Document:

Exhibit 4.1

 

 

 

SALE AND
SERVICING AGREEMENT

 

among

 

WORLD
OMNI AUTO RECEIVABLES TRUST 2016-A

Issuing Entity,

 

WORLD
OMNI AUTO RECEIVABLES LLC,

Depositor,

 

and

 

WORLD
OMNI FINANCIAL CORP.,

Servicer

 

Series
2016-A

 

Dated
as of March 23, 2016

 

 

 

    			

 

     

    

 

	TABLE OF CONTENTS

 

	 	Page
	 	 
	ARTICLE I DEFINITIONS	1
	Section 1.01	Definitions	1
	 	 	 
	ARTICLE II CONVEYANCE OF RECEIVABLES	1
	Section 2.01	Conveyance of Receivables	1
	Section 2.02	Intention of Parties	2
	 	 	 
	ARTICLE III THE RECEIVABLES	2
	Section 3.01	Representations and Warranties of World Omni with Respect to each Receivable and the Pool of Receivables	3
	Section 3.02	Repurchase upon Breach; Dispute Resolution	6
	Section 3.03	Custody of Receivable Files	10
	Section 3.04	Duties of Servicer as Custodian	11
	Section 3.05	Instructions; Authority To Act	11
	Section 3.06	Custodian’s Indemnification	12
	Section 3.07	Effective Period and Termination	12
	 	 	 
	ARTICLE IV ADMINISTRATION AND SERVICING OF RECEIVABLES	12
	Section 4.01	Duties of Servicer	12
	Section 4.02	Collection and Allocation of Receivable Payments	13
	Section 4.03	Realization upon Receivables	13
	Section 4.04	Physical Damage Insurance	14
	Section 4.05	Maintenance of Security Interests in Financed Vehicles	14
	Section 4.06	Covenants of Servicer	14
	Section 4.07	Purchase of Receivables upon Breach	14
	Section 4.08	Servicing Fee	15
	Section 4.09	Servicer’s Certificate	15
	Section 4.10	Annual Statement as to Compliance; Item 1122 Servicing Criteria Assessment; Notice of Default	15
	Section 4.11	Annual Independent Certified Public Accountants’ Report	16
	Section 4.12	Access to Certain Documentation and Information Regarding Receivables	16
	Section 4.13	Servicer Expenses	16
	Section 4.14	Appointment of Subservicer	16
	Section 4.15	Communications Between Noteholders	17
	Section 4.16	Exchange Act Certifications	17
	 	 	 
	ARTICLE V TRUST ACCOUNTS; DISTRIBUTIONS; STATEMENTS TO CERTIFICATEHOLDERS AND NOTEHOLDERS	17
	Section 5.01	Establishment of Trust Accounts	17
	Section 5.02	Collections	20
	Section 5.03	Application of Collections	20
	Section 5.04	[Reserved]	20

 

    	 	i	 

     

    

 

	Section 5.05	Additional Deposits	20
	Section 5.06	Distributions	20
	Section 5.07	Reserve Account	22
	Section 5.08	Statements to Noteholders and Certificateholders	23
	Section 5.09	Net Deposits	24
	Section 5.10	Transfer of Certificates	25
	 	 	 
	ARTICLE VI THE DEPOSITOR	25
	Section 6.01	Representations of Depositor	25
	Section 6.02	Limited Liability Company Existence	26
	Section 6.03	Liability of Depositor; Indemnities	27
	Section 6.04	Merger or Consolidation of, or Assumption of Obligations of Depositor	29
	Section 6.05	Limitation on Liability of Depositor and Others	29
	Section 6.06	Depositor May Own Notes	29
	Section 6.07	Security Interest	29
	 	 	 
	ARTICLE VII THE SERVICER	29
	Section 7.01	Representations of Servicer	29
	Section 7.02	Indemnities of Servicer	31
	Section 7.03	Merger or Consolidation of, or Assumption of Obligations of, Servicer	32
	Section 7.04	Limitation on Liability of Servicer and Others	32
	Section 7.05	World Omni Not To Resign as Servicer	33
	 	 	 
	ARTICLE VIII DEFAULT	33
	Section 8.01	Servicer Default	33
	Section 8.02	Appointment of Successor	35
	Section 8.03	Notification to Noteholders and Certificateholders	35
	Section 8.04	Waiver of Past Defaults	35
	Section 8.05	Payment of Servicing Fees	35
	 	 	 
	ARTICLE IX TERMINATION	36
	Section 9.01	Optional Purchase of All Receivables	36
	 	 	 
	ARTICLE X MISCELLANEOUS	36
	Section 10.01	Amendment	36
	Section 10.02	Protection of Title to Trust	37
	Section 10.03	Notices	39
	Section 10.04	Assignment by the Depositor or the Servicer	39
	Section 10.05	Limitations on Rights of Others	40
	Section 10.06	Severability	40
	Section 10.07	Separate Counterparts	40
	Section 10.08	Headings	40
	Section 10.09	Governing Law	40
	Section 10.10	Assignment by Issuing Entity	40
	Section 10.11	Nonpetition Covenants	40
	Section 10.12	Limitation of Liability of Owner Trustee and Indenture Trustee	41
	Section 10.13	Regulation AB	42
	Section 10.14	Notices to the Rating Agencies	42

 

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

 

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SALE AND SERVICING AGREEMENT

 

This SALE AND SERVICING
AGREEMENT is dated as of March 23, 2016, among WORLD OMNI AUTO RECEIVABLES TRUST 2016-A, a Delaware statutory trust (the “Issuing
Entity”), WORLD OMNI AUTO RECEIVABLES LLC, a Delaware limited liability company (the “Depositor”),
as depositor, and WORLD OMNI FINANCIAL CORP., a Florida corporation (“World Omni” or the “Servicer”).

 

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

 

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

 

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

 

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

 

ARTICLE I

DEFINITIONS

 

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

 

ARTICLE II

CONVEYANCE OF RECEIVABLES

 

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

 

    			

 

     

    

 

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

 

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

 

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

 

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

 

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

 

(f)          the
Receivables Purchase Agreement;

 

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

 

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

 

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

 

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ARTICLE III

THE RECEIVABLES

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	4	 

     

    

 

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

 

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

 

(xvi)      Maturity
of Receivables.    Each Receivable has a final maturity date not later than July 22, 2022.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 3.02         Repurchase
upon Breach; Dispute Resolution.

 

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

 

    	 	6	 

     

    

 

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

 

(c)          Dispute
Resolution.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	8	 

     

    

 

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

 

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

 

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

 

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

 

    	 	9	 

     

    

 

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

 

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

 

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

 

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

 

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

 

(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

 

    	 	10	 

     

    

 

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

 

(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 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, 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.

 

    	 	12	 

     

    

 

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.

 

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

 

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

 

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

 

Section 4.07         Purchase
of Receivables upon Breach.    The Servicer or the Trust shall inform the other party and the Indenture Trustee
and the Depositor promptly, in writing, upon the discovery of any breach pursuant to Section 4.02, 4.05, 4.06 or
7.01. Unless the breach shall have been cured by the last day of the second Collection Period following such discovery
or written notice (or, at the Servicer’s election, the last day of the first following Collection Period), the Servicer
shall purchase any Receivable materially and adversely affected by such breach as of such last day 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. None of the Servicer,
the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Asset Representations Reviewer, the Seller, the Depositor or
the Administrator will have an obligation to investigate whether a breach or other event has occurred that would require the purchase
of any Receivable under this Section 4.07 or whether any Receivables is required to be purchased under this Section
4.07.

 

    	 	14	 

     

    

 

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 $918,505.67. The Servicer shall also be entitled to all Supplemental
Servicing Fees collected (from whatever source) on the Receivables, the amount of any Servicing Fee due but not distributed to
the Servicer on a prior Payment Date (including any amounts previously deferred by the Servicer as provided in this Section 4.08)
plus any reimbursement pursuant to the last paragraph of Section 7.02. The Servicer may, as long as it believes that sufficient
collections will be available from interest collections on one or more future Payment Dates to pay the Servicing Fee, by notice
to the Indenture Trustee on or before a Payment Date, elect to defer all or a portion of the Servicing Fee with respect to the
related Collection Period, without interest. If the Servicer defers all of the Servicing Fee, the Servicing Fee for such related
Collection Period will be deemed to equal zero.

 

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

 

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

 

(a)          To
the extent required by Regulation AB, the Servicer shall deliver (and shall cause each of its Reporting Subcontractors, if any,
to deliver) to the Owner Trustee and the Indenture Trustee on or before the date that is 90 days after the end of each calendar
year, commencing with the calendar year ended December 31, 2016, an Officer’s Certificate as required under Item 1123 of
Regulation AB, dated as of December 31 of the preceding year, stating that (i) a review of the activities of the Servicer during
the preceding calendar year (or such shorter period as shall have elapsed since the Closing Date) and of its performance under
this Agreement has been made under such officer’s supervision and (ii) to the best of such officer’s knowledge, based
on such review, the Servicer has fulfilled all its obligations under this Agreement in all material respects throughout such reporting
period, or, if there has been a failure to fulfill any such obligation in any material respect, specifying each such failure known
to such officer and the nature and status thereof. The Servicer shall send a copy of such certificate and the report referred to
in Section 4.11 to the Rating Agencies. A copy of such certificate and the report referred to in Section 4.11 may
be obtained by any Certificateholder or Noteholder by a request in writing to the Indenture Trustee addressed to the Corporate
Trust Office. Upon the request of the Owner Trustee, the Indenture Trustee will promptly furnish the Owner Trustee a list of Noteholders
as of the date specified by the Owner Trustee.

 

(b)          The
Servicer shall deliver to the Owner Trustee and the Indenture Trustee, on or before the date that is 90 days after the end of each
calendar year, commencing with the calendar year ended December 31, 2016, 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.

 

    	 	15	 

     

    

 

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

 

Section 4.11         Annual
Independent Certified Public Accountants’ Report.    The Servicer shall cause a firm of independent certified
public accountants, who may also render other services to the Servicer or to its Affiliates, to deliver to the Servicer (who shall
promptly provide the assessment described in this Section 4.11(a) to the Rating Agencies), the Indenture Trustee and the
Owner Trustee and, on or before the date that is 90 days after the end of the Servicer’s fiscal year, commencing with the
fiscal year ended December 31, 2016, 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,

 

    	 	16	 

     

    

 

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

 

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

 

ARTICLE V

TRUST ACCOUNTS; DISTRIBUTIONS; STATEMENTS TO CERTIFICATEHOLDERS AND NOTEHOLDERS

 

Section 5.01         Establishment
of Trust Accounts.

 

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

 

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

 

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

 

    	 	17	 

     

    

 

(b)          Funds
on deposit in the Collection Account, the Note Distribution Account and the Reserve Account (collectively the “Trust Accounts”)
shall be invested by the Indenture Trustee in Eligible Investments selected by the Servicer. In absence of written direction from
the Servicer, such funds shall be invested in Eligible Investments specified in clause (i) of the definition thereof. All
such Eligible Investments shall be held by the Indenture Trustee for the benefit of the Noteholders and the Certificateholders,
as applicable; provided, that on each Payment Determination Date all interest and other Investment Earnings on funds
on deposit in the Trust Accounts shall be deposited into the Collection Account and shall be deemed to constitute a portion of
Available Funds for the related Payment Date. Other than as permitted by the Rating Agencies, funds on deposit in the Collection
Account, the Reserve Account and the Note Distribution Account shall be invested in Eligible Investments that will mature (A) not
later than the Business Day immediately preceding the next Payment Date or (B) on or before 10:00 a.m. on such next Payment Date
if such investment is held in the corporate trust department of the institution with which the Collection Account, the Reserve
Account and the Note Distribution Account, as applicable, is then maintained and is invested either (i) in a time deposit of the
Indenture Trustee rated at least A-1 by 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 and the Certificateholders, as the case may be. If, at any time, any of the Trust Accounts ceases to be an Eligible
Deposit Account, the Indenture Trustee (or the Servicer on its behalf) shall within 10 Business Days (or such longer period, not
to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Trust Account as an Eligible Deposit Account
and shall transfer any cash and/or any investments to such new Trust Account. The Indenture Trustee or the other Person holding
the Trust Accounts as provided in this Section 5.01(c)(i) shall be the “Securities Intermediary.” If
the Securities Intermediary shall be a Person other than the Indenture Trustee, the Servicer shall obtain the express agreement
of such Person to the obligations of the Securities Intermediary set forth in this Section 5.01.

 

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

 

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

 

(B)  All
securities or other property underlying any Financial Assets credited to the Trust Accounts shall be registered in the name of
the Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another securities account maintained
in the name of the Securities Intermediary and in no case will any Financial Asset credited to any of the Trust Accounts be registered
in the name of the Trust, the Servicer or the 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.

    	 	18	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	19	 

     

    

 

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

 

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

 

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

 

Section 5.04         [Reserved].

 

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

 

Section 5.06         Distributions.

 

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

 

(ii)         Except
as otherwise provided in clause (iii) below, on each Payment Date, the Servicer 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 Available Funds, if any, remaining after application thereof pursuant to prior clauses:

 

    	 	20	 

     

    

 

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

 

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

 

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

 

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

 

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

 

(F)  to
the 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;

 

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

 

(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 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:

 

    	 	21	 

     

    

 

(A)    to
the Asset Representations Reviewer, all fees, expenses and indemnities due to the Asset Representations Reviewer under the Asset
Representations Review Agreement and not previously paid by the Servicer;

 

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

 

(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;

 

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

 

(G)    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 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.

 

    	 	22	 

     

    

 

(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) 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;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(j)          the
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, 90 or 120 days delinquent;

 

    	 	23	 

     

    

 

(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;

 

(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
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;

 

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

 

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

 

(u)          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;

 

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

 

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

 

(x)          the
Interest Rate for each Class of Notes for the next Payment Date.

 

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
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.

    	 	24	 

     

    

 

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

 

ARTICLE VI

THE DEPOSITOR

 

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

 

    	 	25	 

     

    

 

(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.

 

    	 	26	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(b)          The
Depositor shall indemnify, defend and hold harmless the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Certificateholders
and the Noteholders and any of the officers, directors, employees and agents of the Issuing Entity, the Owner Trustee and the Indenture
Trustee from and against any loss, liability or reasonable and documented expense incurred by reason of the Depositor’s willful
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.

 

    	 	27	 

     

    

 

(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.

 

    	 	28	 

     

    

 

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

 

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

 

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

 

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

 

ARTICLE VII

THE SERVICER

 

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

 

    	 	29	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(b)          The
Servicer shall indemnify, defend and hold harmless the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Depositor,
the Certificateholders and the Noteholders and any of the officers, directors, employees and agents of the Issuing Entity, the
Owner Trustee and the Indenture Trustee from and against any and all costs, expenses, losses, claims, damages and liabilities to
the extent that such cost, expense, loss, claim, damage or liability arose out of, or was imposed upon any such Person through,
the willful 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.

 

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

 

ARTICLE VIII

DEFAULT

 

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

 

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

 

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

 

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

 

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.

 

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Section 8.02         Appointment
of Successor.

 

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

 

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

 

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

 

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

 

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

 

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

 

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ARTICLE IX

TERMINATION

 

Section 9.01         Optional
Purchase of All Receivables.

 

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

 

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

 

    	 	36	 

     

    

 

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

 

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

 

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

 

Section 10.02         Protection
of Title to Trust.

 

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

 

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

 

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

 

    	 	37	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

(B)         on
or before March 31, in each calendar year, beginning in 2017, 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.

 

    	 	38	 

     

    

 

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

 

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

 

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

 

Section 10.03         Notices.    All
demands, deliveries, notices, communications and instructions upon or to the Depositor, the Servicer, the Owner Trustee, the Indenture
Trustee or the Rating Agencies under this Agreement shall be by facsimile, in writing, personally delivered or mailed by certified
mail, return receipt requested, and shall be deemed to have been duly given upon receipt or by electronic mail (if designated
by such party to the other parties) (a) in the case of the Depositor, to World Omni Auto Receivables LLC, 190 Jim Moran Boulevard,
Deerfield Beach, Florida 33442, Telecopy: (954) 429-2685, Attention: Treasurer, (b) in the case of the Servicer, World Omni Financial
Corp., 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: (954) 429-2685, Attention: Treasurer, (c) in the case
of the Issuing Entity or the Owner Trustee, at its Corporate Trust Office, Telecopy: (312) 332-7992, Email: Edwin.Janis@usbank.com,
(d) in the case of the Indenture Trustee, at its Corporate Trust Office, Telecopy: (212) 815-8315, Email: michael.commisso@bnymellon.com,
and (e) in the case of the Rating Agencies, to the Depositor who promptly shall post such notice to the website maintained by
the Depositor for notifications to nationally recognized statistical rating organizations; or, as to each of the foregoing, at
such other address or electronic mail address as shall be designated by written notice to the other parties; provided,
that, so long as World Omni is the Servicer, the Servicer’s obligation to deliver or provide any demand, delivery,
notice, communication or instruction (including the Servicer’s Certificate) to any Person other than a Noteholder shall
be satisfied by the Servicer making such demand, delivery, notice, communication or instruction available at https://via.intralinks.com/,
or such other website or distribution service or provider as the Servicer shall designate by written notice to the other parties.

 

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

 

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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.

 

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

 

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

 

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

 

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

 

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

 

Section 10.11         Nonpetition
Covenants.

 

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

 

    	 	40	 

     

    

 

(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.

 

(b)          Notwithstanding
anything contained herein to the contrary, this Agreement has been accepted by The Bank of New York Mellon, not in its individual
capacity but solely as Indenture Trustee and in no event shall The Bank of New York Mellon 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.

 

    	 	41	 

     

    

 

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.

 

    	 	42	 

     

    

 

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 2016-A
	 	 
	 	by:  U.S. Bank Trust National 

Association,
	 	not in its individual capacity
	 	but solely as Owner Trustee,
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	WORLD OMNI AUTO RECEIVABLES LLC,
	 	as Depositor
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	WORLD OMNI FINANCIAL CORP., as Servicer,

 and, with respect to Sections 3.01 and 3.02, 

individually
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    			

 

     

    

 

	Acknowledged and agreed to as of the day	 
	and year first above written:	 
	 	 
	THE BANK OF NEW YORK MELLON	 
	not in its individual capacity but solely as	 
	Indenture Trustee	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	 	44	 

     

    

 

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

 

    	 	Sch. B 
	 

     

    

 

EXHIBIT A

 

Form of Distribution Statement to Noteholders

 

World Omni Financial Corp.

 

World Omni Auto Receivables Trust 2016-A Payment Date Statement
to Noteholders

 

Total Available Funds

 

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

 

	Outstanding Amount	 
	Class A-1 Notes	 
	Class A-2 Notes	 
	Class A-3 Notes	 
	Class A-4 Notes	 
	Class B Notes	 
	 	 
	Note Pool Factor	 
	Class A-1 Notes	 
	Class A-2 Notes	 
	Class A-3 Notes	 
	Class A-4 Notes	 
	Class B Notes	 
	 	 
	Servicing Fee	 
	Servicing Fee Per $1,000 Note	 
	 	 
	Reserve Account Balance	 

 

    	 	Ex. A
	 

     

    

 

EXHIBIT B

 

Form of Servicer’s Certificate

 

World Omni Financial Corp.

World Omni Auto Receivables Trust 2016-A Monthly Servicer’s
Certificate

 

	World Omni Auto Receivables Trust 2016-A	 	 	 	 	 
	Monthly Servicer Certificate	 	 	 	 	 
	mm/dd/yyyy	 	 	 	 	 
	 	 	 	 	 	 
	Dates Covered	 	 	 	 	 
	Collections Period	 	 	 	 	 
	Interest Accrual Period	 	 	 	 	 
	30/360 Days	 	 	 	 	 
	Actual/360 Days	 	 	 	 	 
	Distribution Date	 	 	 	 	 
	 	 	 	 	 	 
	Collateral
    Pool Balance Data	 	$
    Amount	 	#
    of Accounts	 
	Pool Balance at mm/dd/yy	 	 	 	 	 
	Yield Supplement Overcollateralization Amount at mm/dd/yy	 	 	 	 	 
	Receivables Balance at mm/dd/yy	 	 	 	 	 
	Principal Payments	 	 	 	 	 
	Defaulted Receivables	 	 	 	 	 
	Repurchased Accounts	 	 	 	 	 
	Yield Supplement Overcollateralization Amount at mm/dd/yy	 	 	 	 	 
	Pool Balance at mm/dd/yy	 	 	 	 	 
	 	 	 	 	 	 
	Pool
    Statistics	 	$
    Amount	 	#
    of Accounts	  
	Pool Factor	 	 	 	 	 
	Prepayment ABS Speed	 	 	 	 	 
	Aggregate Starting Principal Balance	 	 	 	 	 
	Pre-Funding Contracts added mm/dd/yy	 	 	 	 	 
	 	 	 	 	 	 
	Delinquent Receivables:	 	 	 	 	 
	Past Due 31-60 days	 	 	 	 	 
	Past Due 61-90 days	 	 	 	 	 
	Past Due 91-120 days	 	 	 	 	 
	Past Due 121 + days	 	 	 	 	 
	 Total     	 	 	 	 	 

    	 	Ex. B-1	 

     

    

 

	Total 31+ Delinquent as % Ending Pool Balance	 	 	 	 	 
	Total 61+ Delinquent as % Ending Pool Balance	 	 	 	 	 
	Delinquency Trigger Occurred	 	 	 	[Yes/No]	 
	 	 	 	 	 	 
	Recoveries	 	 	 	 	 
	 	 	 	 	 	 
	Aggregate Net Losses/(Gains) - mm/yyyy	 	 	 	 	 
	
        Ratio of Net Loss to the Receivables Balance

        as of beginning of Collection period (Annualized)
	 	 	 	 	 
	Current Net Loss Ratio	 	 	 	 	 
	Prior Period Net Loss Ratio	 	 	 	 	 
	Second Prior Period Net Loss Ratio	 	 	 	 	 
	Third Prior Period Net Loss Ratio	 	 	 	 	 
	Four Month Average	 	 	 	 	 
	 	 	 	 	 	 
	Cumulative Net Loss as a % of Aggregate Starting Principal Balance	 	 	 	 	 
	 	 	 	 	 	 
	Overcollateralization Target Amount	 	 	 	 	 
	Actual Overcollateralization	 	 	 	 	 
	Weighted Average APR	 	 	 	 	 
	Weighted Average APR, Yield Adjusted	 	 	 	 	 
	Weighted Average Remaining Term 	 	 	 	 	 
	 	 	 	 	 	 
	Flow of Funds	 	$ Amount	 	 	 
	 	 	 	 	 	 
	Collections	 	 	 	 	 
	Investment Earnings on Cash Accounts	 	 	 	 	 
	Servicing Fee	 	 	 	 	 
	Transfer to Collection Account	 	 	 	 	 
	Available Funds	 	 	 	 	 
	 	 	 	 	 	 
	Distributions of Available Funds	 	 	 	 	 
	(1) Asset Representation Reviewer Amounts (up to $150,000 per year)	 	 	 	 	 
	(2)  Class A Interest	 	 	 	 	 
	(3)  Noteholders’ First Priority Principal Distributable Amount	 	 	 	 	 
	(4)  Class B Interest	 	 	 	 	 

 

    	 	Ex. B-2	 

     

    

 

	(5)  Noteholders’ Second Priority Principal Distributable Amount	 	 	 	 	 
	(6)  Required Reserve Amount	 	 	 	 	 
	(7) Noteholders’ Principal Distributable Amount	 	 	 	 	 
	(8)  Asset Representation Reviewer Amounts (in excess of 1)	 	 	 	 	 
	(9)  Distribution to Certificateholders	 	 	 	 	 
	 	 	 	 	 	 
	Total Distributions of Available Funds	 	 	 	 	 
	 	 	 	 	 	 
	Servicing Fee	 	 	 	 	 
	Unpaid Servicing Fee	 	 	 	 	 
	Change in amount of Unpaid Servicing Fee from the prior period	 	 	 	 	 
	 	 	 	 	 	 
	Note Balances & Note Factors	 	$ Amount	 	 	 
	 	 	 	 	 	 
	Original Class A	 	 	 	 	 
	Original Class B	 	 	 	 	 
	 	 	 	 	 	 
	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-2	 	 	 	 	 
	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-2	 	 	 	 	 
	Coupon	 	 	 	 	 
	Interest Paid	 	 	 	 	 
	Principal Paid	 	 	 	 	 
	Total Paid to A-2 Holders	 	 	 	 	 
	 	 	 	 	 	 
	Class A-3	 	 	 	 	 
	Coupon	 	 	 	 	 
	Interest Paid	 	 	 	 	 
	Principal Paid	 	 	 	 	 
	Total Paid to A-3 Holders	 	 	 	 	 

 

    	 	Ex. B-4	 

     

    

 

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

 

    	 	Ex. B-5	 

     

    

 

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

 

    	 	Ex. B-7	 

     

    

 

EXHIBIT
C

 

Form of SSA Assignment

 

As of March 23, 2016,
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 2016-A (the “Issuing Entity”) and World Omni Financial Corp., a Florida corporation,
(the “Servicer”), as acknowledged and accepted by The Bank of New York Mellon, as Indenture Trustee, the Depositor
does hereby sell, assign, transfer and otherwise convey unto the Issuing Entity, without recourse, all right, title and
interest of the Depositor in, to and under (a) the Receivables identified on the Schedule of Receivables attached hereto having
an aggregate Starting Principal Balance of $918,505,674.88 and all monies received thereon and in respect thereof after the Cutoff
Date; (b) the security interests in, and the liens on, the Financed Vehicles granted by Obligors in connection with the Receivables
and any other interest of the Depositor in such Financed Vehicles; (c) any proceeds with respect to the Receivables from claims
on any physical damage, credit life or disability insurance policies covering such Financed Vehicles or Obligors; (d) any Financed
Vehicle that shall have secured an Receivable and shall have been acquired by or on behalf of the Depositor, the Servicer or the
Trust; (e) all funds on deposit in, and “financial assets” (as such term is defined in the Uniform Commercial Code
as from time to time in effect) credited to, the Trust Accounts, including the Reserve Account, from time to time, including the
Reserve Account Initial Deposit, and in all investments and proceeds thereof (including all income thereon); (f) the Receivables
Purchase Agreement; (g) all “accounts,” “chattel paper,” “general intangibles” and “promissory
notes” (as such terms are defined in the Uniform Commercial Code as from time to time in effect) constituting or relating
to the foregoing; and (h) the proceeds of any and all of the foregoing; provided, however, that the foregoing
items (a) through (h) shall not include the Notes and Certificates.

 

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

 

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

 

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

 

* * * * *

    	 	Ex. C-1	 

     

    

 

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

 

	 	WORLD OMNI AUTO RECEIVABLES LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	Ex. C-2	 

     

    

 

APPENDIX A

 

PART I - DEFINITIONS

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	App. A-1	 

     

    

 

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

 

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

 

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

 

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

 

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

 

“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, to
the extent no longer Definitive Notes, 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-2 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-2 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, 22) divided by 360.

 

Interest due on the
initial Payment Date will be $283,946.67 for the Class A-2 Notes, $283,396.67 for the Class A-3 Notes and $89,136.67 for the Class
A-4 Notes.

 

Interest with respect
to the Class A-1 Notes shall be computed on the basis of the actual number of days in the related Interest Accrual Period and a
360-day year. 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 $60,208.89 for the Class A-1 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 March 15, 2017 Payment Date.

 

“Class A-1
Interest Rate” means 0.62000% 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 0.62000% Asset-Backed Notes, substantially in the form of Exhibit A-1 to
the Indenture.

 

“Class A-2
Final Scheduled Payment Date” means the December 16, 2019 Payment Date.

 

“Class A-2
Interest Rate” means 1.32% per annum computed on the basis of a 360 day year of twelve 30 day months.

 

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

 

“Class A-2
Notes” means the Class A-2 1.32% Asset-Backed Notes, substantially in the form of Exhibit A-2 to the
Indenture.

 

“Class A-3
Final Scheduled Payment Date” means the September 15, 2021 Payment Date.

 

“Class A-3
Interest Rate” means 1.77% per annum computed on the basis of a 360 day year of twelve 30 day months.

 

    	 	App. A-4	 

     

    

 

“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 1.77% Asset-Backed Notes, substantially in the form of Exhibit A-3 to the
Indenture.

 

“Class A-4
Final Scheduled Payment Date” means the May 16, 2022 Payment Date.

 

“Class A-4
Interest Rate” means 1.95% 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 1.95% Asset-Backed Notes, substantially in the form of Exhibit A-4 to the
Indenture.

 

“Class B Final
Scheduled Payment Date” means the March 15, 2023 Payment Date.

 

“Class B Interest
Rate” means 0.00% per annum computed on the basis of a 360 day year of twelve 30 day months.

 

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

 

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

 

“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;

 

    	 	App. A-5	 

     

    

 

		·	the Class B Interest Rate; and

 

		·	30 (or, in the case of the initial Payment Date, 22) divided by 360.

 

Interest due on the
initial Payment Date will be $0 for the Class B Notes.

 

“Class B Notes”
means the Class B 0.00% 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 March 23, 2016.

 

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

 

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

 

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

 

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

 

“Collection
Period” means, with respect to any Payment Date, the period from and including the first day of the calendar month immediately
preceding the calendar month in which such Payment Date occurs (or with respect to the initial Payment Date, from but excluding
the 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.

 

    	 	App. A-6	 

     

    

 

“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, 101 Barclay Street, 7W, New York, New York 10286, Attention: Asset-Backed Securities Unit, Email:
michael.commisso@bnymellon.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 2016-A, 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 2016-A, 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 the close of business on February 24, 2016.

 

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

 

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

 

    	 	App. A-7	 

     

    

 

“Delinquency
Percentage” means, for each Payment Date and the related Collection Period, the ratio (expressed as a percentage) of
(i) the aggregate Principal Balance of all Delinquent Receivables held by the Issuing Entity that are more than 60 days delinquent
as of the last day of calendar month immediately preceding such Payment Date to (ii) the Pool Balance for that Payment Date.

 

“Delinquency
Trigger” means 6.50%.

 

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

 

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

 

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

 

    	 	App. A-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.

 

“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 of each Rating Agency (if rated by Fitch) in one of its
generic rating categories that signifies investment grade.

 

“Eligible
Institution” means

 

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

 

    	 	App. A-9	 

     

    

 

(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;

 

(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;

 

    	 	App. A-10	 

     

    

 

(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;

 

(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;

 

    	 	App. A-11	 

     

    

 

(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;

 

(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

 

    	 	App. A-12	 

     

    

 

(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 March 15, 2016, relating to the Notes.

 

“Final Scheduled
Maturity Date” means in the case of a Receivable, July 22, 2022.

 

“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.

 

    	 	App. A-13	 

     

    

 

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

 

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

 

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

 

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

 

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

 

“Indenture
Trustee” means The Bank of New York Mellon, not in its individual capacity but solely as Indenture Trustee under the
Indenture, or any successor Indenture Trustee under the Indenture.

 

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

 

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

 

“Initial Aggregate
Starting Principal Balance” means $918,505,674.88.

 

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

 

    	 	App. A-14	 

     

    

 

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

 

“Interest
Accrual Period” means, with respect to any Payment Date, (i) for the Class A-1 Notes, 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-2 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-2 Interest Rate, the Class A-3 Interest Rate, the Class
A-4 Interest Rate or the Class B Interest Rate, as applicable.

 

“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 2016-A 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.

 

“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.

 

“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.

 

    	 	App. A-15	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Noteholders”
shall mean the holders of the Notes.

 

“Noteholders’
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-16	 

     

    

 

“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.

 

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

 

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

 

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

 

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

 

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

 

    	 	App. A-17	 

     

    

 

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

 

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

 

“Overcollateralization
Target Amount” means, with respect to any Payment Date, an amount equal to 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 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.

 

“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 April 15, 2016.

 

“Payment Determination
Date” means, with respect to any Payment Date, two (2) Business Days 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).

 

    	 	App. A-18	 

     

    

 

“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, and after reduction to zero of the aggregate outstanding Principal Balance of any Receivable that became a Defaulted
Receivable during the related Collection Period.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	App. A-19	 

     

    

 

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

 

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

 

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

 

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

 

    	 	App. A-20	 

     

    

 

“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 secretary, senior associate, associate, trust officer
or any other officer, employee or other person of the Indenture Trustee customarily performing functions similar to those performed
by any of the above designated officers and, with respect to each, having direct responsibility for the administration of the Indenture
and also, with respect to a particular matter, any other officer, 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
Request” has the meaning specified in Section 3.02(c)(i) of the Sale and Servicing Agreement.

 

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

 

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

 

“Required
Rate” means 4.85%, or 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.

 

“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 Cutoff Date of all Receivables transferred to
the Trust and (b) the Outstanding Amount of the Notes.

 

    	 	App. A-21	 

     

    

 

“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 $2,196,494.13.

 

“Responsible
Officer” means, with respect to the Indenture Trustee, any officer within the Corporate Trust Office of the Indenture
Trustee, including any vice president, assistant vice president, assistant secretary, senior associate, associate, trust officer
or any other officer 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 the Class B Notes, until such time as such Notes are the subject of an Opinion of Counsel specified
in Section 2.04(b) of the Indenture regarding the treatment of such Notes as indebtedness for federal income tax purposes,
which Opinion of Counsel shall have been received by the Depositor and the Indenture Trustee.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	App. A-22	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	App. A-23	 

     

    

 

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

 

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

 

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

 

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

 

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

 

“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.

 

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

 

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

 

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

 

“Trust”
means World Omni Auto Receivables Trust 2016-A, a Delaware statutory trust.

 

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

 

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

 

    	 	App. A-24	 

     

    

 

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

 

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

 

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

 

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

 

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

 

“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;

 

    	 	App. A-25	 

     

    

 

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

 

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

 

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

 

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

 

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

 

    	 	App. A-26	 

     

    

 

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-27	 

     

    

 

(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-28	 

     

    

 

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 2016-A,

as Issuing Entity

 

and

 

the
bank of new york mellon

as Indenture Trustee

 

Dated as of March 23, 2016

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

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

 

    	i 

     

    

 

	Section 3.11	Successor or Transferee	22
	Section 3.12	No Other Business	22
	Section 3.13	No Borrowing	22
	Section 3.14	Servicer’s Obligations	22
	Section 3.15	Guarantees, Loans, Advances and Other Liabilities	22
	Section 3.16	Capital Expenditures	22
	Section 3.17	Removal of Administrator	22
	Section 3.18	Restricted Payments	23
	Section 3.19	Notice of Events of Default	23
	Section 3.20	Further Instruments and Acts	23
	 	 	 
	ARTICLE IV
	 
	Satisfaction and Discharge
	 	 	 
	Section 4.01	Satisfaction and Discharge of Indenture	23
	Section 4.02	Application of Trust Money	24
	Section 4.03	Repayment of Monies Held by Paying Agent	25
	 	 	 
	ARTICLE V
	 
	Remedies
	 	 	 
	Section 5.01	Events of Default	25
	Section 5.02	Acceleration of Maturity; Rescission and Annulment	26
	Section 5.03	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	27
	Section 5.04	Remedies; Priorities	29
	Section 5.05	Optional Preservation of the Receivables	30
	Section 5.06	Limitation of Suits	30
	Section 5.07	Unconditional Rights of Noteholders to Receive Principal and Interest	31
	Section 5.08	Restoration of Rights and Remedies	32
	Section 5.09	Rights and Remedies Cumulative	32
	Section 5.10	Delay or Omission Not a Waiver	32
	Section 5.11	Control by Noteholders	32
	Section 5.12	Waiver of Past Defaults	33
	Section 5.13	Undertaking for Costs	33
	Section 5.14	Waiver of Stay or Extension Laws	33
	Section 5.15	Action on Notes	33
	Section 5.16	Performance and Enforcement of Certain Obligations	34
	 	 	 
	ARTICLE VI
	 
	The Indenture Trustee
	 	 	 
	Section 6.01	Duties of Indenture Trustee	34

 

    	ii 

     

    

 

	Section 6.02	Rights of Indenture Trustee	36
	Section 6.03	Individual Rights of Indenture Trustee	37
	Section 6.04	Indenture Trustee’s Disclaimer	38
	Section 6.05	Notice of Defaults	38
	Section 6.06	Reports by Indenture Trustee	38
	Section 6.07	Compensation and Indemnity	38
	Section 6.08	Replacement of Indenture Trustee	39
	Section 6.09	Successor Indenture Trustee by Merger	40
	Section 6.10	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	41
	Section 6.11	Eligibility; Disqualification	42
	Section 6.12	Preferential Collection of Claims Against Issuing Entity	42
	Section 6.13	Representations and Warranties of the Indenture Trustee	42
	Section 6.14	Communications Regarding Demands to Repurchase Receivables	43
	 	 	 
	ARTICLE VII
	 
	Noteholders’ Lists and Reports
	 	 	 
	Section 7.01	Issuing Entity to Furnish Indenture Trustee Names and Addresses of Noteholders	44
	Section 7.02	Preservation of Information; Communications to Noteholders; Noteholder Communications with Indenture Trustee; Communications between Noteholders	44
	Section 7.03	Reports by Issuing Entity	46
	Section 7.04	Reports by Indenture Trustee	46
	Section 7.05	Noteholder Demand for Asset Representations Review	47
	 	 	 
	ARTICLE VIII
	 
	Accounts, Disbursements and Releases
	 	 	 
	Section 8.01	Collection of Money	48
	Section 8.02	Trust Accounts	48
	Section 8.03	General Provisions Regarding Accounts	50
	Section 8.04	Release of Trust Estate	50
	Section 8.05	Opinion of Counsel	51
	 	 	 
	ARTICLE IX
	 
	Supplemental Indentures
	 	 	 
	Section 9.01	Supplemental Indentures Without Consent of Noteholders	51
	Section 9.02	Supplemental Indentures with Consent of Noteholders	53
	Section 9.03	Execution of Supplemental Indentures	54
	Section 9.04	Effect of Supplemental Indenture	54
	Section 9.05	Conformity with Trust Indenture Act	55

 

    	iii 

     

    

 

	Section 9.06	Reference in Notes to Supplemental Indentures	55
	 	 	 
	ARTICLE X
	 
	Redemption of Notes
	 	 	 
	Section 10.01	Redemption	55
	Section 10.02	Form of Redemption Notice	55
	Section 10.03	Notes Payable on Redemption Date	56
	 	 	 
	ARTICLE XI
	 
	Miscellaneous
	 	 	 
	Section 11.01	Compliance Certificates and Opinions, etc.	56
	Section 11.02	Form of Documents Delivered to Indenture Trustee	58
	Section 11.03	Acts of Noteholders	59
	Section 11.04	Notices, etc., to Indenture Trustee, Issuing Entity and Rating Agencies	59
	Section 11.05	Notices to Noteholders; Waiver	60
	Section 11.06	Alternate Payment and Notice Provisions	61
	Section 11.07	Conflict with Trust Indenture Act	61
	Section 11.08	Effect of Headings and Table of Contents	61
	Section 11.09	Successors and Assigns	61
	Section 11.10	Severability	61
	Section 11.11	Benefits of Indenture	61
	Section 11.12	Legal Holidays	61
	Section 11.13	GOVERNING LAW	62
	Section 11.14	Counterparts	62
	Section 11.15	Recording of Indenture	62
	Section 11.16	Trust Obligation	62
	Section 11.17	No Petition	63
	Section 11.18	Inspection	63
	Section 11.19	Waiver of Jury Trial	63
	 	 	 
	ARTICLE XII
	 
	COMPLIANCE WITH REGULATION AB
	 	 	 
	Section 12.01	Intent of the Parties; Reasonableness	64
	Section 12.02	Additional Representations and Warranties of the Indenture Trustee	64
	Section 12.03	Information to Be Provided by the Indenture Trustee	64
	Section 12.04	Regulation AB Reports by Indenture Trustee	66

 

    	iv 

     

    

 

		SCHEDULE A	–    Schedule of Receivables

		EXHIBIT A-1	–    Form of Class A-1 Note

		EXHIBIT A-2	–    Form of Class A-2 Note

		EXHIBIT A-3	–    Form of Class A-3 Note

		EXHIBIT A-4	–    Form of Class A-4 Note

		EXHIBIT B	–    Form of Class B Note

		EXHIBIT C	–    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 March 23, 2016 (as it may be amended and supplemented from time to time, this “Indenture”) is between
WORLD OMNI AUTO RECEIVABLES TRUST 2016-A, a Delaware statutory trust (the “Issuing Entity”), and THE BANK OF
NEW YORK MELLON, a New York banking corporation, as trustee and not in its individual capacity (the “Indenture
Trustee”).

 

Each party agrees as
follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Issuing Entity’s Class A-1
0.62000% Asset-Backed Notes (the “Class A-1 Notes”), Class A-2 1.32% Asset-Backed Notes (the “Class
A-2 Notes”), Class A-3 1.77% Asset-Backed Notes (the “Class A-3 Notes”), Class A-4 1.95%
Asset-Backed Notes (the “Class A-4 Notes”) and Class B 0.00% 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, all of
the Issuing Entity’s right, title and interest, whether now or hereafter acquired, and wherever located, in and to (a) the
Receivables identified on the SSA Assignment (all of which are identified in World Omni’s computer files by a code indicating
that such Receivables are owned by the Issuing Entity and pledged to the Indenture Trustee) and all monies received thereon and
in respect thereof after the Cutoff Date; (b) the security interests in, and the liens on, the Financed Vehicles granted
by Obligors in connection with the Receivables and any other interest of the Issuing Entity in such Financed Vehicles; (c) any
proceeds with respect to the Receivables from claims on any physical damage, credit life or disability insurance policies covering
Financed Vehicles or Obligors; (d) any Financed Vehicle that shall have secured a Receivable and that shall have been acquired
by or on behalf of the Depositor, the Servicer or the Issuing Entity; (e) all right, title and interest in all funds on deposit
in, and “financial assets” (as such term is defined in the Uniform Commercial Code as from time to time in effect)
credited to, the Trust Accounts, including the Reserve Account, from time to time, including the Reserve Account Initial Deposit,
and in all investments and proceeds thereof (including all income thereon); (f) the Receivables Purchase Agreement, including
the RPA Assignment, and the Sale and Servicing Agreement, including the SSA Assignment (including the Issuing Entity’s right
to cause World Omni, the Servicer or the Depositor to repurchase Receivables from the Issuing Entity under certain circumstances
described therein); (g) all “accounts,” “chattel paper,” “general intangibles” and “promissory
notes” (as such terms are defined in the UCC) constituting or relating to the foregoing;
and (h) all proceeds of any and all of the foregoing and all present and future claims, demands, causes of action and choses
in action in respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever
in respect of any or all of the foregoing, including all proceeds of the conversion thereof, voluntary or involuntary, into cash
or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks,
deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations
and receivables, instruments, general intangibles and other property which at any time constitute all or part of or are included
in the proceeds of any of the foregoing; provided, however, that the foregoing items (a) through (i) shall not include
the Notes and Trust Certificates (collectively, the “Collateral”).

 

    	1 

     

    

 

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

 

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

 

ARTICLE
I

Definitions and Incorporation by Reference

 

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

 

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

 

“indenture securities”
means the Notes.

 

“indenture security
holder” means a Noteholder.

 

“indenture to
be qualified” means this Indenture.

 

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

 

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

 

    	2 

     

    

 

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

 

ARTICLE
II

The Notes

 

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

 

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

 

Each Note shall be dated
the date of its authentication. The terms of the Notes set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3,
Exhibit A-4 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.

 

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 $152,000,000, Class A-2 Notes for original issue in an aggregate principal amount of $352,000,000, Class A-3
Notes for original issue in an aggregate principal amount of $262,000,000, Class A-4 Notes for original issue in an aggregate
principal amount of $74,800,000 and Class B Notes for original issue in an aggregate principal amount of $18,030,000. The aggregate
principal amount of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes outstanding at any
time may not exceed such respective amounts except as provided in Section 2.06.

 

    	3 

     

    

 

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

 

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

 

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

 

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

 

Section 2.04         Transfer
Restrictions on Notes.

 

(a)          As
of the date of this Indenture, the Retained Notes have not been registered under the Securities Act and will not be listed on any
exchange. Unless and until such Notes have been sold pursuant to a transaction registered under the Securities Act, no transfer
of such a Note shall be made unless such transfer is made pursuant to an effective registration statement under the Securities
Act and any applicable state securities laws or is exempt from the registration requirements under the Securities Act and such
state securities laws. Except in a transfer pursuant to Rule 144A or a transfer to the Depositor or by the Depositor to an Affiliate
thereof, in the event that a transfer is to be made in reliance upon an exemption from the Securities Act and state securities
laws, in order to assure compliance with the Securities Act and such laws, the Noteholder desiring to effect such transfer and
such Noteholder’s prospective transferee shall each certify to the Issuing Entity, the Indenture Trustee and WOAR in writing
the facts surrounding the transfer in substantially the forms set forth in Exhibit 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.

 

    	4 

     

    

 

(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 of Counsel, with respect
to the sale, pledge or transfer by the Depositor or an Affiliate thereof, to the effect that the Retained Notes to be sold, pledged,
or transferred will be characterized as indebtedness for federal income tax purposes. Any transferee, other than the Depositor
or an Affiliate thereof, acquiring a Retained Note or an interest therein shall be deemed to have made the representations set
forth in Section 2.14 (as if Section 2.14(a) applied to the Retained Notes). Any attempted sale, pledge or other transfer
in contravention of this Section 2.4(b) will be void ab initio and the purported transferor will continue to be treated
as the owner of the Retained Note.

 

 

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

 

(c)          [Reserved].

 

    	5 

     

    

 

(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.

 

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.

 

    	7 

     

    

 

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.

 

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.

 

    	8 

     

    

 

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.

 

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.

 

    	9 

     

    

  

Section 2.08         Payment
of Principal and Interest; Defaulted Interest.

 

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

 

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

 

(c)          Notwithstanding
the foregoing, the entire unpaid principal amount of the Notes shall be due and payable, if not previously paid, on the date on
which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or Holders of the Notes representing
at least a majority of the Outstanding Amount of the Controlling Securities have declared the Notes to be immediately due and payable
in the manner provided in Section 5.02. In such case, principal shall be paid in accordance with the priorities set
forth in Section 8.02(d) 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.

 

    	10 

     

    

 

(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.

 

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

 

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

 

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

 

    	11 

     

    

 

(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.

 

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.

 

    	12 

     

    

 

Section 2.14         Tax
Treatment.

 

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

 

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

 

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

 

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

 

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ARTICLE
III

Covenants

 

Section 3.01         Payment
of Principal and Interest. The Issuing Entity will duly and punctually pay the principal of and interest, if any, on the Notes
in accordance with the terms of the Notes and this Indenture. Without limiting the foregoing, subject to and in accordance with
Section 8.02(c), the Issuing Entity will cause to be distributed all amounts on deposit in the Note Distribution Account
and allocated for distribution to the Noteholders on a Payment Date pursuant to the Sale and Servicing Agreement (i) for
the benefit of the Class A-1 Notes, to the Class A-1 Noteholders, (ii) for the benefit of the Class A-2 Notes,
to the Class A-2 Noteholders, (iii) for the benefit of the Class A-3 Notes, to the Class A-3 Noteholders, (iv) for the
benefit of the Class A-4 Notes, to the Class A-4 Noteholders and (v) for the benefit of the Class B Notes, to the Class
B Noteholders. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal
shall be considered as having been paid by the 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 Corporate Trust Office
of the Indenture Trustee, and the Issuing Entity hereby initially appoints the Indenture Trustee to serve as its agent for the
foregoing purposes. The Issuing Entity will give prompt written notice to the Indenture Trustee of any change in the location
of any such office or agency. If at any time the Issuing Entity shall fail to maintain any such office or agency or shall fail
to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate
Trust Office, and the Issuing Entity hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices
and demands.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(iii)        enforce
any of the Collateral; or

 

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

 

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

 

Section 3.06         Opinions
as to Trust Estate.

 

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

 

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(b)          On
or before April 30, in each calendar year, beginning in 2017, the Issuing Entity shall furnish to the Indenture Trustee an Opinion
of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing,
re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect
to the execution and filing of any financing statements and continuation statements as is necessary to maintain the lien and security
interest created by this Indenture and reciting the details of such action, or stating that in the opinion of such counsel no such
action is necessary to maintain such lien and security interest. Such Opinion of Counsel shall also describe the recording, filing,
re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution
and filing of any financing statements and continuation statements that will, in the opinion of such counsel, be required to maintain
the lien and security interest of this Indenture until April 30 in the following calendar year.

 

Section 3.07         Performance
of Obligations; Servicing of Receivables.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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Section 3.09         Annual
Statement as to Compliance. The Issuing Entity will deliver to the Indenture Trustee within 120 days after the end of each
fiscal year of the Issuing Entity (commencing with the fiscal year 2016), an Officer’s Certificate stating, as to the Authorized
Officer signing such Officer’s Certificate, that:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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(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;

 

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

 

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

 

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

 

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

 

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

 

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

 

(a)          Upon
a conveyance or transfer of all the assets and properties of the Issuing Entity pursuant to Section 3.10(b), World
Omni Auto Receivables Trust 2016-A will be released from every covenant and agreement of this Indenture to be observed or performed
on the part of the Issuing Entity with respect to the Notes immediately upon the delivery of written notice to the Indenture Trustee
stating that World Omni Auto Receivables Trust 2016-A is to be so released.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE
IV

Satisfaction and Discharge

 

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

 

(A)        either:

 

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

 

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(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;

 

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

 

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

 

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

 

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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):

 

(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; or

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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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.

 

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

 

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

 

Section 5.04         Remedies;
Priorities.

 

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

 

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

 

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

 

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

 

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

 

(b)          If
the Indenture Trustee collects any money or property pursuant to this Article V, it shall 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, except in accordance with Section
3.02(c) of the Sale and Servicing Agreement, unless:

 

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(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

 

(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.

 

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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.

 

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.

 

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

 

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

 

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

 

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

 

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

 

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Section 5.16         Performance
and Enforcement of Certain Obligations.

 

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

 

(b)          If
an Event of Default has occurred and is continuing, the Indenture Trustee may, and at the direction (which direction shall be in
writing 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 under or in connection with the Sale and Servicing Agreement, or against the Depositor under or in connection with
the Receivables Purchase Agreement, including the right or power to take any action to compel or secure performance or observance
by the Depositor or the Servicer, of each of their obligations to the Issuing Entity thereunder and to give any consent, request,
notice, direction, approval, extension or waiver under the Sale and Servicing Agreement or the Receivables Purchase Agreement,
as the case may be, and any right of the Issuing Entity to take such action shall be suspended.

 

ARTICLE
VI

The Indenture Trustee

 

Section 6.01         Duties
of Indenture Trustee.

 

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

 

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

 

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

 

(ii)         in
the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements
of this Indenture; however, 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.

 

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

 

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

 

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

 

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

 

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

 

(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.

 

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

 

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

 

Section 6.06         Reports
by Indenture Trustee. The Indenture Trustee shall deliver to each Noteholder such information as may be required to enable
such holder to prepare its federal and state income tax returns. On or before each Payment Date, the Indenture Trustee will
post a copy of the statement or statements provided to the Indenture Trustee by the Servicer pursuant to Section 5.08
of the Sale and Servicing Agreement with respect to the applicable Payment Date on its internet website promptly following
its receipt thereof, for the benefit of the Noteholders. The Indenture Trustee’s internet website shall initially be located
at https://gctinvestorreporting.bnymellon.com. 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. 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. 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.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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 New York banking corporation duly organized, validly existing and in good standing under the laws of the
jurisdiction of its formation;

 

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

 

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

 

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(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.

 

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.

 

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ARTICLE
VII

Noteholders’ Lists and Reports

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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Section 7.03         Reports
by Issuing Entity.

 

(a)          The
Issuing Entity shall:

 

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

 

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

 

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

 

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

 

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

 

Section
7.04         Reports by Indenture Trustee.   If required by TIA
§ 313(a), within 60 days after each February 1, beginning with February 1, 2017, the Indenture Trustee shall transmit
to each Noteholder as required by TIA § 313(c) a brief report dated as of such date that complies with TIA § 313(a).
The Indenture Trustee also shall comply with TIA § 313(b). A copy of each report at the time of its transmission to
Noteholders shall be filed by the Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are
listed. The Issuing Entity shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange or delisted
therefrom.

 

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Section 7.05         Noteholder
Demand for Asset Representations Review.

 

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

 

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

 

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

 

(d)          The
Indenture Trustee shall cooperate with the Asset Representations Reviewer in the event a Review is commenced pursuant to this Section
7.05 and shall provide the Asset Representations Reviewer with any documents or other information reasonably accessible to
the Indenture Trustee and requested by the Asset Representations Reviewer in connection with the Review.

 

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ARTICLE
VIII

Accounts, Disbursements and Releases

 

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

 

Section 8.02         Trust
Accounts.

 

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

 

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

 

(c)          Except
as otherwise provided in 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:

 

(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-2 Notes until they are paid in full; then

 

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

 

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

 

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(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.

 

(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].

 

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Section 8.03         General
Provisions Regarding Accounts.

 

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

 

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

 

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

 

Section 8.04         Release
of Trust Estate.

 

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

 

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

 

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

 

ARTICLE
IX

Supplemental Indentures

 

Section 9.01         Supplemental
Indentures Without Consent of Noteholders.

 

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

 

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

 

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

 

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

 

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

 

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(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

 

(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 or (ii) an Officer’s Certificate of the Servicer stating that the amendment will not materially and adversely affect
the interest of any Noteholder.

 

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

 

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Section 9.02         Supplemental
Indentures with Consent of Noteholders.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE
X

Redemption of Notes

 

Section 10.01       Redemption.
The outstanding Notes are subject to redemption in whole, but not in part, at the direction of the Servicer pursuant to Section 9.01(a)
of the Sale and Servicing Agreement, on any Payment Date on which the Servicer exercises its option to purchase the Owner
Trust Estate pursuant to said Section 9.01(a), for a purchase price equal to the Redemption Price; provided
that the Issuing Entity has available funds sufficient to pay the Redemption Price. The Servicer or the Issuing Entity
shall furnish the Rating Agencies notice of such redemption. If the outstanding Notes are to be redeemed pursuant to this Section,
the Servicer or the Issuing Entity shall furnish notice of such election to the Indenture Trustee not later than the close of
business on the first 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;

 

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

 

(d)          applicable
“CUSIP” numbers.

 

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

 

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

 

ARTICLE
XI

Miscellaneous

 

Section 11.01       Compliance
Certificates and Opinions, etc.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	57 

     

    

 

(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 September 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.

 

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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.

 

Section 11.03       Acts
of Noteholders.

 

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

 

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

 

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

 

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

 

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

 

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

 

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(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 2016-A, in care of the
Owner Trustee at its Corporate Trust Office, or at any other address previously furnished in writing to the Indenture Trustee by
the Issuing Entity or the Administrator. The Issuing Entity shall promptly transmit any notice received by it from the Noteholders
to the Indenture Trustee.

 

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

 

The Issuing Entity’s
obligation to deliver or provide any demand, delivery, notice, communication or instruction to any Person other than a Noteholder
shall be satisfied by the Issuing Entity making such demand, delivery, notice, communication or instruction available at https://via.intralinks.com/,
or such other website or distribution service or provider as the Issuing Entity shall designate by written notice to the other
parties.

 

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

 

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

 

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

 

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

 

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

 

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If the Indenture Trustee
receives a request from a Noteholder or Note Owner to repurchase a Receivable as a result of a breach of a representation or warranty
pursuant to the Sale and Servicing Agreement and World Omni does not repurchase the Receivable related to such repurchase request
within 180 days of the receipt of such repurchase request, at the direction of the Administrator, the Indenture Trustee shall deliver
a notice to the related Noteholder or Note Owner indicating that the repurchase request is unresolved.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 11.16       Trust
Obligation. It is expressly understood and agreed by the parties hereto that (a) this Indenture is executed and delivered
by the Trustee Bank, not individually or personally but solely as Owner Trustee, in the exercise of the powers and authority conferred
and vested in it under the Trust Agreement, (b) each of the representations, undertakings and agreements herein made on the part
of the Issuing Entity is made and intended not as personal representations, undertakings and agreements by the Trustee Bank, but
is made and intended for the purpose of binding only the Issuing Entity, (c) nothing herein contained shall be construed as creating
any liability on the Trustee Bank, individually or personally, to perform any covenant of the Issuing Entity, either expressed
or implied, contained herein, all such liability of the Trustee Bank in its individual or personal capacity, if any, being expressly
waived by the parties hereto and by any person claiming by, through or under the parties hereto, (d) the Trustee Bank has made
no investigation into the accuracy or completeness of any representations or warranties made by the Issuing Entity in this Indenture,
and (e) under no circumstances shall the Trustee Bank be personally liable for the payment of any indebtedness or expenses of
the Issuing Entity under this Indenture or any other related documents.

 

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

 

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

 

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

 

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

 

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

 

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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.

 

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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;

 

(ix)         any
asset representations reviewer; and

 

(x)          any
other material transaction party.

 

 

    	65 

     

    

 

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

 

Section 12.04       Regulation
AB Reports by Indenture Trustee. For so long as the Issuing Entity is required to report under
the Exchange Act, the Indenture Trustee will, on or before March 1 of each year, beginning March 1, 2017:

 

(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, including disclosure of any material instance of non-compliance
identified by the Indenture Trustee (provided, that to the extent the Indenture Trustee identifies any material instance
of non-compliance, the Indenture Trustee shall disclose to the Depositor whether such material instance of non-compliance relates
to the Receivables or the Notes and whether and to what extent the Indenture Trustee has instituted steps to remediate such material
instance of non-compliance), as required under paragraph (b) of Rule 13a-18, Rule 15d-18 of the Exchange Act and Item 1122 of Regulation
AB. Such report shall be signed by an authorized officer of the Indenture Trustee, and shall address each of the Servicing Criteria
specified in Exhibit 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.

 

    	66 

     

    

 

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

 

	 	WORLD OMNI AUTO RECEIVABLES 

TRUST 2016-A,
	 	 
	 	By:	u.s. bank trust national 

association, not in its individual 

capacity but solely as Owner Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	the bank of new york mellon, not in 

its individual capacity but solely as Indenture 

Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

     

     

    

 

SCHEDULE A

 

Schedule of Receivables

 

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

 

    	Sch. A 

     

    

 

EXHIBIT A-1

[FORM OF CLASS A-1 NOTE]

 

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

 

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

 

	REGISTERED	$____________
	 	 
	No.: ___	CUSIP No.:  ______
	 	 
	 	ISIN No.:  ______
	 	 
	 	CINS No.: ....................

  

WORLD OMNI AUTO RECEIVABLES TRUST 2016-A

CLASS A-1 0.62000% ASSET-BACKED NOTES

 

WORLD OMNI AUTO RECEIVABLES
TRUST 2016-A a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of ___________
DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator
of which is $_____ and the denominator of which is $152,000,000 by (ii) the aggregate amount, if any, payable from the Note
Distribution Account in respect of principal on the Class A-1 Notes pursuant to Section 3.01 of the Indenture
dated as of March 23, 2016 (the “Indenture”), between the Issuing Entity and The Bank of New York Mellon, as
Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the March 15, 2017 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 2016-A
	 	 
	 	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:  _________________	THE BANK OF NEW YORK MELLON, 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 0.62000% 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 April 15, 2016.

 

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

 

Payments of interest
on this Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or
one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to
Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks
shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable
Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining
unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuing
Entity, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice
mailed or transmitted by facsimile prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation
and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture
Trustee’s agent appointed for such purposes located in the City of 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 The Bank of New York Mellon 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-2

[FORM OF CLASS A-2 NOTE]

 

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

 

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

 

	REGISTERED	$____________
	 	 
	No.: ___	CUSIP No.:  ______
	 	 
	 	ISIN No.:  ______
	 	 
	 	CINS No.: ....................

 

WORLD OMNI AUTO RECEIVABLES TRUST 2016-A

CLASS A-2 1.32% ASSET-BACKED NOTES

 

WORLD OMNI AUTO RECEIVABLES
TRUST 2016-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum
of ___________ DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction
the numerator of which is $______ and the denominator of which is $352,000,000 by (ii) the aggregate amount, if any, payable
from the Note Distribution Account in respect of principal on the Class A-2 Notes pursuant to Section 3.01 of
the Indenture dated as of March 23, 2016 (the “Indenture”), between the Issuing Entity and the Bank of New York
Mellon, 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 16, 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. Generally,
no payments of principal of the Class A-2 Notes shall be made until the Class A-1 Notes have been paid in full. Capitalized
terms used but not defined herein are defined in Article I of the Indenture, which also contains rules as to construction
that shall be applicable herein.

 

    	Ex. A-2-1 

     

    

 

BY ACQUIRING A CLASS
A-2 NOTE, EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT THAT EITHER
(1) IT IS NOT 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-2 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-2-2 

     

    

 

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

 

	Date: ________________	WORLD OMNI AUTO RECEIVABLES 

TRUST 2016-A
	 	 
	 	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:  _________________	THE BANK OF NEW YORK MELLON, not in 

its individual capacity but solely as Indenture 

Trustee
	 	 
	 	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Ex. A-2-3 

     

    

 

This Note is one of a
duly authorized issue of Notes of the Issuing Entity, designated as its Class A-2 1.32% Asset-Backed Notes (herein called
the “Class A-2 Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the
Indenture Trustee and the Holders of the Notes. The Class A-2 Notes are subject to all terms of the Indenture.

 

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

 

Principal of the Class A-2
Notes will be payable on each Payment Date and, if the Class A-2 Notes have not been paid in full prior to the Class A-2
Final Scheduled Payment Date, on the Class A-2 Final Scheduled Payment Date, in an amount described on the face hereof. “Payment
Date” means the fifteenth day of each month or, if such day is not a Business Day, the immediately following Business
Day. The initial Payment Date will be April 15, 2016.

 

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

 

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

 

    	Ex. A-2-4 

     

    

 

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

 

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

 

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

 

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

 

    	Ex. A-2-5 

     

    

 

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

 

Each Noteholder or Note
Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting
the benefits of the Indenture that such Noteholder or Note Owner shall provide to the Person from whom it receives payments on
the Notes (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-2-6 

     

    

 

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 The Bank of New York Mellon 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-2-7 

     

    

 

ASSIGNMENT

  

	Social Security or taxpayer I.D. or other identifying number of assignee:
	 
	 	 
	 
	FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:
	 
	 	 
	(name and address of assignee)	 
	 
	the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints ______________________________________________________________, attorney, transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

 

	Dated:	 	 	 	 *

 

	 	Signature Guaranteed:	 
	 	 	 
	 	 	*

 

 

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

 

    	Ex. A-2-8 

     

    

 

EXHIBIT A-3

 

[FORM OF CLASS A-3 NOTE]

 

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

 

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

 

	REGISTERED	$____________
	 	 
	No.: ___	CUSIP No.:  ______
	 	 
	 	ISIN No.:  ______
	 	 
	 	CINS No.: ....................

  

WORLD OMNI AUTO RECEIVABLES TRUST 2016-A

CLASS A-3 1.77% ASSET-BACKED NOTES

 

WORLD OMNI AUTO RECEIVABLES
TRUST 2016-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum
of ___________ DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction
the numerator of which is $________ and the denominator of which is $262,000,000 by (ii) the aggregate amount, if any, payable
from the Note Distribution Account in respect of principal on the Class A-3 Notes pursuant to Section 3.01 of
the Indenture dated as of March 23, 2016 (the “Indenture”), between the Issuing Entity and The Bank of New York
Mellon, as Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on the earlier of the September 15, 2021 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 2016-A
	 	 
	 	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:  _________________	THE BANK OF NEW YORK MELLON, 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 1.77% 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 April 15, 2016.

 

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 The Bank of New York Mellon 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 2016-A

CLASS A-4 1.95% ASSET-BACKED NOTES

 

WORLD OMNI AUTO RECEIVABLES
TRUST 2016-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum
of ___________ DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction
the numerator of which is $______ and the denominator of which is $74,800,000 by (ii) the aggregate amount, if any, payable
from the Note Distribution Account in respect of principal on the Class A-4 Notes pursuant to Section 3.01 of
the Indenture dated as of March 23, 2016 (the “Indenture”), between the Issuing Entity and The Bank of New York
Mellon, as Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on the earlier of the May 16, 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 2016-A
	 	 
	 	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:  _________________	THE BANK OF NEW YORK MELLON, 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 1.95% 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 April 15, 2016.

 

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 The Bank of New York Mellon 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]

 

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

 

    	Ex. B-1 

     

    

 

UNLESS COUNSEL SATISFACTORY TO THE INDENTURE
TRUSTEE SHALL HAVE RENDERED AN OPINION TO THE EFFECT THAT THE CLASS B NOTES TO BE SOLD, PLEDGED, OR TRANSFERRED WILL BE CHARACTERIZED
AS INDEBTEDNESS FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, A SALE, PLEDGE, OR TRANSFER OF THIS CLASS B NOTE MAY ONLY BE MADE
(1) TO ANY PERSON WHO IS A UNITED STATES PERSON (WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”)), AND IS NOT ACQUIRING THE CLASS B 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 CODE OR (III) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE
ENTITY; AND (2) NO SALE, PLEDGE, OR TRANSFER OF THE CLASS B NOTES SHALL BE MADE (I) TO ANY ONE PERSON IN AN AMOUNT LESS THAN $2,000,000
(OR SUCH OTHER AMOUNT AS THE DEPOSITOR MAY DETERMINE IN ORDER TO PREVENT THE ISSUING ENTITY FROM BEING TREATED AS A “PUBLICLY
TRADED PARTNERSHIP” UNDER SECTION 7704 OF THE CODE) OR (II) TO A GRANTOR TRUST, S CORPORATION, OR PARTNERSHIP WHERE MORE
THAN 50% OF THE VALUE OF A BENEFICIAL OWNER’S INTEREST IN SUCH PASS-THROUGH ENTITY IS ATTRIBUTABLE TO THE PASS-THROUGH ENTITY’S
INTEREST IN THE CLASS B NOTE, IN EACH CASE, UNLESS (A) AN OPINION OF COUNSEL SATISFACTORY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR
THAT SUCH SALE, PLEDGE, OR TRANSFER SHALL NOT CAUSE THE ISSUING ENTITY TO BE TREATED AS AN ASSOCIATION (OR PUBLICLY TRADED PARTNERSHIP)
TAXABLE AS A CORPORATION FOR FEDERAL INCOME TAX PURPOSES SHALL HAVE BEEN DELIVERED TO THE INDENTURE TRUSTEE AND THE DEPOSITOR AND
(B) THE DEPOSITOR SHALL HAVE PROVIDED PRIOR WRITTEN APPROVAL; PROVIDED, HOWEVER, THAT THE RESTRICTIONS IN THIS PARAGRAPH SHALL
NOT CONTINUE TO APPLY TO THE CLASS B NOTES (COVERED BY THE OPINION DESCRIBED IN THIS PARAGRAPH) IN THE EVENT COUNSEL SATISFACTORY
TO THE INDENTURE TRUSTEE AND THE DEPOSITOR HAS RENDERED AN OPINION, WITH RESPECT TO THE SALE, PLEDGE OR TRANSFER BY THE DEPOSITOR
OR AN AFFILIATE THEREOF, TO THE EFFECT THAT THE CLASS B NOTES TO BE SOLD, PLEDGED, OR TRANSFERRED WILL BE CHARACTERIZED AS INDEBTEDNESS
FOR FEDERAL INCOME TAX PURPOSES. ANY ATTEMPTED SALE, PLEDGE OR OTHER TRANSFER IN CONTRAVENTION OF THIS PARAGRAPH WILL BE VOID AB
INITIO AND THE PURPORTED TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THE CLASS B NOTES.

 

UNLESS COUNSEL SATISFACTORY TO THE INDENTURE
TRUSTEE SHALL HAVE RENDERED AN OPINION TO THE EFFECT THAT THE CLASS B NOTES TO BE SOLD, PLEDGED, OR TRANSFERRED WILL BE CHARACTERIZED
AS INDEBTEDNESS FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, 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 SUCH NOTE WITH
THE ASSETS OF (I) AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF ERISA, (II) A PLAN SUBJECT TO SECTION 4975 OF THE CODE OR (III)
ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY OR (2) IT IS ACQUIRING
SUCH NOTE WITH THE ASSETS OF A PLAN THAT IS NOT SUBJECT TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE BUT IS SUBJECT TO ANY FEDERAL,
STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR
LAW”) AND THE ACQUISITION AND HOLDING OF SUCH NOTE WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SIMILAR
LAW.

 

    	Ex. B-2 

     

    

 

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

 

	REGISTERED	$____________
	 	 
	No.: ___	CUSIP No.:  ______
	 	 
	 	ISIN No.:  ______
	 	 
	 	CINS No.: ....................

  

WORLD OMNI AUTO RECEIVABLES TRUST 2016-A

CLASS B 0.00% ASSET-BACKED NOTES

 

WORLD OMNI AUTO RECEIVABLES
TRUST 2016-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to ________, 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 $18,030,000 by (ii) the aggregate amount, if any, payable from the Note
Distribution Account in respect of principal on the Class B Notes pursuant to Section 3.01 of the Indenture dated
as of March 23, 2016 (the “Indenture”), between the Issuing Entity and The Bank of New York Mellon, as
Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the March 15, 2023 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.

 

IF COUNSEL SATISFACTORY
TO THE INDENTURE TRUSTEE HAS RENDERED AN OPINION TO THE EFFECT THAT THE CLASS B NOTES TO BE SOLD, PLEDGED, OR TRANSFERRED WILL
BE CHARACTERIZED AS INDEBTEDNESS FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, 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.

 

    	Ex. B-3 

     

    

 

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

 

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

 

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

 

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

 

    	Ex. B-4 

     

    

 

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

 

	Date: ________________	WORLD OMNI AUTO RECEIVABLES 

TRUST 2016-A
	 	 
	 	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:  _________________	THE BANK OF NEW YORK MELLON, not in 

its individual capacity but solely as Indenture 

Trustee
	 	 
	 	 	By:	 
	 	 	Name:
	 	 	Title:

  

    	Ex. B-5 

     

    

 

This Note is one of a
duly authorized issue of Notes of the Issuing Entity, designated as its Class B 0.00% 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 April 15, 2016.

 

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 or World Omni Auto Receivables LLC or any
of its Affiliates, 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-6 

     

    

 

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-7 

     

    

 

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

 

Each Noteholder or Note
Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting
the benefits of the Indenture that such Noteholder or Note Owner shall provide to the Person from whom it receives payments on
the Notes (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-8 

     

    

 

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 The Bank of New York Mellon 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-9 

     

    

 

ASSIGNMENT

 

	Social Security or taxpayer I.D. or other identifying number of assignee:
	 
	 	 
	 
	FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:
	 
	 	 
	(name and address of assignee)	 
	 
	the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints ______________________________________________________________, attorney, transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

 

	Dated:	 	 	 	 *

 

	 	Signature Guaranteed:	 
	 	 	 
	 	 	*

 

 

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

 

    	Ex. B-10 

     

    

 

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 2016-A

 

The Bank of New York
Mellon 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 March 23, 2016, by and between the Indenture Trustee and World Omni Auto
Receivables Trust 2016-A (collectively, the “Indenture Trustee Information”);

 

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

 

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

 

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

 

	 	THE BANK OF NEW YORK MELLON, 
	 	not in its individual capacity but solely as 
	 	Indenture Trustee 
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Date: _________________________

 

    	Ex. D-1 

     

    

 

EXHIBIT E

 

FORM OF TRANSFEROR CERTIFICATE

 

[DATE]

 

The Bank of New York Mellon

101 Barclay Street, 7W

New York, New York 10286

Attention: Asset-Backed Securities Unit

 

World Omni Auto Receivables LLC

190 Jim Moran Boulevard

Deerfield Beach, FL 33442

 

World Omni Auto Receivables Trust 2016-A

c/o U.S. Bank Trust National Association

as Owner Trustee of World Omni Auto Receivables
Trust 2016-A

Mail Code MK-IL-SL7R

190 S. LaSalle St. 7th Floor

Chicago, Illinois 60603

Attention: Corporate Trust Services World
Omni Auto Receivables Trust 2016-A

 

 

		Re:	World Omni Auto Receivables Trust 2016-A Class [ ] Notes

 

Ladies and Gentlemen:

 

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

 

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

 

    	Ex. E-1 

     

    

 

EXHIBIT F

 

FORM OF INVESTMENT LETTER

 

The Bank of New York Mellon

101 Barclay Street, 7W

New York, New York 10286

Attention: Asset-Backed Securities Unit

World Omni Auto Receivables LLC

190 Jim Moran Boulevard

Deerfield Beach, FL 33442

 

World Omni Auto Receivables Trust 2016-A

c/o U.S. Bank Trust National Association

as Owner Trustee of World Omni Auto Receivables
Trust 2016-A

Mail Code MK-IL-SL7R

190 S. LaSalle St. 7th Floor

Chicago, Illinois 60603

 

Attention: Corporate Trust Services World
Omni Auto Receivables Trust 2016-A

 

Ladies and Gentlemen:

 

In connection with our
proposed purchase of Class ___ Notes (the “Class ___ Notes”) of World Omni Auto Receivables Trust 2016-A (the
“Issuing Entity”), we confirm that:

 

    	Ex. F-1 

     

    

 

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.

 

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.

 

    	Ex. F-2 

     

    

 

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.

 

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.

 

    	Ex. F-3 

     

    

 

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

  

    	Ex. F-4

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