Document:

EXHIBIT 4.1

 

 

 

SALE
AND SERVICING AGREEMENT

 

among

 

WORLD
OMNI AUTO RECEIVABLES TRUST 2015-B

Issuing
Entity,

 

WORLD
OMNI AUTO RECEIVABLES LLC,

Depositor,

 

and

 

WORLD
OMNI FINANCIAL CORP.,

Servicer

 

Series
2015-B

 

Dated
as of October 14, 2015

 

 

 

     

     

    

 

TABLE OF
CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I DEFINITIONS	1
	Section 1.01	Definitions	1
	 	 	 
	ARTICLE II CONVEYANCE OF RECEIVABLES	1
	Section 2.01	Conveyance of Initial Receivables	1
	Section 2.02	Intention of Parties	2
	Section 2.03	Conveyance of Subsequent Receivables	3
	 	 	 
	ARTICLE III THE RECEIVABLES	5
	Section 3.01	Representations and Warranties of World Omni with Respect to the
    Receivables	5
	Section 3.02	Repurchase upon Breach	9
	Section 3.03	Custody of Receivable Files	9
	Section 3.04	Duties of Servicer as Custodian	10
	Section 3.05	Instructions; Authority To Act	10
	Section 3.06	Custodian’s Indemnification	11
	Section 3.07	Effective Period and Termination	11
	 	 	 
	ARTICLE IV ADMINISTRATION AND
    SERVICING OF RECEIVABLES	11
	Section 4.01	Duties of Servicer	11
	Section 4.02	Collection and Allocation of Receivable Payments	12
	Section 4.03	Realization upon Receivables	12
	Section 4.04	Physical Damage Insurance	12
	Section 4.05	Maintenance of Security Interests in Financed Vehicles	13
	Section 4.06	Covenants of Servicer	13
	Section 4.07	Purchase of Receivables upon Breach	13
	Section 4.08	Servicing Fee	13
	Section 4.09	Servicer’s Certificate	14
	Section 4.10	Annual Statement as to Compliance; Item 1122 Servicing Criteria
    Assessment; Notice of Default	14
	Section 4.11	Annual Independent Certified Public Accountants’ Report	15
	Section 4.12	Access to Certain Documentation and Information Regarding Receivables	15
	Section 4.13	Servicer Expenses	15
	Section 4.14	Appointment of Subservicer	15
	Section 4.15	[Reserved]	15
	Section 4.16	Exchange Act Certifications	16
	 	 	 
	ARTICLE
    V TRUST ACCOUNTS; DISTRIBUTIONS; STATEMENTS TO CERTIFICATEHOLDERS AND NOTEHOLDERS	16
	Section 5.01	Establishment of Trust Accounts	16
	Section 5.02	Collections	20
	Section 5.03	Application of Collections	20

 

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	Section 5.04	Advances	20
	Section 5.05	Additional Deposits	21
	Section 5.06	Distributions	21
	Section 5.07	Reserve Account	23
	Section 5.08	Statements to Noteholders and Certificateholders	23
	Section 5.09	Net Deposits	25
	Section 5.10	Transfer of Certificates	25
	 	 	 
	ARTICLE VI THE DEPOSITOR	26
	Section 6.01	Representations of Depositor	26
	Section 6.02	Limited Liability Company Existence	27
	Section 6.03	Liability of Depositor; Indemnities	28
	Section 6.04	Merger or Consolidation of, or Assumption of Obligations of Depositor	30
	Section 6.05	Limitation on Liability of Depositor and Others	30
	Section 6.06	Depositor May Own Notes	30
	Section 6.07	Security Interest	30
	 	 	 
	ARTICLE VII THE SERVICER	30
	Section 7.01	Representations of Servicer	30
	Section 7.02	Indemnities of Servicer	32
	Section 7.03	Merger or Consolidation of, or Assumption of Obligations of, Servicer	33
	Section 7.04	Limitation on Liability of Servicer and Others	33
	Section 7.05	World Omni Not To Resign as Servicer	33
	 	 	 
	ARTICLE VIII DEFAULT	34
	Section 8.01	Servicer Default	34
	Section 8.02	Appointment of Successor	35
	Section 8.03	Notification to Noteholders and Certificateholders	36
	Section 8.04	Waiver of Past Defaults	36
	Section 8.05	Payment of Servicing Fees; Repayment of Advances	36
	 	 	 
	ARTICLE IX TERMINATION	36
	Section 9.01	Optional Purchase of All Receivables	36
	 	 	 
	ARTICLE X MISCELLANEOUS	37
	Section 10.01	Amendment	37
	Section 10.02	Protection of Title to Trust	38
	Section 10.03	Notices	40
	Section 10.04	Assignment by the Depositor or the Servicer	41
	Section 10.05	Limitations on Rights of Others	41
	Section 10.06	Severability	41
	Section 10.07	Separate Counterparts	41
	Section 10.08	Headings	41
	Section 10.09	Governing Law	41
	Section 10.10	Assignment by Issuing Entity	41

 

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	Section 10.11	Nonpetition Covenants	42
	Section 10.12	Limitation of Liability of Owner Trustee and Indenture Trustee	42
	Section 10.13	Regulation AB	43
	Section 10.14	Notices to the Rating Agencies	43

 

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

 

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SALE AND
SERVICING AGREEMENT

 

This
SALE AND SERVICING AGREEMENT is dated as of October 14, 2015, among WORLD OMNI AUTO RECEIVABLES TRUST 2015-B, a Delaware statutory
trust (the “Issuing Entity”), WORLD OMNI AUTO RECEIVABLES LLC, a Delaware limited liability company (the “Depositor”),
as depositor, and WORLD OMNI FINANCIAL CORP., a Florida corporation (“World Omni” or the “Servicer”).

 

WHEREAS,
World Omni has sold the Initial Receivables, and has agreed to sell Subsequent Receivables, if any, to the Depositor pursuant
to the Receivables Purchase Agreement;

 

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

 

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

 

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

 

ARTICLE
I

DEFINITIONS

 

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

 

ARTICLE
II

CONVEYANCE OF RECEIVABLES

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

(f)           the
Receivables Purchase Agreement;

 

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

 

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

 

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

 

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Section
2.03         Conveyance of Subsequent Receivables.

 

(a)          If
there is a Funding Period, subject to satisfaction of the conditions set forth in Section 2.03(b) below, in consideration
of the Issuing Entity’s delivery on the related Subsequent Transfer Date, if any, to or upon the order of the Depositor
of the amount described in Section 5.01(d) to be delivered to the Depositor and the increase in the value of the Certificates
as a result of such sale, the Depositor does hereby agree to sell, transfer, assign, set over and otherwise convey to the Issuing
Entity, without recourse (except as provided in Section 3.02), pursuant to an assignment in substantially the form of Exhibit D (a “Subsequent Transfer SSA Assignment”), all right, title and interest of the Depositor in, to and under:

 

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

 

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

 

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

 

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

 

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

 

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

 

It is the intention
of the Depositor and the Issuing Entity that the assignment and transfer contemplated by this Section 2.03 constitute (and
shall be construed and treated for all purposes, other than for tax purposes, as) a true and complete sale of such Subsequent
Receivables, if any, and the other property of the Depositor specified in Section 2.03(a) hereof, conveying good title
thereto free and clear of any liens and encumbrances, from the Depositor to the Issuing Entity. However, in the event that such
conveyance is deemed to be a pledge to secure a loan (in spite of the express intent of the parties hereto that this conveyance
constitutes, and shall be construed and treated for all purposes, other than for tax purposes, as a true and complete sale), the
Depositor hereby grants to the Issuing Entity, for the benefit of the Noteholders, a first priority perfected security interest
in all of the Depositor’s right, title and interest in, to and under the Subsequent Receivables, if any, and the other property
of the Depositor specified in Section 2.03(a) hereof whether now existing or hereafter created and all proceeds of the
foregoing to secure the loan deemed to be made in connection with such pledge and, in such event, this Agreement shall constitute
a security agreement under applicable law.

 

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

 

		(i)	the Funding
                                         Period shall not have terminated;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(c)          If
there is a Funding Period, the Depositor covenants to transfer to the Issuing Entity pursuant to Section 2.03(a) before
the termination of the Funding Period Subsequent Receivables with an aggregate Starting Principal Balance less the Yield Supplement
Overcollateralization Amount for such Subsequent Receivables as of the related Subsequent Cutoff Date equal to approximately the
result of the Pre-Funding Account Initial Deposit divided by [RESERVED]% to the extent such Receivables were transferred to the
Depositor under the Receivables Purchase Agreement.

 

ARTICLE
III

THE RECEIVABLES

 

Section
3.01         Representations and Warranties of World Omni with Respect to the
Receivables. On the Closing Date and each Subsequent Transfer Date, if any, World Omni, which sold the Receivables specified
in the related SSA Assignment on such date, hereby makes the representations and warranties set forth in Appendix B hereto
and hereby represents and warrants to the other parties hereto and to the Noteholders, with respect to such Receivables as of
the applicable Cutoff Date:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(l)          No
Default. No Receivable has a payment for which $40 or more is more than 30 days overdue as of the applicable Cutoff Date,
and, except as permitted in this paragraph, to the best of World Omni’s knowledge, no default, breach, violation or event
permitting acceleration under the terms of any Receivable has occurred and no continuing condition that with notice or the lapse
of time would constitute a default, breach, violation or event permitting acceleration under the terms of any Receivable has arisen;
and World Omni has not waived and, except as permitted hereby, shall not waive any of the foregoing.

 

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

 

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

 

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

 

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

 

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

 

(r)          Maturity
of Receivables. In the case of Initial Receivables, each such Receivable has a final maturity date not later than January
29, 2022. In the case of Subsequent Receivables, if any, each such Receivable has a final maturity date not later than [RESERVED].

 

(s)          Scheduled
Payments. As of the Initial Cutoff Date, each Receivable being purchased on the Closing Date had a first scheduled due date
on or prior to the end of the third month immediately following such Initial Cutoff Date. As of the applicable Subsequent Cutoff
Date, if any, each Subsequent Receivable being purchased during the Funding Period had or will have a first scheduled due date
on or prior to the end of the third month immediately following the applicable Subsequent Cutoff Date.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(a)          the
fully executed original Contract of such Receivable;

 

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

 

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

 

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

 

Section
3.04         Duties of Servicer as Custodian.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE
IV

ADMINISTRATION AND SERVICING OF RECEIVABLES

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section
4.08         Servicing Fee. The Servicing Fee for a Payment Date shall equal
the product of (a) one-twelfth, (b) the Servicing Fee Rate and (c) the aggregate Principal Balance of the Receivables as of the
first day of the related Collection Period; provided, however, that the Servicing Fee on the initial Payment
Date shall be prorated to compensate for the length of the initial Collection Period being longer than one month and will be equal
to $1,770,959.29. The Servicer shall also be entitled to all reimbursements for Advances as set forth in Section 5.04, Supplemental
Servicing Fees collected (from whatever source) on the Receivables, the amount of any Servicing Fee due but not distributed to
the Servicer on a prior Payment Date (including any amounts previously deferred by the Servicer as provided in this Section 4.08)
plus any reimbursement pursuant to the last paragraph of Section 7.02. The Servicer may, as long as it believes that sufficient
collections will be available from interest collections on one or more future Payment Dates to pay the Servicing Fee, by notice
to the Indenture Trustee on or before a Payment Date, elect to defer all or a portion of the Servicing Fee with respect to the
related Collection Period, without interest. If the Servicer defers all of the Servicing Fee, the Servicing Fee for such related
Collection Period will be deemed to equal zero.

 

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

 

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

 

(a)          To
the extent required by Regulation AB, the Servicer shall deliver (and shall cause each of its Reporting Subcontractors, if any,
to deliver) to the Owner Trustee, the Indenture Trustee and the Swap Counterparty, if any, on or before the date that is 90 days
after the end of each calendar year, commencing with the calendar year ended December 31, 2015, an Officer’s Certificate
as required under Item 1123 of Regulation AB, dated as of December 31 of the preceding year, stating that (i) a review of the
activities of the Servicer during the preceding calendar year (or such shorter period as shall have elapsed since the Closing
Date) and of its performance under this Agreement has been made under such officer’s supervision and (ii) to the best of
such officer’s knowledge, based on such review, the Servicer has fulfilled all its obligations under this Agreement in all
material respects throughout such reporting period, or, if there has been a failure to fulfill any such obligation in any material
respect, specifying each such failure known to such officer and the nature and status thereof. The Servicer shall send a copy
of such certificate and the report referred to in Section 4.11 to the Rating Agencies. A copy of such certificate and the
report referred to in Section 4.11 may be obtained by any Certificateholder or Noteholder by a request in writing to the
Owner Trustee addressed to the Corporate Trust Office. Upon the request of the Owner Trustee, the Indenture Trustee will promptly
furnish the Owner Trustee a list of Noteholders as of the date specified by the Owner Trustee.

 

(b)          The
Servicer shall deliver to the Owner Trustee and the Indenture Trustee, on or before the date that is 90 days after the end of
each calendar year, commencing with the calendar year ended December 31, 2015, a report, dated as of December 31 (or other applicable
date) of the preceding year, regarding the Servicer’s assessment of compliance with the Servicing Criteria during the immediately
preceding calendar year, including disclosure of any material instance of non-compliance identified by the Servicer, as described
in Rule 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Deliveries pursuant to this Section 4.10(b)
may be delivered by electronic mail.

 

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

 

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Section
4.11         Annual Independent Certified Public Accountants’ Report.
The Servicer shall cause a firm of independent certified public accountants, who may also render other services to the Servicer
or to its Affiliates, to deliver to the Servicer (who shall promptly provide the assessment described in this Section 4.11(a) to the Rating Agencies), the Indenture Trustee, the Owner Trustee and the Swap Counterparty, if any, on or before the date
that is 90 days after the end of the Servicer’s fiscal year, commencing with the fiscal year ended December 31, 2015, a
report, dated as of December 31 of the preceding fiscal year, addressed to the board of directors of the Servicer, providing its
assessment of compliance with the Servicing Criteria during the preceding fiscal year, including disclosure of any material instance
of non-compliance, as described in Rule 13a-18 or Rule 15d-18 under the Exchange Act and Item 1122(b) of Regulation AB. Such attestation
shall be in accordance with Rule 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act. Deliveries
pursuant to this Section 4.11(a) may be delivered by electronic mail.

 

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

 

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

 

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

 

Section
4.15         [Reserved].

 

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

 

ARTICLE
V

TRUST ACCOUNTS; DISTRIBUTIONS; STATEMENTS TO CERTIFICATEHOLDERS AND NOTEHOLDERS

 

Section
5.01         Establishment of Trust Accounts.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(I)         The
Securities Intermediary will promptly send copies of all statements, confirmations and other correspondence concerning the Trust
Accounts and/or any Trust Account Property simultaneously to each of the Servicer and the Indenture Trustee. The Securities Intermediary
will furnish the Servicer periodic cash transaction statements which include detail for all investment transactions effected by
the Securities Intermediary or brokers selected by the Servicer or any investment advisor. Upon the Servicer’s
election, such statements will be delivered via the Securities Intermediary’s Online Trust and Custody service and upon
electing such service, paper statements will be provided only upon request.  The Servicer waives the right to receive brokerage
confirmations of security transactions effected by the Securities Intermediary as they occur, to the extent permitted by
law.  The Servicer further understands that trade confirmations for securities transactions effected by the Securities
Intermediary will be available upon request and at no additional cost and other trade confirmations may be obtained from the applicable
broker.

 

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

 

(d)          Pre-Funding
Account. On the Closing Date, the Depositor
shall deposit in the Pre-Funding Account $0.00 (the “Pre-Funding
Account Initial Deposit”) from the net proceeds of the sale of the Notes.
On each Subsequent Transfer Date, if any, upon satisfaction of the conditions set forth in Section 2.03(b)
with respect to such transfer, the Servicer shall instruct the Indenture Trustee to withdraw from the Pre-Funding Account (i)
an amount equal to [RESERVED]% of the result of the aggregate Starting Principal
Balance of the Subsequent Receivables transferred to the Trust on such Subsequent Transfer Date less the Yield Supplement Overcollateralization
Amount with respect to such Subsequent Receivables as of the related Cutoff Date and (ii), on behalf of the Depositor, deposit
into the Reserve Account a portion of such funds equal to the Reserve Account Subsequent Transfer Deposit with respect to such
Subsequent Transfer Date and distribute the remainder to or upon the order of the Depositor as payment for such Subsequent
Receivables.

 

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

 

(e)          Negative
Carry Account. On the Closing Date, the Depositor
shall deposit in the Negative Carry Account $0.00 (the “Negative
Carry Account Initial Deposit”) from the net proceeds of the sale of the
Notes.

 

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

 

Section
5.02         Collections. The Servicer
shall remit to the Collection Account (and post such amounts to its records) within two Business Days of receipt of payment (including
receipt of proper instructions regarding where to allocate such payment) all payments by or on behalf of the Obligors with respect
to the Receivables (other than Purchased Receivables) and all Liquidation Proceeds, both as collected during the Collection Period.
Notwithstanding the foregoing, for so long as (i) World Omni remains the Servicer, (ii) no Servicer Default shall have occurred
and be continuing and (iii) the Rating Agency Condition is met, the Servicer shall remit such collections with respect to the
preceding calendar month to the Collection Account on the Payment Determination Date immediately preceding the related Payment
Date. For purposes of this Article V the phrase “payments by or on behalf of Obligors” shall mean payments
made with respect to the Receivables by Persons other than the Servicer or the Depositor.

 

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

 

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

 

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

 

Section
5.06         Distributions.

 

(i)          On
or prior to the close of business on each Payment Determination Date, the Servicer shall calculate (A) all amounts required to
be deposited in the Note Distribution Account, (B) all amounts required to be distributed to the Certificateholders, (C) all amounts
required to be transferred from the Pre-Funding Account and the Negative Carry Account, if any, and (D) the net amount payable
by or to the Trust under the Interest Rate Swaps, if any.

 

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

 

(A)         pro
rated to the applicable Swap Counterparty, the applicable Monthly Swap Payment Amount, if any;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(A)         pro
rated to the applicable Swap Counterparty, the applicable Monthly Swap Payment Amount, if any;

 

(B)         pro
rata (a) to the Holders of the Class A Notes, the aggregate accrued and unpaid interest on each Class of the Class A Notes and
(b) to the applicable Swap Counterparty, any Senior Swap Termination Payment Amount owed to such Swap Counterparty by the Trust,
if any;

 

(C)         if
the Notes have been declared to be due and payable as a result of occurrence of an Event of Default under Section 5.01(a)(i)
or (ii) of the Indenture, to the Holders of the Class A-1 Notes, the aggregate Outstanding Amount of such Notes, and
then to the Holders of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, pro rata, the aggregate Outstanding Amount
of such Notes;

 

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

 

(E)         if
the Notes have been declared to be due and payable as a result of occurrence of an Event of Default under the Indenture other
than as a result of default in payment of any interest on or principal of any Note in accordance with the Indenture, to the Holders
of the Class A-1 Notes, the aggregate Outstanding Amount of such Notes, and then to the Holders of the Class A-2 Notes, the Class
A-3 Notes and the Class A-4 Notes, pro rata, the aggregate Outstanding Amount of such Notes;

 

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

 

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

 

(H)         to
the Certificateholders, any remaining amounts.

 

Section
5.07         Reserve Account.

 

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

 

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

 

(c)          In
the event that the Total Available Funds for a Payment Date are not sufficient to make the full amount of the payments and deposits
required pursuant to Sections 5.06(ii)(A), (B), (C), (D) and (E) on such Payment Date, the
Servicer shall instruct the Indenture Trustee to withdraw from the Reserve Account on such Payment Date an amount equal to such
shortfall, to the extent of funds available therein, and pay or deposit such amount according to the priorities set forth in Section
5.06(ii). In addition, amounts will be withdrawn from the Reserve Account as provided in Section 8.02(c) and (d)
of the Indenture.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(m)          the
amount, if any, distributed to the Certificateholders and the balance of the Certificates after giving effect to all distributions
reported under this clause (m);

 

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

 

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

 

(p)          the
Noteholders’ Principal Distributable Amount;

 

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

 

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

 

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

 

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

 

(u)          the
amount of outstanding Advances on such date;

 

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

 

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

 

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

 

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

 

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

 

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

 

(bb)         the
Monthly Swap Payment Amount, the Senior Swap Termination Payment Amount and the Subordinate Swap Termination Payment Amount, if
any.

 

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

 

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

 

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

 

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ARTICLE
VI

THE DEPOSITOR

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section
6.02         Limited Liability Company Existence.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE
VII

THE SERVICER

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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ARTICLE
VIII

DEFAULT

 

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

 

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

 

(b)          failure
by the Servicer or, if the Servicer is an affiliate of the Depositor, the Depositor, as the case may be, duly to observe or to
perform in any material respect any other covenants or agreements of the Servicer or the Depositor (as the case may be) set forth
in this Agreement or any other Basic Document, which failure shall (i) materially and adversely affect the rights of Certificateholders
or Noteholders and (ii) continue unremedied for a period of 60 days after the date on which written notice of such failure, requiring
the same to be remedied, shall have been given (A) to the Servicer or the Depositor (as the case may be) by the Owner Trustee
or the Indenture Trustee or (B) to the Servicer or the Depositor (as the case may be), and to the Owner Trustee and the Indenture
Trustee by the Holders of the Notes evidencing at least a majority of the Outstanding Amount of the Controlling Securities and
the Holders (as defined in the Trust Agreement) of Certificates evidencing at least a majority of the percentage interest of the
Certificates; or

 

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

 

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

 

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

 

Section
8.02         Appointment of Successor.

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE
IX

TERMINATION

 

Section
9.01         Optional Purchase of All Receivables.

 

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

 

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

 

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

 

ARTICLE
X

MISCELLANEOUS

 

Section
10.01       Amendment.

 

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

 

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

 

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

 

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

 

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

 

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

 

Section
10.02       Protection of Title to Trust.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	39

     

    

 

(B)         on
or before March 31, in each calendar year, beginning in 2016, an Opinion of Counsel, dated as of a date during such 90-day period,
stating that, in the opinion of such counsel, either (1) all financing statements and continuation statements have been filed
that are necessary fully to preserve and protect the interest of the Trust and the Indenture Trustee in the Receivables, and reciting
the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (2) no such action shall
be necessary to preserve and protect such interest other than any action necessary (as of the date of such opinion) to be taken
in the following year to preserve and protect such interest.

 

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

 

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

 

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

 

Section
10.03      Notices. All demands,
deliveries, notices, communications and instructions upon or to the Depositor, the Servicer, the Owner Trustee, the Swap Counterparty,
if any, the Indenture Trustee or the Rating Agencies under this Agreement shall be by facsimile, in writing, personally delivered
or mailed by certified mail, return receipt requested, and shall be deemed to have been duly given upon receipt or by electronic
mail (if designated by such party to the other parties) (a) in the case of the Depositor, to World Omni Auto Receivables LLC,
190 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: (954) 429-2685, Attention: Treasurer, (b) in the case of the
Servicer, World Omni Financial Corp., 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: (954) 429-2685, Attention:
Treasurer, (c) in the case of the Issuing Entity or the Owner Trustee, at its Corporate Trust Office, Telecopy: (312) 332-7992,
Email: Edwin.Janis@usbank.com; (d) in the case of the Indenture Trustee, at its Corporate Trust Office, Telecopy: (646) 452-2001,
Email: CTNY1@unionbank.com, (e) in the case of the Rating Agencies, to the Depositor who promptly shall post such notice to the
website maintained by the Depositor for notifications to nationally recognized statistical rating organizations, and (f) in the
case of the Swap Counterparty, if any, to [RESERVED]; or, as to each of the foregoing, at such other address or electronic mail
address as shall be designated by written notice to the other parties; provided, that, so long as World Omni is
the Servicer, the Servicer’s obligation to deliver or provide any demand, delivery, notice, communication or instruction
(including the Servicer’s Certificate) to any Person other than a Noteholder shall be satisfied by the Servicer making such
demand, delivery, notice, communication or instruction available at https://via.intralinks.com/, or such other website or distribution
service or provider as the Servicer shall designate by written notice to the other parties.

 

    	40

     

    

 

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

 

Section
10.05       Limitations on Rights of Others. The provisions of this Agreement are solely
for the benefit of the Depositor, the Servicer, the Issuing Entity, the Owner Trustee, the Certificateholders, the Indenture Trustee
and the Noteholders, and nothing in this Agreement, whether express or implied, shall be construed to give to any other Person
any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants,
conditions or provisions contained herein, provided, however,
that the Swap Counterparty, if any shall be a third-party beneficiary to this
Agreement, but only to the extent that it has rights specified herein or rights with respect to this Agreement specified under
the Swap Counterparty Rights Agreement.

 

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

 

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

 

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

 

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

 

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

 

    	41

     

    

 

Section
10.11       Nonpetition Covenants.

 

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

 

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

 

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

 

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

 

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

 

    	42

     

    

 

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

 

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

 

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

 

    	43

     

    

 

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

 

	 	WORLD OMNI AUTO RECEIVABLES TRUST 2015-B
	 	 
	 	by: U.S. BANK TRUST NATIONAL ASSOCIATION,
	 	not in its individual capacity  but solely as Owner Trustee,
	 	 
	 	By:	/s/ Christopher J. Nuxoll
	 	Name: 	Christopher J. Nuxoll
	 	Title: 	Vice President
	 	 
	 	WORLD OMNI AUTO RECEIVABLES LLC,  as Depositor
	 	 
	 	By:	/s/ Bryan Romano
	 	Name: 	Bryan Romano
	 	Title: 	Assistant Treasurer
	 	 
	 	WORLD OMNI FINANCIAL CORP., as Servicer
	 	 
	 	By:	/s/ Bryan Romano 
	 	Name: 	Bryan Romano
	 	Title: 	Assistant Treasurer

 

    	44

     

    

 

	Acknowledged and agreed to as of the day and year first
    above written:	 
	 	 
	MUFG UNION BANK, N.A.

    not in its individual capacity but solely as Indenture Trustee	 
	 	 
	By:	/s/ Enrico Reyes	 
	Name: 	Enrico Reyes	 
	Title: 	Vice President	 

 

    	45

     

    

 

SCHEDULE A

 

Schedule of
Receivables

 

 

Documents on
file at:

 

Kirkland &
Ellis LLP

300 North LaSalle
Street

Chicago, Illinois
60654

 

    	Sch. A

     

    

 

SCHEDULE B

 

Location of
Receivable Files

 

 

World Omni Financial
Corp.

6150 Omni Park
Drive

Mobile, Alabama
36609

 

and

 

RecordMax LLC

2051 West I-65
Service Rd. N.

Mobile, AL 36618

 

and

 

RecordMax Mobile,
LLC

551 Western
Dr.

Mobile, Alabama
36607

 

    	Sch. B

     

    

 

EXHIBIT A

 

Form of
Distribution Statement to Noteholders

 

World Omni
Financial Corp.

 

World Omni Auto Receivables Trust
2015-B Payment Date Statement to Noteholders

 

Total Available Funds

 

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

 

Outstanding Amount

Class A-1 Notes

Class A-2a Notes

Class A-2b Notes

Class A-3 Notes

Class A-4 Notes

Class B Notes

 

Note Pool Factor

Class A-1 Notes

Class A-2a Notes

Class A-2b Notes

Class A-3 Notes

Class A-4 Notes

Class B Notes

 

Servicing Fee

Servicing Fee Per $1,000 Note

 

Reserve Account Balance

 

    	Ex. A

     

    

 

EXHIBIT B

 

Form of Servicer’s
Certificate

 

World Omni Financial Corp.

World Omni Auto Receivables Trust
2015-B Monthly Servicer’s Certificate

 

	World Omni Auto Receivables Trust 2015-B	 	 	 	 	 	 
	Monthly Servicer Certificate	 	 	 	 	 	 
	mm/dd/yyyy	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Dates Covered	 	 	 	 	 	 
	Collections Period	 	 	 	 	 	 
	Interest Accrual Period	 	 	 	 	 	 
	30/360 Days	 	 	 	 	 	 
	Actual/360 Days	 	 	 	 	 	 
	Distribution Date	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Collateral Pool Balance Data	 	$ Amount	 	 	# of Accounts	 
	Pool Balance at mm/dd/yy	 	 	 	 	 	 	 	 
	Yield Supplement Overcollateralization Amount at mm/dd/yy	 	 	 	 	 	 	 	 
	Receivables Balance at mm/dd/yy	 	 	 	 	 	 	 	 
	Principal Payments	 	 	 	 	 	 	 	 
	Defaulted Receivables	 	 	 	 	 	 	 	 
	Repurchased Accounts	 	 	 	 	 	 	 	 
	Yield Supplement Overcollateralization Amount at mm/dd/yy	 	 	 	 	 	 	 	 
	Pool Balance at mm/dd/yy	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Pool Statistics	 	$ Amount	 	 	# of Accounts	 
	Initial Receivables Balance	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Pool Factor	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Prepayment ABS Speed	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Overcollateralization Target Amount	 	 	 	 	 	 	 	 
	Actual Overcollateralization	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Weighted Average APR	 	 	 	 	 	 	 	 

 

    	Ex. B-1

     

    

 

	Weighted Average APR Yield Adjusted	 	 	 	 	 	 	 	 
	Weighted Average Remaining Term	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Delinquent Receivables:	 	 	 	 	 	 	 	 
	Past Due 31-60 days	 	 	 	 	 	 	 	 
	Past Due 61-90 days	 	 	 	 	 	 	 	 
	Past Due 91 + days	 	 	 	 	 	 	 	 
	Total	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Total 31+ Delinquent as % Ending Pool Balance	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Recoveries	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Aggregate Net Losses/(Gains) - mm/yyyy	 	 	 	 	 	 	 	 
	Current Net Loss Ratio (Annualized)	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Cumulative Net Loss as % Initial Receivables Balance	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Flow of Funds	 	$ Amount	 	 	 	 
	 	 	 	 	 	 	 
	Collections	 	 	 	 	 	 	 	 
	Advances	 	 	 	 	 	 	 	 
	Investment Earnings on Cash Accounts	 	 	 	 	 	 	 	 
	Servicing Fee	 	 	 	 	 	 	 	 
	Interest Rate Swap Receipt (if any)	 	 	 	 	 	 	 	 
	Transfer to Collection Account	 	 	 	 	 	 	 	 
	Available Funds	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Distributions of Available Funds	 	 	 	 	 	 	 	 
	(1) Monthly Swap Payment Amount (if any)	 	 	 	 	 	 	 	 
	(2) Class A Interest	 	 	 	 	 	 	 	 
	(3) Noteholders’ First Priority Principal Distributable Amount	 	 	 	 	 	 	 	 
	(4) Class B Interest	 	 	 	 	 	 	 	 
	(5) Required Reserve Account	 	 	 	 	 	 	 	 
	(6) Noteholders’ Second Priority Principal Distributable Amount	 	 	 	 	 	 	 	 
	(7) Required Reserve Account	 	 	 	 	 	 	 	 
	(8) Noteholders’ Principal Distributable Amount	 	 	 	 	 	 	 	 
	(9) Distribution to Certificateholders	 	 	 	 	 	 	 	 

 

    	Ex. B-2

     

    

 

	Total Distributions of Available Funds	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Servicing Fee	 	 	 	 	 	 	 	 
	Unpaid Servicing Fee	 	 	 	 	 	 	 	 
	Change in amount of Unpaid Servicing Fee from the prior period	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Note Balances & Note Factors	 	$ Amount	 	 	 	 
	 	 	 	 	 	 	 
	Original Class A	 	 	 	 	 	 	 	 
	Original Class B	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Total Class A & B	 	 	 	 	 	 	 	 
	Note Balance @ mm/dd/yy	 	 	 	 	 	 	 	 
	Principal Paid	 	 	 	 	 	 	 	 
	Note Balance @ mm/dd/yy	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Class A-1	 	 	 	 	 	 	 	 
	Note Balance @ mm/dd/yy	 	 	 	 	 	 	 	 
	Principal Paid	 	 	 	 	 	 	 	 
	Note Balance @ mm/dd/yy	 	 	 	 	 	 	 	 
	Note Factor @ mm/dd/yy	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Class A-2a	 	 	 	 	 	 	 	 
	Note Balance @ mm/dd/yy	 	 	 	 	 	 	 	 
	Principal Paid	 	 	 	 	 	 	 	 
	Note Balance @ mm/dd/yy	 	 	 	 	 	 	 	 
	Note Factor @ mm/dd/yy	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Class A-2b	 	 	 	 	 	 	 	 
	Note Balance @ mm/dd/yy	 	 	 	 	 	 	 	 
	Principal Paid	 	 	 	 	 	 	 	 
	Note Balance @ mm/dd/yy	 	 	 	 	 	 	 	 
	Note Factor @ mm/dd/yy	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Class A-3	 	 	 	 	 	 	 	 
	Note Balance @ mm/dd/yy	 	 	 	 	 	 	 	 
	Principal Paid	 	 	 	 	 	 	 	 
	Note Balance @ mm/dd/yy	 	 	 	 	 	 	 	 
	Note Factor @ mm/dd/yy	 	 	 	 	 	 	 	 

 

    	Ex. B-3

     

    

 

	Class A-4	 	 	 	 	 	 	 	 
	Note Balance @ mm/dd/yy	 	 	 	 	 	 	 	 
	Principal Paid	 	 	 	 	 	 	 	 
	Note Balance @ mm/dd/yy	 	 	 	 	 	 	 	 
	Note Factor @ mm/dd/yy	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Class B	 	 	 	 	 	 	 	 
	Note Balance @ mm/dd/yy	 	 	 	 	 	 	 	 
	Principal Paid	 	 	 	 	 	 	 	 
	Note Balance @ mm/dd/yy	 	 	 	 	 	 	 	 
	Note Factor @ mm/dd/yy	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Interest & Principal Payments	 	$ Amount	 	 	 	 
	 	 	 	 	 	 	 
	Total Interest Paid	 	 	 	 	 	 	 	 
	Total Principal Paid	 	 	 	 	 	 	 	 
	Total Paid	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Class A-1	 	 	 	 	 	 	 	 
	Coupon	 	 	 	 	 	 	 	 
	Interest Paid	 	 	 	 	 	 	 	 
	Principal Paid	 	 	 	 	 	 	 	 
	Total Paid to A-1 Holders	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Class A-2a	 	 	 	 	 	 	 	 
	Coupon	 	 	 	 	 	 	 	 
	Interest Paid	 	 	 	 	 	 	 	 
	Principal Paid	 	 	 	 	 	 	 	 
	Total Paid to A-2a Holders	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Class A-2b	 	 	 	 	 	 	 	 
	One-Month LIBOR	 	 	 	 	 	 	 	 
	Coupon	 	 	 	 	 	 	 	 
	Interest Paid	 	 	 	 	 	 	 	 
	Principal Paid	 	 	 	 	 	 	 	 
	Total Paid to A-2b Holders	 	 	 	 	 	 	 	 

 

    	Ex. B-4

     

    

 

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

 

    	Ex. B-5

     

    

 

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

 

    	Ex. B-6

     

    

 

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

 

    	Ex. B-7

     

    

  

EXHIBIT
C

 

Form of
Initial SSA Assignment

 

As
of October 14, 2015, for value received, in accordance with the Sale and Servicing Agreement, dated as of the date hereof (the
“Sale and Servicing Agreement”), among World Omni Auto Receivables LLC, a Delaware limited liability company
(the “Depositor”), World Omni Auto Receivables Trust 2015-B (the “Issuing Entity”) and World
Omni Financial Corp., a Florida corporation, (the “Servicer”), as acknowledged and accepted by MUFG Union Bank,
N.A., as Indenture Trustee, the Depositor does hereby sell, assign, transfer and otherwise convey unto the Issuing Entity, without
recourse, all right, title and interest of the Depositor in, to and under (a) the Initial Receivables identified on the Schedule
of Receivables attached hereto having an aggregate Starting Principal Balance of $1,080,585,328.57 and all monies received thereon
and in respect thereof after the Initial Cutoff Date; (b) the security interests in, and the liens on, the Financed Vehicles granted
by Obligors in connection with the Initial Receivables and any other interest of the Depositor in such Financed Vehicles; (c)
any proceeds with respect to the Initial Receivables from claims on any physical damage, credit life or disability insurance policies
covering such Financed Vehicles or Obligors; (d) any Financed Vehicle that shall have secured an Initial Receivable and shall
have been acquired by or on behalf of the Depositor, the Servicer or the Trust; (e) all funds on deposit in, and “financial
assets” (as such term is defined in the Uniform Commercial Code as from time to time in effect) credited to, the Trust Accounts,
including the Reserve Account, the Negative Carry Account, if any, and the Pre-Funding Account, if any, from time to time, including
the Reserve Account Initial Deposit, any Reserve Account Subsequent Transfer Deposit, the Negative Carry Account Initial Deposit,
if any, and the Pre-Funding Account Initial Deposit, if applicable, and in all investments and proceeds thereof (including all
income thereon); (f) the Receivables Purchase Agreement; (g) all “accounts,” “chattel paper,” “general
intangibles” and “promissory notes” (as such terms are defined in the Uniform Commercial Code as from time to
time in effect) constituting or relating to the foregoing; and (h) the proceeds of any and all of the foregoing (including Liquidation
Proceeds); provided, however, that the foregoing items (a) through (h) shall not include the
Notes and Certificates.

 

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

 

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

 

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

 

*  *  *  *  *

 

    	Ex. C-1

     

    

 

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

 

	 	WORLD OMNI AUTO RECEIVABLES LLC
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

 

    	Ex. C-2

     

    

 

EXHIBIT
D

 

Form of
Subsequent Transfer SSA Assignment

 

As
of ___________, for value received, in accordance with the Sale and Servicing Agreement, dated as of October 14, 2015 (the “Sale
and Servicing Agreement”), among World Omni Auto Receivables LLC, a Delaware limited liability company (the “Depositor”),
World Omni Auto Receivables Trust 2015-B (the “Issuing Entity”) and World Omni Financial Corp., a Florida corporation,
(the “Servicer”), as acknowledged and accepted by MUFG Union Bank, N.A., as Indenture Trustee, the Depositor
does hereby sell, assign, transfer and otherwise convey unto the Issuing Entity, without recourse, all right, title and
interest of the Depositor in, to and under (a) the Subsequent Receivables identified on the Schedule of Receivables attached hereto
having an aggregate Starting Principal Balance of $______and all monies received thereon and in respect thereof after the close
of business on _____, 20__; (b) the security interests in, and the liens on, the Financed Vehicles granted by Obligors in connection
with such Subsequent Receivables and any other interest of the Depositor in such Financed Vehicles; (c) any proceeds with respect
to the Subsequent Receivables from claims on any physical damage, credit life or disability insurance policies covering such Financed
Vehicles or Obligors; (d) any Financed Vehicle that shall have secured such Subsequent Receivable and shall have been acquired
by or on behalf of the Depositor, the Servicer or the Trust; (e) all “accounts,” “chattel paper,” “general
intangibles” and “promissory notes” (as such terms are defined in the Uniform Commercial Code as from time to
time in effect) constituting or relating to the foregoing; and (f) the proceeds of any and all of the foregoing (including Liquidation
Proceeds); provided, however, that the foregoing items (a) through (f) shall not include the
Notes and Certificates.

 

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

 

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

 

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

 

*  *  *  *  *

 

    	Ex. D-1

     

    

 

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

 

	 	WORLD OMNI AUTO RECEIVABLES LLC
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	Ex. D-2

     

    

 

APPENDIX A

 

PART I - DEFINITIONS

 

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

 

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

 

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

 

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

 

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

 

“Advance”
has the meaning assigned in Section 5.04 of the Sale and Servicing Agreement.

 

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

 

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

 

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

 

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

 

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

 

    	App. A-1

     

    

 

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

 

“Available
Funds” means, with respect to any Payment Date, (1) the sum of the following amounts, without duplication, with respect
to the Receivables in respect of the Collection Period preceding such Payment Date: (a) all collections on Receivables, (b) Advances,
(c) all Liquidation Proceeds attributable to the Receivables that became Liquidated Receivables during such Collection Period in
accordance with the Servicer’s customary servicing procedures and all Recoveries, (d) the Purchase Amount of each Receivable
that became a Purchased Receivable as of the last day of the related Collection Period, (e) partial prepayments relating to refunds
of warranty or insurance financed by the respective Obligor thereon as part of the original contract and only to the extent not
included under clause (a) above, (f) amounts on deposit in the Reserve Account after giving effect to all other deposits
and withdrawals thereto or therefrom on the Payment Date relating to such Collection Period in excess of the Required Reserve Amount,
(g) amounts on deposit in the Negative Carry Account, if any, after giving effect to all other deposits and withdrawals thereto
and therefrom on the Payment Date relating to such Collection Period in excess of the Required Negative Carry Account Balance,
(h) Investment Earnings for the related Payment Date, (i) any Collection Account Redeposits for the related Payment Date, (j) all
amounts received from the Indenture Trustee pursuant to Section 5.04 of the Indenture and (k) the net amount paid to the
Trust under the Interest Rate Swaps since the preceding Payment Date, if any, minus (2) the Servicing Fee, reimbursements
for Advances and other amounts payable to the Servicer pursuant to Section 4.08 of the Sale and Servicing Agreement for
the related Payment Date (unless the Servicer elects to defer part or all of such fee); provided, however, that
in calculating Available Funds all payments and proceeds (including Liquidation Proceeds) of any Purchased Receivables the Purchased
Amount of which has been included in Available Funds in a prior Collection Period shall be excluded. Available Funds for each Payment
Date will not include, and the amount of Available Funds will not be reduced by, the amount of any Supplemental Servicing Fees.

 

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

 

“Basic Documents”
means the Indenture, the Certificate of Trust, the Trust Agreement, the Sale and Servicing Agreement, the Receivables Purchase
Agreement, the Administration Agreement, the Note Depository Agreement, the Interest Rate Swaps, if any, the Swap Counterparty
Rights Agreement, if any, and other documents and certificates delivered in connection therewith.

 

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

 

    	App. A-2

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		·	the related Interest Rate; and

 

    	App. A-3

     

    

 

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

 

Interest due on the
initial Payment Date will be $231,466.67 for the Class A-2a Notes, $300,235.00 for the Class A-3 Notes and $198,055.56 for the
Class A-4 Notes.

 

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

 

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

 

		·	the related Interest Rate; and

 

		·	the actual number of days since the previous Payment Date (or, in the case of the initial Payment
Date, since the Closing Date) divided by 360.

 

Interest due on the
initial Payment Date will be $81,180.00 for the Class A-1 Notes, and $72,327.06 for the Class A-2b Notes.

 

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

 

“Class A-1
Final Scheduled Payment Date” means the October 17, 2016 Payment Date.

 

“Class A-1
Interest Rate” means 0.41000% per annum computed on the basis of the actual number of days elapsed and on a 360 day year.

 

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

 

“Class A-1
Notes” means the Class A-1 0.41000% Asset-Backed Notes, substantially in the form of Exhibit A-1 to
the Indenture.

 

“Class A-2
Final Scheduled Payment Date” means the July 15, 2019 Payment Date.

 

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

 

“Class A-2
Notes” means the Class A-2a Notes and the Class A-2b Notes.

 

“Class A-2a
Interest Rate” means 0.96% per annum computed on the basis of a 360 day year of twelve 30 day months.

 

    	App. A-4

     

    

 

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

 

“Class A-2a
Notes” means the Class A-2a 0.96% Asset-Backed Notes, substantially in the form of Exhibit A-2a to the
Indenture.

 

“Class A-2b
Interest Rate” means with respect to any Payment Date, One-Month LIBOR for the related Payment Date plus 0.40% per annum
computed on the basis of the actual number of days elapsed and on a 360 day year.

 

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

 

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

 

“Class A-3
Final Scheduled Payment Date” means the December 15, 2020 Payment Date.

 

“Class A-3
Interest Rate” means 1.49% per annum computed on the basis of a 360 day year of twelve 30 day months.

 

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

 

“Class A-3
Notes” means the Class A-3 1.49% Asset-Backed Notes, substantially in the form of Exhibit A-3 to the
Indenture.

 

“Class A-4
Final Scheduled Payment Date” means the January 17, 2022 Payment Date.

 

“Class A-4
Interest Rate” means 1.84% per annum computed on the basis of a 360 day year of twelve 30 day months.

 

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

 

“Class A-4
Notes” means the Class A-4 1.84% Asset-Backed Notes, substantially in the form of Exhibit A-4 to the
Indenture.

 

“Class B Final
Scheduled Payment Date” means the August 15, 2022 Payment Date.

 

“Class B Interest
Rate” means 2,15% per annum computed on the basis of a 360 day year of twelve 30 day months.

 

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

 

    	App. A-5

     

    

 

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

 

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

 

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

 

		·	the Outstanding Principal Balance of the Class B Notes;

 

		·	the Class B Interest Rate; and

 

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

 

Interest due on the
initial Payment Date will be $39,175.39 for the Class B Notes.

 

“Class B Notes”
means the Class B 2.15% Asset-Backed Notes substantially in the form of Exhibit B to the Indenture.

 

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

 

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

 

“Closing Date”
shall mean October 14, 2015.

 

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

 

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

 

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

 

    	App. A-6

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Corporate
Trust Office” means:

 

(a)          with
respect to the Indenture Trustee, the corporate trust office of the Indenture Trustee located at 1251 Avenue of the Americas, 19th
Floor, New York, New York 10020, Telecopy: (646) 452-2001, Email: CTNY1@unionbank.com, or at such other address or electronic mail
address as the Indenture Trustee may designate from time to time by notice to the Noteholders and the Issuing Entity, or the principal
corporate trust office of any successor Indenture Trustee at the address or electronic mail address designated by such successor
Indenture Trustee by notice to the Noteholders and the Issuing Entity; and

 

(b)          with
respect to the Owner Trustee, the corporate trust office of the Owner Trustee located at U.S. Bank Trust National Association,
300 Delaware Avenue, 9th Floor, Wilmington, Delaware 19801, Attn: World Omni Auto Receivables Trust 2015-B, with a copy to U.S.
Bank Trust National Association, Mail Code MK-IL-SL7R, 190 S. LaSalle Street, 7th Floor, Chicago, Illinois 60603, Attention: Corporate
Trust Services World Omni Auto Receivables Trust 2015-B, Telecopy: (312) 332-7992, or at such other address or electronic mail
address as the Owner Trustee may designate by notice to the Certificateholders and the Depositor, or the principal corporate trust
office of any successor Owner Trustee at the address or electronic mail address designated by such successor Owner Trustee by notice
to the Certificateholders and the Depositor.

 

“Cutoff Date”
means with respect to an Initial Receivable, the Initial Cutoff Date, and with respect to a Subsequent Receivable, the related
Subsequent Cutoff Date.

 

    	App. A-7

     

    

 

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

 

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

 

“Defaulted
Receivable” means a Receivable as to which (a) $40 or more of a monthly payment is 120 or more days past due and the
Servicer has not repossessed the related Financed Vehicle or (b) the Servicer has, in accordance with its customary servicing procedures,
determined that eventual payment in full is unlikely and has either repossessed and liquidated the related Financed Vehicle or
repossessed and held the related Financed Vehicle in its repossession inventory for 45 days, whichever occurs first. The Principal
Balance of any Receivable that becomes a Defaulted Receivable will be deemed to be zero as of the date it becomes a Defaulted Receivable.

 

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

 

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

 

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

 

    	App. A-8

     

    

 

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

 

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

 

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

 

“Early Termination
Date” has the meaning specified in Section 14 of the applicable Interest Rate Swap, if any.

 

    	App. A-9

     

    

 

“Eligible
Deposit Account” means either (a) a segregated account with an Eligible Institution or (b) a segregated trust account
with the corporate trust department of a depository institution organized under the laws of the United States of America or any
one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers
and acting as trustee for funds deposited in such account, so long as any of the securities of such depository institution shall
have a credit rating of BBB or better by Standard & Poor’s and, if rated by Fitch, in one of its generic rating categories
that signifies investment grade.

 

“Eligible
Institution” means

 

(a) the corporate trust
department of the Indenture Trustee or

 

(b) a depository institution
or trust company organized under the laws of the United States of America or any one of the states thereof, or the District of
Columbia (or any domestic branch of a foreign bank), which at all times (i) has either (A) a long-term unsecured debt rating of
AA or better by Fitch (if rated by Fitch), AA or better by Standard & Poor’s, or such other rating that is acceptable
to each Rating Agency, as evidenced by a letter from such Rating Agency to the Indenture Trustee or (B) a certificate of deposit
rating of F-1 by Fitch (if rated by Fitch), A-1+ by Standard & Poor’s, or such other rating that is acceptable to
each Rating Agency, as evidenced by a letter from such Rating Agency to the Indenture Trustee and (ii) whose deposits are insured
by the FDIC.

 

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

 

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

 

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

 

    	App. A-10

     

    

 

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

 

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

 

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

 

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

 

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

 

    	App. A-11

     

    

 

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

 

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

 

(j)          auction
rate securities issued with a rate reset mechanism and a maximum term of 30 days; provided that investment will be
limited to those issuers having the AAA credit rating of Fitch (if rated by Fitch) and Standard & Poor’s; and

 

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

 

Notwithstanding anything
to the contrary contained in the foregoing definition:

 

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

 

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

 

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

 

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

 

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

 

    	App. A-12

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“FDIC”
means the Federal Deposit Insurance Corporation.

 

“Final
Prospectus” shall mean the prospectus dated October 1, 2015, as supplemented by the prospectus supplement dated
October 7, 2015, relating to the Notes.

 

“Final Scheduled
Maturity Date” means in the case of an Initial Receivable, January 29, 2022, or, in the case of a Subsequent Receivable,
[reserved].

 

    	App. A-13

     

    

 

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

 

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

 

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

 

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

 

“Funding Period”
means, if the Pre-Funding Account Initial Deposit is greater than zero, the period beginning on and including the Closing Date
and ending on the first to occur of (a) the date on which the amount on deposit in the Pre-Funding Account (after giving effect
to any transfers therefrom in connection with the transfer of Subsequent Receivables to the Issuing Entity on such Payment Date)
is not greater than $100,000, (b) the date on which an Event of Default or a Servicer Default occurs, (c) the date on which an
Insolvency Event occurs with respect to WOAR or World Omni or (d) the last Business Day of [RESERVED]. If the Pre-Funding Account
Initial Deposit is zero, there will be no Funding Period.

 

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

 

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

 

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

 

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

 

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

 

    	App. A-14

     

    

 

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

 

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

 

“Initial Aggregate
Starting Principal Balance” means $1,080,585,328.57.

 

“Initial Cutoff
Date” means September 1, 2015.

 

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

 

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

 

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

 

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

 

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

 

    	App. A-15

     

    

 

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

 

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

 

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

 

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

 

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

 

“Issuing Entity”
means World Omni Auto Receivables Trust 2015-B until a successor replaces it and, thereafter, means the successor and, for purposes
of any provision contained in the Indenture and required by the TIA, each other obligor on the Notes.

 

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

 

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

 

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

 

“Liquidated
Receivable” means any Receivable liquidated by the Servicer through the sale of a Financed Vehicle or otherwise.

 

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

 

    	App. A-16

     

    

 

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

 

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

 

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

 

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

 

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

 

“Negative
Carry Account Initial Deposit” means cash or Eligible Investments having a value of $0.00.

 

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

 

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

 

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

 

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

 

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

 

    	App. A-17

     

    

 

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

 

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

 

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

 

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

 

“Noteholders”
shall mean the holders of the Notes.

 

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

 

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

 

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

 

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

 

    	App. A-18

     

    

 

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

 

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

 

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

 

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

 

“One-Month
LIBOR” means, for any Payment Date, the rate per annum of deposits in United States dollars having a one month maturity
that appears on Bloomberg Screen US00001M Index Page (or the successor page or screen as may replace that page or screen or that
service) at approximately 11:00 a.m., London time on the related LIBOR Determination Date. Notwithstanding the foregoing, in the
event that no rate for one-month United States dollar deposits appears on Bloomberg Screen US00001M Index Page (or the successor
page or screen as may replace that page or screen or that service) on the applicable LIBOR Determination Date, then One-Month LIBOR
shall be the arithmetic mean (rounded upwards to the nearest one-sixteenth of 1%) of the rates at which one-month United States
dollar deposits are offered to prime banks in the London interbank market by four major banks in that market selected by the Servicer
as of the LIBOR Determination Date and time specified above. If fewer than two quotations are provided by such banks, then One-Month
LIBOR shall be the arithmetic mean (rounded upwards as above) of the rates at which one-month loans in United States dollars are
offered to leading European banks by three major banks in New York City selected by the Servicer as of 11:00 a.m. New York City
time on the applicable LIBOR Determination Date. If no such quotation can be obtained, One-Month LIBOR for such Payment Date will
be One-Month LIBOR that was determined with respect to the prior Payment Date.

 

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

 

    	App. A-19

     

    

 

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

 

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

 

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

 

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

 

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

 

“Outstanding
Advances” means all Advances by the Servicer minus all reimbursements of Advances to the Servicer pursuant to Section
4.08 and Section 5.04 of the Sale and Servicing Agreement.

 

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

 

“Overcollateralization
Target Amount” means, with respect to any Payment Date, an amount equal to 4.50% of the aggregate Principal Balance of
the Receivables as of the end of the related Collection Period less the Yield Supplement Overcollateralization Amount of those
Receivables as of the last day of the related Collection Period, but not less than the result of 1.00% of the Aggregate Starting
Principal Balance of the Receivables minus the Yield Supplement Overcollateralization Amount as of the applicable Cutoff Date.

 

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

 

    	App. A-20

     

    

 

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

 

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

 

“Payment Date”
means, with respect to each Collection Period, the fifteenth day of the following month or, if such day is not a Business Day,
the immediately following Business Day. The initial Payment Date will be November 16, 2015.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Pool Balance”
means, as of any Payment Date, the aggregate Principal Balance of the Receivables as of the last day of the related Collection
Period less the Yield Supplement Overcollateralization Amount as of such day of the related Collection Period after giving effect
to all payments of principal received from obligors and Purchase Amounts to be remitted by the Servicer or the Depositor, as the
case may be, plus amounts, if any, on deposit in the Pre-Funding Account, if any, as of the last day of the related Collection
Period (after giving effect to any withdrawals therefrom on such date in connection with the purchase of Subsequent Receivables),
for such Collection Period, and after reduction to zero of the aggregate outstanding Principal Balance of any Receivable that became
a Defaulted Receivable during the related Collection Period.

 

    	App. A-21

     

    

 

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

 

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

 

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

 

“Pre-Funding
Account Initial Deposit” means Cash or Eligible Investments having a value of $0.00.

 

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

 

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

 

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

 

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

 

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

 

    	App. A-22

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	App. A-23

     

    

 

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

 

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

 

“Reporting
Officer” means, with respect to the Indenture Trustee, any officer within the Corporate Trust Office of the Indenture
Trustee, including any Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary or any other officer,
employee or other person of the Indenture Trustee customarily performing functions similar to those performed by any of the above
designated officers and, with respect to each, having direct responsibility for the administration of the Indenture and also, with
respect to a particular matter, any other officer, employee or other person to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject, or, with respect to the Owner Trustee, any officer, employee or other
person within the Corporate Trust Office of the Owner Trustee having direct responsibility for the administration of the Trust
Agreement.

 

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

 

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

 

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

 

“Required
Rate” means (i) with respect to the Cutoff Date and any Payment Date on or prior to the date on which the Outstanding
Amount of the Class A-2b Notes is paid in full, 5.25% per annum, and (ii) with respect to any Payment Date after the date on which
the Outstanding Amount of the Class A-2b Notes is paid in full, 4.75%, or, in each case, such other rate as shall be approved by
the Rating Agencies.

 

“Required
Rating” means a rating on commercial paper or other short term unsecured debt obligations of F-1 by Fitch (if rated by
Fitch) so long as Fitch is a Rating Agency and A-1+ by Standard & Poor’s so long as Standard & Poor’s
is a Rating Agency; and any requirement that deposits or debt obligations have the “Required Rating” shall mean that
such deposits or debt obligations have the foregoing required ratings from Fitch (if rated by Fitch) and Standard & Poor’s.

 

    	App. A-24

     

    

 

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

 

“Required
Reserve Amount” means, with respect to any Payment Date, the lesser of (a) 0.25% of the difference of the Aggregate Starting
Principal Balance less the Yield Supplement Overcollateralization Amount as of the applicable Cutoff Date of all Receivables transferred
to the Trust and (b) the Outstanding Amount of the Notes.

 

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

 

“Reserve Account
Initial Deposit” means cash or Eligible Investments having a value of $2,581,024.89.

 

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

 

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

 

“Retained
Notes” means [RESERVED].

 

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

 

“Sale and
Servicing Agreement” means the Sale and Servicing Agreement, dated as of the Closing Date, among the Issuing Entity,
the Depositor and World Omni, as Servicer, as amended from time to time.

 

“Schedule
of Receivables” shall mean each schedule attached to an RPA Assignment or an SSA Assignment specifying the Receivables
being transferred, as such Schedule may be amended from time to time.

 

“Secretary
of State” shall mean the Secretary of State of the State of Delaware.

 

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

 

    	App. A-25

     

    

 

“Securitization
Transaction” means any transaction effected after the Closing Date involving an issuance of notes pursuant to the Indenture,
whether publicly offered or privately placed, rated or unrated.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Servicing
Fee Rate” means 1% per annum.

 

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

 

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

 

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

 

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

 

“SSA Assignment”
means the Initial SSA Assignment and any Subsequent Transfer SSA Assignment.

 

“Standard &
Poor’s” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC
business, or its successor.

 

    	App. A-26

     

    

 

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

 

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

 

“Statutory
Trust Act” shall mean Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801
et seq., as the same may be amended from time to time.

 

“Subcontractor”
shall mean any vendor, subcontractor or other Person that is not responsible for the overall servicing (as “servicing”
is commonly understood by participants in the mortgage-backed securities market) of Receivables but performs one or more discrete
functions identified in Item 1122(d) of Regulation AB with respect to the Receivables under the direction or authority of the Servicer
or the Indenture Trustee.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Successor
Servicer” has the meaning specified in Section 3.07(e) of the Indenture.

 

“Supplemental
Servicing Fees” means late fees, any prepayment charges, phone pay fees and other administrative fees or similar charges
allowed by applicable law with respect to the Receivables collected from Obligors during the related Collection Period.

 

    	App. A-27

     

    

 

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

 

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

 

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

 

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

 

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

 

“Transferor
Certificate” has the meaning assigned in Section 2.04(a) of the Indenture.

 

“Treasury
Regulations” shall mean regulations, including proposed or temporary Regulations, promulgated under the Code. References
herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations
or other successor Treasury Regulations.

 

“Trust”
means World Omni Auto Receivables Trust 2015-B, a Delaware statutory trust.

 

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

 

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

 

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

 

    	App. A-28

     

    

 

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

 

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

 

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

 

“Trust Officer”
means, in the case of the Indenture Trustee, any Officer within the Corporate Trust Office of the Indenture Trustee, including
any Vice President, Assistant Vice President, Secretary, Assistant Secretary or any other officer of the Indenture Trustee customarily
performing functions similar to those performed by any of the above designated officers and also, with respect to a particular
matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the
particular subject and, with respect to the Owner Trustee, any officer within the Corporate Trust Office of the Owner Trustee with
direct responsibility for the administration of the Trust Agreement and the Basic Documents on behalf of the Owner Trustee.

 

“Trustee Bank”
means U.S. Bank Trust National Association in its individual capacity, each bank appointed as successor Owner Trustee under the
Trust Agreement in its individual capacity and each bank appointed as co-trustee under and to the extent provided in the Trust
Agreement in its individual capacity.

 

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

 

“U.S. Person”
means:

 

(a) a citizen or resident
of the United States for U.S. federal income tax purposes;

 

(b) an entity treated
as a corporation or partnership for U.S. federal income tax purposes, except to the extent provided in applicable U.S. Department
of Treasury regulations, created or organized in or under the laws of the United States, any state or the District of Columbia,
including an entity treated as a corporation or partnership for U.S. federal income tax purposes;

 

(c) an estate the income
of which is subject to U.S. federal income taxation regardless of its source;

 

(d) an entity treated
as a trust for U.S. federal income tax purposes if a court within the United States is able to exercise primary supervision over
the administration of such trust, and one or more such U.S. Persons have the authority to control all substantial decisions of
such trust; or

 

    	App. A-29

     

    

 

(e) to the extent provided
in applicable U.S. Department of Treasury regulations, certain trusts in existence on August 20, 1996, which are eligible to elect
to be treated as U.S. Persons.

 

“WOAR”
means World Omni Auto Receivables LLC, a Delaware limited liability company, or its successors.

 

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

 

“Yield Supplement
Overcollateralization Amount” means, with respect to any calendar month and the related Payment Date, or with respect
to the Initial Cutoff Date or any Subsequent Cutoff Date, the aggregate amount by which the Principal Balance as of the last day
of such calendar month or the respective Cutoff Date of each of the related Receivables with an APR as stated in the related Contract
of less than the Required Rate, other than a Defaulted Receivables, exceeds the present value, calculated by using a discount rate
equal to the Required Rate, of each scheduled payment of each such Receivables assuming such scheduled payment is made on the last
day of each month and each month has 30 days.

 

    	App. A-30

     

    

 

APPENDIX A

 

PART II - RULES OF CONSTRUCTION

 

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

 

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

 

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

 

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

 

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

 

    	App. A-31

     

    

 

(F)         Including.
Whenever the term “including” (whether or not that term is followed by the phrase “but not limited to”
or “without limitation” or words of similar effect) is used in this Appendix or the Basic Documents in connection with
a listing of items within a particular classification, that listing will be interpreted to be illustrative only and will not be
interpreted as a limitation on, or exclusive listing of, the items within that classification.

 

(G)         UCC
References. References to sections or provisions of Article 9 of the UCC in any of the Basic Documents shall be deemed to be
automatically updated to reflect the successor, replacement or functionally equivalent sections or provisions of Revised Article
9, Secured Transactions (2000) at any time in any jurisdiction which has made such revised article effective.

 

    	App. A-32

     

    

 

 

 

 

APPENDIX
B

 

Additional
Representations and Warranties

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	App. BExhibit
4.2

 

 

 

INDENTURE

 

between

 

WORLD
OMNI AUTO RECEIVABLES TRUST 2015-B,

as Issuing Entity

 

and

 

MUFG
UNION BANK, N.A.

as Indenture Trustee

 

Dated
as of October 14, 2015

 

 

 

     

     

    

 

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	3
	 	 	 
	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	5
	Section 2.05	Registration; Registration of Transfer and Exchange	8
	Section 2.06	Mutilated, Destroyed, Lost or Stolen Notes	9
	Section 2.07	Persons Deemed Owner	10
	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	12
	Section 2.12	Notices to Clearing Agency	12
	Section 2.13	Definitive Notes	13
	Section 2.14	Tax Treatment	13
	Section 2.15	CUSIP Numbers	14
	 	 	 
	ARTICLE III
	 
	Covenants
	 	 	 
	Section 3.01	Payment of Principal and Interest	14
	Section 3.02	Maintenance of Office or Agency	14
	Section 3.03	Money for Payments to Be Held in Trust	15
	Section 3.04	Existence	16
	Section 3.05	Protection of Trust Estate	16
	Section 3.06	Opinions as to Trust Estate	17
	Section 3.07	Performance of Obligations; Servicing of Receivables	17
	Section 3.08	Negative Covenants	20
	Section 3.09	Annual Statement as to Compliance	20
	Section 3.10	Issuing Entity May Consolidate, etc., Only on Certain Terms	21

 

    	i

     

    

 

	Section 3.11	Successor or Transferee	22
	Section 3.12	No Other Business	22
	Section 3.13	No Borrowing	23
	Section 3.14	Servicer’s Obligations	23
	Section 3.15	Guarantees, Loans, Advances and Other Liabilities	23
	Section 3.16	Capital Expenditures	23
	Section 3.17	Removal of Administrator	23
	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	24
	Section 4.02	Application of Trust Money	25
	Section 4.03	Repayment of Monies Held by Paying Agent	25
	 	 	 
	ARTICLE V
	 
	Remedies
	 	 	 
	Section 5.01	Events of Default	25
	Section 5.02	Acceleration of Maturity; Rescission and Annulment	27
	Section 5.03	Collection of Indebtedness and Suits for Enforcement by Indenture
    Trustee	28
	Section 5.04	Remedies; Priorities	30
	Section 5.05	Optional Preservation of the Receivables	31
	Section 5.06	Limitation of Suits	31
	Section 5.07	Unconditional Rights of Noteholders to Receive Principal and Interest	32
	Section 5.08	Restoration of Rights and Remedies	32
	Section 5.09	Rights and Remedies Cumulative	32
	Section 5.10	Delay or Omission Not a Waiver	33
	Section 5.11	Control by Noteholders	33
	Section 5.12	Waiver of Past Defaults	33
	Section 5.13	Undertaking for Costs	34
	Section 5.14	Waiver of Stay or Extension Laws	34
	Section 5.15	Action on Notes	34
	Section 5.16	Performance and Enforcement of Certain Obligations	34

 

    	ii

     

    

 

	ARTICLE VI
	 
	The Indenture Trustee
	 	 	 
	Section 6.01	Duties of Indenture Trustee	35
	Section 6.02	Rights of Indenture Trustee	37
	Section 6.03	Individual Rights of Indenture Trustee	38
	Section 6.04	Indenture Trustee’s Disclaimer	38
	Section 6.05	Notice of Defaults	39
	Section 6.06	Reports by Indenture Trustee	39
	Section 6.07	Compensation and Indemnity	39
	Section 6.08	Replacement of Indenture Trustee	40
	Section 6.09	Successor Indenture Trustee by Merger	41
	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	43
	Section 6.13	Representations and Warranties of the Indenture Trustee	43
	Section 6.14	Communications Regarding Demands to Repurchase Receivables	44
	 	 	 
	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	44
	Section 7.03	Reports by Issuing Entity	45
	Section 7.04	Reports by Indenture Trustee	45
	 	 	 
	ARTICLE VIII
	 
	Accounts, Disbursements and
    Releases
	 	 	 
	Section 8.01	Collection of Money	46
	Section 8.02	Trust Accounts	46
	Section 8.03	General Provisions Regarding Accounts	48
	Section 8.04	Release of Trust Estate	49
	Section 8.05	Opinion of Counsel	49
	 	 	 
	ARTICLE IX
	 
	Supplemental Indentures
	 	 	 
	Section 9.01	Supplemental Indentures Without Consent of Noteholders	50
	Section 9.02	Supplemental Indentures with Consent of Noteholders	51
	Section 9.03	Execution of Supplemental Indentures	53

 

    	iii

     

    

 

	Section 9.04	Effect of Supplemental Indenture	53
	Section 9.05	Conformity with Trust Indenture Act	53
	Section 9.06	Reference in Notes to Supplemental Indentures	54
	 	 	 
	ARTICLE X
	 
	Redemption of Notes
	 	 	 
	Section 10.01	Redemption	54
	Section 10.02	Form of Redemption Notice	54
	Section 10.03	Notes Payable on Redemption Date	55
	 	 	 
	ARTICLE XI
	 
	Miscellaneous
	 	 	 
	Section 11.01	Compliance Certificates and Opinions, etc.	55
	Section 11.02	Form of Documents Delivered to Indenture Trustee	57
	Section 11.03	Acts of Noteholders	58
	Section 11.04	Notices, etc., to Indenture Trustee, Issuing Entity and Rating
    Agencies	58
	Section 11.05	Notices to Noteholders; Waiver	59
	Section 11.06	Alternate Payment and Notice Provisions	59
	Section 11.07	Conflict with Trust Indenture Act	60
	Section 11.08	Effect of Headings and Table of Contents	60
	Section 11.09	Successors and Assigns	60
	Section 11.10	Severability	60
	Section 11.11	Benefits of Indenture	60
	Section 11.12	Legal Holidays	60
	Section 11.13	GOVERNING LAW	60
	Section 11.14	Counterparts	60
	Section 11.15	Recording of Indenture	61
	Section 11.16	Trust Obligation	61
	Section 11.17	No Petition	62
	Section 11.18	Inspection	62
	Section 11.19	Waiver of Jury Trial	62
	 	 	 
	ARTICLE XII
	 
	COMPLIANCE
    WITH REGULATION AB
	 	 	 
	Section 12.01	Intent of the Parties; Reasonableness	63
	Section 12.02	Additional Representations and Warranties of the Indenture Trustee	63
	Section 12.03	Information to Be Provided by the Indenture Trustee	63
	Section 12.04	Regulation AB Reports by Indenture Trustee	65

 

    	iv

     

    

 

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

 

    	v

     

    

 

THIS
INDENTURE dated as of October 14, 2015 (as it may be amended and supplemented from time to time, this “Indenture”)
is between WORLD OMNI AUTO RECEIVABLES TRUST 2015-B, a Delaware statutory trust (the “Issuing Entity”), and
MUFG UNION BANK, N.A., 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 0.41000% Asset-Backed Notes (the “Class A-1 Notes”), Class A-2a 0.96% Asset-Backed
Notes (the “Class A-2a Notes”), Class A-2b One-Month LIBOR plus 0.40% Asset-Backed Notes (the “Class
A-2b Notes” and, together with the Class A-2a Notes, the “Class A-2 Notes”), Class A-3 1.49%
Asset-Backed Notes (the “Class A-3 Notes”), Class A-4 1.84% Asset-Backed Notes (the “Class A-4
Notes”) and Class B 2.15% Asset-Backed Notes (the “Class B Notes” and, together with the Class A-1
Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, the “Notes”):

 

GRANTING CLAUSE

 

The
Issuing Entity hereby Grants to the Indenture Trustee at the Closing Date, as Indenture Trustee for the benefit of the Holders
of the Notes and the Swap Counterparty, if any, all of the Issuing Entity’s right, title and interest, whether now or hereafter
acquired, and wherever located, in and to (a) the Initial Receivables identified on the Initial 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 Subsequent Receivables, if any, which will be acquired by the Issuing Entity from time
to time during the Funding Period, if any, pursuant to the Sales and Servicing Agreement which will be identified on the schedules
to the Subsequent Transfer SSA Assignments, if any, with respect to such Subsequent Receivables and all monies received thereon
and in respect thereof after the applicable 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, the Negative Carry Account, if any, and the
Pre-Funding Account, if any, from time to time, including the Reserve Account Initial Deposit, any Reserve Account Subsequent
Transfer Deposit, if any, the Negative Carry Account Initial Deposit, if any, and the Pre-Funding Account Initial Deposit, if
any, and in all investments and proceeds thereof (including all income thereon); (f) the Receivables Purchase Agreement,
including the Initial RPA Assignment and any Subsequent RPA Assignment, and the Sale and Servicing Agreement, including the Initial
SSA Assignment and any Subsequent Transfers 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; (h) the Interest Rate Swaps and the Swap Counterparty
Rights Agreement, if any; and (i) all proceeds of any and all of the foregoing (including Liquidation Proceeds) 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 and the Interest Rate Swaps, if any, 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 and the Swap Counterparty, if any 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.

 

    	2

     

    

 

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.

 

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-2a Notes, the
Class A-2b Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes, in each case together with the Indenture
Trustee’s certificate of authentication, shall be in substantially the form set forth in Exhibit A-1, Exhibit A-2a,
Exhibit A-2b, Exhibit A-3, Exhibit A-4 and Exhibit B 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-2a,
Exhibit A-2b, Exhibit A-3, Exhibit A-4, and Exhibit B are part of the terms of this Indenture.

 

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

 

    	3

     

    

 

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 $216,000,000, Class A-2a Notes for original issue in an aggregate principal amount of
$280,000,000, Class A-2b Notes for original issue in an aggregate principal amount of $133,000,000, Class A-3 Notes
for original issue in an aggregate principal amount of $234,000,000, Class A-4 Notes for original issue in an aggregate principal
amount of $125,000,000 and Class B Notes for original issue in an aggregate principal amount of $21,160,000.  The aggregate
principal amount of Class A-1 Notes, Class A-2a Notes, Class A-2b Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes
outstanding at any time may not exceed such respective amounts except as provided in Section 2.06.

 

Each
Note shall be dated the date of its authentication.  The Notes shall be issuable as registered Notes in the minimum
denomination of $1,000 and in integral multiples thereof; 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.

 

    	4

     

    

 

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 E (the
“Transferor Certificate”) and Exhibit F (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.

 

(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 that is
subject to Title I of ERISA or Section 4975 of the Code; 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, 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.

 

    	5

     

    

 

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].

 

(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 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 either (1) it is not acquiring such Retained Note with the assets of any Plan that is subject
to Title I of ERISA or Section 4975 of the Code or (2) it is acquiring such Retained Note with the assets of a Plan that is not
subject to Title I of ERISA or Section 4975 of the Code and the acquisition and holding of such Retained Note will not give rise
to a nonexempt prohibited transaction under Similar Law.

 

(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;

 

    	6

     

    

 

(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.

 

    	7

     

    

 

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.

 

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.

 

    	8

     

    

 

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.

 

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.

 

    	9

     

    

 

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.

 

Section
2.08         Payment of Principal and Interest; Defaulted Interest.

 

(a)          The
Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes, the Class A-4 Notes and the Class
B Notes shall accrue interest during the related Interest Accrual Period at the Class A-1 Interest Rate, the Class A-2a
Interest Rate, the Class A-2b Interest Rate, the Class A-3 Interest Rate, the Class A-4 Interest Rate and the Class B Interest
Rate, respectively, and such interest shall be payable on each Payment Date in accordance with the priorities set forth in Section
8.02(c), (d) and (e), as applicable, subject to Section 3.01.  Interest on the Class A-2a
Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B 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 and the Class A-2b 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.

 

    	10

     

    

 

(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) or Section 8.02(e), as the case may be.  The Indenture Trustee
shall notify the Person in whose name a Note is registered at the close of business on the Record Date preceding the Payment Date
on which the 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.

 

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, and the Indenture Trustee shall provide
copies of such documents to the Swap Counterparty, if any.

 

    	11

     

    

 

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;

 

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

 

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

 

(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.

 

    	12

     

    

 

Section
2.13         Definitive Notes.  The 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.

 

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).

 

    	13

     

    

 

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-2a Notes, to the Class A-2a Noteholders, (iii) for the benefit of the Class A-2b
Notes, to the Class A-2b Noteholders, (iv) for the benefit of the Class A-3 Notes, to the Class A-3 Noteholders, (v) for
the benefit of the Class A-4 Notes, to the Class A-4 Noteholders and (vi) for the benefit of the Class B Notes, to the
Class B Noteholders.  Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest
and/or principal shall be considered as having been paid by the Issuing Entity to such Noteholder for all purposes of this Indenture.

 

Section
3.02         Maintenance of Office or Agency. The Issuing Entity will maintain
in the Borough of Manhattan, The City of New York, an office or agency where Notes may be surrendered for registration of transfer
or exchange, and where notices and demands to or upon the Issuing Entity in respect of the Notes and this Indenture may be served.  Such
office or agency will initially be at 1251 Avenue of the Americas, 19th Floor, New York, New York 10020, 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.

 

    	14

     

    

 

Section
3.03         Money for Payments to Be Held in Trust. As provided in Section 8.02(a)
and (b), all payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn
from the Collection Account and the Note Distribution Account pursuant to Section 8.02(c), (d), (e)
and (g) 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;

 

(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.

 

    	15

     

    

 

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).

 

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;

 

    	16

     

    

 

(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.

 

(b)          On
or before April 30, in each calendar year, beginning in 2016, 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.

 

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(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.

 

(e)          As
promptly as possible after the giving of notice of termination to the Servicer of the Servicer’s rights and powers pursuant
to Section 8.01 of the Sale and Servicing Agreement, the Indenture Trustee shall appoint a successor servicer (the
“Successor Servicer”), and such Successor Servicer shall accept its appointment by a written assumption in
a form acceptable to the Indenture Trustee.  In the event that a Successor Servicer has not been appointed and accepted
its appointment at the time when the Servicer ceases to act as Servicer, the Indenture Trustee without further action shall automatically
be appointed the Successor Servicer.  The Indenture Trustee may resign as the Servicer by giving written notice of such
resignation to the 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.

 

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(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.

 

(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 and, if such action would
result in a material adverse effect on, the Swap Counterparty, if any, 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, the Interest Rate Swaps, if any, or the Swap Counterparty Rights
Agreement, if any (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.

 

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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.

 

Section
3.09         Annual Statement as to Compliance. The Issuing Entity will deliver
to the Indenture Trustee, with a copy to the Swap Counterparty, if any, within 120 days after the end of each fiscal year of the
Issuing Entity (commencing with the fiscal year 2015), 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.

 

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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).

 

(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;

 

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(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).

 

Section
3.11         Successor or Transferee.

 

(a)          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.

 

(b)          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 2015-B 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 2015-B 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 end of the Funding Period or, if there is no Funding
Period, after the Closing Date, the Issuing Entity shall not fund the purchase of any new Contracts.

 

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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.

 

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.

 

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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:

 

(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;

 

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(B)         the
Issuing Entity has paid or caused to be paid all other sums payable by the Issuing Entity hereunder or under the Interest Rate
Swaps, if any; 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,
(i) 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 and (ii) to the Swap Counterparty, of all sums due
or to become due to the Swap Counterparty under and in accordance with the Interest Rate Swaps, if any; 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.

 

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):

 

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

 

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

 

(iii)        material
default in the observance or performance of any covenant or agreement of the 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

 

(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.

 

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(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 the Indenture
Trustee shall give prompt written notice thereof to the Swap Counterparty, if any, and upon any such declaration the unpaid principal
amount of such Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately
due and payable.

 

At
any time after such declaration of acceleration of maturity has been made and before a judgment or decree for payment of the money
due has been obtained by the Indenture Trustee as hereinafter in this Article V provided, the Holders of Notes representing
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

 

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      (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.

 

(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:

 

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(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.

 

(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.

 

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(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

 

(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.

 

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(b)          If
the Indenture Trustee collects any money or property pursuant to this Article V, it shall pay out the money or property
in the following order or priority:  (i) pro rata to the Indenture Trustee for amounts due under Section 6.07
and to the Owner Trustee for amounts due under Section 8.01 and Section 8.02 of the Trust Agreement and (ii) to
the Collection Account as Collections to be applied pursuant to Article V of the Sale and Servicing Agreement.

 

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

 

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

 

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

 

(iii)        such
Holder or Holders have offered to the Indenture Trustee 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

 

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(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.

 

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

 

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

 

Section
5.11         Control by Noteholders. The Holders of 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;

 

(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.  The Indenture Trustee will give written notice
of any such waiver to the Swap Counterparty, if any.  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.

 

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.

 

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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).

 

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, or by any obligor under any Interest Rate Swap of its obligations under or in accordance with such Interest
Rate Swap, if any, 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 and such Interest Rate Swap, if any 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 or any
such Interest Rate Swap, if any on the part of the Depositor or the Servicer thereunder or the Interest Rate Swap obligor, if
any, and the institution of legal or administrative actions or proceedings to compel or secure performance by the Depositor or
the Servicer and the Interest Rate Swap obligor, if any of each of their obligations under the Sale and Servicing Agreement and
any Interest Rate Swap, if any.

 

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(b)          If
an Event of Default has occurred and is continuing, the Indenture Trustee may, and at the direction (which direction shall be
in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66 2/3% of the Outstanding Amount of
the Controlling Securities shall, exercise all rights, remedies, powers, privileges and claims of the Issuing Entity against the
Depositor or the Servicer or the Interest Rate Swap, if any under or in connection with the Sale and Servicing Agreement or any
Interest Rate Swap, if any, 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 or any Interest Rate Swap, if any, as the
case may be, and any right of the Issuing Entity to take such action shall be suspended.

 

(c)          The
Indenture Trustee shall give prompt written notice to the Swap Counterparty, if any, of each request for action that is made and
direction received pursuant to this Section 5.16.

 

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
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 Event of Default unless either (1) a Responsible Officer shall have
actual knowledge of such Event of Default or (2) written notice of such Event of Default shall have been given to such Indenture
Trustee in accordance with the provisions of this Indenture.

 

Section
6.02         Rights of Indenture Trustee.

 

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

 

(f)          The
Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture or to institute,
conduct or defend any litigation hereunder or in relation hereto or to honor the request or direction of any of the Noteholders
pursuant to this Indenture unless such Noteholders shall have offered to the Indenture Trustee 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.

 

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(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.

 

(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; 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 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.  

 

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.

 

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Section
6.05         Notice of Defaults. If a Default occurs and is continuing and
if it is known to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail to each Noteholder and the
Swap Counterparty, if any 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://trd-mp1.uboc.com/commercial-bank/trust-custody/corporate-trust-services/asset-backed-servicer-reports.jsp”.
Assistance in using the website can be obtained by calling the Indenture Trustee’s customer service desk at (646)
452-2114. 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.

 

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 attorneys’ fees) incurred by it in connection with the
administration of this trust and the performance of its duties hereunder.  The Indenture Trustee shall notify the 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.

 

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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 by so notifying the Issuing Entity and the Swap Counterparty, if any. 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;

 

(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 and the Swap Counterparty, if any.  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.

 

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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.

 

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:

 

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

 

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

 

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

 

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

 

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

 

Section
6.11         Eligibility; Disqualification. The Indenture Trustee shall at
all times satisfy the requirements of TIA § 310(a).  The Indenture Trustee shall have a combined capital and
surplus of at least $50,000,000 as set forth in its most recent published annual report of condition, and the time deposits of
the Indenture Trustee shall be rated at least A-1 by Standard & Poor’s and (if rated by Fitch) F-1 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.

 

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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 and in good standing under the laws of the
jurisdiction of its formation;

 

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

 

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

 

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

 

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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 Reporting 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 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.  

 

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.

 

(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.

 

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(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).

 

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. If required by TIA § 313(a),
within 60 days after each February 1, beginning with February 1, 2016, the Indenture Trustee shall transmit to each Noteholder
as required by TIA § 313(c) and to the Swap Counterparty, if any a brief report dated as of such date that complies
with TIA § 313(a).  The Indenture Trustee also shall comply with TIA § 313(b).

 

    	45

     

    

 

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.

 

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)          If
there is a Funding Period, on or before each Payment Date, Available Funds and any withdrawals from the Negative Carry Account
up to the Negative Carry Amount with respect to the preceding Collection Period will be deposited in the Collection Account as
provided in Sections 5.01(e) and 5.02 of the Sale and Servicing Agreement.  On or before each Payment
Date, the Indenture Trustee shall make all withdrawals and deposits to the Collection Account, Note Distribution Account, Reserve
Account, the Pre-Funding Account, if any, and the Negative Carry Account, if any, and shall make all distributions to Certificateholders
in accordance with Sections 5.06 and 5.07 of the Sale and Servicing Agreement.

 

(c)          Except
as otherwise provided in paragraphs (d), and (e) below, on each Payment Date and Redemption Date, the Indenture
Trustee shall distribute all amounts on deposit in the Note Distribution Account, 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:

 

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

 

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

 

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

 

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

 

(B)         to
the Class A-2a Notes and the Class A-2b Notes pro rata, based upon the aggregate Outstanding Amount of such Class, 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; and then

 

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

 

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

 

(f)          [Reserved].

 

(g)          If
there is a Funding Period, subject to Sections 8.02(d) and 8.02(e), on the Payment Date immediately following the
calendar month in which the Funding Period ends, the Indenture Trustee shall apply any and all amounts deposited into the Note
Distribution Account pursuant to Section 5.01(d) of the Sales and Servicing Agreement to the repayment of principal on
the Notes in accordance with the priorities set forth in Section 8.02(c), (d), or (e), as applicable.

 

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.

 

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(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.

 

(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 and all amounts owing by the Trust under the Interest Rate Swaps, if any have been paid (the Indenture Trustee
shall be permitted to rely on a certificate from the Swap Counterparty, if any to that effect), 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,
and the Indenture Trustee shall provide copies of all such documents to the Swap Counterparty, if any, upon its written request.

 

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.

 

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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;

 

(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; or

 

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

 

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 and (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
any other provision of this Indenture, no indenture supplement (other than any supplement made pursuant to Section 9.01(a)(viii) above) shall be effective unless the Swap Counterparty, if any, consents in writing to such supplement or such supplement
will, as evidenced by a Materiality Opinion, have no material adverse effect on the interests of the Swap Counterparty, if any;
provided, however, that if an indenture supplement is entered into pursuant to Section 9.01(a), in lieu of
providing a Materiality Opinion, the Issuing Entity may provide an Officers’ Certificate stating that such supplement will
have no material adverse effect on the interests of the Swap Counterparty, if any.

 

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);

 

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(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;

 

(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.

 

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(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
mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental
indenture.

 

(e)          Notwithstanding
any other provision of this Indenture, no indenture supplement shall be effective unless the Swap Counterparty, if any consents
in writing to such supplement or such supplement will, as evidenced by a Materiality Opinion, have no material adverse effect
on the interests of the Swap Counterparty, if any; provided, however, that if an indenture supplement is entered
into pursuant to Section 9.01(a), in lieu of providing a Materiality Opinion, the Issuing Entity may provide an Officers’
Certificate stating that such supplement will have no material adverse effect on the interests of the Swap Counterparty, if any.

 

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.

 

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.

 

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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 calendar 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.

 

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.

 

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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;

 

(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.

 

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(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 April 15, 2016, 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.

 

(e)          The
Indenture Trustee shall promptly deliver to the Swap Counterparty, if any, copies of any notice it receives from the Noteholders.

 

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 2015-B, 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.

 

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.

 

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.

 

    	59

     

    

 

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,
the Swap Counterparty, if any 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 Swap Counterparty,
if any shall be a third-party beneficiary to this Indenture, but only to the extent that it has any rights specified herein or
rights with respect to this Indenture specified under any applicable Swap Counterparty Rights Agreement.

 

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

 

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

 

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

 

    	60

     

    

 

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.

 

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.

 

    	61

     

    

 

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.

 

    	62

     

    

 

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.  

 

    	63

     

    

 

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:

 

(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; and

 

(ix)         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.

 

    	64

     

    

 

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, 2016:

 

(i)          deliver
to the Depositor a report regarding the Indenture Trustee’s assessment of compliance with the Servicing Criteria specified
in Exhibit C during the immediately preceding calendar year, 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 C 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 D or such form as mutually
agreed upon by the Depositor and the Indenture Trustee.

 

    	65

     

    

 

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 2015-B,
	 	 	 
	 	By:	U.S. BANK TRUST NATIONAL
    ASSOCIATION, not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	By:	/s/ Christopher J. Nuxoll
	 	Name:	Christopher J. Nuxoll
	 	Title:	Vice President 
	 	 	 
	 	MUFG UNION
    BANK, N.A., not in its individual capacity but solely as Indenture Trustee
	 	 	 
	 	By:	/s/ Enrico Reyes
	 	Name: 	Enrico Reyes
	 	Title:	Vice President

 

     

     

    

 

SCHEDULE
A

 

Schedule
of Receivables

 

Provided
to the Indenture Trustee and Owner Trustee at Closing

 

    	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 2015-B

CLASS A-1 0.41000% ASSET-BACKED NOTES

 

WORLD
OMNI AUTO RECEIVABLES TRUST 2015-B 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 $216,000,000 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 October 14, 2015 (the “Indenture”), between the Issuing Entity and MUFG Union
Bank, N.A., 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 17, 2016 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 ACQUIRING THE NOTES WITH THE ASSETS OF (i) AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I
OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), (ii) A PLAN SUBJECT TO SECTION 4975
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (iii) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN
ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY OR (iv) ANY PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR
LAW”) OR (2) THE ACQUISITION AND HOLDING OF THE CLASS A-1 NOTES WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION
UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR 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
        2015-B

	 	 
	 	By:
                    u.s. bank trust national 

        association,
        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:  _________________	MUFG UNION
    BANK, N.A., 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 0.41000% 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 and the Class B Notes (collectively,
the “Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as
provided in the Indenture and subject to the subordination provisions set forth therein.

 

Principal
of the Class A-1 Notes will be payable on each Payment Date and, if the Class A-1 Notes have not been paid in full prior
to the Class A-1 Final Scheduled Payment Date, on the Class A-1 Final Scheduled Payment Date, in an amount described
on the face hereof. “Payment Date” means the fifteenth day of each month or, if such day is not a Business
Day, the immediately following Business Day.  The initial Payment Date will be November 16, 2015.

 

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 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 New York.

 

    	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 (i) properly completed and signed tax certifications, for a U.S. Person, on Internal Revenue
Service Form W-9 and, for a Person that is not a U.S. Person, on the appropriate Internal Revenue Service Form W-8 and (ii) upon
request, information sufficient to eliminate the imposition of, or determine the amount of, such withholding or deduction under
FATCA. 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.

 

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

 

    	Ex. A-1-6

     

    

 

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 MUFG Union Bank, N.A. in
its individual capacity, U.S. Bank Trust National Association 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-2a

[FORM OF CLASS A-2a 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 2015-B

CLASS A-2a 0.96% ASSET-BACKED NOTES

 

WORLD
OMNI AUTO RECEIVABLES TRUST 2015-B, 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 $280,000,000 by (ii) the
aggregate amount, if any, payable from the Note Distribution Account in respect of principal on the Class A-2a Notes pursuant
to Section 3.01 of the Indenture dated as of October 14, 2015 (the “Indenture”), between the Issuing
Entity and MUFG Union Bank, N.A., 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 July 15, 2019 Payment Date
(the “Class A-2 Final Scheduled Payment Date”) and the Redemption Date, if any, pursuant to Section
10.01 of the Indenture.  Principal payable with respect to the Class A-2 Notes shall be made pro rata between the
Class A-2a Notes and the Class A-2b Notes.  Generally, no payments of principal of the Class A-2a 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-2a-1

     

    

 

BY
ACQUIRING A CLASS A-2A 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 ACQUIRING THE NOTES WITH THE ASSETS OF (i) AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I
OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), (ii) A PLAN SUBJECT TO SECTION 4975
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (iii) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN
ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY OR (iv) ANY PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR
LAW”) OR (2) THE ACQUISITION AND HOLDING OF THE CLASS A-2A NOTES WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION
UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR 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-2a-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
        2015-B

	 	 
	 	By:
                    u.s. bank trust national 

        association,
        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:  _________________	MUFG UNION
    BANK, N.A., not in its individual capacity but solely as Indenture Trustee
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	Ex. A-2a-3

     

    

 

This
Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its Class A-2a 0.96% Asset-Backed Notes
(herein called the “Class A-2a 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-2a Notes are subject to all terms of the
Indenture.

 

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

 

Principal
of the Class A-2a Notes will be payable on each Payment Date and, if the Class A-2a 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 November 16, 2015.

 

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-2a Notes shall be made pro rata to the Class A-2a 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 New York.

 

    	Ex. A-2a-4

     

    

 

The
Issuing Entity shall pay interest on overdue installments of interest at the Class A-2a 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-2a-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 (i) properly completed and signed tax certifications, for a U.S. Person, on Internal Revenue
Service Form W-9 and, for a Person that is not a U.S. Person, on the appropriate Internal Revenue Service Form W-8 and (ii) upon
request, information sufficient to eliminate the imposition of, or determine the amount of, such withholding or deduction under
FATCA. 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.

 

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

 

    	Ex. A-2a-6

     

    

 

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 MUFG Union Bank, N.A. in
its individual capacity, U.S. Bank Trust National Association  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-2a-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-2a-8

     

    

 

EXHIBIT A-2b

[FORM OF CLASS A-2b 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 2015-B

CLASS A-2b ONE-MONTH LIBOR PLUS 0.40% ASSET-BACKED NOTES

 

WORLD
OMNI AUTO RECEIVABLES TRUST 2015-B, 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 $133,000,000 by (ii) the
aggregate amount, if any, payable from the Note Distribution Account in respect of principal on the Class A-2b Notes pursuant
to Section 3.01 of the Indenture dated as of October 14, 2015 (the “Indenture”), between the Issuing
Entity and MUFG Union Bank, N.A., 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 July 15, 2019 Payment Date
(the “Class A-2 Final Scheduled Payment Date”) and the Redemption Date, if any, pursuant to Section
10.01 of the Indenture.  Principal payable with respect to the Class A-2 Notes shall be made pro rata between the
Class A-2a Notes and the Class A-2b Notes.  Generally, no payments of principal of the Class A-2b 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-2b-1

     

    

 

BY
ACQUIRING A CLASS A-2B 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 ACQUIRING THE NOTES WITH THE ASSETS OF (i) AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I
OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), (ii) A PLAN SUBJECT TO SECTION 4975
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (iii) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN
ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY OR (iv) ANY PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR
LAW”) OR (2) THE ACQUISITION AND HOLDING OF THE CLASS A-2B NOTES WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION
UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR 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-2b-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
        2015-B

	 	 
	 	By:
                    u.s. bank trust national 

        association,
        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:  _________________	MUFG UNION
    BANK, N.A., not in its individual capacity but solely as Indenture Trustee
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	Ex. A-2b-3

     

    

 

This
Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its Class A-2b Floating Rate Asset-Backed
Notes (herein called the “Class A-2b 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-2b Notes are subject to all
terms of the Indenture.

 

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

 

Principal
of the Class A-2b Notes will be payable on each Payment Date and, if the Class A-2b 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 November 16, 2015.

 

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-2b Notes shall be made pro rata to the Class A-2b 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 New York.

 

    	Ex. A-2b-4

     

    

 

The
Issuing Entity shall pay interest on overdue installments of interest at the Class A-2b 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-2b-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 (i) properly completed and signed tax certifications, for a U.S. Person, on Internal Revenue
Service Form W-9 and, for a Person that is not a U.S. Person, on the appropriate Internal Revenue Service Form W-8 and (ii) upon
request, information sufficient to eliminate the imposition of, or determine the amount of, such withholding or deduction under
FATCA. 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.

 

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

 

    	Ex. A-2b-6

     

    

 

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 MUFG Union Bank, N.A. in
its individual capacity, U.S. Bank Trust National Association  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-2b-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-2b-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 2015-B

CLASS A-3 1.49% ASSET-BACKED NOTES

 

WORLD
OMNI AUTO RECEIVABLES TRUST 2015-B, 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 $234,000,000 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 October 14 2015 (the “Indenture”), between the Issuing Entity and MUFG Union
Bank, N.A., 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 December 15, 2020 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 ACQUIRING THE NOTES WITH THE ASSETS OF (i) AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I
OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), (ii) A PLAN SUBJECT TO SECTION 4975
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (iii) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN
ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY OR (iv) ANY PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR
LAW”) OR (2) THE ACQUISITION AND HOLDING OF THE CLASS A-3 NOTES WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION
UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR 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
        2015-B

	 	 
	 	By:
                    u.s. bank trust national 

        association,
        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:  _________________	MUFG UNION
    BANK, N.A., 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 1.49% 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 and the Class B Notes (collectively,
the “Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as
provided in the Indenture and subject to the subordination provisions therein.

 

Principal
of the Class A-3 Notes will be payable on each Payment Date 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 November 16, 2015.

 

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 New York.

 

    	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 (i) properly completed and signed tax certifications, for a U.S. Person, on Internal Revenue
Service Form W-9 and, for a Person that is not a U.S. Person, on the appropriate Internal Revenue Service Form W-8 and (ii) upon
request, information sufficient to eliminate the imposition of, or determine the amount of, such withholding or deduction under
FATCA. 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.

 

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

 

    	Ex. A-3-6

     

    

 

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 MUFG Union Bank, N.A. in
its individual capacity, U.S. Bank Trust National Association 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 2015-B

CLASS A-4 1.84% ASSET-BACKED NOTES

 

WORLD
OMNI AUTO RECEIVABLES TRUST 2015-B, 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 $125,000,000 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 October 14, 2015 (the “Indenture”), between the Issuing
Entity and MUFG Union Bank, N.A., 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 January 17, 2022 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 ACQUIRING THE NOTES WITH THE ASSETS OF (i) AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I
OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), (ii) A PLAN SUBJECT TO SECTION 4975
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (iii) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN
ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY OR (iv) ANY PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR
LAW”) OR (2) THE ACQUISITION AND HOLDING OF THE CLASS A-4 NOTES WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION
UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR 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
        2015-B

	 	 
	 	By:
                    u.s. bank trust national 

        association,
        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:  _________________	MUFG UNION
    BANK, N.A., 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 1.84% 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 and the Class B Notes (collectively,
the “Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as
provided in the Indenture and subject to the subordination provisions therein.

 

Principal
of the Class A-4 Notes will be payable on each Payment Date 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 November 16, 2015.

 

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 New York.

 

    	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 (i) properly completed and signed tax certifications, for a U.S. Person, on Internal Revenue
Service Form W-9 and, for a Person that is not a U.S. Person, on the appropriate Internal Revenue Service Form W-8 and (ii) upon
request, information sufficient to eliminate the imposition of, or determine the amount of, such withholding or deduction under
FATCA. 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.

 

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

 

    	Ex. A-4-6

     

    

 

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 MUFG Union Bank, N.A. in
its individual capacity, U.S. Bank Trust National Association 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 2015-B

CLASS B 2.15% ASSET-BACKED NOTES

 

WORLD
OMNI AUTO RECEIVABLES TRUST 2015-B, 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 __________, 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 $21,160,000 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 October 14, 2015 (the “Indenture”), between the Issuing Entity and MUFG Union
Bank, N.A., as Indenture Trustee (the “Indenture Trustee”); provided, however, that the
entire unpaid principal amount of this Note shall be due and payable on the earlier of the August 15, 2022 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 ACQUIRING THE NOTES WITH THE ASSETS OF (i) AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF
THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), (ii) A PLAN SUBJECT TO SECTION 4975 OF
THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (iii) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN
ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY OR (iv) ANY PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR
LAW”) OR (2) THE ACQUISITION AND HOLDING OF THE CLASS B NOTES WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER
SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR 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
        2015-B

	 	 
	 	By:
                    u.s. bank trust national 

        association,
        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:  _________________	MUFG UNION
    BANK, N.A., 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 2.15% 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 and the Class B Notes (collectively,
the “Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as
provided in the Indenture and subject to the subordination provisions therein.

 

Principal
of the Class B Notes will be payable on each Payment Date 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 November 16, 2015.

 

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 New York.

 

    	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 (i) properly completed and signed tax certifications, for a U.S. Person, on Internal Revenue
Service Form W-9 and, for a Person that is not a U.S. Person, on the appropriate Internal Revenue Service Form W-8 and (ii) upon
request, information sufficient to eliminate the imposition of, or determine the amount of, such withholding or deduction under
FATCA. 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.

 

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

 

    	Ex. B-6

     

    

 

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 MUFG Union Bank, N.A. in
its individual capacity, U.S. Bank Trust National Association 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

 

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.	 	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.	 	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.	 	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. C-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.	 	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.	 	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.	 	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 a 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. C-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. C-3

     

    

 

EXHIBIT
D

FORM OF INDENTURE TRUSTEE’S ANNUAL CERTIFICATION

 

RE:         WORLD
OMNI AUTO RECEIVABLES TRUST 2015-B

 

MUFG
Union Bank, N.A. 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 October 14, 2015, by and between the Indenture Trustee and World Omni Auto
                                         Receivables Trust 2015-B (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.

 

	 	MUFG UNION BANK, N.A.,
	 	not in its individual capacity but solely as
	 	Indenture Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Date: _________________________

 

    	Ex. D-1

     

    

 

EXHIBIT E

 

FORM OF TRANSFEROR
CERTIFICATE

 

[DATE]

 

MUFG Union Bank,
N.A.

1251 Avenue of
the Americas

19th Floor

New York, New
York 10020

 

World Omni Auto
Receivables LLC

190 Jim Moran Boulevard

Deerfield Beach, FL 33442

 

World Omni Auto
Receivables Trust 2015-B

c/o U.S. Bank
Trust National Association

Mail Code MK-IL-SL7R

190 S. LaSalle
St. 7th Floor

Chicago, Illinois
60603

Attention:
Corporate Trust Services World Omni Auto Receivables Trust 2015-B

 

		Re:	World
                                         Omni Auto Receivables Trust 2015-B 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.

 

    	Ex. E-1

     

    

 

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

 

    	Ex. E-2

     

    

 

EXHIBIT F

 

FORM OF INVESTMENT
LETTER

 

MUFG Union Bank,
N.A.

1251 Avenue of
the Americas

19th Floor

New York, New
York 10020

World Omni Auto Receivables LLC

190 Jim Moran Boulevard

Deerfield Beach, FL 33442

 

World Omni
Auto Receivables Trust 2015-B

c/o U.S. Bank
Trust National Association

Mail Code MK-IL-SL7R

190 S. LaSalle
St. 7th Floor

Chicago, Illinois
60603

Attention:
Corporate Trust Services World Omni Auto Receivables Trust 2015-B

 

Ladies and
Gentlemen:

 

In
connection with our proposed purchase of Class ___ Notes (the “Class ___ Notes”) of World Omni Auto Receivables
Trust 2015-B (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. F-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 acquiring the Class
___ Notes with the assets of any (A) employee benefit plan subject to Title I of the Employee Retirement Income Security Act of
1974, as amended (“ERISA”), (B) plan subject to Section 4975 of the Code, (C) entity whose underlying
assets include plan assets by reason of a plan’s investment in the entity or (D) plan that is subject to any federal,
state or local law that is, to a material extent, similar to the prohibited transaction provisions of ERISA or Section 4975 of
the Code (“Similar Law”) (each, a “Plan”) or (ii) our acquisition and holding of the Class
___ Notes will not give rise to a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or 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 constitute or result in a nonexempt prohibited transaction under Section 406 of ERISA or Section
4975 of the Code or Similar Law.

 

    	Ex. F-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) either (A) that we are not acquiring
the Class ___ Notes with the assets of any Plan that is subject to Title I of ERISA or Section 4975 of the Code (“Plan
Assets”) or (B) we are acquiring the Class __ Notes with the assets of a Plan that is not subject to Title I of ERISA
or Section 4975 of the Code and the acquisition and holding of such Class __ Note will not give rise to a nonexempt prohibited
transaction under Similar Law; 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 Plan Assets 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. F-3

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