Document:

EXHIBIT 4.3

 

 

TRUST AGREEMENT

 

between

 

WORLD OMNI AUTO RECEIVABLES LLC,

as Depositor,

 

and

 

U.S. BANK
TRUST NATIONAL ASSOCIATION,

as Owner Trustee

 

Dated as of May 19, 2021

 

 

    

     

    

  

TABLE OF CONTENTS

 

Page

 

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

	Section 5.06   Signature on Returns	15

 

    

     

    

 

	ARTICLE VI Authority and Duties of Owner
    Trustee	15
	Section 6.01   General Authority	15
	Section 6.02   General Duties	15
	Section 6.03   Action Upon Instruction	16
	Section 6.04   No Duties Except as Specified in this Agreement or in Instructions	17
	Section 6.05   No Action Except Under Specified Documents or Instructions	17
	Section 6.06   Restrictions	17
	Section 6.07   Execution of Notes	17
	Section 6.08   Doing Business in Other Jurisdictions	17
	 	 
	ARTICLE VII Concerning the Owner Trustee	18
	Section 7.01   Acceptance of Trusts and Duties	18
	Section 7.02   Furnishing of Documents	20
	Section 7.03   Representations and Warranties of the Owner Trustee	20
	Section 7.04   [Reserved]	21
	Section 7.05   Reliance; Advice of Counsel	21
	Section 7.06   Not Acting in Individual Capacity	22
	Section 7.07   Owner Trustee Not Liable for Trust Certificates or Receivables	22
	Section 7.08   Owner Trustee May Own Trust Certificates and Notes	22
	Section 7.09   Legal Proceedings	22
	Section 7.10   Communications Regarding Demands to Repurchase Receivables	23
	 	 
	ARTICLE VIII Compensation of Owner Trustee	23
	Section 8.01   Owner Trustee’s Fees and Expenses	23
	Section 8.02   Indemnification	24
	Section 8.03   Payments to the Owner Trustee	24
	 	 
	ARTICLE IX Termination of Trust Agreement	24
	Section 9.01   Termination of Trust Agreement	24
	 	 
	ARTICLE X Successor Owner Trustees and Additional Owner
    Trustees	25
	Section 10.01   Eligibility Requirements for Owner Trustee	25
	Section 10.02   Resignation or Removal of Owner Trustee	26
	Section 10.03   Successor Owner Trustee	26
	Section 10.04   Merger or Consolidation of the Owner Trustee	27
	Section 10.05   Appointment of Co-Trustee or Separate Trustee	27

 

    

     

    

 

	ARTICLE XI Miscellaneous	29
	Section 11.01   Supplements and Amendments	29
	Section 11.02   No Legal Title to Owner Trust Estate in Certificateholders	30
	Section 11.03   Limitations on Rights of Others	30
	Section 11.04   Notices	30
	Section 11.05   Severability	31
	Section 11.06   Separate Counterparts; Electronic Signatures	31
	Section 11.07   Successors and Assigns	31
	Section 11.08   Covenants of the Depositor	32
	Section 11.09   No Petition	32
	Section 11.10   No Recourse	32
	Section 11.11   Headings	32
	Section 11.12   GOVERNING LAW	33
	Section 11.13   Compliance with Applicable Anti-Terrorism and Anti-Money Laundering Regulations	33
	 	 
	ARTICLE XII COMPLIANCE WITH REGULATION AB	34
	Section 12.01   Intent of the Parties; Reasonableness	34
	Section 12.02   Information to Be Provided by the Owner Trustee	34

 

	EXHIBIT A	Form of Trust Certificate
	EXHIBIT B	Form of Certificate of Trust
	EXHIBIT C	Form of Transferor Certificate
	EXHIBIT D	Form of Investment Letter
	EXHIBIT E	Form of Receivables

 

    

     

    

 

TRUST AGREEMENT

 

This TRUST AGREEMENT is dated
May 19, 2021, between WORLD OMNI AUTO RECEIVABLES LLC, a Delaware limited liability company, as depositor, and u.S.
BANK TRUST NATIONAL ASSOCIATION, a national banking association, as owner trustee.

 

ARTICLE
I

 

Definitions

 

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

 

ARTICLE
II

 

Organization

 

Section
2.01      Name.
The Trust shall be known as “World Omni Auto Receivables Trust 2021-B” in which name the Owner Trustee may conduct
the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued. The Trust shall
obtain and maintain qualification to transact business in the State of Alabama. For the purpose of qualifying to transact business in
the State of Alabama, the Trust may adopt the fictitious name of “World Omni Auto Receivables Trust 2021-B (Inc.)” and
may conduct the business of the Trust in the State of Alabama under such fictitious name.

 

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

 

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

 

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

 

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

 

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

 

    

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    2

     

    

 

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

 

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

 

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

 

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

 

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

 

    3

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    4

     

    

 

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

 

Section
2.12      Amended
and Restated Trust Agreement. This Trust Agreement is the amended and restated trust agreement contemplated by the Trust Agreement
dated as of April 7, 2021, between the Depositor and the Owner Trustee (the “Initial Trust Agreement”). This Trust
Agreement amends and restates in its entirety the Initial Trust Agreement.

 

ARTICLE
III

 

Trust Certificates and Transfer of Interests

 

Section
3.01       [Reserved].

 

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

 

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

 

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

 

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

 

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

 

No transfer of a Trust
Certificate shall be made to any Person unless the Certificate Registrar has received (A) a certificate in the form of paragraph 3
to the Investment Letter attached hereto as Exhibit D from such Person to the effect that such Person is not and will not be
and is not acting on behalf of or acquiring the notes with the assets of any person that is or will be (i) an “employee
benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”) that is subject to Title I of ERISA, (ii) a “plan” described in Section 4975(e)(1) of
the Internal Revenue Code of 1986 as amended (the “Code”) subject to Section 4975 of the Code,
(iii) any entity or account whose underlying assets include “plan assets” (within the meaning of the U.S.
Department of Labor regulation located at 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA (the “Plan
Asset Regulation”)) or (iv) any U.S. governmental plan, non-U.S. plan, church plan or any other employee benefit plan,
account or arrangement that is subject to any U.S. federal, state, local or non-U.S. law that is substantially similar to Title I of
ERISA or Section 4975 of the Code (“Similar Law”) (each, a “Plan”) or (B) an opinion of
counsel satisfactory to the Owner Trustee, the Certificate Registrar and the Depositor to the effect that the purchase and holding
of such Trust Certificate by such Person (i) will not result in the assets of the Issuing Entity being deemed to be “plan
assets” (within meaning of the Plan Asset Regulation) or subject to Similar Law and will not subject the Owner Trustee, the
Indenture Trustee, the Certificate Registrar, the Servicer or the Depositor to any obligation in addition to those undertaken in the
Basic Documents and (ii) will not give rise to a nonexempt prohibited transaction under ERISA or Section 4975 of the Code or a
violation of Similar Law. The preparation and delivery of the certificate and opinions referred to above with respect to a proposed
transfer shall not be an expense of the Issuing Entity, the Owner Trustee, the Certificate Registrar, the Indenture Trustee, World
Omni (in any capacity) or the Depositor. Any attempted or purported transfer in violation of these transfer restrictions will be
null and void and will vest no rights in any purported transferee.

 

    6

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    8

     

    

 

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

 

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

 

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

 

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

 

    9

     

    

 

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

 

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

 

    10

     

    

 

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

 

ARTICLE
IV

 

Actions by Owner Trustee

 

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

 

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

 

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

 

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

 

    11

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    12

     

    

 

ARTICLE
V

 

Application of Trust Funds; Certain Duties

 

Section
5.01       [Reserved].

 

Section
5.02       Application
of Trust Funds.

 

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

 

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

 

(b)              
On each Payment Date, the Paying Agent shall post a copy of the statement or statements provided to the Indenture Trustee
by the Servicer pursuant to Section 5.08 of the Sale and Servicing Agreement with respect to such Payment Date on its internet
website promptly following its receipt thereof, for the benefit of the Certificateholder. The Paying Agent’s internet website shall
initially be located at www.wilmingtontrustconnect.com. Assistance in using the website can be obtained by calling the Paying Agent’s
bondholder services group at 866-829-1928. The Paying Agent may, but shall not be obligated to, change the way the statements and information
are posted or distributed in order to make such distribution more convenient and/or accessible for such Certificateholders, and the Paying
Agent shall provide on the website timely and adequate notification to all parties regarding any such change.

 

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

 

    13

     

    

 

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

 

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

 

    14

     

    

 

Section
5.06      Signature
on Returns.

 

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

 

ARTICLE
VI

 

Authority and Duties of Owner Trustee

 

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

 

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

 

    15

     

    

 

Section
6.03       Action
Upon Instruction.

 

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

 

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

 

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

 

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

 

    16

     

    

 

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

 

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

 

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

 

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

 

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

 

    17

     

    

 

ARTICLE
VII

 

Concerning
the Owner Trustee

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(h)              
The Owner Trustee shall not be liable for any losses due to forces beyond the control of the Owner Trustee, including without
limitation strikes, work stoppages, lockouts, riots, acts of war or terrorism, government order or regulation, epidemics or pandemics
or similar events, government-mandated closures, insurrection, revolution, nuclear or natural disasters, catastrophes, acts of nature
or acts of God and interruptions, loss or malfunctions of utilities or communications services;

 

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

 

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

 

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

 

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

 

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

 

(n)               
The Owner Trustee shall not have any responsibility on behalf of the Issuing Entity to make any determination with respect
to, or monitor or enforce the satisfaction of, any risk retention or other regulatory requirement.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section
7.04       [Reserved].

 

Section
7.05       Reliance;
Advice of Counsel.

 

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

 

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

 

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

 

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

 

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

 

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

 

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Section
7.10      Communications
Regarding Demands to Repurchase Receivables. The Owner Trustee shall provide notice to World Omni and the Depositor, as soon as practicable
and in any event within five Business Days, of all demands communicated to a Reporting Officer of the Owner Trustee for the repurchase
or replacement of any Receivable for breach of the representations and warranties concerning such Receivable. Such notices shall be provided
to World Omni and the Depositor at: (a) in the case of World Omni, World Omni Financial Corp., 250 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,
250 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: (954) 429-2685, Attention: Treasurer, or at such other address or
by such other means of communication as may be specified by World Omni or the Depositor to the Owner Trustee from time to time. The Owner
Trustee acknowledges and agrees that the purpose of this Section 7.10 is to facilitate compliance by World Omni and the Depositor
with Rule 15Ga-1 under the Exchange Act, as amended, and Items 1104(e) and 1121(c) of Regulation AB (the “Repurchase Rules and
Regulations”). The Owner Trustee acknowledges that interpretations of the requirements of the Repurchase Rules and Regulations
may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the
asset-backed securities markets, advice of counsel, or otherwise, and agrees to cooperate in good faith at the sole cost and expense
of World Omni or the Depositor with any reasonable request made by World Omni or the Depositor for information which is required in order
to enable World Omni or the Depositor to comply with the Repurchase Rules and Regulations. The Owner Trustee’s reporting is limited
to information delivered to a Reporting Officer of the Owner Trustee that it has received or acquired solely in its capacity as Owner
Trustee and not in any other capacity. The Owner Trustee is not a securitizer (as defined in the Repurchase Rules and Regulations) and
in no event will U.S. Bank Trust National Association, (individually or as Owner Trustee) have any responsibility or liability in connection
with (i) the compliance by any Person who is a securitizer (as defined in Rule 15Ga-1) in connection with the Issuing Entity, or any
other Person under the Repurchase Rules and Regulations or (ii) any filing required to be made by a securitizer under the Repurchase
Rules and Regulations in connection with the information provided pursuant to this Section 7.10. Other than any express duties
or responsibilities as Owner Trustee under this Agreement, the Owner Trustee has no duty or obligation to undertake any investigation
or inquiry related to demands for the repurchase or replacement of any Receivable or otherwise to assume any additional duties or responsibilities
in respect of any transaction contemplated in this Agreement, and no such additional obligations or duties are implied in this Agreement.
The Owner Trustee will not have any duty to conduct, and has not conducted, any affirmative investigation as to the occurrence of any
conditions requiring the repurchase or replacement of any Receivable.

 

ARTICLE
VIII

 

Compensation of Owner Trustee

 

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

 

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

 

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

 

ARTICLE
IX

 

Termination of Trust Agreement

 

Section
9.01       Termination
of Trust Agreement.

 

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

 

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

 

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

 

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

 

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

 

ARTICLE
X

 

Successor Owner Trustees and Additional Owner Trustees

 

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

 

    25

     

    

 

Section
10.02     Resignation or Removal
of Owner Trustee.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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ARTICLE
XI

 

Miscellaneous

 

Section 11.01   
Supplements and Amendments. This Agreement may be amended by the Depositor and the Owner Trustee, without the consent of
any of the Noteholders or the Certificateholders, to cure any ambiguity, to correct or supplement any provision in this Agreement (including
to further prevent or help avoid the application to the Certificates of the Treasury Regulations (or other interpretive guidance) issued
under Section 385 of the Code) or for the purpose of adding any provision to or changing in any manner or eliminating any of the provisions
in this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders. Such amendments require: (i)
satisfaction of the Rating Agency Condition or (ii) an Officer’s Certificate of the Depositor delivered to the Issuing Entity,
the Owner Trustee and the Indenture Trustee stating that the amendment will not materially and adversely affect the interest of any Noteholder
or Certificateholder.

 

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

 

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

 

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

 

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

 

     29

     

    

 

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

 

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

 

Section
11.03    Limitations on Rights
of Others. Except for Section 2.07, the provisions of this Agreement are solely for the benefit of the Owner Trustee,
the Depositor, the Certificateholders, the Administrator, the Servicer and, to the extent expressly provided herein, the Indenture Trustee
and the Noteholders, and nothing in this Agreement (other than Section 2.07 hereof), whether express or implied, shall be
construed to give to any other Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of
this Agreement or any covenants, conditions or provisions contained herein. For all purposes of this Agreement, the rights, privileges,
protections, immunities and benefits given to the Indenture Trustee, including, without limitation, its rights to be indemnified, under
the Indenture, 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.

 

Section
11.04    Notices.

 

(a)              
Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing and shall be deemed
given upon receipt by the intended recipient or on the next Business Day after delivery if delivered by a recognized overnight courier
or upon receipt of written confirmation of receipt of facsimile, if delivered by facsimile (except that notice to the Owner Trustee shall
be deemed given only upon actual receipt by the Owner Trustee), if to the Owner Trustee, addressed to the Corporate Trust Office, if to
the Depositor, addressed to World Omni Auto Receivables LLC, 250 Jim Moran Boulevard, Deerfield Beach, Florida 33442, telephone: (954)
429-2200, facsimile: (954) 429-2685, Attention: Treasurer; or, as to each party, at such other address or electronic mail address as shall
be designated by such party in a written notice to each other party.

 

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

 

     30

     

    

 

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

 

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

 

Section
11.06    Separate Counterparts;
Electronic Signatures. 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. Each of the parties
agree that this Agreement and any other documents to be delivered in connection herewith may be electronically signed, that any digital
or electronic signatures (including pdf, facsimile or electronically imaged signatures provided by DocuSign or any other digital signature
provider) appearing on this Agreement or such other documents are the same as handwritten signatures for the purposes of validity, enforceability
and admissibility, and that delivery of any such electronic signature to, or a signed copy of, this Agreement and such other documents
may be made by facsimile, email or other electronic transmission; provided, however, that any documentation with respect
to transfer of the Certificates or other securities presented to the Certificate Registrar, Indenture Trustee or any transfer agent must
contain original documents with manually executed signatures. The Owner Trustee shall not be liable for, and shall be indemnified and
held harmless pursuant to Section 8.02 of this Agreement against any loss, liability or expense arising out of the use of electronic
or digital signatures and electronic methods of submission with respect to this Agreement, the Basic Documents and any documents or notices
delivered to the Owner Trustee pursuant to this Agreement or the related documents, including the risk of the Owner Trustee acting on
any unauthorized instructions and the risk of interception and misuse by third parties.

 

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

 

     31

     

    

 

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

 

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

 

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

 

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

 

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

 

     32

     

    

 

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

 

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

 

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

 

Section
11.13    Compliance with
Applicable Anti-Terrorism and Anti-Money Laundering Regulations. The parties hereto and each Certificateholder acknowledge that
in accordance with the requirements of Applicable Law, the Owner Trustee, the Paying Agent and Certificate Registrar, in order to
help fight the funding of terrorism and money laundering, are required to obtain, verify, and record information that identifies
each Person or legal entity that establishes a relationship or opens an account with the Owner Trustee, the Paying Agent or the
Certificate Registrar. Each party hereto and each Certificateholder by its acceptance of a Trust Certificate agrees that it shall
provide the Owner Trustee, the Paying Agent and the Certificate Registrar with such information as may be reasonably available to
such party as the Owner Trustee, the Paying Agent and the Certificate Registrar may reasonably request that will help the Owner
Trustee, the Paying Agent and the Certificate Registrar to identify and verify each party’s identity, including without
limitation each party’s name, physical address, tax identification number, organizational documents, certificates of good
standing, licenses to do business or other pertinent identifying information (including beneficial owners of such entities). To the
fullest extent permitted by such Applicable Law, the Owner Trustee, Paying Agent and Certificate Registrar, in the absence of bad
faith on the part of such party, may conclusively rely on, and shall be fully protected and indemnified in relying on, any such
information received. Failure to provide such information may result in an inability of the Certificate Registrar to perform its
obligations hereunder, which, at sole option of the Certificate Registrar, may result in the Certificate Registrar’s
resignation in accordance with the terms herein.

 

     33

     

    

 

ARTICLE
XII

 

COMPLIANCE WITH REGULATION AB

 

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

 

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

 

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

 

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

 

     34

     

    

 

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

 

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

 

		(i)	the sponsor;

 

		(ii)	any depositor;

 

		(iii)	the issuing entity;

 

		(iv)	any servicer;

 

		(v)	any trustee;

 

		(vi)	any originator;

 

		(vii)	any significant obligor;

 

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

 

		(ix)	any asset representations reviewer; and

 

		(x)	any other material transaction party.

 

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

 

*   *   *   *   *   *

 

     35

     

    

 

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

 

	 	
    WORLD OMNI AUTO RECEIVABLES LLC,

    as Depositor

     

	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	U.S. Bank Trust National Association, 

not in its individual capacity, but solely as Owner Trustee,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Wilmington
Trust, National Association, acknowledges and accepts, as of the date first above written, its appointment as Paying Agent and
Certificate Registrar in accordance with the terms of this Agreement and agrees to be bound by the terms of this Agreement applicable
to the Indenture Trustee, Paying Agent and Certificate Registrar.

 

	By:	 	 

Name:

Title:

 

    

     

    

 

EXHIBIT A

 

FORM OF TRUST CERTIFICATE

 

THIS CERTIFICATE IS SUBORDINATED TO THE NOTES,
AS AND TO THE EXTENT SET FORTH IN THE SALE AND SERVICING AGREEMENT.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY
STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS CERTIFICATE THE HOLDER HEREOF IS DEEMED TO REPRESENT
TO THE DEPOSITOR AND THE OWNER TRUSTEE (i) THAT IT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1), (2), (3)
OR (7) OF REGULATION D PROMULGATED UNDER THE 1933 ACT (AN “ACCREDITED INVESTOR”) AND THAT IT IS ACQUIRING THIS CERTIFICATE
FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE ACCREDITED INVESTORS
UNLESS THE HOLDER IS A BANK ACTING IN ITS FIDUCIARY CAPACITY) FOR INVESTMENT AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION
WITH, THE PUBLIC DISTRIBUTION HEREOF, (ii) THAT IT IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER
THE 1933 ACT (A “QUALIFIED INSTITUTIONAL BUYER”) AND IS ACQUIRING SUCH CERTIFICATE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT
OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL BUYERS) OR (iii) THAT IT IS AN INVESTOR
THAT IS OTHERWISE PERMITTED TO ACQUIRE THIS CERTIFICATE UNDER THE TRUST AGREEMENT.

 

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

 

    Ex. A-1

     

    

 

EACH SECURITYHOLDER, BY ITS ACCEPTANCE OF THIS
SECURITY, COVENANTS AND AGREES THAT SUCH SECURITYHOLDER, SHALL NOT, PRIOR TO THE DATE THAT IS ONE YEAR AND ONE DAY AFTER THE TERMINATION
OF THE TRUST AGREEMENT, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE TRUST OR THE DEPOSITOR TO INVOKE THE PROCESS OF ANY COURT
OR GOVERNMENTAL AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING AN INVOLUNTARY CASE AGAINST THE TRUST OR THE DEPOSITOR UNDER ANY
FEDERAL OR STATE BANKRUPTCY, INSOLVENCY, REORGANIZATION OR SIMILAR LAW, OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN,
SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE TRUST OR THE DEPOSITOR OR ANY SUBSTANTIAL PART OF ITS PROPERTY, OR ORDERING THE WINDING
UP OR LIQUIDATION OF THE AFFAIRS OF THE TRUST OR THE DEPOSITOR.

 

No
transfer of this Certificate shall be made to any Person unless the Certificate Registrar has received (A) a certificate in the form
of paragraph 3 to the Investment Letter attached to the trust agreement as Exhibit D from such Person to the effect that such
Person is not AND WILL NOT BE AND IS NOT ACTING ON BEHALF OF OR ACQUIRING THE NOTES WITH THE ASSETS OF ANY PERSON THAT IS OR
WILL BE (i) an “employee benefit plan” as defined in section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”) that is subject to Title I of, (ii) a
 “plan” described in section 4975(E)(1) of the internal revenue Code of 1986, as amended (the “Code”)
that is subject to Section 4975 of the code, (iii) any entity OR ACCOUNT whose underlying assets include “plan
assets” (WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3-101, AS MODIFIED
BY SECTION 3(42) OF ERISA (THE “PLAN ASSET REGULATION”) or (iv) any U.S.
GOVERNMENTAL PLAN, NON-U.S. PLAN, CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN, ACCOUNT OR ARRANGEMENT that
is subject to any u.S. federal, state, local OR nON-u.s. law that is substantially similar to tITLE i of ERISA or Section 4975 of
the Code (“Similar Law”) (each, a “Plan”) or (B) an opinion of counsel satisfactory to the
Owner Trustee, the Certificate Registrar and the Depositor to the effect that the purchase and holding of this Certificate by such
Person (i) will not result in the assets of the Issuing Entity being deemed to be “plan assets” (WITHIN THE
MEANING OF THE PLAN ASSET REGULATION) OR SUBJECT TO SIMILAR LAW and will not subject the
Owner Trustee, the Indenture Trustee, the Certificate Registrar, the Servicer or the Depositor to any obligation in addition to
those undertaken in the Basic Documents and (ii) will not GIVE RISE TO a NONEXEMPT prohibited transaction under ERISA OR Section
4975 of the Code or A VIOLATION OF Similar Law. The preparation and delivery of the certificate and opinions referred to above with
respect to a proposed transfer shall not be an expense of the Issuing Entity, the Owner Trustee, the Certificate Registrar, the
Indenture Trustee, World Omni (in any capacity) or the Depositor. Any attempted or purported transfer in violation of these transfer
restrictions will be null and void and will vest no rights in any purported transferee.

 

    Ex. A-2

     

    

 

THIS CERTIFICATE WILL NOT BE REGISTERED FOR TRANSFER
UNLESS THE CERTIFICATE REGISTRAR RECEIVES (A) A CERTIFICATION FROM THE TRANSFEREE OF SUCH CERTIFICATE TO THE EFFECT THAT SUCH TRANSFEREE
IS A “UNITED STATES PERSON” WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE CODE AND (B) THE OWNER TRUSTEE, THE CERTIFICATE
REGISTRAR, THE DEPOSITOR AND THE INDENTURE TRUSTEE SHALL HAVE RECEIVED AN OPINION OF COUNSEL (WHICH COUNSEL IS INDEPENDENT FROM THE DEPOSITOR
AND THE TRUST) THAT SUCH ACTION SHALL NOT CAUSE THE TRUST TO BE TREATED AS AN ASSOCIATION (OR PUBLICLY TRADED PARTNERSHIP), IN EITHER
CASE, TAXABLE AS A CORPORATION FOR U.S. FEDERAL INCOME TAX PURPOSES AND SUCH TRANSFEREE OR ASSIGNEE SHALL AGREE TO TAKE POSITIONS FOR
TAX PURPOSES CONSISTENT WITH THE TAX POSITIONS SET FORTH IN SECTION 2.06 OF THE TRUST AGREEMENT AS AGREED TO BE TAKEN BY THE CERTIFICATEHOLDER.

 

    Ex. A-3

     

    

 

NO.:

 

WORLD OMNI AUTO RECEIVABLES TRUST 2021-B TRUST
CERTIFICATE

 

evidencing a fractional undivided beneficial interest
in the Trust, as defined below, the property which consists of retail installment sale contracts for new and used automobiles and light-duty
trucks (transferred to the Trust on the Closing Date (the “Receivables”), all monies received on or after the Cutoff
Date; any proceeds with respect to the Receivables from claims on any physical damage, credit life or disability, theft, mechanical breakdown
or “guaranteed auto protection” insurance policies relating to Financed Vehicles or Obligors; any Financed Vehicle that shall
have secured a Receivable and shall have been acquired by or on behalf of the Depositor, the Servicer, or the Trust; the Receivables Purchase
Agreement; the Sale and Servicing Agreement, including the right of the Depositor to cause World Omni to purchase Receivables under certain
circumstances; the Trust Accounts; and certain other rights under the Trust Agreement and Sale and Servicing Agreement and all proceeds
of the foregoing (but excluding the Notes and Trust Certificates).

 

THIS TRUST CERTIFICATE DOES NOT REPRESENT AN INTEREST
IN OR OBLIGATION OF WORLD OMNI AUTO RECEIVABLES LLC, WORLD OMNI FINANCIAL CORP. OR ANY OF THEIR RESPECTIVE AFFILIATES.

 

THIS CERTIFIES THAT                             
  is the registered owner of         % nonassessable, fully-paid, fractional undivided
beneficial interest in World Omni Auto Receivables Trust 2021-B (the “Trust”), formed by World Omni Auto
Receivables LLC, a Delaware limited liability company (the “Depositor”).

 

OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Trust Certificates referred
to in the within-mentioned Trust Agreement.

 

	U.S. BANK TRUST NATIONAL ASSOCIATION,

not in its individual capacity but solely as Owner Trustee	  

     

    OR

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

    

    

     

     

    By: WILMINGTON TRUST, NATIONAL
    ASSOCIATION, as Authenticating Agent

    

     

	By:	 	 	By:	 
	 	Name:	 	 	Name:
	 	Title:	 	 	Title:

 

The Trust was created
pursuant to a Trust Agreement dated April 7, 2021 (as amended and restated on May 19, 2021, and as may be amended, restated or
supplemented from time to time, the “Trust Agreement”), between the Depositor and U.S. Bank Trust National
Association, as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of which is
set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in
the Trust Agreement or the Sale and Servicing Agreement, dated as of May 19, 2021 (as amended and supplemented from time to time,
the “Sale and Servicing Agreement”), among the Trust, the Depositor and World Omni Financial Corp., as servicer
(the “Servicer”), as applicable.

 

    Ex. A-4

     

    

 

This Certificate is one of the
duly authorized Certificates designated as “Trust Certificates” (herein called the “Trust Certificates”).
Also issued under an Indenture, dated as of May 19, 2021 (the “Indenture”), between the Trust and Wilmington Trust,
National Association, as indenture trustee, are the Notes designated as “Asset-Backed Notes” (the “Notes”).
This Trust Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement
the Certificateholder of this Trust Certificate by virtue of its acceptance hereof assents and by which such Certificateholder is bound.
The property of the Trust consists of retail installment sale contracts for new and used automobiles and light-duty trucks transferred
to the Trust on the Closing Date (the “Receivables”), all monies received after the Cutoff Date; any proceeds with
respect to the Receivables from claims on any physical damage, credit life or disability, theft, mechanical breakdown or “guaranteed
auto protection” insurance policies relating to Financed Vehicles or Obligors; any Financed Vehicle that shall have secured a Receivable
and shall have been acquired by or on behalf of the Depositor, the Servicer, or the Trust; the Receivables Purchase Agreement; the Sale
and Servicing Agreement, including the right of the Depositor to cause World Omni to purchase Receivables under certain circumstances;
the Trust Accounts; and certain other rights under the Trust Agreement and Sale and Servicing Agreement and all proceeds of the foregoing
(but excluding the Notes and Trust Certificates). The rights of the Certificateholders are subordinated to the rights of the Noteholders,
as and to the extent set forth in the Sale and Servicing Agreement and the Indenture.

 

Under the Trust Agreement, there
will be distributed on the 15th of each month of each year or, if such day is not a Business Day, the immediately following
Business Day (each, a “Payment Date”), commencing on June 15, 2021, to the Person in whose name this Trust Certificate
is registered at the close of business on the Business Day immediately preceding such Payment Date (the “Record Date”),
such Certificateholder’s fractional undivided interest in the amount to be distributed to Certificateholders on such Payment Date.
No distributions will be made on any Certificate on any Payment Date until the full amount of interest and principal payable on the Notes
on such Payment Date has been paid in full and the Reserve Account has been replenished to its required amount, if necessary.

 

The Certificateholder of this
Trust Certificate acknowledges and agrees that its rights to receive distributions in respect of this Trust Certificate are subordinated
to the rights of the Noteholders as described in the Sale and Servicing Agreement and the Indenture.

 

It is the intention of the Depositor,
the Servicer and the Certificateholders that, solely for U.S. federal, state and local income and franchise tax purposes, (a) so long
as the Trust has only one Certificateholder, the Trust will be disregarded as a separate entity and (b) at such time as the Trust has
more than one Certificateholder, the Trust will be treated as a partnership. Neither the Servicer nor the Depositor or any Certificateholder
will take any action to the contrary.

 

    Ex. A-5

     

    

 

Each Certificateholder, by its
acceptance of a Trust Certificate, covenants and agrees that such Certificateholder will not at any time institute against the Depositor,
or join in any institution against the Depositor of, any involuntary bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations
relating to the Trust Certificates, the Notes, the Trust Agreement or any of the Basic Documents.

 

Distributions on this Trust
Certificate will be made as provided in the Trust Agreement by the Paying Agent by wire transfer or check mailed to the Certificateholder
without the presentation or surrender of this Trust Certificate or the making of any notation hereon. Except as otherwise provided in
the Trust Agreement and notwithstanding the above, the final distribution on this Trust Certificate will be made after due notice by the
Owner Trustee or Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Trust Certificate
at the office or agency maintained for that purpose by the Owner Trustee.

 

Reference is hereby made to
the further provisions of this Trust Certificate set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place.

 

Unless the certificate of authentication
hereon shall have been executed by an Authorized Officer of the Owner Trustee, by manual signature, this Trust Certificate shall not entitle
the Certificateholder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose.

 

THIS TRUST CERTIFICATE SHALL
BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE CONFLICT OF LAW PROVISIONS,
AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

    Ex. A-6

     

    

 

IN WITNESS WHEREOF, the Owner
Trustee, on behalf of the Trust and not in its individual capacity, has caused this Trust Certificate to be duly executed.

 

	 	WORLD OMNI AUTO RECEIVABLES TRUST 2021-B
	 	 	 
		By:	U.S. BANK TRUST NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee

 

	Dated:                                 	By:	 
	 	Name:
	 	Title:

 

    Ex. A-7

     

    

 

[REVERSE OF TRUST CERTIFICATE]

 

The Trust Certificates do not
represent an obligation of, or an interest in, the Depositor, the Servicer, the Owner Trustee, or any affiliates of any of them and no
recourse may be had against such parties or their assets, except as expressly set forth or contemplated herein or in the Trust Agreement
or the Basic Documents. In addition, this Trust Certificate is not guaranteed by any governmental agency or instrumentality and is limited
in right of payment to certain collections and recoveries with respect to the Receivables (and certain other amounts), all as more specifically
set forth herein and in the Sale and Servicing Agreement. A copy of each of the Sale and Servicing Agreement and the Trust Agreement may
be examined by any Certificateholder upon written request during normal business hours at the principal office of the Depositor and at
such other places, if any, designated by the Depositor.

 

The Trust Agreement permits,
with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor and
the rights of the Certificateholders under the Trust Agreement at any time by the Depositor and the Owner Trustee with the consent of
the Certificateholders of at least a majority Percentage Interest in the Trust Certificates and holders of at least a majority of the
Outstanding Amount of the Controlling Securities. Any such consent by the Certificateholder of this Trust Certificate shall be conclusive
and binding on such Certificateholder and on all future Certificateholders of this Trust Certificate and of any Trust Certificate issued
upon the transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent is made upon this Trust Certificate.
The Trust Agreement also permits the amendment thereof, in certain limited circumstances, without the consent of the Certificateholders
of any of the Trust Certificates.

 

As provided in the Trust Agreement
and subject to certain limitations therein set forth, the transfer of this Trust Certificate is registerable in the Certificate Register
upon surrender of this Trust Certificate for registration of transfer at the offices or agencies of the Certificate Registrar maintained
by the Indenture Trustee, accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate
Registrar duly executed by the Certificateholder hereof or such Certificateholder’s attorney duly authorized in writing, and thereupon
one or more new Trust Certificates of authorized denominations evidencing the same aggregate interest in the Trust will be issued to the
designated transferee. The initial Certificate Registrar appointed under the Trust Agreement is Wilmington Trust, National Association.

 

Except as provided in the Trust
Agreement, the Trust Certificates shall be issued in a 100% Percentage Interest. As provided in the Trust Agreement and subject to certain
limitations therein set forth, Trust Certificates are exchangeable for new Trust Certificates of authorized denominations evidencing the
same aggregate denomination, as requested by the Certificateholder surrendering the same. No service charge will be made for any such
registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover
any tax or governmental charge payable in connection therewith.

 

The Owner Trustee, the Certificate
Registrar and any agent of the Owner Trustee or the Certificate Registrar may treat the Person in whose name this Certificate is registered
as the owner hereof for all purposes, and none of the Owner Trustee, the Certificate Registrar or any such agent shall be affected by
any notice to the contrary.

 

    Ex. A-8

     

    

 

The obligations and responsibilities
created by the Trust Agreement and the Trust created thereby shall terminate upon the payment to Certificateholders of all amounts required
to be paid to them pursuant to the Trust Agreement and the Sale and Servicing Agreement and the disposition of all property held as part
of the Owner Trust Estate. The Servicer may at its option purchase the Owner Trust Estate at a price specified in the Sale and Servicing
Agreement, and such purchase of the Receivables and other property of the Trust will effect early retirement of the Notes and the Trust
Certificates; however, such right of purchase is exercisable only as of the last day of any Collection Period as of which the Pool
Balance is 10% or less of the Aggregate Starting Principal Balance of all Receivables transferred to the Trust.

 

    Ex. A-9

     

    

 

ASSIGNMENT

 

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

 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING
NUMBER OF ASSIGNEE

 

 

(Please print or type name and address, including
postal zip code, of assignee)

 

the within Trust Certificate, and all rights
thereunder, and hereby irrevocably constitutes and appoints                                                            ,
attorney, to transfer said Trust Certificate on the books of the Certificate Registrar, with full power of substitution in the premises.

 

Dated:

	 	*/
	 	 
	 	Signature Guaranteed:

 

	 	*/

 

 

 

*/ NOTICE: The signature to this assignment
must correspond with the name as it appears upon the face of the within Trust Certificate in every particular, without alteration, enlargement
or any change whatever. Such signature must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust
company.

 

    Ex. A-10

     

    

 

EXHIBIT B

 

CERTIFICATE OF TRUST OF

WORLD OMNI AUTO RECEIVABLES TRUST 2021-B

 

THIS Certificate of Trust
of WORLD OMNI AUTO RECEIVABLES TRUST 2021-B (the “Trust”), is being duly executed and filed by the undersigned,
not in its individual capacity but solely as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C.
 § 3801 et seq.) (the “Act”).

 

1.                 
Name. The name of the statutory trust formed hereby is World Omni Auto Receivables Trust 2021-B.

 

2.                 Delaware
Trustee. The name and business address of the trustee of the Trust in the State of Delaware are U.S. Bank Trust National Association,
1011 Centre Road, Suite 203, Wilmington, Delaware 19805.

 

3.                 
Effective Date. This Certificate of Trust shall be effective upon filing.

 

* * * * *

 

    Ex. B-1

     

    

 

IN WITNESS WHEREOF, the undersigned,
being the sole trustee of the Trust, has executed this Certificate of Trust in accordance with Section 3811(a) of the Act.

 

	 	U.S. BANK TRUST NATIONAL ASSOCIATION, 

not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Ex. B-2

     

    

 

EXHIBIT C

 

FORM OF TRANSFEROR CERTIFICATE

 

[DATE]

 

World Omni Auto Receivables LLC

250 Jim Moran Boulevard

Deerfield Beach, FL 33442

 

U.S. Bank Trust National Association

as Owner Trustee of World Omni Auto Receivables Trust 2021-B

1011 Centre Road

Suite 203

Wilmington, DE 19805

Attention: Corporate Trust Services, WOART 2021-B

Wilmington Trust, National Association, as Certificate Registrar and Paying Agent

Rodney Square North

1100 North Market Street

Wilmington, DE 19890-0001

Attention: Corporate Trust Administration

 

		Re:	World Omni Auto Receivables Trust 2021-B

Trust Certificates

 

Ladies and Gentlemen:

 

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

 

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

 

    Ex. C

     

    

 

EXHIBIT D

 

FORM OF INVESTMENT LETTER

 

World Omni Auto Receivables LLC

250 Jim Moran Boulevard

Deerfield Beach, FL 33442

U.S. Bank Trust National Association

as Owner Trustee of World Omni Auto Receivables Trust 2021-B

1011 Centre Road

Suite 203

Wilmington, DE 19805

Attention: Corporate Trust Services, WOART 2021-B

Wilmington Trust, National Association, as Certificate Registrar and Paying Agent

Rodney Square North

1100 North Market Street

Wilmington, DE 19890-0001

Attention: Corporate Trust Administration

 

Ladies and Gentlemen:

 

In connection with our proposed
purchase of Trust Certificates (the “Certificates”) of World Omni Auto Receivables Trust 2021-B (the “Issuing
Entity”), we confirm that:

 

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

 

    Ex. D-1

     

    

 

2.        [CHECK ONE]

 

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

 

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

 

3.       We
are not and will not be and are not acting on behalf of or acquiring the notes with the assets of any person that is or will be
(i) an “employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974,
as amended (“ERISA”) that is subject to Title I of ERISA, (ii) a “plan” described in Section
4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”) that is subject to Section 4975 of
the Code, (iii) any entity or account whose underlying assets include “plan assets” (within the meaning of the U.S.
Department of Labor regulation located at 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA (the “Plan
Asset Regulation”)) or (iv) any U.S. governmental plan, non-U.S. plan, church plan or any other employee benefit plan,
account or arrangement that is subject to any U.S. federal, state, local or non-U.S. law that is substantially similar to Title I of
ERISA or Section 4975 of the Code (“Similar Law”) (each of clause (i) through (iv), a “Plan”).
We hereby acknowledge that no transfer of any Certificate shall be permitted to be made to any person unless the Owner Trustee has
received (i) a certificate from such transferee to the effect of the preceding sentence or (ii) an opinion of counsel satisfactory
to the Owner Trustee, the Certificate Registrar and the Depositor to the effect that the purchase and holding of any such
Certificate by such person (A) will not result in the assets of the Issuing Entity being deemed to be “plan assets”
(within the meaning of the Plan Asset Regulation) or subject to Similar Law and will not subject the Certificate Registrar, the
Owner Trustee, the Indenture Trustee, the Servicer or the Depositor to any obligation in addition to those undertaken in the Basic
Documents with respect to the Certificates and (B) will not give rise to a nonexempt prohibited transaction under ERISA or Section
4975 of the Code or a violation of Similar Law.

 

    Ex. D-2

     

    

 

4.       We
are a “United States person” (within the meaning of Section 7701(a)(30) of the Code), and acknowledge that unless the Owner
Trustee and the Indenture Trustee shall have received an opinion of counsel (which counsel is independent from the Depositor and the Trust)
that such action shall not cause the Trust to be treated as an association (or publicly traded partnership), in either case, taxable as
a corporation for U.S. federal income tax purposes, no purchase of any Certificate shall be permitted to be made to any person who is
not a United States person and any such purported purchase or transfer in violation of these restrictions shall be null and void.

 

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

 

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

 

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

 

    Ex. D-3

     

    

 

EXHIBIT E

 

FORM OF RECEIVABLES

 

Documents on file at:

Kirkland & Ellis LLP

300 North LaSalle Street

Chicago, IL 60654

 

    Ex. EExhibit 10.1

     

  

  
    REVOLVING CREDIT AGREEMENT

      

      By and Between

     

    ATLANTIC AMERICAN CORPORATION,

     

    As the Borrower,

     

    And

     

    TRUIST BANK,

     

    As the Lender

     

    Dated as of May 12, 2021

     

    
      
        

    

    
    
      
        TABLE OF CONTENTS

         

          

      

      	
              ARTICLE I DEFINITIONS; CONSTRUCTION

            	
              1

            
	 	
              Section 1.1.

            	
              Definitions

            	
              1

            
	 	
              Section 1.2.

            	
              Accounting Terms and Determination

            	
              10

            
	 	
              Section 1.3.

            	
              Terms Generally

            	
              11

            
	 	 	 	 
	
              ARTICLE II AMOUNT AND TERMS OF THE COMMITMENTS

            	
              11

            
	 	
              Section 2.1.

            	
              Revolving Loans

            	
              11

            
	 	
              Section 2.2.

            	
              Procedure for Revolving Borrowings

            	
              11

            
	 	
              Section 2.3.

            	
              [Reserved]

            	
              11

            
	 	
              Section 2.4.

            	
              Funding of Borrowings

            	
              11

            
	 	
              Section 2.5.

            	
              Optional Reduction and Termination of Commitments

            	
              11

            
	 	
              Section 2.6.

            	
              Evidence of Indebtedness

            	
              12

            
	 	
              Section 2.7.

            	
              Repayment of Loans

            	
              12

            
	 	
              Section 2.8.

            	
              Mandatory Prepayments of Loans

            	
              12

            
	 	
              Section 2.9.

            	
              Interest on Loans

            	
              13

            
	 	
              Section 2.10.

            	
              Fees

            	
              13

            
	 	
              Section 2.11.

            	
              Additional Costs

            	
              13

            
	 	
              Section 2.12.

            	
              Inability to Determine Index

            	
              13

            
	 	
              Section 2.13.

            	
              Default Rate

            	
              14

            
	 	 	 	 
	
              ARTICLE III Benchmark replacement

            	
              14

            
	 	
              Section 3.1.

            	
              Benchmark Replacement

            	
              14

            
	 	
              Section 3.2.

            	
              Benchmark Replacement Conforming Changes

            	
              14

            
	 	
              Section 3.3.

            	
              Notices; Standards for Decisions and Determinations

            	
              14

            
	 	
              Section 3.4.

            	
              Unavailability of Tenor of Benchmark

            	
              15

            
	 	
              Section 3.5.

            	
              Benchmark Unavailability Period

            	
              15

            
	 	
              Section 3.6.

            	
              Benchmark Replacement

            	
              15

            
	 	 	 	 
	
              ARTICLE IV CONDITIONS PRECEDENT TO Revolving LOANS

            	
              20

              

            
	 	
              Section 4.1.

            	
              Conditions of Initial Credit Event

            	
              20

              

            
	 	
              Section 4.2.

            	
              Conditions to Each Credit Event

            	
              21

            
	 	 	 	 
	
              ARTICLE V REPRESENTATIONS AND WARRANTIES

            	
              21

            
	 	
              Section 5.1.

            	
              Existence; Power

            	
              21

            
	 	
              Section 5.2.

            	
              Organizational Power; Authorization

            	
              21

            
	 	
              Section 5.3.

            	
              No Conflicts

            	
              22

            
	 	
              Section 5.4.

            	
              Financial Statements; No Material Adverse Effect

            	
              22

            
	 	
              Section 5.5.

            	
              Litigation and Environmental Matters

            	
              22

            
	 	
              Section 5.6.

            	
              Compliance with Laws and Agreements

            	
              22

            
	 	
              Section 5.7.

            	
              Governmental Approvals

            	
              22

            
	 	
              Section 5.8.

            	
              Investment Company Act

            	
              22

            
	 	
              Section 5.9.

            	
              Taxes

            	
              23

            
	 	
              Section 5.10.

            	
              Margin Regulations

            	
              23

            
	 	
              Section 5.11.

            	
              Ownership of Property; Insurance

            	
              23

            
	 	
              Section 5.12.

            	
              Disclosure

            	
              23

            
	 	
              Section 5.13.

            	
              Labor Relations

            	
              24

            
	 	
              Section 5.14.

            	
              Subsidiaries

            	
              24

            
	 	
              Section 5.15.

            	
              Solvency

            	
              24

            

      

      

      
        
          

      

      	 	
              Section 5.16.

            	
              Senior Indebtedness under Subordinated Debenture Indentures

            	
              24

            
	 	
              Section 5.17.

            	
              Anti-Corruption Laws and Sanctions

            	
              24

            
	 	 	 	 
	
              ARTICLE VI AFFIRMATIVE COVENANTS

            	25
	 	
              Section 6.1.

            	
              Financial Statements and Other Information

            	
              25

            
	 	
              Section 6.2.

            	
              Notices of Material Events

            	
              25

            
	 	
              Section 6.3.

            	
              Existence; Conduct of Business

            	
              26

            
	 	
              Section 6.4.

            	
              Compliance with Laws

            	
              26

            
	 	
              Section 6.5.

            	
              Payment of Obligations

            	
              26

            
	 	
              Section 6.6.

            	
              Books and Records

            	
              27

            
	 	
              Section 6.7.

            	
              Visitation and Inspection

            	
              27

            
	 	
              Section 6.8.

            	
              Maintenance of Properties; Insurance

            	
              27

            
	 	
              Section 6.9.

            	
              Use of Proceeds; Margin Regulations

            	
              27

            
	 	
              Section 6.10.

            	
              Casualty and Condemnation

            	
              27

            
	 	
              Section 6.11.

            	
              Governmental Approvals

            	
              27

            
	 	
              Section 6.12.

            	
              Primary Deposit Accounts

            	
              28

            
	 	 	 	 
	
              ARTICLE VII FINANCIAL COVENANTS

            	
              28

            
	 	
              Section 7.1.

            	
              Debt to Capital Ratio

            	
              28

            
	 	 	 	 
	
              ARTICLE VIII NEGATIVE COVENANTS

            	
              28

            
	 	
              Section 8.1.

            	
              Indebtedness and Guarantees

            	
              28

            
	 	
              Section 8.2.

            	
              Liens

            	
              28

            
	 	
              Section 8.3.

            	
              Fundamental Changes

            	
              28

            
	 	
              Section 8.4.

            	
              Investments, Loans

            	
              29

            
	 	
              Section 8.5.

            	
              Restricted Payments

            	
              29

            
	 	
              Section 8.6.

            	
              Transactions with Affiliates

            	
              29

            
	 	
              Section 8.7.

            	
              Restrictive Agreements

            	
              29

            
	 	
              Section 8.8.

            	
              Amendment to Material Documents

            	
              29

            
	 	
              Section 8.9.

            	
              Accounting Changes

            	30
	 	
              Section 8.10.

            	
              Government Regulation

            	30
	 	
              Section 8.11.

            	
              Sale of Assets

            	30
	 	
              Section 8.12.

            	
              Required Insurance Rating

            	30
	 	 	 	 
	
              ARTICLE IX EVENTS OF DEFAULT

            	
              31

              

            
	 	
              Section 9.1.

            	
              Events of Default

            	
              31

              

            
	 	 	 	 
	
              ARTICLE X MISCELLANEOUS

            	
              32

            
	 	
              Section 10.1.

            	
              Notices

            	
              32

            
	 	
              Section 10.2.

            	
              Waiver; Amendments

            	
              33

            
	 	
              Section 10.3.

            	
              Expenses; Indemnification

            	
              34

            
	 	
              Section 10.4.

            	
              Successors and Assigns

            	
              35

            
	 	
              Section 10.5.

            	
              Governing Law; Jurisdiction; Consent to Service of Process

            	
              35

            
	 	
              Section 10.6.

            	
              WAIVER OF JURY TRIAL

            	
              36

            
	 	
              Section 10.7.

            	
              Right of Set-off

            	
              36

            
	 	
              Section 10.8.

            	
              Counterparts; Integration

            	
              36

            
	 	
              Section 10.9.

            	
              Survival

            	
              36

            
	 	
              Section 10.10.

            	
              Severability

            	
              37

            
	 	
              Section 10.11.

            	
              Patriot Act

            	
              37

            

    

    

    

    
      ii

      
        

    

    
      	 	
              Exhibits

            	 	 
	 	 	 	 
	 	
              Exhibit A

            	
              -

            	
              Form of Compliance Certificate

            
	 	
              Exhibit B

            	
              -

            	
              Form of Notice of Borrowing

            
	 	 	 	 
	 	
              Schedules

            	 	 
	 	 	 	 
	 	
              Schedule 5.14

            	
              -

            	
              Subsidiaries

            
	 	
              Schedule 8.1

            	
              -

            	
              Indebtedness

            
	 	
              Schedule 8.2

            	
              -

            	
              Liens

            

    

    

    

    
      iii

      
        

    

    
      
        REVOLVING CREDIT AGREEMENT

         

        THIS REVOLVING CREDIT AGREEMENT (this “Agreement”) is made and entered into as of May 12, 2021 (the “Closing
            Date”), by and between ATLANTIC AMERICAN CORPORATION, a Georgia corporation (the “Borrower”), and TRUIST BANK (the “Lender”).

         

        The Borrower has requested that the Lender establish a Ten Million and No/100 Dollars ($10,000,000) revolving credit facility in favor of the Borrower and,
          subject to the terms and conditions of this Agreement, the Lender is willing to establish the requested revolving credit facility in favor of the Borrower;

         

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

         

        ARTICLE I

          

          DEFINITIONS; CONSTRUCTION

         

        Section 1.1.          Definitions.  In addition to the other terms defined herein, the following
          terms used herein shall have the meanings herein specified (to be equally applicable to both the singular and plural forms of the terms defined):

         

        “Acquisition” shall mean, whether, in a single transaction or a series of related transactions and whether by purchase, lease (including any lease that contains upfront payments and/or
          buyout options), exchange, issuance of stock or other equity or debt securities, merger, reorganization or any other method, (a) any acquisition by the Borrower or any Subsidiary of the Borrower of a majority of the Capital Stock of any other
          Person which have the ordinary voting power for the election of the board of directors (or equivalent governing body) of such other Person, (b) any acquisition by the Borrower or any Subsidiary of the Borrower of all or substantially all of the
          assets of any other Person or (c) any other acquisition by the Borrower or any Subsidiary of the Borrower of the assets constituting a business, division, line of business from another Person which acquisition is not in the ordinary course of
          business for the Borrower or such Subsidiary.

         

        “Affiliate” shall mean, as to any Person, any other Person that directly, or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with,
          such Person.  For the purposes of this definition, “Control” shall mean the power, directly or indirectly, either to (i) vote
            10% or more of the securities having ordinary voting power for the election of directors (or persons performing similar functions) of a Person or (ii) direct
            or cause the direction of the management and policies of a Person, whether through the ability to exercise voting power, by control or otherwise.  The terms
            “Controlled by” and “under common Control with” have the meanings correlative thereto.

         

        “American Southern” shall mean American Southern Insurance Company, an insurance company organized under the laws of the State of Kansas.

         

        “Anti-Corruption Laws” shall mean all laws, rules, and regulations of any jurisdiction applicable to the Borrower or its Subsidiaries from time to time concerning or relating to bribery or
          corruption.

         

        “Approved Fund” shall mean any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar
          extensions of credit in the ordinary course of its business and that is administered or managed by (a) the Lender, (b) an Affiliate of the Lender or (c) an entity or an Affiliate of an entity that administers or manages the Lender.

         

        “Availability Period” shall mean the period from the Closing Date to but excluding the Revolving Commitment Termination Date.

         

      

      
        
          

      

      
      
        “Bank Product Obligations” shall mean, collectively, all obligations and other liabilities of the Borrower arising with respect to any Bank Products.

         

        “Bank Products” shall mean any of the following services provided to the Borrower or any of its Subsidiaries by Lender or its Affiliates: (a) any treasury or other cash management
          services, including deposit accounts, automated clearing house (ACH) origination and other funds transfer, depository (including cash vault and check deposit), zero balance accounts and sweeps, return items processing, controlled disbursement
          accounts, positive pay, lockboxes and lockbox accounts, account reconciliation and information reporting, payables outsourcing, payroll processing, trade finance services, investment accounts and securities accounts, and (b) card services,
          including credit cards (including purchasing cards and commercial cards), prepaid cards, including payroll, stored value and gift cards, merchant services processing, and debit card services.

         

        “Bankers Fidelity Life” shall mean Bankers Fidelity Life Insurance Company, an insurance company organized under the laws of the State of Georgia.

         

        “Beneficial Ownership Certification” shall mean a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

         

        “Beneficial Ownership Regulation” shall mean 31 C.F.R. § 1010.230.

         

        “Business Day” shall mean (a) any day other than a Saturday, Sunday or other day on which commercial banks in Atlanta, Georgia are
          authorized or required by law to close, and (b) solely with respect to Interest Periods applicable to the LIBOR Rate or any Benchmark Replacement (as defined below), a day on which the Bank is open for business and on which dealings in U.S.
          dollar deposits are carried on in the London Inter-Bank Market.

         

        “Capital Stock” shall mean all shares, options, warrants, general or limited partnership interests, membership interests or other equivalents (regardless of how designated) of or in a
          corporation, partnership, limited liability company or equivalent entity whether voting or nonvoting, including common stock, preferred stock or any other equity security.

         

        “Change in Control” means the occurrence of one or more of the following events: (i) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or
          “group” (within the meaning of the Exchange Act and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof) other than any Permitted Holder of more than 50% of the outstanding shares of the voting equity
          interests of the Borrower, or (ii) during any period of 24 consecutive months, a majority of the members of the board of directors or other equivalent governing body of the Borrower cease to be composed of individuals who are Continuing
          Directors, or (iii) the Borrower shall fail to own, directly or indirectly, beneficially and of record, all of the Capital Stock of both American Southern and  Bankers Fidelity Life.

         

        “Code” shall mean the Internal Revenue Code of 1986, as amended and in effect from time to time.

         

        “Commodity Exchange Act” shall mean the Commodity Exchange Act (7 U.S.C. §1 et seq.) (as amended and, together with any successor statute).

         

        
          2

          
            

        

        “Compliance Certificate” shall mean a certificate from the principal executive officer or the principal financial officer of the Borrower substantially in the form of Exhibit A
          hereunder.

         

        “Consolidated Capitalization” shall mean the sum of, without duplication, (a) Consolidated Indebtedness and (b) the consolidated stockholders’ equity (determined in accordance with GAAP)
          of the common and preferred stockholders of the Borrower recorded on the Borrower’s consolidated financial statements.

         

        “Consolidated Indebtedness” shall mean, as of any date of determination, consolidated Indebtedness for the Borrower and its Subsidiaries.

         

        “Continuing Directors” shall mean the members of the Borrower’s board of directors on the Closing Date and each other director nominated for election or elected to such board of directors
          with the approval of a majority of the Continuing Directors who were members of such board at the time of such nomination or election.

         

        “Credit Event” shall mean the making of a Revolving Loan.

         

        “Debt to Capital Ratio” shall mean the ratio of Consolidated Indebtedness to Consolidated Capitalization.

         

        “Default” shall mean any condition or event that, with the giving of notice or the lapse of time or both, would constitute an Event of Default.

         

        “Dollar(s)” and the sign “$” shall mean lawful money of the United States.

         

        “Environmental Laws” shall mean all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into
          by or with any Governmental Authority relating in any way to the environment, preservation or reclamation of natural resources, the management, Release or threatened Release of any Hazardous Material or to health and safety matters.

         

        “Environmental Liability” shall mean any liability, contingent or otherwise (including any liability for damages, costs of environmental investigation and remediation, costs of
          administrative oversight, fines, natural resource damages, penalties or indemnities), of the Borrower or any of its Subsidiaries directly or indirectly resulting from or based upon (i) any actual or alleged violation of any Environmental Law,
          (ii) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (iii) any actual or alleged exposure to any Hazardous Materials, (iv) the Release or threatened Release of any Hazardous Materials or
          (v) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

         

        “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and any successor statute and the regulations promulgated and rulings issued
          thereunder.

         

        “Event of Default” shall have the meaning set forth in Section 9.1.

         

         “Fiscal Quarter” shall mean any fiscal quarter of the Borrower.

         

        “Fiscal Year” shall mean any fiscal year of the Borrower.

         

        “GAAP” shall mean generally accepted accounting principles in the United States applied on a consistent basis and subject to the terms of Section 1.3.

         

        
          3

          
            

        

        “Governmental Approval” means any consent, authorization, approval, order, license, franchise, permit, certificate, accreditation, registration, or filing of notice, in each case of,
          issued by, from or to, or other act by or in respect of, any Governmental Authority.

         

        “Governmental Authority” means the government of the United States, any other nation or any political subdivision thereof, whether state or local, and any agency, authority,
          instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such
          as the European Union or the European Central Bank).

         

        “Guarantee” of or by any Person (the “guarantor”) shall mean any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any
          Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly and including any obligation, direct or indirect, of the guarantor (i) to purchase or pay (or advance or supply funds for
          the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (ii) to purchase or lease property, securities or services for the purpose
          of assuring the owner of such Indebtedness or other obligation of the payment thereof, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary
          obligor to pay such Indebtedness or other obligation or (iv) as an account party in respect of any letter of credit or letter of guaranty issued in support of such Indebtedness or obligation; provided that the term “Guarantee” shall not include
          endorsements for collection or deposit in the ordinary course of business.  The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee is
          made or, if not so stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as determined by such Person in good faith.  The term “Guarantee” used as a verb
          has a corresponding meaning.

         

        “Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum
          distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law.

         

        “Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money or similar obligation, (b) all obligations of such Person evidenced by bonds,
          debentures, notes or similar instruments, (c)  all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (d) all obligations of such Person in respect of the deferred
          purchase price of property or services (excluding trade accounts payable incurred in the ordinary course of business), (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or
          otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (f) all Guarantees by such Person of Indebtedness of others, (g) all capital lease obligations
          of such Person, (h) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, and (i) all obligations, contingent or otherwise, of such Person in respect of bankers’
          acceptances.  The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s
          ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor.  The amount of any Indebtedness of a Person for which recourse is limited to an
          identified asset or assets of such Person shall be equal to the lesser of (x) the amount of such Indebtedness and (y) the fair market value of such asset or assets. For purposes of this definition, the amount of any Indebtedness represented by a
          Guaranty shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation, or portion thereof, in respect of which such Guaranty is made (or, if less, the maximum amount of such primary obligation for which
          such person may be liable, whether singly or jointly, pursuant to the terms of the instrument, agreements or other documents evidencing such Guaranty) or, if not stated or determinable, the maximum reasonably anticipated liability in respect
          thereof (assuming such person is required to perform thereunder) as determined by such person in good faith.

         

        
          4

          
            

        

        “Interest Payment Date” shall mean the last day of each Interest Period applicable to each Revolving Loan and the Revolving Commitment Termination Date.

         

        “Interest Period” shall mean a period of one (1) month, commencing on an Interest Rate Determination Date, provided that (i) the initial Interest Period may be less than one month,
          depending on the initial funding date and (ii) no Interest Period shall extend beyond the Revolving Commitment Termination Date.

         

        “Interest Rate Determination Date” shall mean the date the initial Revolving Loan is funded and the first Business Day of each calendar month thereafter.

         

        “Investments” shall have the meaning set forth in Section 8.4.

         

        “IRS” shall mean the United States Internal Revenue Service.

         

        “LIBOR Rate” shall mean the greater of (a) 1.00% per annum, and (ii) that rate per annum effective on any Interest Rate Determination Date which is equal to the quotient of:

         

        (i) the rate per annum equal to the offered USD LIBOR rate for deposits in U.S. dollars for a one (1) month period, which rate appears on that page of Reuters reporting
          service, or such similar service as determined by the Lender, as of the Reference Time (as defined below); provided, that if no such offered rate appears on such page, the rate used for such Interest Period will be the per annum rate of interest
          determined by the Lender to be the rate at which U.S. dollar deposits for the Interest Period, are offered to the Lender in the London Inter-Bank Market as of the Reference Time, divided by

         

        (ii) a percentage equal to 1.00 minus the maximum reserve percentages (including any emergency, supplemental, special or other marginal reserves) expressed as a decimal
          (rounded upward to the next 1/100th of 1%) in effect on any day to which the Lender is subject with respect to any USD LIBOR loan pursuant to regulations issued by the Board of Governors of the Federal Reserve System with respect to eurocurrency
          funding (currently referred to as “eurocurrency liabilities” under Regulation D).  This percentage will be adjusted automatically on and as of the effective date of any change in any reserve percentage.

         

        “Lien” shall mean any mortgage, pledge, security interest, lien (statutory or otherwise), charge, encumbrance, hypothecation, assignment, deposit arrangement, or other arrangement having
          the practical effect of any of the foregoing or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement and any capital
          lease having the same economic effect as any of the foregoing).

         

        “Loan Documents” shall mean, collectively, this Agreement, the Revolving Loan Note, all Notices of Revolving Borrowing, all Compliance Certificates, any
          other promissory notes issued hereunder or evidencing any of the Obligations, and any and all other instruments, agreements, documents and writings executed by the Borrower in connection with any of the Obligations or any of the foregoing.

         

        
          5

          
            

        

         “Material Adverse Effect” shall mean, with respect to any event, act, condition or occurrence of whatever nature (including any adverse determination in any litigation, arbitration, or
          governmental investigation or proceeding), whether singularly or in conjunction with any other event or events, act or acts, condition or conditions, occurrence or occurrences whether or not related, resulting in a material adverse change in, or
          a material adverse effect on, (i) the business, results of operations, financial condition, assets, or liabilities of the Borrower, or the Borrower and its Subsidiaries taken as a whole, (ii) the ability of the Borrower to perform any of its
          material obligations under the Loan Documents, (iii) the rights and remedies of the Lender under the Loan Documents, taken as a whole, or (iv) the legality, validity or enforceability of any of the Loan Documents.

         

        “Moody’s” shall mean Moody’s Investors Service, Inc.

         

        “Notice of Revolving Borrowing” shall have the meaning set forth in Section 2.2.

         

        “Obligations” shall mean (a) all amounts owing by the Borrower to the Lender pursuant to or in connection with this Agreement or any other Loan Document or otherwise with respect to any
          Revolving Loan including, without limitation, all principal, interest (including any interest accruing after the filing of any petition in bankruptcy or the commencement of any insolvency, reorganization or like proceeding relating to the
          Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding), reimbursement obligations, fees, expenses, indemnification and reimbursement payments, costs and expenses (including all fees and expenses
          of counsel to the Lender incurred pursuant to this Agreement or any other Loan Document), whether direct or indirect, absolute or contingent, liquidated or unliquidated, now existing or hereafter arising hereunder or thereunder, (b) all hedging
          obligations owed by the Borrower to the Lender or any Affiliate of the Lender, and (c) all Bank Product Obligations, together with all renewals, extensions, modifications or refinancings of any of the foregoing.

         

        “OFAC” shall mean the U.S. Department of the Treasury’s Office of Foreign Assets Control.

         

        “OSHA” shall mean the Occupational Safety and Health Act of 1970, as amended from time to time, and any successor statute.

         

        “Permitted Holder” shall mean (a) the estate of J. Mack Robinson, (b) Harriet J. Robinson and her lineal descendants and spouses of her lineal descendants, and Hilton
          H. Howell, Jr. and his lineal descendants and spouses of his lineal descendants, (c) in the event of the incompetence or death of any of the Persons described in clause (b), such Person’s estate, executor, administrator, committee or other
          personal representative, (d) any trusts created for the benefit of the Persons described in clause (a) or (b), (e) any Person controlled by any of the Persons described in clause (a), (b), (c) or (d), and (f) any group of Persons (as defined in
          the Securities Exchange Act of 1934, as amended) in which the Persons described in clause (a), (b), (c), (d) or (e), individually or collectively, control such group.

         

        “Permitted Indebtedness” shall mean:

         

        (i)           Indebtedness to the Lender and its Affiliates;

         

        (ii)       Indebtedness issued pursuant to the Subordinated Debenture Indentures and Guarantees by the Borrower in respect thereof, but only so long as the Indebtedness
          evidenced by this Agreement and the other Loan Documents constitute “Senior Indebtedness” under each such Subordinated Debenture Indenture;

         

        (iii)         Indebtedness existing on the Closing Date and listed on Schedule 8.1, and any permitted refinancings in respect thereof as approved by the Lender in its
          sole discretion;

         

        
          6

          
            

        

        (iv)         Indebtedness with respect to capital lease obligations (the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date
          in accordance with GAAP) and Indebtedness incurred in connection with purchase money Indebtedness in an aggregate principal amount not to exceed $1,000,000 at any time outstanding;

         

        (v)          Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or other similar instrument drawn against insufficient funds in
          the ordinary course of business; and

         

        (vi)        Indebtedness under performance bonds, surety bonds, release, appeal and similar bonds, statutory obligations or with respect to workers’ compensation claims, in
          each case incurred in the ordinary course of business, and reimbursement obligations in respect of any of the foregoing;

         

        “Permitted Investments” shall mean: (i) direct obligations of, or obligations the principal of and interest on which are unconditionally Guaranteed by, the United States (or by any agency
          thereof to the extent such obligations are backed by the full faith and credit of the United States), in each case maturing within one year from the date of acquisition thereof; (ii) commercial paper having the highest rating, at the time of
          acquisition thereof, of S&P or Moody’s and in either case maturing within six months from the date of acquisition thereof; (iii) certificates of deposit, bankers’ acceptances and time deposits maturing
          within 180 days of the date of acquisition thereof issued or Guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank 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 $500,000,000; (iv) fully collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (i) above and
          entered into with a financial institution satisfying the criteria described in clause (iii) above; (v) marketable securities that are permitted under the Borrower’s investment policy and applicable law, and (vi) mutual funds investing solely in
          any one or more of the Permitted Investments described in clauses (i) through (v) above.

         

        “Permitted Liens” shall mean:

         

        (i)          Liens granted to the Lender or its Affiliates;

         

        (ii)        liens arising in the ordinary course of business for obligations other than money borrowed, so long as the assets encumbered by such liens do not have an aggregate
          value at any time in excess of $1,000,000;

         

        (iii)        Liens in existence on the Closing Date and described on Schedule 8.2, and the replacement, renewal or extension thereof (including Liens incurred, assumed
          or suffered to exist in connection with any Permitted Indebtedness permitted pursuant to clause (ii) of the definition of “Permitted Indebtedness” (solely to the extent that such Liens were in existence on the Closing Date and described on Schedule
            8.2)); provided that the scope of any such Lien shall not be increased, or otherwise expanded, to cover any additional property or type of asset, as applicable, beyond that in existence on the Closing Date, except for products and
          proceeds of the foregoing;

         

        (iv)      Liens for taxes, assessments and other governmental charges or levies (excluding any Lien imposed pursuant to any of the provisions of ERISA or Environmental Laws)
          (i) not yet due or as to which the period of grace (not to exceed thirty (30) days), if any, related thereto has not expired or (ii) which are being contested in good faith and by appropriate proceedings if adequate reserves are maintained to the
          extent required by GAAP;

         

        
          7

          
            

        

        (v)          Liens securing the claims of materialmen, mechanics, carriers, warehousemen, processors or landlords for labor, materials, supplies or rentals incurred in the
          ordinary course of business, which (i) are not overdue for a period of more than thirty (30) days, or if more than thirty (30) days overdue, no action has been taken to enforce such Liens and such Liens are being contested in good faith and by
          appropriate proceedings if adequate reserves are maintained to the extent required by GAAP and (ii) do not, individually or in the aggregate, materially impair the use thereof in the operation of the business of the Borrower or any of its
          Subsidiaries;

         

        (vi)      deposits or pledges made in the ordinary course of business in connection with, or to secure payment of, obligations under workers’ compensation, unemployment
          insurance and other types of social security or similar legislation, or to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety bonds (other than bonds related to judgments or
          litigation), performance bonds and other obligations of a like nature incurred in the ordinary course of business;

         

        (vii)       encumbrances in the nature of zoning restrictions, easements and rights or restrictions of record on the use of real property, which in the aggregate are not
          substantial in amount and which do not, in any case, detract from the value of such property or impair the use thereof in the ordinary conduct of business;

         

        (viii)     banker’s Liens, rights of setoff and Liens in favor of financial institutions incurred in the ordinary course of business arising in connection with deposit accounts
          or securities accounts held at such institutions solely to secure payment of fees and similar costs  and expenses;

         

        (ix)        Liens arising from the filing of precautionary UCC financing statements relating solely to personal property leased pursuant to operating leases entered into in the
          ordinary course of business;

         

        (x)       Liens securing Indebtedness permitted under clause (iv) of the definition of “Permitted Indebtedness”; provided that (A) such Liens shall be created
          substantially simultaneously with the acquisition, repair, construction, improvement or lease, as applicable, of the related property, (B) such Liens do not at any time encumber any property other than the
          property financed or improved by such Indebtedness, (C) the amount of Indebtedness secured thereby is not increased and (D) the principal amount of Indebtedness secured by any such Lien shall at no time exceed one hundred percent (100%) of the
          original price for the purchase, repair, construction, improvement or lease amount (as applicable) of such property at the time of purchase, repair, construction, improvement or lease (as applicable); and

         

        (ix)       Liens securing judgments for the payment of money not constituting an Event of Default under Section 9.1(g) or securing appeal or other surety bonds relating
          to such judgments.

         

        “Person” shall mean any individual, partnership, firm, corporation, association, joint venture, limited liability company, trust or other entity, or any Governmental Authority.

         

        “Regulation T, U, or X” shall mean Regulation T, Regulation U, or Regulation X of the Board of Governors of the Federal Reserve System, as the same may be in effect from time to time, and
          any successor regulations.

         

        “Related Parties” shall mean, with respect to any specified Person, such Person’s Affiliates and the respective managers, administrators, trustees, partners, directors, officers,
          employees, agents, advisors or other representatives of such Person and such Person’s Affiliates.

         

        
          8

          
            

        

        “Release” shall mean any release, spill, emission, leaking, dumping, injection, pouring, deposit, disposal, discharge, dispersal, leaching or migration into the environment (including
          ambient air, surface water, groundwater, land surface or subsurface strata) or within any building, structure, facility or fixture.

         

        “Restricted Payment” shall mean, for any Person, any dividend or distribution on any class of its Capital Stock, or any payment on account of, or set apart assets for a sinking or other
          analogous fund for, the purchase, redemption, retirement, defeasance or other acquisition of any shares of its Capital Stock, any Indebtedness subordinated to the Obligations or any Guarantee thereof or any options, warrants or other rights to
          purchase such Capital Stock or such Indebtedness, whether now or hereafter outstanding, or any management or similar fees.

         

        “Revolving Commitment” shall mean the commitment of the Lender to make Revolving Loans to the Borrower in an aggregate principal amount not to exceed Ten Million and No/100 Dollars
          ($10,000,000), as such commitment may subsequently be increased or decreased pursuant to the terms hereof.

         

        “Revolving Commitment Termination Date” shall mean the earliest of (i) April 12, 2024, (ii) the date on which the Revolving Commitment is terminated pursuant to Section 2.5 and
          (iii) the date on which all amounts outstanding under this Agreement have been declared or have automatically become due and payable (whether by acceleration or otherwise).

         

        “Revolving Credit Exposure” shall mean, at any time, the sum of the outstanding principal amount of the Lender’s Revolving Loans.

         

        “Revolving Loan” shall mean a loan made by the Lender to the Borrower under the Revolving Commitment.

         

        “Revolving Loan Note” shall mean the Revolving Loan Note, dated of even date herewith, made by the Borrower to  the Lender in the principal amount of the Revolving Commitment, as the same
          may be amended, modified, supplemented, or replaced from time to time.

         

        “Sanctioned Country” shall mean, at any time, a country or territory that is, or whose government is,  the subject or target of any Sanctions.

         

        “Sanctioned Person” shall  mean, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC, the U.S. Department of State, the United Nations
          Security Council, the European Union or any EU member state, (b) any Person located, organized or resident in a Sanctioned Country or (c) any Person controlled by any such Person.

         

        “Sanctions” shall mean economic or financial sanctions or trade embargoes administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the
          U.S. Department of State or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom.

         

        “Solvent” shall mean, with respect to any Person on a particular date, that on such date (a) the fair value of the property of such Person is greater than the total amount of liabilities,
          including subordinated and contingent liabilities, of such Person; (b) the present fair saleable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts and
          liabilities, including subordinated and contingent liabilities as they become absolute and matured; (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such
          debts and liabilities mature; and (d) such Person is not engaged in a business or transaction, and is not about to engage in a business or transaction, for which such Person’s property would constitute an unreasonably small capital.  The amount
          of contingent liabilities (such as litigation, guaranties and pension plan liabilities) at any time shall be computed as the amount that, in light of all the facts and circumstances existing at the time, represents the amount that would
          reasonably be expected to become an actual or matured liability.

         

        
          9

          
            

        

        “S&P” shall mean Standard & Poor's, a division of The McGraw-Hill Companies, Inc.

         

        “Statutory Accounting Principles” means, with respect to any insurance company, statutory accounting principles prescribed or permitted by the National Association of Insurance
          Commissioners and, as applicable, the state department of insurance of the state of domicile of such insurance company for the preparation of financial statements and reports by insurance companies of the same type as such insurance company. .

         

        “Subordinated Debenture Indentures” means, collectively, (i) that certain Indenture, dated as of December 4, 2002, by the Borrower, as issuer, and State Street Bank and Trust Company of
          Connecticut, National Association, as trustee, and (ii) that certain Indenture, dated as of May 15, 2003, by the Borrower, as issuer, and U.S. Bank National Association, as trustee.

         

        “Subsidiary” shall mean, with respect to any Person (the “parent”) at any date, any corporation, partnership, joint venture, limited liability company, association or other entity
          the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation,
          partnership, joint venture, limited liability company, association or other entity (i) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a
          partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (ii) that is, as of such date, otherwise controlled, by the parent or one or more subsidiaries of the parent or by the parent and
          one or more subsidiaries of the parent.  Unless otherwise indicated, all references to “Subsidiary” hereunder shall mean a Subsidiary of the Borrower.

         

        “Swap Obligation” shall mean any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity
          Exchange Act.

         

        “Taxes” shall mean any and all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees, charges imposed by any
          Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

         

        “Trading with the Enemy Act” shall mean the Trading with the Enemy Act of the United States of America (50 U.S.C. App. §§ 1 et seq.), as amended and in effect from time to time.

         

        “UCC” shall mean the Uniform Commercial Code as in effect in the State of Georgia.

         

        “United States” or “U.S.” shall mean the United States of America.

         

        Section 1.2.          Accounting Terms and Determination.  Unless otherwise
          defined or specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared, in accordance with GAAP
          as in effect from time to time, applied on a basis consistent with the most recent audited consolidated financial statements delivered pursuant to Section 6.1(a).  Notwithstanding any other provision
            contained herein, any lease that is (or would have been) treated as an operating lease for purposes of GAAP as of December 31, 2018, shall continue to be treated as an operating lease for purposes of this Agreement regardless of any change in
            GAAP following December 31, 2018, that would otherwise require such lease to be recharacterized (on a prospective or retroactive basis or otherwise) as a finance lease.

         

      

    

    
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      Section 1.3.       Terms Generally.  The definitions of terms herein
        shall apply equally to the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include”, “includes” and “including” shall
        be deemed to be followed by the phrase “without limitation”.  The word “will” shall be construed to have the same meaning and effect as the word “shall”.  In the computation of periods of time from a specified date to a later specified date, the
        word “from” shall mean “from and including” and the word “to” shall mean “to but excluding”.  Unless the context requires otherwise (i) any definition of or reference to any agreement, instrument or other document herein shall be construed as
        referring to such agreement, instrument or other document as it was originally executed or as it may from time to time be amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or
        modifications set forth herein), (ii) any reference herein to any Person shall be construed to include such Person’s successors and permitted assigns, (iii) the words “hereof”, “herein” and “hereunder” and words of similar import shall be construed
        to refer to this Agreement as a whole and not to any particular provision hereof, (iv) all references to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles, Sections, Exhibits and Schedules to this Agreement and (v)
        all references to a specific time shall be construed to refer to the time in the city and state of the Lender’s principal office, unless otherwise indicated.

       

      ARTICLE II

        

        AMOUNT AND TERMS OF THE COMMITMENTS

       

      Section 2.1.          Revolving Loans.  Subject to and upon the terms and
        conditions herein set forth, (i) the Lender hereby establishes in favor of the Borrower a revolving credit facility pursuant to which the Lender agrees from time to time to make Revolving Loans to the Borrower during the Availability Period in an aggregate principal amount outstanding at any time that will not result in the Lender’s Revolving Credit Exposure exceeding the Lender’s Revolving Commitment.  During the Availability Period, the Borrower
        shall be entitled to borrow, prepay and reborrow Revolving Loans in accordance with the terms and conditions of this Agreement; provided that the Borrower may not borrow or reborrow should there exist a Default or Event of Default.

       

      Section 2.2.        Procedure for Revolving Borrowings.  The Borrower shall give
        the Lender written notice (or telephonic notice promptly confirmed in writing) of each Revolving Borrowing (other than Revolving Borrowings pursuant to Section 2.11), substantially in the form of Exhibit B attached hereto (a “Notice
          of Revolving Borrowing”), prior to 11:00 a.m. one (1) Business Day prior to the requested date of such Credit Event.

       

      Section 2.3.          [Reserved].

       

      Section 2.4.        Funding of Borrowings.  The Lender will make available
        Revolving Loans to be made by it hereunder on the proposed date by promptly crediting the amount thereof to an account maintained by the Borrower with the Lender or, at the Borrower’s option, by effecting a wire transfer of such amounts to an
        account designated by the Borrower to the Lender.

       

      Section 2.5.       Optional Reduction and Termination of Commitments.  Upon at
        least three (3) Business Days’ prior written notice (or telephonic notice promptly confirmed in writing) to the Lender (which notice shall be irrevocable), the Borrower may reduce the Revolving Commitment in part or terminate the Revolving
        Commitment in whole; provided that no such reduction shall be permitted which would reduce the Revolving Commitment to an amount less than the outstanding Revolving Credit Exposure of the Lender.

       

      
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      Section 2.6.          Evidence of Indebtedness.    All Revolving Loans hereunder
        and interest thereon shall be evidenced by the Revolving Loan Note.

       

      Section 2.7.          Repayment of Loans.  The
        outstanding principal amount of all Revolving Loans shall be due and payable in full on the Revolving Commitment Termination Date.  Accrued and unpaid interest shall be due and payable on each Interest Payment Date.  Advances under this Agreement
        shall be recorded and maintained by the Lender in its internal records and such records shall be conclusive of the principal and interest owed by Borrower unless there is a material error in such records.

       

      Section 2.8.          Mandatory Prepayments of Loans.

       

      (a)          Revolving Loans.  If at any time the aggregate Revolving Credit Exposure of the Lender exceeds the Revolving Commitment, as reduced pursuant to Section 2.5 or otherwise,
        the Borrower shall immediately repay the Revolving Loans in an amount equal to such excess, together with all accrued and unpaid interest on such excess amount.

       

      (b)          [Reserved].

       

      (c)        Proceeds of Issuances of Indebtedness.  Immediately upon receipt by Borrower or any Subsidiary of any proceeds from any issuance of Indebtedness (other than Indebtedness
        permitted by Section 8.1) by Borrower or such Subsidiary, Borrower shall prepay the Revolving Loans and the other Obligations in an amount equal to all such proceeds, net of reasonable and customary transaction costs, fees and expenses
        properly attributable to such transaction and payable by Borrower in connection therewith (in each case, paid to non-Affiliates).  Any such prepayment shall be applied in accordance with Section 2.8(f).

       

      (d)         Asset Dispositions.  Immediately upon receipt by Borrower or any Subsidiary of any proceeds of any sale or disposition by Borrower or any Subsidiary
        of any of its assets (other than asset sales or dispositions permitted under Section 8.11), Borrower shall prepay the Obligations in an amount equal to all such proceeds, net of commissions and other reasonable and customary transaction
        costs, fees and expenses properly attributable to such transaction and payable by Borrower in connection therewith (in each case, paid to non-Affiliates).  Any such prepayment shall be applied in accordance with Section 2.8(f).

       

      (e)         Transfer of Capital Stock or Substantial Assets of American Southern or Bankers Fidelity Life.  Immediately upon the consummation of any conveyance, sale, transfer, lease,
        assignment or other disposition of any portion of the Capital Stock of, or substantially all of the assets of, American Southern or Bankers Fidelity Life, Borrower shall prepay the then outstanding Obligations in their entirety.

       

      (f)          Application of Prepayments.  Any prepayments made by Borrower pursuant to clause (c) or clause (d) of this Section 2.8 shall be applied as follows: first, to
        Lender’s fees and reimbursable expenses then due and payable pursuant to any of the Loan Documents; second, to interest then due and payable hereunder; and third, to the principal balance of the Revolving Loans, until the same shall
        have been paid in full.

       

      
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      Section 2.9.         Interest on Loans.  Except as otherwise provided in this
        Agreement, the Borrower shall pay interest upon the unpaid principal balance of the outstanding Revolving Loans at the LIBOR Rate plus 2.00%. The interest rate shall remain fixed during each Interest Period based upon the interest rate established
        on the applicable Interest Rate Determination Date. For avoidance of doubt, upon the replacement of USD LIBOR or any subsequent Benchmark with a Benchmark Replacement (as such terms are defined below), the interest rate shall equal the then-current
        Benchmark, subject to a minimum or floor rate of 1.00%, plus 2.00%. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid
        than if computed on the basis of a 365-day year).  Interest shall accrue on each Revolving Loan for the day on which the Revolving Loan is made, and shall not accrue on a Revolving Loan, or any portion thereof, for the day on which the Revolving
        Loan or such portion is paid, provided that any Revolving Loan that is repaid on the same day on which it is made shall bear interest for one day.  Each determination by the Lender of an interest rate or fee hereunder shall be conclusive and
        binding for all purposes, absent manifest error.  Accrued and unpaid interest shall be due and payable on each Interest Payment Date.

      

      

      Section 2.10.      Upfront Fee.  The Borrower agrees to pay to the Lender an
        upfront fee on the Closing Date in the amount of Twenty-Five Thousand and No/100 Dollars ($25,000), which upfront fee shall be fully-earned on the Closing Date and shall be non-refundable.

      

      

      

      

      Section 2.11.       Additional Costs.  In the event that any applicable law or
        regulation, guideline or order or the interpretation or administration thereof by any governmental or regulatory authority charged with the interpretation or administration thereof (whether or not having the force of law) (i) shall change the basis
        of taxation of payments to the Lender of any amounts payable by the Borrower under this Agreement or any of the Loan Documents (other than taxes imposed on the overall net income of the Lender) or (ii) shall impose, modify or deem applicable any
        reserve, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by the Lender, or (iii) shall impose any other condition with respect to this Agreement or any of the Loan Documents, and the
        result of any of the foregoing is to increase the cost to the Lender of making or maintaining the Agreement or any of the Loan Documents or to reduce any amount receivable by the Lender under the Agreement or any of the Loan Documents, and the
        Lender determines that such increased costs or reduction in amount receivable was attributable to USD LIBOR or the then-current Benchmark being used to establish the interest rate hereunder, then the Borrower shall from time to time, upon demand by
        the Lender, pay to the Lender additional amounts sufficient to compensate the Lender for such increased costs (the “Additional Costs”).  A detailed statement as to the amount of such Additional Costs, prepared in good faith and submitted to
        the Borrower by the Lender, shall be conclusive and binding in the absence of manifest error.

       

      Section 2.12.       Inability to Determine Index. 
        In the event Lender determines in its sole discretion on a particular date (the “Determination Date”) that Lender cannot make, fund, or maintain a loan based upon the LIBOR Rate (provided a Benchmark Transition Event has not occurred)
        or the Benchmark Replacement, as applicable, for any reason, including without limitation illegality or the inability to ascertain or determine said rate on the basis provided for herein, then Lender shall give notice to Borrower of such
        determination and thereafter will have no obligation to make, fund or maintain a loan based on such index.  Upon such Determination Date, the interest rate shall convert to the Standard Rate for purposes of any fundings or advances requested by
        Borrower and shall apply to any outstanding balance and, thereafter, the interest rate on the Revolving Loans shall adjust simultaneously with any fluctuation in the Standard Rate.  In the event Bank determines that the circumstances giving rise to
        a notice pursuant to this Section have ended, the Bank shall provide notice of same at which time the interest rate will revert to the prior rate based upon the LIBOR Rate (provided a Benchmark Transition Event has not occurred) or the Benchmark
        Replacement, as applicable, plus the margin over the index described in Section 2.9, subject to any minimum or floor rate provided for in the Loan Documents.

       

      
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      Section 2.13.       Default Rate.  If any portion of a payment is at least ten
        (10) days past due, the Borrower agrees to pay a late charge to the Lender equal to 2.00% of the amount which is past due.  Unless prohibited by applicable law, the Borrower agrees to pay the fee established by the Lender from time to time for
        returned checks, wire transfer of funds, or chargeback of an ACH, if a payment is made on this Agreement and is dishonored or is otherwise determined to be uncollectible, whether for insufficient funds or for any other reason, and without regard to
        the timeliness of the return, chargeback, adjustment, or notice of nonpayment.

       

      ARTICLE III

        

        BENCHMARK REPLACEMENT

       

      Section 3.1.        Benchmark Replacement.  Notwithstanding anything to the
        contrary herein or in any other Loan Document, if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the
        then-current Benchmark, then, (x) if a Benchmark Replacement is determined in accordance with clause (1) or (2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, in connection with a Benchmark Transition Event, such
        Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other
        party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, or in connection with an Early
        Opt-in Election, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (Atlanta, Georgia) on the fifth (5th) Business Day after the
        date notice of such Benchmark Replacement is provided to the Borrower without any amendment to this Agreement or any other Loan Document, or further action or consent of the Borrower.

       

      Section 3.2.         Benchmark Replacement Conforming Changes.  In connection
        with the implementation of a Benchmark Replacement, the Lender will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments
        implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of the Borrower.

       

      Section 3.3.         Notices; Standards for Decisions and Determinations.  The
        Lender will promptly notify the Borrower of (i) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date, (ii) the implementation of any Benchmark Replacement, (iii) the
        effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to Section 3.4 below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any
        determination, decision or election that may be made by the Lender pursuant to Article IV, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any
        decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its sole discretion and without consent from the Borrower.

       

      
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      Section 3.4.       Unavailability of Tenor of Benchmark.  Notwithstanding
        anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR or USD LIBOR) and either
        (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Lender in its reasonable discretion or (B) the regulatory supervisor for the administrator of
        such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Lender  may modify the definition of “Interest Period” for any Benchmark
        settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark
        (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Lender  may modify the definition of
        “Interest Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor.

       

      Section 3.5.          Benchmark Unavailability Period. 
        Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for an advance based upon USD LIBOR, conversion to or continuation of loans based upon USD LIBOR to be made,
        converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a borrowing of or conversion to the Standard Rate. During any Benchmark
        Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of Standard Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in
        any determination of Standard Rate.

       

      Section 3.6.        Benchmark Replacement.  Any term not otherwise defined in
        this Agreement, including in Section 1 above, shall have the meaning set forth below for purposes of this Agreement.

       

      “Available Tenor” shall mean, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor
        for such Benchmark or payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining the length of an Interest Period pursuant to this Agreement as of such date and not including, for
        the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to Section 3.4.

       

      “Benchmark” shall mean, initially, USD LIBOR; provided that if a Benchmark Transition Event or an Early Opt-in Election, as
        applicable, and its related Benchmark Replacement Date have occurred with respect to USD LIBOR or the then-current Benchmark, then “Benchmark” shall mean the applicable Benchmark Replacement to the extent that such Benchmark Replacement has
        replaced such prior benchmark rate pursuant to Section 3.1.

       

      “Benchmark Replacement” shall mean, for any Available Tenor, the first alternative set forth in the order below that can be determined by
        the Lender  for the applicable Benchmark Replacement Date:

       

      (1)          the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;

       

      (2)          the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment;

       

      
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      (3)         the sum of: (a) the alternate benchmark rate that has been selected by the Lender as the replacement for the then-current Benchmark for the applicable Corresponding
        Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for
        determining a benchmark rate as a replacement for the then-current Benchmark for U.S. dollar-denominated syndicated or bilateral credit facilities at  such time and (b) the related Benchmark Replacement Adjustment;

       

      provided that, in the case of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from time to
        time as selected by the Lender in its reasonable discretion. If the Benchmark Replacement as determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes
        of this Agreement and the other Loan Documents.

       

      “Benchmark Replacement Adjustment” shall mean, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark
        Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:

       

      (1)        for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative set forth in the order below that can be determined by the
        Lender:

       

      (a)  the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) as of the Reference Time such
        Benchmark Replacement is first set for such Interest Period that has been selected or recommended by the Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable
        Corresponding Tenor;

       

      (b)  the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that
        would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and

       

       

      (2)        for purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating or determining such spread adjustment, (which
        may be a positive or negative value or zero) that has been selected by the Lender for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or
        determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) any evolving or then-prevailing 
        market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated
        syndicated or bilateral credit facilities;

       

      
        16

        
          

      

      

      

      provided that, in the case of clause (1) above, such adjustment is displayed on a screen or other information service that publishes such Benchmark Replacement Adjustment
        from time to time as selected by the Lender in its reasonable discretion.

       

      “Benchmark Replacement Conforming Changes” shall mean, with respect to any Benchmark Replacement, any technical, administrative or
        operational changes (including changes to the definition of “Standard Rate,” the definition of “Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing
        requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions and other technical, administrative or operational matters) that the Lender decides may be appropriate to reflect the
        adoption and implementation  of such Benchmark Replacement and to permit the administration thereof by the Lender in a manner substantially consistent with market practice (or, if the Lender decides that adoption of any portion of such market
        practice is not administratively feasible or if the Lender determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Lender decides is reasonably necessary in
        connection with the administration of this Agreement and the other Loan Documents).

       

      “Benchmark Replacement Date” shall mean the earliest to occur of the following events with respect to the
        then-current          Benchmark:

       

      (1)         in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information
        referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component
        thereof);

      

      

      
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      (2)          in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein; or

       

      (3)          in the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to the Borrower.

       

      For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any
        determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect
        to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

       

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

       

      (1)         a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof)
        announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no
        successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

       

      (2)          a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the
        calculation thereof), the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with
        jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of
        such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no
        successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

       

      (3)          a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the
        calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer   representative.

       

      For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set
        forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

       

      “Benchmark Unavailability Period” shall mean the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to
        clauses (1) or (2) of that definition has occurred if,  at such  time, no  Benchmark Replacement has replaced the then-current Benchmark for  all purposes hereunder and under any Loan Document in accordance with Article IV and (y) ending at the
        time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Article IV.

       

       “Corresponding Tenor” with respect to any Available Tenor shall mean, as applicable, either a tenor (including overnight) or an interest
        payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.

       

      “Daily Simple SOFR” shall mean, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established
        by the Lender  in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for business loans; provided, that if the Lender  decides that any such convention
        is not administratively feasible for the Lender , then the Lender  may establish another convention in its reasonable discretion.

       

      “Early Opt-in Election” shall mean, if the then-current Benchmark is USD LIBOR, the occurrence of:

       

      (1)        a determination by the Lender that at least five currently outstanding U.S. dollar-denominated syndicated or bilateral credit facilities at such time contain (as a
        result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate, and

       

      
        18

        
          

      

      (2)          the election by the Lender to trigger a fallback from USD LIBOR and the provision by the Lender of written notice of such election to the Borrower

       

      “Floor” shall mean the greater of (a) 1.00% or (b) the Benchmark rate floor, if any, provided for in this Agreement with respect to USD
        LIBOR.

       

      “ISDA Definitions” shall mean the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any
        successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc.
        or such successor thereto.

       

      “Reference Time” with respect to any setting of the then-current Benchmark shall mean (1) if such Benchmark is USD LIBOR, 11:00 a.m.
        (London time) on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not USD LIBOR, the time determined by the Lender  in its reasonable discretion.

       

      “Relevant Governmental Body” shall mean the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or
        a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto.

       

      “SOFR” shall mean, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day
        published by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day.

       

      “SOFR Administrator” shall mean the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing
        rate).

       

      “SOFR Administrator’s Website” shall mean the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org,
        or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

       

      “Standard Rate” shall mean, for any day, a rate per annum equal to the Lender’s announced Prime Rate, and the Interest Rate shall change
        with each change in the Standard Rate effective on the date any change in the Lender’s Prime Rate is publicly announced as being effective.

       

      “Term SOFR” shall mean, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based
        on SOFR that has been selected or recommended by the Relevant Governmental Body.

       

      “Unadjusted Benchmark Replacement” shall mean the applicable Benchmark Replacement excluding the related Benchmark Replacement
        Adjustment.

      

      

      “USD LIBOR” shall mean the London interbank offered rate for U.S. dollars.

      

      

      
        19

        
          

      

      

      

      Section 3.7.          Notice of Benchmark Transition Event.    On March 5, 2021, the United Kingdom’s Financial Conduct Authority
        (FCA), the regulator of LIBOR, announced the final publication date for USD LIBOR is June 30, 2023. This announcement is a Benchmark Transition Event as defined above and this constitutes notice of this event.  If the promissory note matures after
        the final publication date, at the appropriate time the USD LIBOR index will be replaced with the Benchmark Replacement in accordance with the terms of this Addendum.  The FCA’s public statement is available at:

       

      https://www.fca.org.uk/publication/documents/future-cessation-loss-representativeness-libor-benchmarks.pdf.

      

      

      ARTICLE IV

        

        CONDITIONS PRECEDENT TO REVOLVING LOANS

       

      Section 4.1.          Conditions of Initial Credit Event.  The obligation of the
        Lender to make any initial Revolving Loans under this Agreement is subject to the satisfaction of the following conditions:

       

      (a)         The Lender shall have received payment of all fees, expenses and other amounts due and payable on or prior to the Closing Date, in the case of expenses only, to the extent invoiced at
        least three (3) Business Days prior to the date of initial Revolving Loans;

       

      (b)          The Lender (or its counsel) shall have received the following, each to be in form and substance satisfactory to the Lender:

       

      
        
          (i)          (x) A counterpart of this Agreement signed by or on behalf of each party hereto or written evidence satisfactory to the
            Lender (which may include telecopy transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement, and (y) the Revolving Loan Note and each other Loan Document, duly executed by each party
            thereto;

        

         

        

      

      
        
          (ii)         A certificate of the Secretary or Assistant Secretary of Borrower, attaching and certifying copies of its bylaws and of
            the resolutions of its board of directors or other equivalent governing body authorizing the execution, delivery and performance of the Loan Documents and certifying the name, title and true signature of each officer of Borrower executing the
            Loan Documents;

        

         

        

      

      
        
          (iii)       Certified copies of the articles or certificate of incorporation, of the Borrower, together with certificates of good
            standing or existence, as may be available from the Secretary of State of the jurisdiction of organization of the Borrower;

        

      

      
         

        

        
          (iv)       At least five (5) days prior to the date of this Agreement (or such later date as Lender shall agree to in writing), all
            documentation and other information required by bank regulatory authorities or reasonably requested by the Lender under or in respect of applicable “know your customer” and anti-money laundering legal requirements including the Patriot Act and,
            if Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in relation to Borrower;

        

         

        

      

      
        
          20

          
            

        

         

        

        
          (v)          Certificates of insurance, in form and detail acceptable to the Lender, describing the types and amounts of insurance (property and liability) maintained by the
            Borrower;

        

         

        

      

      
        
          (vi)         Evidence reasonably satisfactory to the Lender demonstrating a Debt to Capital Ratio of no greater than 35%; and

        

         

        

      

      
        
          (vii)        Such other documents, certificates, information or legal opinions as the Lender may reasonably request.

        

      

       

      

      (c)          Since December 31, 2020, there shall have been no event or occurrence which has had or could reasonably be expected to have a Material Adverse Effect.

       

      Section 4.2.          Conditions to Each Credit Event.  The obligation of the
        Lender to make a Revolving Loan (including any initial Revolving Loans) on the occasion of any Borrowing is subject to the satisfaction of the following conditions:

       

      (a)          At the time of and immediately after giving effect to such Borrowing, no Default or Event of Default shall exist;

       

      (b)          At the time of and immediately after giving effect to such Borrowing, all representations and warranties of the Borrower set forth in the Loan Documents shall be true and correct in
        all material respects (other than those representations and warranties that are expressly qualified by a Material Adverse Effect or other materiality, in which case such representations and warranties shall be true and correct in all respects); and

       

      (c)          The Borrower shall have delivered the required Notice of Borrowing.

       

      Each Borrowing shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in this Section.

       

      ARTICLE V

        

        REPRESENTATIONS AND WARRANTIES

       

      The Borrower represents and warrants to the Lender as of the Closing Date and as of the date of each Credit Event as follows:

       

      Section 5.1.         Existence; Power.  The Borrower and each of its Subsidiaries
        (i) is duly organized, validly existing and in good standing as a corporation, partnership or limited liability company (as applicable) under the laws of the jurisdiction of its organization, (ii) has all requisite power and authority to carry on
        its business as now conducted, and (iii) is duly qualified to do business, and is in good standing, in each jurisdiction where such qualification is required, except where a failure to be so qualified could not reasonably be expected to result in a
        Material Adverse Effect.

       

      Section 5.2.          Organizational Power; Authorization.  The execution,
        delivery and performance by the Borrower of the Loan Documents to which it is a party are within the Borrower’s organizational powers and has been duly authorized by all necessary organizational and, if required, shareholder, partner or member
        action.  This Agreement has been duly executed and delivered by the Borrower and constitutes, and each other Loan Document to which it is a party, when executed and delivered by the Borrower, will constitute,
        valid and binding obligations of the Borrower, enforceable against it in accordance with their respective terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of
        creditors’ rights generally and by general principles of equity.

       

      
        21

        
          

      

      Section 5.3.         No Conflicts.  The execution, delivery and performance by
        the Borrower of the Loan Documents to which it is a party (a) does not require any consent or approval of, registration or filing with, or any action by, or any Governmental Approval from, any Governmental Authority, except those as have been
        obtained or made and are in full force and effect, (b) will not violate any material requirement of law applicable to the Borrower or any of its Subsidiaries or any judgment, order or ruling of any Governmental Authority, (c) will not violate or
        result in a default under any contractual obligation of the Borrower or any of its Subsidiaries or any of its assets or give rise to a right thereunder to require any payment to be made by the Borrower or any of its Subsidiaries, which in any such
        case could reasonably be expected to result in an Event of Default, and (d) will not result in the creation or imposition of any Lien on any asset of the Borrower or any of its Subsidiaries, except Liens (if any) created under the Loan Documents.

       

      Section 5.4.          Financial Statements; No Material Adverse Effect.  All
        quarterly and annual financial statements provided by the Borrower to the Lender hereunder or in connection herewith fairly present the financial condition of the Borrower and its Subsidiaries as of the dates indicated therein and the results of
        operations for such periods in conformity with GAAP, consistently applied, subject to year-end audit adjustments and the absence of footnotes in the case of monthly financial statements.  Since December 31, 2020, there has been no change which has
        had or could reasonably be expected to have a Material Adverse Effect.

       

      Section 5.5.          Litigation and Environmental Matters.

       

      (a)          No litigation, investigation or proceeding of or before any arbitrators or Governmental Authorities is pending against or, to the knowledge of the Borrower, threatened against or
        affecting the Borrower or any of its Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination that could reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect or (ii)
        which in any manner draws into question the validity or enforceability of this Agreement or any other Loan Document.

       

      (b)         Except as could not reasonably be expected to result in a Material Adverse Effect, neither the Borrower nor any of its Subsidiaries (i) has failed to comply with any Environmental Law
        or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received notice of any claim with respect to any Environmental
        Liability or (iv) knows of any basis for any Environmental Liability.

       

      Section 5.6.        Compliance with Laws and Agreements.  The Borrower and each
        of its Subsidiaries is in compliance with (a) all requirements of law and all judgments, decrees and orders of any Governmental Authority and (b) the Subordinated Debt Debentures, and all other indentures, agreements or other instruments binding
        upon it or its properties, except where non-compliance, either individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

       

      Section 5.7.          Governmental Approvals.  The Borrower and each of its
        Subsidiaries has all Governmental Approvals necessary for the ownership of its assets and conduct of its business as presently conducted.

       

      Section 5.8.         Investment Company Act.  Neither the Borrower nor any of its
        Subsidiaries is (a) an “investment company” or is “controlled” by an “investment company”, as such terms are defined in, or subject to regulation under, the Investment Company Act of 1940, as amended and in effect from time to time, or (b)
        otherwise subject to any other regulatory scheme limiting its ability to incur debt or requiring any approval or consent from, or registration or filing with, any Governmental Authority in connection therewith.

       

      
        22

        
          

      

      Section 5.9.         Taxes.  The Borrower and its Subsidiaries and each other
        Person for whose taxes the Borrower or any of its Subsidiaries could become liable have timely filed or caused to be filed all Federal income tax returns and all other material tax returns that are required to be filed by them, and have paid all
        taxes shown to be due and payable on such returns or on any assessments made against it or its property and all other taxes, fees or other charges imposed on it or any of its property by any Governmental Authority, except where the same are
        currently being contested in good faith by appropriate proceedings and for which the Borrower or such Subsidiary, as the case may be, has set aside on its books adequate reserves in accordance with GAAP.  The charges, accruals and reserves on the
        books of the Borrower and its Subsidiaries in respect of such taxes are adequate, and no tax liabilities that could be materially in excess of the amount so provided are anticipated.

       

      Section 5.10.        Margin Regulations.  None of the proceeds of any of the
        Revolving Loans will be used, directly or indirectly, for “purchasing” or “carrying” any “margin stock” within the respective meanings of each of such terms under Regulation U in violation of the provisions of Regulation T, Regulation U or
        Regulation X, or for any purpose that violates the provisions of Regulation T, Regulation U or Regulation X.  Neither the Borrower nor any of its Subsidiaries is engaged principally, or as one of its important activities, in the business of
        extending credit for the purpose of purchasing or carrying “margin stock”.

       

      Section 5.11.        Ownership of Property; Insurance.

       

      (a)          Each of the Borrower and its Subsidiaries has good title to, or valid leasehold interests in, all of its real and personal property material to the operation of its business, including
        all such properties reflected in the most recent audited balance sheet of the Borrower delivered to the Lender or purported to have been acquired by the Borrower or any of its Subsidiaries after such date (except as sold or otherwise disposed of in
        the ordinary course of business), in each case free and clear of Liens prohibited by this Agreement.  All leases that individually or in the aggregate are material to the business or operations of the Borrower and its Subsidiaries are valid and
        subsisting and are in full force.

       

      (b)        Each of the Borrower and its Subsidiaries owns, or is licensed or otherwise has the right to use, all patents, trademarks, service marks, trade names, copyrights and other intellectual
        property material to its business, and the use thereof by the Borrower and its Subsidiaries does not infringe in any material respect on the rights of any other Person.

       

      (c)          The properties of the Borrower and its Subsidiaries are insured with financially sound and reputable insurance companies which are not Affiliates of the Borrower, in such amounts with
        such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the Borrower or any applicable Subsidiary operates.

       

      Section 5.12.       Disclosure.  The Borrower has disclosed to the Lenders all
        agreements, instruments, and corporate or other restrictions to which the Borrower or any of its Subsidiaries is subject, and all other matters known to any of them, that, either individually or in the aggregate, could reasonably be expected to
        result in a Material Adverse Effect.  None of the reports, financial statements, certificates or other information furnished by or on behalf of the Borrower to the Lender in connection with the negotiation of this Agreement or any other Loan
        Document or delivered hereunder or thereunder (as modified or supplemented by any other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, taken as a
        whole in light of the circumstances under which they were made, not misleading; provided that, with respect to any projected financial information, the Borrower represents only that such information was prepared in good faith based upon
        assumptions believed to be reasonable at the time, it being understood that projections by their nature are uncertain and no assurance is given that the results reflected in such projections will be achieved.  As of the Closing Date, the
        information included in the Beneficial Ownership Certification is true and correct in all respects.

       

      
        23

        
          

      

      Section 5.13.      Labor Relations.  There are no strikes, lockouts or other
        material labor disputes or grievances against the Borrower or any of its Subsidiaries, or, to the Borrower’s knowledge, threatened against or affecting the Borrower or any of its Subsidiaries, and no significant unfair labor practice charges or
        grievances are pending against the Borrower or any of its Subsidiaries, or, to the Borrower’s knowledge, threatened against any of them before any Governmental Authority.  All payments due from the Borrower or any of its Subsidiaries pursuant to
        the provisions of any collective bargaining agreement have been paid or accrued as a liability on the books of the Borrower or any such Subsidiary, except where the failure to do so could not reasonably be expected to have a Material Adverse
        Effect.

       

      Section 5.14.       Subsidiaries.  All of the Subsidiaries of the Borrower as of the Closing Date are listed
        on Schedule 5.14 attached hereto.  All of the authorized, issued and outstanding Capital Stock of each of each such Subsidiaries is owned by the Person or Persons as is set forth on Schedule 5.14 attached hereto.  There are no
        pre-emptive or other outstanding rights, options, warrants, conversion rights or other similar agreements or understandings for the purchase or acquisition of any Capital Stock of any Subsidiary of Borrower.

       

      Section 5.15.       Solvency.  After giving effect to the execution and delivery
        of the Loan Documents and the making of any Revolving Loans under this Agreement, (i) each of the Borrower, American Southern and Bankers Fidelity Life is Solvent, and (b) the Borrower and its Subsidiaries, taken as a whole, are Solvent.

       

      Section 5.16.        Senior Indebtedness under Subordinated Debenture Indentures.  All of the Obligations constitute “Senior Indebtedness”, as such term is defined in
        each of the Subordinated Debenture Indentures.

       

      Section 5.17.       Anti-Corruption Laws and Sanctions.  The Borrower has
        implemented and maintains in effect policies and procedures designed to ensure compliance in all material respects by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and
        applicable Sanctions, and the Borrower, its Subsidiaries and their respective directors, officers and employees and to the knowledge of the Borrower its agents, are in compliance with Anti-Corruption Laws and applicable Sanctions.  None of (a) the
        Borrower, any Subsidiary or any of their respective directors, officers or employees, or (b) to the knowledge of the Borrower, any agent of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit
        facilities established hereby, is a Sanctioned Person.  No Borrowing, use of proceeds or other contemplated hereby will violate Anti-Corruption Laws or applicable Sanctions by Borrower or any other party hereto.

       

      
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      ARTICLE VI

          

          AFFIRMATIVE COVENANTS

       

      The Borrower covenants and agrees that so long as the Lender has a Revolving Commitment hereunder or any Obligation remains unpaid or outstanding:

       

      Section 6.1.          Financial Statements and Other Information.  The Borrower
        will deliver to the Lender:

       

      (a)          as soon as available and in any event within one hundred twenty (120) days after the end of each Fiscal Year of the Borrower, a copy of the annual audited report for such Fiscal Year
        for the Borrower and its Subsidiaries, containing consolidated balance sheets of the Borrower and its Subsidiaries as of the end of such Fiscal Year and the related consolidated statements of income, stockholders’ equity and cash flows (together
        with all footnotes thereto) of the Borrower and its Subsidiaries for such Fiscal Year, setting forth in each case in comparative form the figures for the previous Fiscal Year, all in reasonable detail and reported on by independent public
        accountants acceptable to the Lender (without a “going concern” or like qualification, exception or explanation and without any qualification or exception as to the scope of such audit) to the effect that such financial statements present fairly in
        all material respects the financial condition and the results of operations of the Borrower and its Subsidiaries for such Fiscal Year on a consolidated basis in accordance with GAAP and that the examination by such accountants in connection with
        such consolidated financial statements has been made in accordance with generally accepted auditing standards;

       

      (b)          as soon as available and in any event within forty five (45) days after the end of each Fiscal Quarter of the Borrower, an unaudited, internally-prepared, consolidated balance sheet of
        the Borrower and its Subsidiaries as of the end of such Fiscal Quarter and the related unaudited consolidated statements of income (specifying, among other things, depreciation and interest expense) of the Borrower and its Subsidiaries for such
        Fiscal Quarter and the then elapsed portion of such Fiscal Year, setting forth in each case in comparative form the figures for the corresponding Fiscal Quarter and the corresponding portion of the Borrower’s previous Fiscal Year;

       

      (c)          as soon as available and in any event within forty five (45) days after the end of each Fiscal Quarter of the Borrower, a Compliance Certificate signed by the principal executive
        officer or the principal financial officer of the Borrower (i) certifying as to whether there exists a Default or Event of Default on the date of such certificate and, if a Default or an Event of Default then exists, specifying the details thereof
        and the action which the Borrower has taken or proposes to take with respect thereto, (ii) setting forth in reasonable detail calculations demonstrating compliance with the financial covenants set forth in Article VII, (iii) specifying any
        change in the identity of the Subsidiaries as of the end of such Fiscal Quarter from the Subsidiaries identified to the Lender on the Closing Date or the date of the most recent Compliance Certificate, as applicable, and (v) stating whether any
        change in GAAP or the application thereof has occurred since the Closing Date or the date of the most recent Compliance Certificate, as applicable, and, if any change has occurred, specifying the effect of such change on the financial statements
        accompanying such Compliance Certificate; and

       

      (d)          promptly following any request therefor, such other information regarding the results of operations, business affairs and financial condition of the Borrower or any of its Subsidiaries
        as the Lender may reasonably request.

       

      Section 6.2.          Notices of Material Events.  The Borrower will furnish to
        the Lender prompt written notice of the following:

       

      (a)          the occurrence of any Default or Event of Default;

       

      (b)          the filing or commencement of, or any material development in, any action, suit or proceeding by or before any arbitrator or Governmental Authority against or, to the knowledge of the
        Borrower, affecting the Borrower or any of its Subsidiaries;

       

      
        25

        
          

      

      (c)         the occurrence of any event or any other development by which the Borrower or any of its Subsidiaries (i) fails to comply with any Environmental Law or to obtain, maintain or comply
        with any permit, license or other approval required under any Environmental Law, (ii) becomes subject to any Environmental Liability, (iii) receives notice of any claim with respect to any Environmental Liability, or (iv) becomes aware of any basis
        for any Environmental Liability;

       

      (d)         the occurrence of any default or event of default, or the receipt by the Borrower or any of its Subsidiaries of any written notice of an
        alleged default or event of default, with respect to any Indebtedness of the Borrower or any of its Subsidiaries in a principal amount in excess of $1,000,000;

       

      (e)         promptly and in any event at least five (5) Business Days prior thereto, notice of any change (i) in the Borrower’s legal name, (ii) in the
        Borrower’s chief executive office, its principal place of business, any office in which it maintains books or records, (iii) in the Borrower’s identity or legal structure, (iv) in the Borrower’s federal taxpayer identification number or
        organizational number, (v) in the Borrower’s jurisdiction of organization;

       

      (f)          any change in the information provided in the Beneficial Ownership Certification that would result in a change to the list of beneficial
        owners identified in parts (c) or (d) of such certification;

       

      (g)          copies of any notices received by the Borrower pursuant to or in connection with either of the Indentures to the extent such notice relates to the occurrence of a breach, default or
        other act on non-compliance with respect to either such Indenture, or to any payments or payment terms of the debentures issued thereunder; and

       

      (h)          any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect.

       

      Each notice or other document delivered under this Section shall be accompanied by a written statement of an officer of the Borrower setting forth the details of the event or development requiring
        such notice or other document and any action taken or proposed to be taken with respect thereto.

       

      Section 6.3.         Existence; Conduct of Business.  The Borrower will, and will
        cause each of its Subsidiaries to, do or cause to be done all things necessary to preserve, renew and maintain in full force and effect its legal existence and its respective rights, licenses, permits, privileges, franchises, patents, copyrights,
        trademarks and trade names material to the conduct of its business; provided that nothing in this Section shall prohibit any merger, consolidation, liquidation or dissolution permitted under Section 8.3.

       

      Section 6.4.        Compliance with Laws.  The Borrower will, and will cause each
        of its Subsidiaries to, comply with all laws, rules, regulations and requirements of any Governmental Authority applicable to its business and properties, including, without limitation, all Environmental Laws, ERISA and OSHA and all requirements of
        any Governmental Approvals material to the Borrower and its Subsidiaries and their respective businesses, except in each case where the failure to so comply could not reasonably be expected to result in a Material Adverse Effect.

       

      Section 6.5.        Payment of Taxes.  The Borrower will, and will cause each of
        its Subsidiaries to, pay and discharge at or before maturity or when due all of taxes, assessments and other governmental charges, levies and all other claims that could result in a statutory Lien) before the same shall become delinquent or in
        default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and
        (c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect.

       

      
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      Section 6.6.          Books and Records.  The Borrower will, and will cause each
        of its Subsidiaries to, keep proper books of record and account in which full, true and correct entries shall be made of all dealings and transactions in relation to its business and activities to the extent
        necessary to prepare the consolidated financial statements of the Borrower in conformity with GAAP.

       

      Section 6.7.        Visitation and Inspection.  The Borrower will, and will cause
        each of its Subsidiaries to, permit any representative of the Lender to visit and inspect its properties, to examine its books and records and to make copies and take extracts therefrom, and to discuss its affairs, finances and accounts with any of
        its officers and with its independent certified public accountants, all at such reasonable times during normal business hours (or at any time during the existence of an Event of Default) and as often as the Lender may reasonably request after
        reasonable prior notice to the Borrower; provided that if an Event of Default has occurred and is continuing, no prior notice shall be required; provided, further, that so long as no Event of Default then exists, the Lender shall be limited
        to one such visit during each Fiscal Year of the Borrower.

       

      Section 6.8.        Maintenance of Properties; Insurance.  The Borrower will, and will cause each of its Subsidiaries to, (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, (b)
        maintain with financially sound and reputable insurance companies which are not Affiliates of the Borrower insurance with respect to its properties and business, and the properties and business of its Subsidiaries, against loss or damage of the
        kinds customarily insured against by companies in the same or similar businesses operating in the same or similar locations (including, in any event, flood insurance if requested by the Lender), and will, upon request of the Lender, furnish to the
        Lender at reasonable intervals a certificate of an officer of the Borrower setting forth the nature and extent of all insurance maintained by the Borrower and its Subsidiaries in accordance with this Section, and (c) at all times shall name the
        Lender as additional insured on all liability policies of the Borrower and its Subsidiaries.

       

      Section 6.9.         Use of Proceeds; Margin Regulations.  The Borrower will use
        the proceeds of all Revolving Loans for working capital needs and for other general corporate purposes of the Borrower and its Subsidiaries.  No part of the proceeds of any Revolving Loan will be used, whether directly or indirectly, for any
        purpose that would violate any rule or regulation of the Board of Governors of the Federal Reserve System, including Regulation T, Regulation U or Regulation X.  The Borrower will not request any Borrowing, and the  Borrower shall not use, and the
        Borrower shall ensure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment
        or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any
        Sanctioned Country or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

       

      Section 6.10.      Casualty and Condemnation.  The Borrower will furnish to the
        Lender prompt written notice of any casualty or other insured damage to any material portion of any assets of the Borrower or the commencement of any action or preceding for the taking of any material portion of any assets of the Borrower or any
        part thereof or interest therein under power of eminent domain or by condemnation or similar proceeding.

       

      Section 6.11.        Governmental Approvals.  The
        Borrower shall, and shall cause its Subsidiaries to, obtain and keep in full force and effect, all of the material Governmental Approvals necessary for the performance by Borrower and its Subsidiaries of
        their respective businesses and obligations, including the obligations of the Borrower under the Loan Documents.

       

      
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      Section 6.12.        Primary Deposit Accounts.  Borrower shall, and shall cause its Subsidiaries to, 
        maintain with Lender all of their primary deposit accounts.

       

      ARTICLE VII

        

        FINANCIAL COVENANTS

       

      The Borrower covenants and agrees that so long as the Lender has a Revolving Commitment hereunder or any Obligation remains unpaid or outstanding:

       

      Section 7.1.         Debt to Capital Ratio.  The Borrower will not permit, at any time, Consolidated Indebtedness at such time to exceed 35% of Consolidated Capitalization at such time.  Borrower shall demonstrate compliance with such requirement quarterly.

       

      ARTICLE VIII

        

        NEGATIVE COVENANTS

       

      The Borrower covenants and agrees that so long as the Lender has a Revolving Commitment hereunder or any Obligation remains outstanding:

       

      Section 8.1.         Indebtedness and Guarantees. 
        The Borrower will not create, incur, assume or suffer to exist any Indebtedness or any Guarantees or endorsements of any Indebtedness, except Permitted Indebtedness.

       

      Section 8.2.          Liens.  The Borrower will not create, incur, assume or
        permit any Lien on any of its assets, except Permitted Liens.

       

      Section 8.3.          Fundamental Changes.

       

      (a)          The Borrower will not, and will not permit any of its Subsidiaries to, merge into or consolidate into any other Person, or permit any other Person to merge into or consolidate with any
        such Person, or acquire all or substantially all of the Capital Stock or property of another Person, or sell, lease, transfer or otherwise dispose of (in a single transaction or a series of transactions) all or substantially all of any of their
        respective assets (in each case, whether now owned or hereafter acquired) or all or substantially all of the stock of any of their Subsidiaries (in each case, whether now owned or hereafter acquired) or liquidate or dissolve, other than:  (i) a merger or consolidation among the Borrower and one or more of its Subsidiaries, provided that the Borrower is the surviving corporation, or (ii) a merger or
        consolidation solely between or among two or more Subsidiaries of the Borrower, provided that if American Southern or Bankers Fidelity Life is involved in such merger or consolidation, American Southern or Bankers Fidelity Life, as applicable, is
        the surviving corporation, or (iii) in connection with an Acquisition permitted hereunder effected by a merger in which the Borrower, American Southern, Bankers Fidelity Life or, in a merger in which the Borrower, American Southern or Bankers’
        Fidelity Life is not a party, a Subsidiary of the Borrower is the surviving entity, or (iv) the liquidation or dissolution of any Subsidiary of the Borrower (other than American Southern or Bankers Fidelity Life) so long as either (A) such
        Subsidiary owns no assets at the time of such liquidation or dissolution or (B) any assets owned by such Subsidiary are transferred to the Borrower or another Subsidiary prior to such liquidation or dissolution.

       

      
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      (b)          The Borrower will not, and will not permit any of its Subsidiaries to, engage in any business other than businesses of the type conducted by the Borrower and its Subsidiaries on the
        date hereof and businesses reasonably related or ancillary thereto.

       

      Section 8.4.       Investments, Loans. The Borrower will not purchase, hold or
        acquire (including pursuant to any merger with any Person that was not a wholly owned Subsidiary prior to such merger) any Capital Stock, evidence of Indebtedness or other securities (including any option, warrant, or other right to acquire any of
        the foregoing) of, make or permit to exist any loans or advances to, Guarantee any obligations of, or make or permit to exist any investment or any other interest in, any other Person (all of the foregoing being collectively called “Investments”),
        or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other Person that constitute a business unit, except:  (a) Permitted Investments; (b) Guarantees permitted by Section 8.1; (c) Acquisitions
        in an aggregate amount not to exceed $10,000,000 during the term of this Agreement, so long as at the time of any such Acquisition, no Default or Event of Default then exists and the Borrower is in compliance with the covenant set forth in Section
        7.1 on a pro forma compliance, after giving effect to such Acquisition; (d) advances made to insurance agents in the ordinary course of business; (e) deposits required by government agencies and public utilities; (f) Investments by the Borrower in
        its wholly-owned Subsidiaries; (g) Investments made by the Borrower in the Statutory Trust I or the Statutory Trust II in connection with the Subordinated Debenture Indentures; and (h) additional Investments in an aggregate outstanding amount not
        to exceed $5,000,000.

       

      Section 8.5.          Restricted Payments.  The
        Borrower will not declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except: (i) dividends payable by the Borrower solely in interests of any class of its common equity,
        and (ii) so long as no Default or Event of Default then exists or would result therefrom, cash dividends, distributions and equity redemptions paid on the common or preferred equity of the Borrower.

       

      Section 8.6.          Transactions with Affiliates.  The Borrower will not, and
        will not permit any of its Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates,
        except: (a) in the ordinary course of business at prices and on terms and conditions not less favorable to the Borrower or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties; (b) transactions between or
        among the Borrower and any Subsidiary not involving any other Affiliates; and (c) any Restricted Payment permitted by Section 8.5.

       

      Section 8.7.          Restrictive Agreements.  The Borrower will not, and will not permit any of its  Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any agreement that prohibits, restricts or imposes any condition upon (a) the ability of the Borrower to create,
        incur or permit any Lien upon any of its assets or properties, whether now owned or hereafter acquired, or (b) the ability of any of its Subsidiaries to pay dividends or other distributions with respect to its Capital Stock, to make or repay loans
        or advances to the Borrower or any other Subsidiary thereof, to Guarantee Indebtedness of the Borrower or any other Subsidiary thereof or to transfer any of its property or assets to the Borrower or any other Subsidiary thereof; provided
        that the foregoing shall not apply to (x) restrictions or conditions imposed by law or by this Agreement or any other Loan Document or any other agreement with the Lender or any of its Affiliates, and (y) restrictions and conditions contained in
        any agreement relating to Indebtedness or other obligations secured by Liens permitted under this Agreement if such restrictions and conditions apply only to the property or assets subject to such Liens.

       

      Section 8.8.          Amendment to Material Documents.  The Borrower will not
        amend, modify or waive any of its rights under its certificate of incorporation, bylaws or other organizational documents, or either of the Subordinated Debenture Indentures, in any such case in any manner that would have a material and adverse
        effect on the Lender, the Borrower or any of its Subsidiaries.

       

      
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      Section 8.9.         Accounting Changes.  The
        Borrower will not, and will not permit any of its Subsidiaries to, make any significant change in accounting treatment or reporting practices, except as required or permitted by GAAP or Statutory Accounting Principles, or change the fiscal year of
        the Borrower or of any of its Subsidiaries, except to change the fiscal year of a Subsidiary to conform its fiscal year to that of the Borrower.

       

      Section 8.10.        Government Regulation.  The Borrower will not, and will not
        permit any of its Subsidiaries to, (a) be or become subject at any time to any law, regulation or list of any Governmental Authority of the United States (including, without limitation, the OFAC list) that prohibits or limits the Lender from making
        any advance or extension of credit to the Borrower or from otherwise conducting business with the Borrower, or (b) fail to provide documentary and other evidence of the identity of the Borrower as may be requested by the Lender at any time to
        enable the Lender to verify the identity of the Borrower or to comply with any applicable law or regulation, including, without limitation, Section 326 of the Patriot Act at 31 U.S.C. Section 5318.

       

      Section 8.11.       Sale of Assets.  The Borrower will not, and will not permit
        any of its Subsidiaries to, convey, sell, lease, assign, transfer or otherwise dispose of any of its assets, business or property or, in the case of any Subsidiary, any shares of such Subsidiary’s Capital Stock, in each case whether now owned or
        hereafter acquired, to any Person other than the Borrower (or to qualify directors if required by applicable law), except (a) the sale or other disposition for fair market value of obsolete or worn out property or other property not necessary for
        operations disposed of in the ordinary course of business, (b) the sale of inventory and Permitted Investments in the ordinary course of business, (c) the sale or other disposition of assets of a Subsidiary of the Borrower to another wholly-owned
        Subsidiary of the Borrower, and (d) the sale or other disposition of assets so long as the Borrower or such Subsidiary receives not less than fair market value for such assets and at least 75% of the consideration received in connection with such
        sale or other disposition is in the form of cash; provided, that in the case of any conveyance, sale, lease, assignment transfer or other disposition of any portion of the Capital Stock of American Southern or Bankers Fidelity Life or any
        substantial portion of the assets of either of American Southern or Bankers Fidelity Life, then the Borrower shall immediately upon the consummation thereof repay the then outstanding Obligations in their entirety, and notwithstanding anything
        contained herein to the contrary, the Borrower may not thereafter reborrow any Revolving Loans without the prior written consent of the Lender.

       

      Section 8.12.      Required Insurance Rating.  The Borrower shall not cause or
        permit, at any time during the term of this Agreement, either (a) the AM Best financial strength rating of American Southern to be lower that “A”, (b) the AM Best financial strength rating of Bankers Fidelity Life to be lower than “A-“, or (c) the
        AM Best long term issuer credit rating of the Borrower to be lower than “bbb-”.

       

      Section 8.13.        Suspension or Cessation of Business Activities.  The Borrower will not, and will not permit American Southern or Bankers
        Fidelity Life to, cease or suspend its usual business activities for more than three (3) consecutive Business Days.

       

      
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      ARTICLE IX

        

        EVENTS OF DEFAULT

       

      Section 9.1.          Events of Default.  If any of the following events (each, an
        “Event of Default”) shall occur:

       

      (a)          the failure by the Borrower to pay, whether by acceleration or otherwise, (i) any interest or fees owed under this Agreement or the Revolving Loan Note when due and such failure shall
        continue unremedied for a period of five (5) days thereafter or (ii) any principal amount owed under this Agreement or the Revolving Loan Note when due; or

       

      (b)          any representation or warranty of the Borrower contained in this Agreement, any other Loan Document or any other agreement with the Lender or any of its Affiliates shall prove to be
        incorrect in any material respect at the time it was made (other than any representation or warranty that is expressly qualified by a material adverse effect or other materiality, in which case such representation or warranty shall prove to be
        incorrect in any respect); or

       

      (c)          the Borrower shall (i) fail to observe or perform any covenant, obligation or agreement contained in Section 6.2, 6.3, 6.4, 6.5, 6.9, 6.11, 6.12, Article VII, Article VIII of this
        Agreement or (ii) fail to observe or perform any other covenant, obligation or agreement contained in this Agreement or in any other Loan Document and such failure shall continue unremedied for a period of more than thirty (30) days after the
        earlier to occur of notice thereof from the Lender to the Borrower and Borrower becoming aware of such failure; or

       

      (d)          [reserved]; or

       

      (e)          [reserved]; or

       

      (f)          a Change in Control shall occur or exist; or

       

      (g)         the Borrower or any of its Subsidiaries shall (i) commence a voluntary case or other proceeding or file any petition seeking liquidation, reorganization or other relief under any
        federal, state or foreign bankruptcy, insolvency or other similar law now or hereafter in effect  or seeking the appointment of a custodian, trustee, receiver, liquidator or other similar official for the Borrower or any of its Subsidiaries or any
        substantial part of the Borrower’s or any of its Subsidiaries’ property, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (i) of this section (i), (iii) apply
        for or consent to the appointment of a custodian, trustee, receiver, liquidator or other similar official for the Borrower or such Subsidiary or for a substantial part of the Borrower’s or such Subsidiary’s assets, (iv) file an answer admitting the
        material allegations of a petition filed against the Borrower or such Subsidiary in any such proceeding, (v) make a general assignment for the benefit of creditors, or (vi) take any action for the purpose of effecting  any of the foregoing; or

       

      (h)          an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower or any of its
        Subsidiaries or the Borrower or such Subsidiary’s debts, or any substantial part of the Borrower’s or such Subsidiary’s assets, under any federal, state or foreign bankruptcy, insolvency or other similar law now or hereafter in effect  or (ii) the
        appointment of a custodian, trustee, receiver, liquidator or other similar official for the Borrower or any of its Subsidiaries or for a substantial part of the Borrower’s or such Subsidiary’s assets, and in any such case, such  proceeding or
        petition shall remain undismissed for a period of sixty (60) days or an order or decree approving or  ordering any of the foregoing shall be entered; or

       

      (i)          the entry of a judgment, award or order against the Borrower or any of its Subsidiaries either (i) in excess of $500,000 individually or in the aggregate, or (ii) results in or could
        reasonably be expected to result in a Material Adverse Effect, which in each case remains unstayed, unsatisfied or unbonded for sixty (60) days following the issuance of such judgment, award or order, or the issuance or service of any attachment,
        levy or garnishment, in each case with respect to amounts in excess of $500,000 individually or in the aggregate against the Borrower or any of its Subsidiaries or the property of the Borrower or any of its Subsidiaries or the repossession or
        seizure of property of the Borrower or any of its Subsidiaries valued in excess of $500,000 individually or in the aggregate; or

       

      
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      (j)          there shall occur or exist any breach or default or other event under any agreement to which Borrower or any of its Subsidiaries is a party with a third party or parties, either (x)
        resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness or to require the repurchase, redemption or prepayment of such Indebtedness, in any such case in an amount in excess of
        $500,000 individually or in the aggregate, or (y) that otherwise could reasonably be expected to result in a Material Adverse Effect;

       

      then, and in every such event (other than an event with respect to the Borrower or any of its Subsidiaries described in subsection (g) or (h) of this Section) and at any time thereafter during the
        continuance of such event, the Lender may, by notice to the Borrower, take any or all of the following actions, at the same or different times: (i) terminate the Revolving Commitment, whereupon the Revolving Commitment of the Lender shall terminate
        immediately, (ii) declare the principal of and any accrued interest on the Revolving Loans, and all other Obligations owing hereunder, to be, whereupon the same shall become, due and payable immediately, without presentment, demand, protest or
        other notice of any kind, all of which are hereby waived by the Borrower, (iii) exercise all remedies contained in any other Loan Document, and (iv) exercise any other remedies available at law or in equity; provided that, if an Event of
        Default specified in either subsection (g) or (h) shall occur, the Revolving Commitment shall automatically terminate and the principal of the Revolving Loans then outstanding, together with accrued interest thereon, and all fees and all other
        Obligations shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.

       

      In addition, upon the occurrence and during the continuance of any Event of Default, Lender is hereby authorized to provide any notices it deems necessary or appropriate in its sole discretion to
        protect, preserve and exercise the rights of a holder of “Senior Indebtedness” under either or both of the Subordinated Debenture Indentures.

       

      ARTICLE X

        

        MISCELLANEOUS

       

      Section 10.1.        Notices.

       

      
        
          (i)          Except in the case of notices and other communications expressly permitted to be given by telephone, all notices and
            other communications to any party herein to be effective shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by e-mail or telecopy, as follows:

        

         

        

      

      
        To the Borrower:                Atlantic American Corporation

        

        4370 Peachtree Road, NE

        Atlanta, Georgia  30319

        Attention:  J. Ross Franklin

          E-Mail:  rfranklin@atlam.com

         

        

        
          To the Lender:                    Truist Bank

          

          303 Peachtree Street 5th Floor

          Atlanta, Georgia 30308

            Attention: Richard Carswell

          E-Mail:  RCarswell@BBandT.com

        

         

        

      

      
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      Any party hereto may change its address, e-mail address or telecopy number for notices and other communications hereunder by notice to the other parties hereto.  All such notices and other
        communications shall be effective upon actual receipt by the relevant Person or, if delivered by overnight courier service, upon the first Business Day after the date deposited with such courier service for overnight (next-day) delivery or, if sent
        by e-mail, upon transmission with a “return receipt requested” or similar function, or, if sent by telecopy, upon transmittal in legible form by facsimile machine or, if mailed, upon the third Business Day after the date deposited into the mail or,
        if delivered by hand, upon delivery; provided that notices delivered to the Lender shall not be effective until actually received by the Lender at its address specified in this Section.

       

      (ii)         Any agreement of the Lender herein to receive certain notices by telephone or facsimile is solely for the convenience and at the request of the Borrower.  The Lender shall be entitled
        to rely on the authority of any Person purporting to be a Person authorized by the Borrower to give such notice and the Lender shall not have any liability to the Borrower or other Person on account of any action taken or not taken by the Lender in
        reliance upon such telephonic or facsimile notice.  The obligation of the Borrower to repay the Revolving Loans and all other Obligations hereunder shall not be affected in any way or to any extent by any failure of the Lender to receive written
        confirmation of any telephonic or facsimile notice or the receipt by the Lender of a confirmation which is at variance with the terms understood by the Lender to be contained in any such telephonic, e-mail or facsimile notice.

       

      Section 10.2.        Waiver; Amendments.

       

      (a)          No failure or delay by the Lender in exercising any right or power hereunder or under any other Loan Document, and no course of dealing
        between the Borrower and the Lender, shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such
        right or power, preclude any other or further exercise thereof or the exercise of any other right or power hereunder or thereunder.  The rights and remedies of the Lender hereunder and under the other Loan Documents are cumulative and are not
        exclusive of any rights or remedies provided by law.  No waiver of any provision of this Agreement or of any other Loan Document or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be
        permitted by subsection (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.  Without limiting the generality of the foregoing, the making of a Revolving Loan
        shall not be construed as a waiver of any Default or Event of Default, regardless of whether the Lender may have had notice or knowledge of such Default or Event of Default at the time.

       

      (b)        No amendment or waiver of any provision of this Agreement or of the other Loan Documents, nor consent to any departure by the Borrower therefrom, shall in any event be effective unless
        the same shall be in writing and signed by the Borrower and the Lender, and then such amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

       

      
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      Section 10.3.       Expenses; Indemnification.

       

      (a)         The Borrower shall pay (i) all reasonable, out-of-pocket costs and expenses of the Lender and its Affiliates, including the reasonable fees,
        charges and disbursements of counsel for the Lender and its Affiliates, in connection with the preparation and administration of the Loan Documents and any amendments, modifications or waivers thereof (whether or not the transactions contemplated
        in this Agreement or any other Loan Document shall be consummated), including the reasonable fees, charges and disbursements of counsel for the Lender and its Affiliates, and (ii) all out-of-pocket costs and expenses (including, without limitation,
        the reasonable fees, charges and disbursements of outside counsel and the allocated cost of inside counsel) incurred by the Lender in connection with the enforcement or protection of its rights in connection with this Agreement, including its
        rights under this Section.

       

      (b)        The Borrower shall indemnify the Lender and each Related Party of the Lender (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any
        and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees and time charges and
        disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Borrower arising out of, in connection with, or as a result of (i) the execution or
        delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions
        contemplated hereby or thereby, (ii) any Revolving Loan or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or Release of Hazardous Materials on or from any property owned or operated by the Borrower or any of
        its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on
        contract, tort or any other theory, whether brought by a third party or by the Borrower, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent
        that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from (x) the gross negligence or willful misconduct of such Indemnitee or
        (y) a claim brought by the Borrower against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document.

       

      (c)         The Borrower shall pay, and hold the Lender harmless from and against, any and all present and future stamp, documentary, and other similar taxes with respect to this Agreement and any
        other Loan Documents, any collateral described therein or any payments due thereunder, and save the Lender harmless from and against any and all liabilities with respect to or resulting from any delay or omission to pay such taxes.

       

      (d)         To the extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect,
        consequential or punitive damages (as opposed to actual or direct damages) arising out of, in connection with or as a result of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions
        contemplated therein, any Revolving Loan or the use of proceeds thereof; provided, that nothing in this clause (d) shall relieve the Borrower of any obligation it may have to indemnify any Indemnitee against special, indirect, consequential or
        punitive damages asserted against such Indemnitee by a third party.

       

      (e)         All amounts due under this Section shall be payable promptly after written demand therefor.

       

      
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      Section 10.4.        Successors and Assigns.

       

      (a)        This Agreement shall apply to and bind the Borrower’s successors and permitted assigns and shall inure to the benefit of the Lender and its successors and assigns. Notwithstanding the
        foregoing, the Borrower shall not assign the Borrower’s rights or obligations under this Agreement or the other Loan Documents without the Lender’s prior written consent.

       

      (b)         The Lender may, at any time, sell, transfer or assign this Agreement and any of the other Loan Documents, and any or all servicing rights with respect thereto, or grant participations
        therein or issue mortgage pass-through certificates or other securities evidencing a beneficial interest in a rated or unrated public offering or private placement (the “Securities”); provided that the sale, transfer or assignment of this
        Agreement and the other Loan Documents shall require the prior written consent of the Borrower, such consent not to be unreasonably withheld, conditioned or delayed; provided, further that notwithstanding the foregoing, no such consent of the
        Borrower shall be required if (x) an Event of Default has occurred and is continuing at the time of such assignment or (y) such assignment is to an Affiliate of the Lender or an Approved Fund of the Lender. 
        The Lender may forward to each purchaser, transferee, assignee, servicer, participant, or investor in such Securities or any Rating Agency (as hereinafter defined) rating such Securities (collectively, the “Investor”) and each prospective
        Investor, all documents and information which the Lender now has or may hereafter acquire relating to the Borrower, any loan to the Borrower, any guarantor or the property, whether furnished by the Borrower, any guarantor or otherwise, as the
        Lender determines necessary or desirable.  The term “Rating Agency” shall mean each statistical rating agency that has assigned a rating to the Securities.

       

      Section 10.5.        Governing Law; Jurisdiction; Consent to Service of Process.

       

      (a)         This Agreement and the other Loan Documents and any claims, controversy, dispute or cause of action (whether in contract or tort or otherwise)
        based upon, arising out of or relating to this Agreement or any other Loan Document (except, as to any other Loan Document, as expressly set forth therein) and the transactions contemplated hereby and thereby shall be construed in accordance with
        and be governed by the law (without giving effect to the conflict of law principles thereof) of the State of Georgia.

       

      (b)       The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the United States
        District Court for the Northern District of Georgia, and of the Business Case Division of the Fulton County Superior Court located in Atlanta, Georgia, and of any appellate court from any thereof, in any action or proceeding arising out of or
        relating to this Agreement or any other Loan Document or the transactions contemplated hereby or thereby, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all
        claims in respect of any such action or proceeding may be heard and determined in such District Court or the Fulton County Superior Court or, to the extent permitted by applicable law, such appellate court. 
        Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing in this Agreement or
        any other Loan Document shall affect any right that the Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against the Borrower or its properties in the courts of any jurisdiction.

       

      (c)          The Borrower irrevocably and unconditionally waives any objection which it may now or hereafter have to the laying of venue of any such suit, action or proceeding described in
        subsection (b) of this Section and brought in any court referred to in subsection (b) of this Section.  Each of the parties hereto irrevocably waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the
        maintenance of such action or proceeding in any such court.

       

      
        35

        
          

      

      (d)          Each party to this Agreement irrevocably consents to the service of process in the manner provided for notices in Section 10.1.  Nothing in this Agreement or in any other Loan
        Document will affect the right of any party hereto to serve process in any other manner permitted by law.

       

      Section 10.6.       WAIVER OF JURY TRIAL.  EACH PARTY HERETO IRREVOCABLY WAIVES,
        TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY
        (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
        LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN
        THIS SECTION.

       

      Section 10.7.       Right of Set-off.  In addition to any rights now or hereafter
        granted under applicable law and not by way of limitation of any such rights, the Lender shall have the right, at any time or from time to time upon the occurrence and during the continuance of an Event of Default, without prior notice to the
        Borrower, any such notice being expressly waived by the Borrower to the extent permitted by applicable law, to set off and apply against all deposits (general or special, time or demand, provisional or final) of the Borrower at any time held or
        other obligations at any time owing by the Lender to or for the credit or the account of the Borrower against any and all Obligations held by the Lender, irrespective of whether the Lender shall have made demand hereunder and although such
        Obligations may be unmatured.  The Lender agrees promptly to notify the Borrower after any such set-off and any application made by the Lender; provided that the failure to give such notice shall not affect the validity of such set-off and
        application.

       

      Section 10.8.        Counterparts; Integration.  This Agreement may be executed
        by one or more of the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  This Agreement, the other Loan Documents, constitute the
        entire agreement among the parties hereto and thereto and their affiliates regarding the subject matters hereof and thereof and supersede all prior agreements and understandings, oral or written, regarding such subject matters.  Delivery of an
        executed counterpart to this Agreement or any other Loan Document by facsimile transmission or by electronic mail in pdf format shall be as effective as delivery of a manually executed counterpart hereof.

       

      Section 10.9.       Survival.  All covenants, agreements, representations and
        warranties made by the Borrower herein and in the certificates, reports, notices or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall
        survive the execution and delivery of this Agreement and the other Loan Documents and the making of any Revolving Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Lender may have had
        notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Revolving Loan or any
        fee or any other amount payable under this Agreement is outstanding and unpaid and so long as the Revolving Commitment has not expired or terminated.  The provisions of Section 10.3 shall survive and remain in full force and effect
        regardless of the consummation of the transactions contemplated hereby, the repayment of the Revolving Loans, the expiration or termination of the Revolving Commitment or the termination of this Agreement or any provision hereof.

       

      
        36

        
          

      

      Section 10.10.       Severability.  Any provision of this Agreement or any other
        Loan Document held to be illegal, invalid or unenforceable in any jurisdiction, shall, as to such jurisdiction, be ineffective to the extent of such illegality, invalidity or unenforceability without affecting the legality, validity or
        enforceability of the remaining provisions hereof or thereof; and the illegality, invalidity or unenforceability of a particular provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other
        jurisdiction.

       

      Section 10.11.     Patriot Act.  The
        Lender hereby notifies the Borrower that, (a) pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and
        other information that will allow the Lender to identify the Borrower in accordance with the Patriot Act, and (b) pursuant to the Beneficial Ownership Regulation, it is required to obtain a Beneficial Ownership Certification.

       

      Section 10.12.     Maximum Rate.  Notwithstanding anything herein to
        the contrary, if at any time the interest rate applicable to any Revolving Loan, together with all fees, charges and other amounts which may be treated as interest on such Revolving Loan under applicable law (collectively, the “Charges”),
        shall exceed the maximum lawful rate of interest (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender in accordance with applicable law, the rate of interest payable in respect of such
        Revolving Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Revolving Loan but were not
        payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to the Lender in respect of other Revolving Loans or periods shall be increased (but not above the Maximum Rate therefor) until such
        cumulated amount, together with interest thereon at the Standard Rate to the date of repayment (to the extent permitted by applicable law), shall have been received by the Lender.

       

       [Remainder of page intentionally blank; signature page follows.]

       

      

      
        37

        
          

      

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

      

      

      
        	 	
                Borrower:

              
	 	 
	 	
                ATLANTIC AMERICAN CORPORATION

              
	 	 	 	 
	 	
                By:

              	
                /s/ J. Ross Franklin

              
	 	 	
                Name:

              	
                J. Ross Franklin

              
	 	 	
                Title:

              	
                Vice President, Chief Financial Officer

              
	 	 	 	
                And Secretary

              
	 	 	 	 
	 	
                Lender:

              
	 	 
	 	
                TRUIST BANK

              
	 	 	 	 
	 	
                By:

              	
                /s/ Richard E. Carswell

              
	 	 	
                Name:

              	
                Richard E. Carswell

              
	 	 	
                Title:

              	
                Senior Vice President

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