSTEE) SATISFACTORY TO THE DEPOSITOR
AND THE OWNER TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE 1933 ACT.

 

    	Ex. A-1

     

    

 

EACH SECURITYHOLDER, BY ITS ACCEPTANCE
OF THIS SECURITY, COVENANTS AND AGREES THAT SUCH SECURITYHOLDER, SHALL NOT, PRIOR TO THE DATE THAT IS ONE YEAR AND ONE DAY AFTER
THE TERMINATION OF THE TRUST AGREEMENT, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE TRUST OR THE DEPOSITOR TO INVOKE THE
PROCESS OF ANY COURT OR GOVERNMENTAL AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING AN INVOLUNTARY CASE AGAINST THE TRUST
OR THE DEPOSITOR UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY, REORGANIZATION OR SIMILAR LAW, OR APPOINTING A RECEIVER, LIQUIDATOR,
ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE TRUST OR THE DEPOSITOR OR ANY SUBSTANTIAL PART OF ITS
PROPERTY, OR ORDERING THE WINDING UP OR LIQUIDATION OF THE AFFAIRS OF THE TRUST OR THE DEPOSITOR.

 

No
transfer of this Certificate shall be made to any Person unless the Certificate Registrar has received (A) a certificate in the
form of paragraph 3 to the Investment Letter attached to the trust agreement as Exhibit D from such Person to the effect
that such Person is not AND WILL NOT BE AND IS NOT ACTING ON BEHALF OF OR ACQUIRING THE NOTES WITH THE ASSETS OF ANY PERSON
THAT IS OR WILL BE (i) an “employee benefit plan” as defined in section
3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) that is subject to Title I
of, (ii) a “plan” described in section 4975(E)(1) of the internal revenue Code of 1986, as amended (the “Code”)
that is subject to Section 4975 of the code, (iii) any entity OR ACCOUNT whose underlying assets include “plan
assets” (WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3-101, AS MODIFIED
BY SECTION 3(42) OF ERISA (THE “PLAN ASSET REGULATION”) or (iv) any U.S.
GOVERNMENTAL PLAN, NON-U.S. PLAN, CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN, ACCOUNT OR ARRANGEMENT that
is subject to any u.s. federal, state, local OR nON-u.s. law that is substantially similar to tITLE i of ERISA or Section 4975
of the Code (“Similar Law”) (each, a “Plan”) or (B) an opinion of counsel satisfactory to
the Owner Trustee, the Certificate Registrar and the Depositor to the effect that the purchase and holding of this Certificate
by such Person (i) will not result in the assets of the Issuing Entity being deemed to be “plan assets” (WITHIN
THE MEANING OF THE PLAN ASSET REGULATION) OR SUBJECT TO SIMILAR LAW and will not subject
the Owner Trustee, the Indenture Trustee, the Certificate Registrar, the Servicer or the Depositor to any obligation in addition
to those undertaken in the Basic Documents and (ii) will not GIVE RISE TO a NONEXEMPT prohibited transaction under ERISA OR Section
4975 of the Code or A VIOLATION OF Similar Law. The preparation and delivery of the certificate and opinions referred to above
with respect to a proposed transfer shall not be an expense of the Issuing Entity, the Owner Trustee, the Certificate Registrar,
the Indenture Trustee, World Omni (in any capacity) or the Depositor. Any attempted or purported transfer in violation of these
transfer restrictions will be null and void and will vest no rights in any purported transferee.

 

    	Ex. A-2

     

    

 

THIS CERTIFICATE WILL NOT BE REGISTERED
FOR TRANSFER UNLESS THE CERTIFICATE REGISTRAR RECEIVES (A) A CERTIFICATION FROM THE TRANSFEREE OF SUCH CERTIFICATE TO THE EFFECT
THAT SUCH TRANSFEREE IS A UNITED STATES PERSON WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE CODE AND (B) THE OWNER TRUSTEE,
THE CERTIFICATE REGISTRAR, THE DEPOSITOR AND THE INDENTURE TRUSTEE SHALL HAVE RECEIVED AN OPINION OF COUNSEL (WHICH COUNSEL IS
INDEPENDENT FROM THE DEPOSITOR AND THE TRUST) THAT SUCH ACTION SHALL NOT CAUSE THE TRUST TO BE TREATED AS AN ASSOCIATION (OR PUBLICLY
TRADED PARTNERSHIP) TAXABLE AS A CORPORATION FOR FEDERAL INCOME TAX PURPOSES AND SUCH TRANSFEREE OR ASSIGNEE SHALL AGREE TO TAKE
POSITIONS FOR TAX PURPOSES CONSISTENT WITH THE TAX POSITIONS SET FORTH IN SECTION 2.06 OF THE TRUST AGREEMENT AS AGREED
TO BE TAKEN BY THE CERTIFICATEHOLDER.

 

    	Ex. A-3

     

    

 

NO.:

 

WORLD OMNI AUTO RECEIVABLES TRUST 2019-A
TRUST CERTIFICATE

 

evidencing a fractional undivided beneficial
interest in the Trust, as defined below, the property which consists of retail installment sale contracts for new and used automobiles
and light-duty trucks (transferred to the Trust on the Closing Date (the “Receivables”), all monies received
on or after the Cutoff Date; any proceeds with respect to the Receivables from claims on any physical damage, credit life or disability,
theft, mechanical breakdown or “guaranteed auto protection” insurance policies relating to Financed Vehicles or Obligors;
any Financed Vehicle that shall have secured a Receivable and shall have been acquired by or on behalf of the Depositor, the Servicer,
or the Trust; the Receivables Purchase Agreement; the Sale and Servicing Agreement, including the right of the Depositor to cause
World Omni to purchase Receivables under certain circumstances; the Trust Accounts; and certain other rights under the Trust Agreement
and Sale and Servicing Agreement and all proceeds of the foregoing (but excluding the Notes and Trust Certificates).

 

THIS TRUST CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF WORLD OMNI AUTO RECEIVABLES LLC, WORLD OMNI FINANCIAL CORP. OR ANY OF THEIR RESPECTIVE AFFILIATES.

 

THIS CERTIFIES THAT ________________
is the registered owner of ___% nonassessable, fully-paid, fractional undivided beneficial interest in World Omni Auto Receivables
Trust 2019-A (the “Trust”), formed by World Omni Auto Receivables LLC, a Delaware limited liability company
(the “Depositor”).

 

OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Trust Certificates referred
to in the within-mentioned Trust Agreement.

 

	BNY Mellon Trust of delaware, not in its individual capacity but solely as Owner Trustee	 	BNY Mellon Trust of delaware, not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	OR	By: u.s. bank NATIONAL association, as Authenticating Agent

                     

	By:		 	By:	
	 	Name:	 	 	Name:
	 	Title:	 	 	Title:

 

    	Ex. A-4

     

    

 

The Trust was created
pursuant to a Trust Agreement dated December 20, 2018 (as amended and restated on January 30, 2019, and as may be amended, restated
or supplemented from time to time, the “Trust Agreement”), between the Depositor and BNY Mellon Trust of Delaware,
as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of which is set forth
below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in the
Trust Agreement or the Sale and Servicing Agreement, dated as of January 30, 2019 (as amended and supplemented from time to time,
the “Sale and Servicing Agreement”), among the Trust, the Depositor and World Omni Financial Corp., as servicer
(the “Servicer”), as applicable.

 

This Certificate is one
of the duly authorized Certificates designated as “Trust Certificates” (herein called the “Trust Certificates”).
Also issued under an Indenture, dated as of January 30, 2019 (the “Indenture”), between the Trust and U.S. Bank
National Association, as indenture trustee, are the Notes designated as “Asset-Backed Notes” (the “Notes”).
This Trust Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which
Trust Agreement the Certificateholder of this Trust Certificate by virtue of its acceptance hereof assents and by which such Certificateholder
is bound. The property of the Trust consists of retail installment sale contracts for new and used automobiles and light-duty trucks
transferred to the Trust on the Closing Date (the “Receivables”), all monies received after the Cutoff Date;
any proceeds with respect to the Receivables from claims on any physical damage, credit life or disability, theft, mechanical breakdown
or “guaranteed auto protection” insurance policies relating to Financed Vehicles or Obligors; any Financed Vehicle
that shall have secured a Receivable and shall have been acquired by or on behalf of the Depositor, the Servicer, or the Trust;
the Receivables Purchase Agreement; the Sale and Servicing Agreement, including the right of the Depositor to cause World Omni
to purchase Receivables under certain circumstances; the Trust Accounts; and certain other rights under the Trust Agreement and
Sale and Servicing Agreement and all proceeds of the foregoing (but excluding the Notes and Trust Certificates). The rights of
the Certificateholders are subordinated to the rights of the Noteholders, as and to the extent set forth in the Sale and Servicing
Agreement and the Indenture.

 

Under the Trust Agreement,
there will be distributed on the 15th of each month of each year or, if such day is not a Business Day, the immediately
following Business Day (each, a “Payment Date”), commencing on February 15, 2019, to the Person in whose name
this Trust Certificate is registered at the close of business on the Business Day immediately preceding such Payment Date (the
“Record Date”), such Certificateholder’s fractional undivided interest in the amount to be distributed
to Certificateholders on such Payment Date. No distributions will be made on any Certificate on any Payment Date until the full
amount of interest and principal payable on the Notes on such Payment Date has been paid in full and the Reserve Account has been
replenished to its required amount, if necessary.

 

The Certificateholder
of this Trust Certificate acknowledges and agrees that its rights to receive distributions in respect of this Trust Certificate
are subordinated to the rights of the Noteholders as described in the Sale and Servicing Agreement and the Indenture.

 

It is the intention of
the Depositor, the Servicer and the Certificateholders that, solely for Federal, state and local income and franchise tax purposes,
(a) so long as the Trust has only one Certificateholder, the Trust will be disregarded as a separate entity and (b) at such time
as the Trust has more than one Certificateholder, the Trust will be treated as a partnership. Neither the Servicer nor the Depositor
or any Certificateholder will take any action to the contrary.

 

    	Ex. A-5

     

    

 

Each Certificateholder,
by its acceptance of a Trust Certificate, covenants and agrees that such Certificateholder will not at any time institute against
the Depositor, or join in any institution against the Depositor of, any involuntary bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection
with any obligations relating to the Trust Certificates, the Notes, the Trust Agreement or any of the Basic Documents.

 

Distributions on this
Trust Certificate will be made as provided in the Trust Agreement by the Paying Agent by wire transfer or check mailed to the Certificateholder
without the presentation or surrender of this Trust Certificate or the making of any notation hereon. Except as otherwise provided
in the Trust Agreement and notwithstanding the above, the final distribution on this Trust Certificate will be made after due notice
by the Owner Trustee or Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Trust
Certificate at the office or agency maintained for that purpose by the Owner Trustee.

 

Reference is hereby made
to the further provisions of this Trust Certificate set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

 

Unless the certificate
of authentication hereon shall have been executed by an Authorized Officer of the Owner Trustee, by manual signature, this Trust
Certificate shall not entitle the Certificateholder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement
or be valid for any purpose.

 

THIS TRUST CERTIFICATE
SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE CONFLICT OF
LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

    	Ex. A-6

     

    

 

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

 

	 	 	WORLD OMNI AUTO RECEIVABLES TRUST 2019-A
	 	 	 	 
	 	 	By:	BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Owner Trustee
	 	 	 	 
	Dated:	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 	 

 

    	Ex. A-7

     

    

 

[REVERSE OF TRUST CERTIFICATE]

 

The Trust Certificates
do not represent an obligation of, or an interest in, the Depositor, the Servicer, the Owner Trustee, or any affiliates of any
of them and no recourse may be had against such parties or their assets, except as expressly set forth or contemplated herein or
in the Trust Agreement or the Basic Documents. In addition, this Trust Certificate is not guaranteed by any governmental agency
or instrumentality and is limited in right of payment to certain collections and recoveries with respect to the Receivables (and
certain other amounts), all as more specifically set forth herein and in the Sale and Servicing Agreement. A copy of each of the
Sale and Servicing Agreement and the Trust Agreement may be examined by any Certificateholder upon written request during normal
business hours at the principal office of the Depositor and at such other places, if any, designated by the Depositor.

 

The Trust Agreement permits,
with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor
and the rights of the Certificateholders under the Trust Agreement at any time by the Depositor and the Owner Trustee with the
consent of the Certificateholders of at least a majority Percentage Interest in the Trust Certificates and holders of at least
a majority of the Outstanding Amount of the Controlling Securities. Any such consent by the Certificateholder of this Trust Certificate
shall be conclusive and binding on such Certificateholder and on all future Certificateholders of this Trust Certificate and of
any Trust Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such
consent is made upon this Trust Certificate. The Trust Agreement also permits the amendment thereof, in certain limited circumstances,
without the consent of the Certificateholders of any of the Trust Certificates.

 

As provided in the Trust
Agreement and subject to certain limitations therein set forth, the transfer of this Trust Certificate is registerable in the Certificate
Register upon surrender of this Trust Certificate for registration of transfer at the offices or agencies of the Certificate Registrar
maintained by the Indenture Trustee, accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee
and the Certificate Registrar duly executed by the Certificateholder hereof or such Certificateholder’s attorney duly authorized
in writing, and thereupon one or more new Trust Certificates of authorized denominations evidencing the same aggregate interest
in the Trust will be issued to the designated transferee. The initial Certificate Registrar appointed under the Trust Agreement
is U.S. Bank National Association.

 

Except as provided in
the Trust Agreement, the Trust Certificates shall be issued in a 100% Percentage Interest. As provided in the Trust Agreement and
subject to certain limitations therein set forth, Trust Certificates are exchangeable for new Trust Certificates of authorized
denominations evidencing the same aggregate denomination, as requested by the Certificateholder surrendering the same. No service
charge will be made for any such registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar may require
payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith.

 

    	Ex. A-8

     

    

 

The Owner Trustee, the
Certificate Registrar and any agent of the Owner Trustee or the Certificate Registrar may treat the Person in whose name this Certificate
is registered as the owner hereof for all purposes, and none of the Owner Trustee, the Certificate Registrar or any such agent
shall be affected by any notice to the contrary.

 

The obligations and responsibilities
created by the Trust Agreement and the Trust created thereby shall terminate upon the payment to Certificateholders of all amounts
required to be paid to them pursuant to the Trust Agreement and the Sale and Servicing Agreement and the disposition of all property
held as part of the Owner Trust Estate. The Servicer may at its option purchase the Owner Trust Estate at a price specified in
the Sale and Servicing Agreement, and such purchase of the Receivables and other property of the Trust will effect early retirement
of the Notes and the Trust Certificates; however, such right of purchase is exercisable only as of the last day of any Collection
Period as of which the Pool Balance is 10% or less of the Aggregate Starting Principal Balance of all Receivables transferred to
the Trust.

 

    	Ex. A-9

     

    

 

ASSIGNMENT

 

FOR VALUE RECEIVED the
undersigned hereby sells, assigns and transfers unto

 

	PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE
	 

 

(Please print or type name and address,
including postal zip code, of assignee)

 

the within Trust Certificate, and all rights
thereunder, and hereby irrevocably constitutes and appoints ________________________, attorney, to transfer said Trust Certificate
on the books of the Certificate Registrar, with full power of substitution in the premises.

Dated:

	 	*/
	 	 
	 	Signature Guaranteed:
	 	 
	 	*/

 

 

 

 

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

 

    	Ex. A-10

     

    

 

EXHIBIT B

 

CERTIFICATE OF TRUST OF

WORLD OMNI AUTO RECEIVABLES TRUST 2019-A

 

THIS Certificate of
Trust of WORLD OMNI AUTO RECEIVABLES TRUST 2019-A (the “Trust”), is being duly executed and filed by the undersigned,
not in its individual capacity but solely as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del.
C. § 3801 et seq.) (the “Act”).

 

1.          Name.
The name of the statutory trust formed hereby is World Omni Auto Receivables Trust 2019-A.

 

2.          Delaware
Trustee. The name and business address of the trustee of the Trust in the State of Delaware are BNY Mellon Trust of Delaware,
301 Bellevue Parkway, 3rd Floor, Wilmington, DE 19809.

 

3.          Effective
Date. This Certificate of Trust shall be effective upon filing.

 

* * * * *

    	Ex. B-1

     

    

 

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

 

	 	BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Ex. B-2

     

    

 

EXHIBIT C

 

FORM OF TRANSFEROR CERTIFICATE

 

[DATE]

 

World Omni Auto Receivables LLC

190 Jim Moran Boulevard

Deerfield Beach, FL 33442

 

BNY Mellon Trust of Delaware

as Owner Trustee of World Omni Auto Receivables Trust 2019-A

301 Bellevue Parkway

3rd Floor

Wilmington, DE 19809

Attention: Corporate Trust Services, WOART 2019-A

U.S. Bank National Association

190 South LaSalle Street

7th Floor

Chicago, IL 60603

 

		Re:	World Omni Auto Receivables Trust 2019-A

Trust Certificates

 

Ladies and Gentlemen:

 

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

 

	 	Very truly yours,
	 	 
	 	[NAME OF TRANSFEROR]
	 	 	 
	 	By:	
	 	 	Authorized Officer

 

    	Ex. C

     

    

 

EXHIBIT D

 

FORM OF INVESTMENT LETTER

 

World Omni Auto Receivables LLC

190 Jim Moran Boulevard

Deerfield Beach, FL 33442

 

BNY Mellon Trust of Delaware

as Owner Trustee of World Omni Auto Receivables Trust 2019-A

301 Bellevue Parkway

3rd Floor

Wilmington, DE 19809

Attention: Corporate Trust Services, WOART 2019-A

U.S. Bank National Association

190 South LaSalle Street

7th Floor

Chicago, IL 60603

 

Ladies and Gentlemen:

 

In connection with our
proposed purchase of Trust Certificates (the “Certificates”) of World Omni Auto Receivables Trust 2019-A (the
“Issuing Entity”), we confirm that:

 

1.          We
understand that the Certificates have not been registered under the Securities Act of 1933, as amended (the “1933 Act”),
and may not be sold except as permitted in the following sentence. We understand and agree, on our own behalf and on behalf of
any accounts for which we are acting as hereinafter stated, (x) that such Certificates are being offered only in a transaction
not involving any public offering within the meaning of the 1933 Act and (y) that such Certificates may be resold, pledged or transferred
only (i) to the Depositor, (ii) to an “accredited investor” as defined in Rule 501(a)(1),(2),(3) or (7) of
Regulation D under the 1933 Act (an “Accredited Investor”) acting for its own account (and not for the account
of others) or as a fiduciary or agent for others (which others also are Accredited Investors unless the holder is a bank acting
in its fiduciary capacity) that executes a certificate substantially in the form hereof, (iii) so long as such Certificate
is eligible for resale pursuant to Rule 144A under the 1933 Act (“Rule 144A”), to a person whom we reasonably believe
after due inquiry is a “qualified institutional buyer” as defined in Rule 144A, acting for its own account (and not
for the account of others) or as a fiduciary or agent for others (which others also are “qualified institutional buyers”)
to whom notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A or (iv) in a sale, pledge
or other transfer made in a transaction otherwise exempt from the registration requirements of the 1933 Act, in which case the
Owner Trustee shall require that both the prospective transferor and the prospective transferee certify to the Owner Trustee and
the Depositor in writing the facts surrounding such transfer, which certification shall be in form and substance satisfactory to
the Owner Trustee and the Depositor. Except in the case of a transfer described in clauses (i) or (iii) above, the Owner Trustee
shall require that a written opinion of counsel (which will not be at the expense of the Depositor, any affiliate of the Depositor
or the Owner Trustee) satisfactory to the Depositor and the Owner Trustee be delivered to the Depositor and the Owner Trustee to
the effect that such transfer will not violate the 1933 Act, and will be effected in accordance with any applicable securities
laws of each state of the United States. We will notify any purchaser of the Certificates from us of the above resale restrictions,
if then applicable. We further understand that in connection with any transfer of the Certificates by us that the Depositor and
the Owner Trustee may request, and if so requested we will furnish, such certificates and other information as they may reasonably
require to confirm that any such transfer complies with the foregoing restrictions.

 

    	Ex. D-1

     

    

 

2.          [CHECK
ONE]

 

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

 

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

 

3.          We
are not and will not be and are not acting on behalf of or acquiring the notes with the assets of any person that is or will be
(i) an “employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974,
as amended (“ERISA”) that is subject to Title I of ERISA, (ii) a “plan” described in Section
4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”) that is subject to Section 4975
of the Code, (iii) any entity or account whose underlying assets include “plan assets” (within the meaning of the U.S.
Department of Labor regulation located at 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA (the “Plan
Asset Regulation”)) or (iv) any U.S. governmental plan, non-U.S. plan, church plan or any other employee benefit plan, account
or arrangement that is subject to any U.S. federal, state, local or non-U.S. law that is substantially similar to Title I of ERISA
or Section 4975 of the Code (“Similar Law”) (each of clause (i) through (iv), a “Plan”).
We hereby acknowledge that no transfer of any Certificate shall be permitted to be made to any person unless the Trustee has received
(i) a certificate from such transferee to the effect of the preceding sentence or (ii) an opinion of counsel satisfactory to the
Owner Trustee, the Certificate Registrar and the Depositor to the effect that the purchase and holding of any such Certificate
by such person (A) will not result in the assets of the Issuing Entity being deemed to be “plan assets” (within the
meaning of the Plan Asset Regulation) or subject to Similar Law and will not subject the Certificate Registrar, the Owner Trustee,
the Indenture Trustee, the Servicer or the Depositor to any obligation in addition to those undertaken in the Basic Documents with
respect to the Certificates and (B) will not give rise to a nonexempt prohibited transaction under ERISA or Section 4975 of the
Code or a violation of Similar Law.

 

    	Ex. D-2

     

    

 

4.          We
are a United States Person (within the meaning of Section 7701(a)(30) of the Internal Revenue Code), and acknowledge that unless
the Owner Trustee and the Indenture Trustee shall have received an opinion of counsel (which counsel is independent from the Depositor
and the Trust) that such action shall not cause the Trust to be treated as an association (or publicly traded partnership) taxable
as a corporation for federal income tax purposes, no purchase of any Certificate shall be permitted to be made to any Person who
is not a United States Person and any such purported purchase or transfer in violation of these restrictions shall be null and
void.

 

5.          We
understand that the Depositor, the Trust and others will rely upon the truth and accuracy of the foregoing acknowledgments, representations
and agreements, and we agree that if any of the acknowledgments, representations and warranties deemed to have been made by us
by our purchase of the Certificates, for our own account or for one or more accounts as to each of which we exercise sole investment
discretion, are no longer accurate, we shall promptly notify the Depositor.

 

6.          You
are entitled to rely upon this letter and you are irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

 

	 	Very truly yours,
	 	 
	 	[NAME OF PURCHASER]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 	Date:	 

 

    	Ex. D-3

     

    

 

EXHIBIT E

 

FORM OF RECEIVABLES

 

Documents on file at:

Kirkland & Ellis LLP

300 North LaSalle Street

Chicago, IL 60654

 

 

    	Ex. E

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