Document:

EXHIBIT 4.1

 

 

SALE AND SERVICING
AGREEMENT

 

among

 

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

Issuing Entity,

 

[WORLD OMNI
[SELECT] AUTO [RECEIVABLES] GRANTOR TRUST 20[    ]-[    ],

Grantor Trust,]

 

WORLD OMNI AUTO
RECEIVABLES LLC,

Depositor,

 

and

 

WORLD OMNI FINANCIAL
CORP.,

Servicer

 

Series 20[    ]-[    ]

 

Dated as of
[    ], 20[    ]

 

 

     

     

    

 

TABLE OF CONTENTS

 

		 	Page
	 	 	 
	ARTICLE I DEFINITIONS	1
	Section 1.01	Definitions	1
	 	 	 
	ARTICLE II
    CONVEYANCE OF RECEIVABLES	1
	Section 2.01	Conveyance of [Initial] Receivables	1
	Section 2.02	Intention of Parties	2
	Section 2.03	[Conveyance of Subsequent Receivables]	3
	 	 	 
	ARTICLE III
    THE RECEIVABLES	6
	Section 3.01	Representations and Warranties
    of World Omni with Respect to each Receivable and the Pool of Receivables	6
	Section 3.02	Repurchase upon Breach; Dispute
    Resolution	10
	Section 3.03	Custody of Receivable Files	13
	Section 3.04	Duties of Servicer as Custodian	14
	Section 3.05	Instructions; Authority To Act	15
	Section 3.06	Custodian’s Indemnification	15
	Section 3.07	Effective Period and Termination	15
	 	 	 
	ARTICLE IV
    ADMINISTRATION AND SERVICING OF RECEIVABLES	16
	Section 4.01	Duties of Servicer	16
	Section 4.02	Collection and Allocation of
    Receivable Payments	17
	Section 4.03	Realization upon Receivables	17
	Section 4.04	Physical Damage Insurance	17
	Section 4.05	Maintenance of Security Interests
    in Financed Vehicles	18
	Section 4.06	Covenants of Servicer	18
	Section 4.07	Purchase of Receivables Upon
    Breach or Extension Beyond Final Scheduled Payment Date	18
	Section 4.08	Servicing Fee	19
	Section 4.09	Servicer’s Certificate	19
	Section 4.10	Annual Statement as to Compliance;
    Item 1122 Servicing Criteria Assessment; Notice of Default	19
	Section 4.11	Annual Independent Certified
    Public Accountants’ Report	20
	Section 4.12	Access to Certain Documentation
    and Information Regarding Receivables	20
	Section 4.13	Servicer Expenses	20
	Section 4.14	Appointment of Subservicer	21
	Section 4.15	Communications Between Noteholders	21
	Section 4.16	Exchange Act Certifications	21

  

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	ARTICLE V TRUST
    ACCOUNTS; DISTRIBUTIONS; STATEMENTS TO CERTIFICATEHOLDERS AND NOTEHOLDERS	21
	Section 5.01	Establishment of Trust Accounts	21
	Section 5.02	Collections	26
	Section 5.03	Application of Collections	26
	Section 5.04	[Reserved]	26
	Section 5.05	Additional Deposits	26
	Section 5.06	Distributions	27
	Section 5.07	Reserve Account	31
	Section 5.08	Statements to Noteholders and
    Certificateholders	32
	Section 5.09	Net Deposits	35
	Section 5.10	Transfer of Certificates	35
	 	 	 
	ARTICLE VI
    THE DEPOSITOR	35
	Section 6.01	Representations of Depositor	35
	Section 6.02	Limited Liability Company Existence	37
	Section 6.03	Liability of Depositor; Indemnities	38
	Section 6.04	Merger or Consolidation of,
    or Assumption of Obligations of Depositor	39
	Section 6.05	Limitation on Liability of Depositor
    and Others	40
	Section 6.06	Depositor May Own Notes	40
	Section 6.07	Security Interest	40
	 	 	 
	ARTICLE VII THE SERVICER 	40
	Section 7.01	Representations of Servicer	40
	Section 7.02	Indemnities of Servicer	42
	Section 7.03	Merger or Consolidation of,
    or Assumption of Obligations of, Servicer	43
	Section 7.04	Limitation on Liability of Servicer
    and Others	43
	Section 7.05	World Omni Not To Resign as
    Servicer	43
	 	 	 
	ARTICLE VIII
    DEFAULT	44
	Section 8.01	Servicer Default	44
	Section 8.02	Appointment of Successor	45
	Section 8.03	Notification to Noteholders
    and Certificateholders	46
	Section 8.04	Waiver of Past Defaults	46
	Section 8.05	Payment of Servicing Fees	46
	 	 	 
	ARTICLE IX
    TERMINATION	 47
	Section 9.01	Optional Purchase of All Receivables	47
	 	 	 
	ARTICLE X MISCELLANEOUS	47
	Section 10.01	Amendment	47
	Section 10.02	Protection of Title to Trust	48
	Section 10.03	Notices	50
	Section 10.04	Assignment by the Depositor
    or the Servicer	51
	Section 10.05	Limitations on Rights of Others	51
	Section 10.06	Severability	51
	Section 10.07	Separate Counterparts	51
	Section 10.08	Headings	52
	Section 10.09	Governing Law	52
	Section 10.10	Assignment by Issuing
    Entity	52
	Section 10.11	Nonpetition Covenants	52
	Section 10.12	Limitation of Liability of Owner
    Trustee[, the Grantor Trust Trustee] and Indenture Trustee	53
	Section 10.13	Regulation AB	54
	Section 10.14	Notices to the Rating Agencies	54

 

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

 

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SALE AND SERVICING AGREEMENT

 

This SALE AND SERVICING AGREEMENT
is dated as of [    ], 20[    ], among WORLD OMNI [SELECT] AUTO [RECEIVABLES] TRUST 20[    ]-[    ], a Delaware statutory trust (the “Issuing
Entity”), [WORLD OMNI [SELECT] AUTO [RECEIVABLES] GRANTOR TRUST 20[    ]-[    ], a Delaware statutory trust (the “Grantor
Trust”),] WORLD OMNI AUTO RECEIVABLES LLC, a Delaware limited liability company (the “Depositor”), as depositor,
and WORLD OMNI FINANCIAL CORP., a Florida corporation (“World Omni” or the “Servicer”).

 

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

 

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

 

[WHEREAS, the Issuing Entity,
will sell the [Initial] Receivables [and Subsequent Receivables,] to the Grantor Trust and the Grantor Trust will purchase such receivables;
[and]]

 

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

 

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

 

ARTICLE I

DEFINITIONS 

 

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

 

ARTICLE II

CONVEYANCE OF RECEIVABLES 

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

(f)   
the Receivables Purchase Agreement;

 

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

 

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

 

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

 

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Section 2.03       
[Conveyance of Subsequent Receivables]. 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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ARTICLE III

THE RECEIVABLES

 

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

 

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

 

(i)                
 Characteristics of Receivables. Each Receivable (1) (A) was originated in the United States of America by a Dealer for
the retail sale of a Financed Vehicle in the ordinary course of such Dealer’s business, was fully and properly executed or electronically
authenticated by the parties thereto, and was purchased by World Omni from such Dealer under an existing dealer agreement, (B) was originated
by World Omni, or (C) was originated by an independent third party and acquired by World Omni, (2) contains customary and enforceable
provisions such that the rights and remedies of the holder thereof are adequate for realization against the collateral of the benefits
of the security, and (3) provides for level monthly payments after the Cutoff Date (provided, that the payment in the first or
last month in the life of the Receivable may vary from the level monthly payments) that fully amortize the Amount Financed by maturity
and yield interest at the Annual Percentage Rate or Contract Rate, as applicable.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(xv)              One
Authoritative Copy or Original. There is only one “authoritative copy” of any Receivable constituting
 “electronic chattel paper” as defined in the UCC. There is only one executed original of any Receivable constituting
 “tangible chattel paper” as defined in the UCC.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    9

     

    

 

Section 3.02       
Repurchase [or Substitution] upon Breach; Dispute Resolution.

 

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

 

(b)   Repurchase
[and Substitution]1. Unless any such
breach shall have been cured by the last day of the second Collection Period following the discovery thereof or receipt of notice
thereof by World Omni as described in Section 3.02(a), World Omni shall be obligated to repurchase [or may substitute] any
Receivable materially and adversely affected by any such breach as of such last day (or, at World Omni’s option, the last day
of the first Collection Period following the discovery) and World Omni shall deliver a revised Schedule of Receivables to the
Depositor and the Trust which shall reflect the repurchase [or substitution] of such Receivables. In consideration of the repurchase
of any such Receivable, World Omni shall remit the Purchase Amount, in the manner specified in Section 5.05. Upon such
repurchase [or substitution], the [Issuing Entity][Grantor Trust] will, without further action, be deemed to have sold and assigned
to World Omni all of the Issuing Entity’s right, title and interest in the Receivable repurchased [or substituted] by World
Omni under this Section 3.02(b) and all security and documents relating to the Receivable. The sale will not require any
action by the [Issuing Entity][Grantor Trust] and will be without recourse, representation or warranty by the [Issuing
Entity][Grantor Trust] except the representation that the [Issuing Entity][Grantor Trust] owns the Receivable free and clear of any
Lien, other than a Lien pursuant to the Basic Documents. On the sale, the Servicer will mark its receivables systems to indicate
that the receivable is no longer a Receivable and may take any action necessary or advisable to evidence the sale of the receivable,
free from any Lien of the Issuing Entity[, the Grantor Trust] or the Indenture Trustee. Subject to the provisions of Section
6.03, the sole remedy of the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Noteholders or the Certificateholders
with respect to a breach of representations and warranties pursuant to Section 3.01(a) and the agreement contained in this
Section shall be to require World Omni to repurchase [or substitute] Receivables pursuant to this Section, subject to the conditions
contained herein.

 

 

1 Deal specific requirements with
respect to substitutions to be added as appropriate.

    10

     

    

 

(c)  
Dispute Resolution.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    11

     

    

 

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

 

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

 

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

 

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

 

    12

     

    

 

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

 

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

 

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

 

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

 

(C)             
Under no circumstances will the Owner Trustee or the Indenture Trustee, respectively, in its individual capacity be liable for
any costs, expenses or liabilities that could be allocated to the Requesting Party in any mediation or arbitration.

 

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

 

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

 

    13

     

    

 

(a)  
 in the case of each Receivable constituting “tangible chattel paper”, the fully executed original Contract of such
Receivable or, in the case of each Receivable constituting “electronic chattel paper”, the “authoritative copy”
(as such term is used in Section 9-105 of the UCC) of the electronic Contract of such Receivable;

 

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

 

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

 

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

 

provided, that the
Servicer may appoint one or more agents to act as subcustodians of certain items in the Receivables Files so long as the Servicer remains
primarily responsible for their safekeeping, provided, further, that the Servicer shall not transmit or transfer the authoritative
copy of a Receivable that is in the form of electronic chattel paper to another person.

 

Section 3.04       
Duties of Servicer as Custodian.

 

(a)  
Safekeeping. The Servicer shall hold the Receivable Files as custodian for the benefit of the [Issuing Entity][Grantor
Trust] and maintain such accurate and complete accounts, records and computer systems pertaining to each Receivable File as shall enable
the [Issuing Entity][Grantor Trust] to comply with this Agreement. In performing its duties as custodian the Servicer shall act with
reasonable care, using that degree of skill and attention that the Servicer exercises with respect to the receivable files relating to
all comparable automotive receivables that the Servicer services for itself or others. The Servicer covenants and agrees that it shall
hold the Receivable Files in such a manner as to prevent any other Person from obtaining “control” of any “electronic
chattel paper” included therein (as such terms are used in section 9-105 of the UCC). The Servicer shall promptly report to the
Issuing Entity[, the Grantor Trust] and the Indenture Trustee any failure on its part to hold the Receivable Files and maintain its accounts,
records and computer systems as herein provided and shall promptly take appropriate action to remedy any such failure. Nothing herein
shall be deemed to require an initial review or any periodic review by the Issuing Entity[, the Grantor Trust] or the Indenture Trustee
of the Receivable Files.

 

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

 

    14

     

    

 

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

 

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

 

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

 

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

 

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

 

    15

     

    

 

ARTICLE IV

ADMINISTRATION AND SERVICING OF RECEIVABLES

 

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

 

    16

     

    

 

 

Section 4.02       
Collection and Allocation of Receivable Payments. The Servicer shall make reasonable efforts to collect all payments called
for under the terms and provisions of the Receivables as and when the same shall become due and shall follow such collection procedures
as it follows with respect to all comparable automotive receivables that it services for itself or others. The Servicer shall allocate
collections as set forth in Section 5.03. The Servicer may grant extensions rebates or adjustments on a Receivable, which shall
not, for the purposes of this Agreement, modify the day of the month on which payment is due (except in connection with a limited number
of accommodations for Obligors of occasional requests in accordance with the Servicer’s customary servicing procedures) or change
the method under which scheduled payments of interest are computed on such Receivable; provided, however, that if the Servicer
extends the date for final payment by the Obligor of any Receivable beyond the month immediately preceding the month in which the Final
Scheduled Payment Date for the Class [    ] Notes occurs, the Servicer shall purchase any such Receivable as of the earlier of (a) the
last day of the second Collection Period following the date of such extension (or, at the Servicer’s election, the last day of
the first following Collection Period) and (b) the last day of the month immediately preceding the month in which the Final Scheduled
Payment Date for the Class [    ] Notes occurs, in each case in accordance with the terms of Section 4.07(b). The Servicer shall
not retain any fees in connection with any extension of a Receivable but shall instead deposit such fees into the Collection Account
within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless the Servicer
is making deposits on a monthly basis as permitted under Section 5.02. The Servicer may in its discretion waive any late payment
charge or any other fees that may be collected in the ordinary course of servicing a Receivable. The Servicer shall not agree to any
alteration of the interest rate or the originally scheduled payments on any Receivable, other than as provided herein or as required
by law.

 

Section 4.03       
Realization upon Receivables.

 

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

 

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

 

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

 

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

 

Section 4.07       
Purchase of Receivables Upon Breach or Extension Beyond Final Scheduled Payment Date.

 

(a)              
The Servicer or the Issuing Entity shall inform the other party and a Responsible Officer of the Indenture Trustee and the Depositor
promptly, in writing, upon the discovery of any breach pursuant to Section 4.02, 4.05, 4.06 or 7.01. Unless
the breach shall have been cured by the last day of the second Collection Period following such discovery or written notice (or, at the
Servicer’s election, the last day of the first following Collection Period), the Servicer shall purchase any Receivable materially
and adversely affected by such breach as of such last day.

 

(b)              
In consideration of the purchase of any Receivable pursuant to Section 4.02 or Section 4.07(a), the Servicer shall
remit the Purchase Amount in the manner specified in Section 5.05, and the Servicer shall deliver a revised Schedule of Receivables
to the Depositor and the Trust, which shall reflect the repurchase of such Receivables. Subject to Section 7.02, the sole remedy
of the Issuing Entity, [the Grantor Trust, Grantor Trust Trustee,] the Owner Trustee, the Indenture Trustee, the Certificateholders or
the Noteholders with respect to a breach pursuant to Section 4.02, 4.05, 4.06 or 7.01 or the extension of
a Receivable beyond the month immediately preceding the month in which the Final Scheduled Payment Date for the Class [    ] Notes occurs
under Section 4.02 shall be to require the Servicer to purchase such Receivables. None of the Servicer, the Issuing Entity, [Grantor
Trust, Grantor Trust Trustee,] the Owner Trustee, the Indenture Trustee, the Asset Representations Reviewer, the Seller, the Depositor
or the Administrator will have an obligation to investigate whether a breach, extension or other event has occurred that would require
the purchase of any Receivable under Section 4.02 or Section 4.07(a) or whether any Receivable is required to be purchased
under Section 4.02 or Section 4.07(a).

 

    18

     

    

 

Section 4.08       
Servicing Fee. The Servicing Fee for a Payment Date [(other than the Special Payment Date)] shall equal the product of
(a) one-twelfth, (b) the Servicing Fee Rate and (c) the aggregate Principal Balance of the Receivables as of the first day of the related
Collection Period[; provided, however, that the Servicing Fee on the initial Payment Date shall be prorated to compensate
for the length of the initial Collection Period being [longer] than one month][; provided, further however, that the Servicing
Fee on any Payment Date related to a Collection Period in which Subsequent Receivables were transferred to the Trust shall be prorated
to compensate for those Subsequent Receivables and the portion of the Collection Period for which those Subsequent Receivables were held
by the Trust]. The Servicer shall also be entitled to all Supplemental Servicing Fees collected (from whatever source) on the Receivables,
the amount of any Servicing Fee due but not distributed to the Servicer on a prior Payment Date (including any amounts previously deferred
by the Servicer as provided in this Section 4.08) plus any reimbursement pursuant to the last paragraph of Section 7.02.
[The Servicer may, as long as it believes that sufficient collections will be available from interest collections on one or more future
Payment Dates [(other than the Special Payment Date)] to pay the Servicing Fee, by notice to the Indenture Trustee on or before a Payment
Date, elect to defer all or a portion of the Servicing Fee with respect to the related Collection Period, without interest. If the Servicer
defers all of the Servicing Fee, the Servicing Fee for such related Collection Period will be deemed to equal zero.] [No Servicing Fee
will be payable on the Special Payment Date.]

 

Section 4.09        Servicer’s
Certificate. On or prior to the close of business on each Payment Determination Date, the Servicer shall deliver a
Servicer’s Certificate pursuant to Section 5.08. Receivables to be purchased [or substituted] by the Servicer or to be
repurchased [or substituted] by World Omni or the Depositor shall be identified by the Servicer by [account][asset] number with
respect to such Receivable (as specified in the Schedule of Receivables). [For the avoidance of doubt, such information shall
include any Benchmark related information required pursuant to Section 8.03 of the Indenture.]

 

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

 

(a)  
To the extent required by Regulation AB, the Servicer shall deliver (and shall cause each of its Reporting Subcontractors, if
any, to deliver) to the Owner Trustee[,] [and] the Indenture Trustee [and the Swap Counterparty] on or before the date that is 90 days
after the end of each calendar year, commencing with the calendar year ended December 31, 20[    ], an Officer’s Certificate as
required under Item 1123 of Regulation AB, dated as of December 31 of the preceding year, stating that (i) a review of the activities
of the Servicer during the preceding calendar year (or such shorter period as shall have elapsed since the Closing Date) and of its performance
under this Agreement has been made under such officer’s supervision and (ii) to the best of such officer’s knowledge, based
on such review, the Servicer has fulfilled all its obligations under this Agreement in all material respects throughout such reporting
period, or, if there has been a failure to fulfill any such obligation in any material respect, specifying each such failure known to
such officer and the nature and status thereof. The Servicer shall send a copy of such certificate and the report referred to in Section
4.11 to the Rating Agencies. A copy of such certificate and the report referred to in Section 4.11 may be obtained by any
Certificateholder or Noteholder by a request in writing to the Indenture Trustee addressed to the Corporate Trust Office. Upon the request
of the Owner Trustee, the Indenture Trustee will promptly furnish the Owner Trustee a list of Noteholders as of the date specified by
the Owner Trustee.

 

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(b)  
 The Servicer shall deliver to the Owner Trustee and the Indenture Trustee, on or before the date that is 90 days after the end
of each calendar year, commencing with the calendar year ended December 31, 20[    ], a report, dated as of December 31 (or other applicable
date) of the preceding year, regarding the Servicer’s assessment of compliance with the Servicing Criteria during the immediately
preceding calendar year, including disclosure of any material instance of non-compliance identified by the Servicer, as described in
Rule 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Deliveries pursuant to this Section 4.10(b) may be
delivered by electronic mail.

 

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

 

Section 4.11       
Annual Independent Certified Public Accountants’ Report. The Servicer shall cause a firm of independent certified
public accountants, who may also render other services to the Servicer or to its Affiliates, to deliver to the Servicer (who shall promptly
provide the assessment described in this Section 4.11 to the Rating Agencies), the Indenture Trustee[,] [and] the Owner Trustee
and [the Swap Counterparty], on or before the date that is 90 days after the end of the Servicer’s fiscal year, commencing with
the fiscal year ended December 31, 20[    ], a report, dated as of December 31 of the preceding fiscal year, addressed to the board of
directors of the Servicer, providing its assessment of compliance with the Servicing Criteria during the preceding fiscal year, including
disclosure of any material instance of non-compliance, as described in Rule 13a-18 or Rule 15d-18 under the Exchange Act and Item 1122(b)
of Regulation AB. Such attestation shall be in accordance with Rule 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act
and the Exchange Act. Deliveries pursuant to this Section 4.11 may be delivered by electronic mail.

 

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

 

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

 

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

 

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

 

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

 

ARTICLE V

TRUST ACCOUNTS; DISTRIBUTIONS; STATEMENTS TO CERTIFICATEHOLDERS AND NOTEHOLDERS

 

Section 5.01       
Establishment of Trust Accounts.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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(b)  
Funds on deposit in the Collection Account, the Note Distribution Account[,] [and] the Reserve Account[, the Pre-Funding Account
and the Negative Carry Account][the Accumulation Account] (collectively the “Trust Accounts”) shall be invested by
the Indenture Trustee in Eligible Investments selected by the Servicer[; provided, that, funds on deposit in the Reserve Account shall
be invested only in Eligible Investments meeting the requirements of §246.4(b)(2) of Regulation RR, as determined solely by the
Servicer]. In the absence of written direction from the Servicer, such funds shall be invested [in Eligible Investments specified in
clause (i) of the definition thereof][or remain uninvested, in accordance with Section [ ] of the Indenture]. All such Eligible
Investments shall be held by the Indenture Trustee for the benefit of the Noteholders[,] [and] the Certificateholders [and the Swap Counterparty]
[and the Issuing Entity], as applicable; provided, that on each Payment Determination Date all interest and other Investment
Earnings on funds on deposit in the Trust Accounts shall be deposited into the Collection Account and shall be deemed to constitute a
portion of Available Funds for the related Payment Date. Other than as permitted by the Rating Agencies, funds on deposit in the Collection
Account, the Reserve Account[,] [and] the Note Distribution Account, [the Pre- Funding Account and the Negative Carry Account][and the
Accumulation Account] shall be invested in Eligible Investments that will mature (A) not later than the Business Day immediately preceding
the next Payment Date or (B) on or before 10:00 a.m. on such next Payment Date if such investment is held in the corporate trust department
of the institution with which the Collection Account, the Reserve Account[,] [and] the Note Distribution Account, [the Pre-Funding Account
and the Negative Carry Account][and the Accumulation Account], if any, as applicable, is then maintained and is invested either (i) in
a time deposit of the Indenture Trustee rated at least [    ] by [    ] and [    ] by [    ] (such account being maintained within the corporate
trust department of the Indenture Trustee), (ii) in the Indenture Trustee’s common trust fund so long as such fund is rated in
the highest applicable rating category by [    ] and [    ] or (iii) in Eligible Investments specified in clauses (b), (g) or (i)
of the definition thereof; and provided that all such Eligible Investments shall be held to maturity (to the extent such Eligible
Investment) has an applicable maturity date) and be available for redemption and use by the Indenture Trustee on or prior to the relevant
Payment Date. Moreover, the Servicer shall not direct the Indenture Trustee to invest funds in the Trust Accounts in any Eligible Investment
that would not mature or be capable of being liquidated on or prior to the relevant Payment Date. In no event shall the Indenture Trustee
be held liable for investment losses in Eligible Investments pursuant to this Section 5.01, except in its capacity as obligor
thereunder. Except as otherwise provided hereunder or agreed in writing among the parties hereto, the Servicer shall retain the authority
to institute, participate and join in any plan of reorganization, readjustment, merger or consolidation with respect to the issuer of
any Eligible Investments held hereunder, and, in general, to exercise each and every other power or right with respect to each such asset
or investment as individuals generally have and enjoy with respect to their own assets and investment, including power to vote upon any
securities.

 

(c)  
(i) The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Trust Accounts
and in all proceeds thereof (including all income thereon) and all such funds, investments, proceeds and income shall be part of the
Trust Estate. The Trust Accounts [(other than the Reserve Account)] shall be under the sole dominion and control of the Indenture Trustee
for the benefit of the Noteholders[,] [and] the Certificateholders [and the Swap Counterparty], as the case may be. [The Reserve Account
shall be under the sole dominion and control of the Indenture Trustee in the name of and for the benefit of the Issuing Entity which
such Reserve Account has been pledged by the Issuing Entity to the Indenture Trustee for the benefit of the Noteholders. All of the Depositor’s
right, title and interest to the Reserve Account has been conveyed by the Depositor to the Issuing Entity pursuant to Section [2.01(e)]
hereof, including, all funds on deposit from time to time, and all investments, proceeds and income hereof. The Depositor hereby grants
to the Indenture Trustee on the Closing Date, as Indenture Trustee for the benefit of the Noteholders, all of the Depositor’s right,
title and interest in, to and under, whether now owned or existing or hereafter acquired or arising, the Reserve Account and all proceeds
thereof.] If, at any time, any of the Trust Accounts ceases to be an Eligible Deposit Account, the Servicer (upon written notice from
the Indenture Trustee that such account no longer qualifies) shall within 10 Business Days (or such longer period, not to exceed 30 calendar
days, as to which each Rating Agency may consent) establish a new Trust Account as an Eligible Deposit Account and shall cause the Indenture
Trustee to transfer any cash and/or any investments to such new Trust Account. The Indenture Trustee or the other Person holding the
Trust Accounts as provided in this Section 5.01(c)(i) shall be the “Securities Intermediary.” If the Securities
Intermediary shall be a Person other than the Indenture Trustee, the Servicer shall obtain the express agreement of such Person to the
obligations of the Securities Intermediary set forth in this Section 5.01.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    24

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    25

     

    

 

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

 

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

 

Section 5.02       
Collections. The Servicer shall remit to the Collection Account (and post such amounts to its records) within two Business
Days of receipt and identification of payment (including receipt of proper instructions regarding where to allocate such payment) all
payments by or on behalf of the Obligors with respect to the Receivables (other than Purchased Receivables) and all Recoveries, both
as collected during the Collection Period. Notwithstanding the foregoing, for so long as the Monthly Remittance Condition is satisfied,
the Servicer shall not be required to remit such collections on a daily basis, but may retain such collections without segregation and
remit such collections with respect to the preceding calendar month to the Collection Account on the Payment Determination Date immediately
preceding the related Payment Date. In the event that the Servicer is remitting collections on a monthly basis and the Monthly Remittance
Condition shall no longer be satisfied, within 14 Business Days after such event (the Servicer shall be permitted to continue monthly
remittances during such 14-Business Day period), the Servicer shall resume remitting such collections to the Collection Account within
two Business Days after receipt and identification of payment (including proper instructions regarding where to allocate such payment),
unless the Servicer shall satisfy the Rating Agency Condition with respect to continuing monthly remittances. For purposes of this Article
V the phrase “payments by or on behalf of Obligors” shall mean payments made with respect to the Receivables by Persons
other than the Servicer or the Depositor.

 

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

 

Section 5.04       
[Reserved].

 

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

 

    26

     

    

 

Section 5.06       
Distributions.

 

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

 

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

 

(A) [pro rata to
(a) the applicable Swap Counterparty, the applicable Monthly Swap Payment Amount, if any and (b)] to the Asset Representations Reviewer,
all fees, expenses and indemnities due to the Asset Representations Reviewer under the Asset Representations Review Agreement and not
previously paid by the Servicer, up to a maximum of $[ ] per calendar year;

 

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

 

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

 

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

 

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

 

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

 

    27

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(N) to the Reserve
Account, the amount necessary to reinstate the balance in the Reserve Account up to the Required Reserve Amount [and to reimburse the
Reserve Account Letter of Credit Bank for any unreimbursed draws];

 

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

 

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

 

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(Q)  [(A) on any
payment date prior to the Class [ ] Final Scheduled Payment Date, if the sum of (i) Available Funds remaining after payment of
clauses (A) through (M) above and (ii) the remaining available balance in the Class [ ] reserve account after payment of all amounts
due pursuant to clause [(M)] above, is equal to or greater than the outstanding principal amount of the Class [ ] Notes, principal
of the Class [ ] Notes in an amount equal to the outstanding principal amount of the Class [ ] Notes, otherwise, in an amount equal
to Available Funds remaining after payment of clauses (A) through [(M)] above; (B) on the Class [ ] Final Scheduled Payment Date,
principal to the Class [ ] Notes in an amount equal to the outstanding principal amount of the Class [ ] Notes;]

 

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

 

(S) 
[to the Servicer, the Servicing Fee and all unpaid Servicing Fees with respect to prior Collection Periods;][and]]

 

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

 

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

 

[If any Class A-1 Notes remain outstanding after
the [ ] Payment Date, (a)(i) any accrued and unpaid interest on the Class A-1 Notes for the Interest Accrual Period with respect to the
Special Payment Date (including, without limitation, the amount of any Class [ ] Noteholders’ Interest Distributable Amount due
and payable to the Holders of the Class A-1 Notes on the Special Payment Date), and (ii) any outstanding principal of the Class A-1 Notes,
will in each case be due and payable to the Holders of the Class A-1 Notes on the Special Payment Date, and (b) a special Record Date
of [ ] 20[ ] will apply for the Class A-1 Notes and the Special Payment Date. Any such amounts described in clause (a) in the immediately
preceding sentence will be payable from Available Funds for the regularly scheduled [ ] Payment Date.]

 

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

 

(A)        [pro
rata to (a) the applicable Swap Counterparty, the applicable Monthly Swap Payment Amount, if any, and (b)] to the Owner Trustee,
[the Grantor Trust Trustee,] the Indenture Trustee and the Asset Representations Reviewer, all fees, expenses and indemnities due to
each such party in accordance with the terms of the Basic Documents and not previously paid by the Servicer or the Administrator, as
applicable, on a pro rata basis based on amounts due and payable to each party;

 

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

 

(C)       
[if the Notes have been declared to be due and payable as a result of the occurrence of an Event of Default under Section
5.01(a)(i) or (ii) of the Indenture,] to the Holders of the Class A[-1] Notes, the aggregate Outstanding Amount of such Notes,
[and then to the Holders of the Class A-2 Notes, the aggregate Outstanding Amount of such Notes, then to the Holders of the Class A-3
Notes, the aggregate Outstanding Amount of such Notes[,] [and] then to the Holders of the Class A-4 Notes[, the aggregate Outstanding
Amount of such Notes, and then to the Holders of the Class A-5 Notes]];

 

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

 

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

 

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

 

(G)       
[to the Holders of the Class C Notes, the aggregate Outstanding Amount of the Class C Notes;]

 

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

 

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

 

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

 

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

 

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

 

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(M)        
 [to the Holders of the Class F Notes, the aggregate Outstanding Amount of the Class F Notes;]

 

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

 

(O)        [(A) on any payment
date prior to the Class [ ] Final Scheduled Payment Date, if the sum of (i) Available Funds remaining after payment of clauses (A) through
(M) above and (ii) the remaining available balance in the Class [ ] reserve account after payment of all amounts due pursuant to clause
[(M)] above, is equal to or greater than the outstanding principal amount of the Class [ ] Notes, principal of the Class [ ] Notes in
an amount equal to the outstanding principal amount of the Class [ ] Notes, otherwise, in an amount equal to Available Funds remaining
after payment of clauses (A) through [(M)] above; (B) on the Class [ ] Final Scheduled Payment Date, principal to the Class [ ] Notes
in an amount equal to the outstanding principal amount of the Class [ ] Notes;]

 

(P)        
[to the Reserve Account Letter of Credit Bank, any unreimbursed draws on the Reserve Account Letter of Credit;] [and]

 

(Q)       
[to the Servicer, the Servicing Fee and all unpaid Servicing Fees with respect to prior Collection Periods;][and]]

 

(R)         to the Certificateholders, any remaining amounts.

 

Section 5.07       
Reserve Account.

 

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

 

(b)  
If the amount on deposit in the Reserve Account on any Payment Date [(other than the Special Payment Date), and] after giving
effect to all deposits thereto or withdrawals therefrom on such Payment Date) is greater than the Required Reserve Amount for such Payment
Date, the Servicer, based on information contained in the Servicer’s Certificate delivered on the related Payment Determination
Date pursuant to Section 4.09 hereof, shall instruct the Indenture Trustee in writing to withdraw such amount from the Reserve Account
and apply it as [Total] Available Funds for such Payment Date[; provided that, amounts withdrawn from the Reserve Account shall only
be used in the manner permitted under §246.4(b)(3) of Regulation RR, as determined solely by the Servicer].

 

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(c)   In
the event that the [Total] Available Funds for a Payment Date are not sufficient to make the full amount of the payments and
deposits required pursuant to Sections 5.06(ii)(A), [(B), (C), (D), (E), (F), (G), (H), (I), (J)
[and] (K)] [and (L) and (M)] on such Payment Date [(or, in the case of the Special Payment Date, the full
amount due and payable to the Holders of the Class A-1 Notes on the Special Payment Date)], the Servicer, based on the information
contained in the Servicer’s Certificate delivered on the related Payment Determination Date pursuant to Section 4.09 hereof,
the Servicer shall instruct the Indenture Trustee to withdraw from the Reserve Account on such Payment Date an amount equal to such
shortfall, to the extent of funds available therein, and pay or deposit such amount according to the priorities set forth in Section
5.06(ii) [(or, in the case of the Special Payment Date, to the Holders of the Class A-1 Notes)]. In addition, amounts will be
withdrawn from the Reserve Account as provided in Section 8.02(c) and (d) of the Indenture[; provided, that,
amount withdrawn from the Reserve Account shall only be used in the manner permitted under §246.4(b)(3) of Regulation RR, as
determined solely by the Servicer].

 

(d)  
Subject to Section 9.01, amounts will continue to be applied pursuant to Section 5.06 following payment in full
of the Outstanding Amount of the Notes until the Pool Balance is reduced to zero. Following the payment in full of the aggregate Outstanding
Amount of the Notes and of all other amounts owing or to be distributed hereunder or under the Indenture or the Trust Agreement to Noteholders
[and the final distribution to the Certificateholders], in accordance with the instructions of the Servicer (based on information contained
in the Servicer’s Certificate delivered on the related Payment Determination Date pursuant to Section 4.09 hereof) the Indenture
Trustee shall distribute any remaining funds in the Reserve Account to the [Certificateholders][Depositor].

 

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

 

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

 

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

 

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

 

(d)  
[the amount of such distribution allocable to the Certificateholders;]

 

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

 

(f)   
the balance of the Reserve Account [and][,] [the amount available for draw under the Reserve Account Letter of Credit] [and the
Class [ ] Reserve Account] on such Payment Determination Date before and after giving effect to deposits and withdrawals to be made on
the immediate following Payment Date, if any;

 

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

 

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

 

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

 

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

 

(k)  
[the Class C Noteholders’ Interest Carryover Shortfall;]

 

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

 

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

 

(n)  
 [the Class F Noteholders’ Interest Carryover Shortfall;]

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(jj)         
the Interest Rate for each [applicable] Class of Notes for the next Payment Date[, including the applicable Benchmark];

 

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

 

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

 

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

 

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

 

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

 

[Notwithstanding the foregoing, the Servicer’s
Certificate for the Special Payment Date (if applicable) shall only be required to include such information as may be necessary for the
purpose of directing payment of amounts due to the Holders of the Class A-1 Notes on the Special Payment Date.]

 

[Upon determination by the Administrator (on
behalf of the Issuing Entity) of a Benchmark Replacement or the making of any Benchmark Replacement Conforming Changes, the Issuing Entity
shall also cause the Servicer to include any information regarding the Unadjusted Benchmark Replacement, the Benchmark Replacement Adjustment
and such Benchmark Replacement Conforming Changes provided by the Issuing Entity.]

 

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

 

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

 

ARTICLE VI

THE DEPOSITOR

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 6.02       
Limited Liability Company Existence.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 6.04        Merger
or Consolidation of, or Assumption of Obligations of Depositor. Any Person (a) into which the Depositor may be merged or
consolidated, (b) which may result from any merger or consolidation to which the Depositor shall be a party or (c) which may succeed
to the properties and assets of the Depositor substantially as a whole, which Person in any of the foregoing cases executes an
agreement of assumption to perform every obligation of the Depositor under this Agreement, shall be the successor to the Depositor
hereunder without the execution or filing of any document or any further act by any of the parties to this Agreement; provided, however,
that (i) immediately after giving effect to such transaction, no representation or warranty made pursuant to Section 3.01(a)
or (b) shall have been breached and no Servicer Default in respect of the Depositor under Section 8.01(b) or (c)
shall have occurred and be continuing, and no event that, after notice or lapse of time, or both, would become a Servicer Default in
respect of the Depositor under Section 8.01(b) or (c) shall have occurred and be continuing, (ii) the Depositor shall
have delivered to the Owner Trustee[, the Grantor Trust Trustee] and the Indenture Trustee an Officers’ Certificate stating
that such consolidation, merger or succession and such agreement of assumption comply with this Section and that all conditions
precedent, if any, provided for in this Agreement relating to such transaction have been complied with, (iii) the Rating Agency
Condition shall have been satisfied with respect to such transaction and (iv) the Depositor shall have delivered to the Owner
Trustee[, the Grantor Trust Trustee] and the Indenture Trustee an Opinion of Counsel either (A) stating that, in the opinion of such
counsel, all financing statements and continuation statements and amendments thereto have been filed that are necessary fully to
preserve and protect the interest of the Owner Trustee[, the Grantor Trust Trustee] and Indenture Trustee, respectively, in the
Receivables and reciting the details of such filings, or (B) stating that, in the opinion of such counsel, no such action shall be
necessary to preserve and protect such interests. Notwithstanding anything herein to the contrary, (a) the execution of the
foregoing agreement of assumption and compliance with clauses (i), (ii), (iii) and (iv) above shall be
conditions to the consummation of the transactions referred to in clause (a), (b) or (c) above and (b) the
Depositor may transfer its rights under this Agreement in accordance with Section 10.04 hereof.

 

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

 

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

 

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

 

ARTICLE VII

THE SERVICER

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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ARTICLE VIII

DEFAULT

 

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

 

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

 

(b)  
failure by the Servicer or, if the Servicer is an affiliate of the Depositor, the Depositor, as the case may be, duly to observe
or to perform in any material respect any other covenants or agreements of the Servicer or the Depositor (as the case may be) set forth
in this Agreement or any other Basic Document, which failure shall (i) materially and adversely affect the rights of Certificateholders
or Noteholders and (ii) continue unremedied for a period of 90 days after the date on which written notice of such failure, requiring
the same to be remedied, shall have been given (A) to the Servicer or the Depositor (as the case may be) by the Owner Trustee or the Indenture
Trustee or (B) to the Servicer or the Depositor (as the case may be), and to the Owner Trustee and the Indenture Trustee by the Holders
of the Notes evidencing at least a majority of the Outstanding Amount of the Controlling Securities and the Holders (as defined in the
Trust Agreement) of Certificates evidencing at least a majority of the percentage interest of the Certificates; or

 

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

 

Notwithstanding the foregoing,
(i) if any delay in or failure of performance referred to in clause (a) above shall have been caused by Force Majeure, the five
Business Day grace period referred to in such clause (a) shall be extended for an additional 60 days and (ii) if any delay or failure
of performance referred to in clause (b) above shall have been caused by Force Majeure, the 90 day grace period referred to in
such clause (b) shall be extended for an additional 60 days. Upon the occurrence of any such event, the Servicer shall not be relieved
from using its best efforts to perform its obligations in a timely manner in accordance with the terms of this Agreement and the Servicer
shall provide the Indenture Trustee, the Owner Trustee[, the Grantor Trust Trustee], the Noteholders and the Certificateholders prompt
notice of such failure or delay by it, together with a description of its efforts to so perform its obligations.

 

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

 

Section 8.02       
Appointment of Successor.

 

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

 

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

 

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

 

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

 

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

 

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

 

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ARTICLE IX

TERMINATION

 

Section 9.01       
Optional Purchase of All Receivables.

 

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

 

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

 

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

 

ARTICLE X

MISCELLANEOUS

 

Section 10.01   
Amendment.

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 10.02   
Protection of Title to Trust.

 

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

 

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

 

(c)  
Each of the Depositor and the Servicer shall have an obligation to give the Owner Trustee[, the Grantor Trust Trustee] and the
Indenture Trustee at least [15] days’ prior written notice of any relocation of its principal executive office or a change in its
jurisdiction of organization if, as a result of such relocation or change in its jurisdiction of organization, the applicable provisions
of the UCC would require the filing of any amendment of any previously filed financing or continuation statement or of any new financing
statement and shall promptly file any such amendment or new financing statement. The Servicer shall at all times maintain each office
from which it shall service Receivables, and its principal executive office, within the United States of America.

 

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

 

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

 

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

 

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

 

    49

     

    

 

(h)  
 The Servicer shall deliver to the Owner Trustee[, the Grantor Trust Trustee] and the Indenture Trustee:

 

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

 

(B) 
on or before March 31, in each calendar year, beginning in 20[    ], an Opinion of Counsel, dated as of a date during such 90-day
period, stating that, in the opinion of such counsel, either (1) all financing statements and continuation statements have been filed
that are necessary fully to preserve and protect the interest of the [Trust][Grantor Trust] and the Indenture Trustee in the Receivables,
and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (2) no such action
shall be necessary to preserve and protect such interest other than any action necessary (as of the date of such opinion) to be taken
in the following year to preserve and protect such interest.

 

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

 

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

 

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

 

Section 10.03    Notices.
All demands, deliveries, notices, communications and instructions upon or to the Depositor, the Servicer, the Owner Trustee[, the
Grantor Trust Trustee], [the Swap Counterparty,] the Indenture Trustee or the Rating Agencies under this Agreement shall be by
facsimile, in writing, personally delivered or mailed by certified mail, return receipt requested, and shall be deemed to have been
duly given upon receipt or by electronic mail (if designated by such party to the other parties) (a) in the case of the Depositor,
to World Omni Auto Receivables LLC, 250 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: [    ], Attention: [    ], (b)
in the case of the Servicer, World Omni Financial Corp., 250 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: [    ],
Attention: [    ], (c) in the case of the Issuing Entity or the Owner Trustee, at its Corporate Trust Office, Telecopy: [    ] with a
copy to Telecopy: [    ], Email: [    ], [(d) in the case of the Grantor Trust or the Grantor Trust Trustee, at its Corporate Trust
Office, Telecopy: [    ] with a copy to Telecopy: [    ], Email: [    ],] (e) in the case of the Indenture Trustee, at its Corporate
Trust Office, Telecopy: [    ], Email: [    ], [and] (f) in the case of the Rating Agencies, to the Depositor who promptly shall post
such notice to the website maintained by the Depositor for notifications to nationally recognized statistical rating organizations[,
and (g) in the case of the Swap Counterparty, to [    ]]; or, as to each of the foregoing, at such other address or electronic mail
address as shall be designated by written notice to the other parties; provided, that, so long as World Omni is the
Servicer, the Servicer’s obligation to deliver or provide any demand, delivery, notice, communication or instruction
(including the Servicer’s Certificate) to any Person other than a Noteholder shall be satisfied by the Servicer making such
demand, delivery, notice, communication or instruction available at [https://via.intralinks.com/], or such other website or
distribution service or provider as the Servicer shall designate by written notice to the other parties.

 

    50

     

    

 

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

 

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

 

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

 

Section 10.07    Separate
Counterparts; 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 upon the request of the Indenture Trustee, any electronic signature delivered pursuant to this
Section 10.07 shall be followed with a manually executed, original counterpart within a reasonable period of time following such
request, to the extent such manually executed, original counterpart shall be required by applicable law or a regulatory body having
supervisory authority over the Indenture Trustee. The Indenture Trustee[, the Grantor Trust Trustee] and Owner Trustee shall not be
liable for, and shall be indemnified and held harmless under the applicable Basic Document 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 Indenture Trustee[, the Grantor Trust Trustee] or Owner Trustee
pursuant to this Agreement or the related documents, including the risk of the Indenture Trustee[, the Grantor Trust Trustee] or
Owner Trustee acting on any unauthorized instructions and the risk of interception and misuse by third parties.

 

    51

     

    

 

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

 

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

 

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

 

Section 10.11   
Nonpetition Covenants.

 

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

 

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

 

    52

     

    

 

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

 

Section 10.12   
Limitation of Liability of Owner Trustee[, the Grantor Trust Trustee] and Indenture Trustee.

 

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

 

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

 

    53

     

    

 

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

 

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

 

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

 

    54

     

    

 

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

 

	 	WORLD OMNI [SELECT] AUTO [RECEIVABLES]
	 	TRUST 20[    ]-[    ]
	 	 
	 	by: [    ],
	 	not in its individual capacity
	 	but solely as Owner Trustee
	 	 
	 	By:   	                              
	 	Name:
	 	Title:
	 	 
	 	[WORLD OMNI [SELECT] AUTO [RECEIVABLES]
	 	GRANTOR TRUST 20[    ]-[    ]
	 	 
	 	by: [    ],
	 	not in its individual capacity
	 	but solely as Grantor Trust Trustee
	 	 
	 	By:	 
	 	Name:
	 	Title:]
	 	 
	 	WORLD OMNI AUTO RECEIVABLES LLC,
	 	as Depositor
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	WORLD OMNI FINANCIAL CORP., as Servicer,
	 	and, with respect to Sections 3.01 and 3.02,
	 	individually
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

      

     

    

 

	Acknowledged and agreed to as of the day	 
	and year first above written:	 
	 	 
	[    ]	 
	not in its individual capacity but solely as	 
	Indenture Trustee	 
	 	 
	By:   	                         	 
	Name:	 
	Title:	 

 

    56 

     

    

 

SCHEDULE A

 

Schedule of Receivables

 

Documents on file at:

 

Kirkland & Ellis LLP

300 North LaSalle Street

Chicago, IL 60654

 

    Sch. A

     

    

 

SCHEDULE B

 

Location of Receivable Files

 

World Omni Financial Corp.

6150 Omni Park Drive

Mobile, AL 36609

 

RecordMax LLC

2051 West I-65 Service Rd. N.

Mobile, AL 36618

 

HP Enterprise Services LLC

5400 Legacy Dr

Plano, TX 75024

 

RouteOne LLC

31500 Northwestern Hwy Ste 200

Farmington Hills, MI 48334

 

    Sch. B

     

    

 

EXHIBIT A

Form of Distribution Statement to Noteholders 

 

World Omni Financial Corp.

 

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

Available Funds

 

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

 

Outstanding Amount

Class A-1[a/b] Notes

Class A-2[a/b] Notes

Class A-3[a/b] Notes

Class A-4[a/b] Notes

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

Class B[a/b] Notes

[Class C[a/b] Notes]

[Class D[a/b] Notes]

[Class E[a/b] Notes]

[Class F[a/b] Notes]

Note Pool Factor

Class A-1[a/b] Notes

Class A-2[a/b] Notes

Class A-3[a/b] Notes

Class A-4[a/b] Notes

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

Class B[a/b] Notes

[Class C[a/b] Notes]

[Class D[a/b] Notes]

[Class E[a/b] Notes]

[Class F[a/b] Notes]

 

    Ex. A

     

    

 

Servicing Fee 

Servicing Fee Per $1,000 Note

 

Reserve Account Balance

 

    Ex. A

     

    

 

EXHIBIT B

Form of Servicer’s Certificate

 

World Omni Financial Corp.

World Omni [Select] Auto [Receivables] Trust 20[    ]-[    ] Monthly Servicer’s Certificate

 

	World Omni [Select] Auto [Receivables] Trust 20[    ]-[    ]	 	 	 	 	 	 	 	 
	Monthly Servicer Certificate	 	 	 	 	 	 	 	 
	mm/dd/yyyy	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Dates Covered	 	 	 	 	 	 	 	 
	Collections Period	 	 	 	 	 	 	 	 
	Interest Accrual Period	 	 	 	 	 	 	 	 
	30/360 Days	 	 	 	 	 	 	 	 
	Actual/360 Days	 	 	 	 	 	 	 	 
	Distribution Date	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Collateral Pool Balance Data	 	 	$
                                            Amount	 	 	 	#
                                            of Accounts	 
	Pool Balance at mm/dd/yy	 	 	 	 	 	 	 	 
	Yield Supplement Overcollateralization Amount at mm/dd/yy	 	 	 	 	 	 	 	 
	Receivables Balance at mm/dd/yy	 	 	 	 	 	 	 	 
	Principal Payments	 	 	 	 	 	 	 	 
	Defaulted Receivables	 	 	 	 	 	 	 	 
	Repurchased [or Substituted] Accounts	 	 	 	 	 	 	 	 
	Yield Supplement Overcollateralization Amount at mm/dd/yy	 	 	 	 	 	 	 	 
	Pool Balance at mm/dd/yy	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Pool Statistics	 	 	$
                                            Amount	 	 	 	#
                                            of Accounts	 
	Pool Factor	 	 	 	 	 	 	 	 
	Prepayment ABS Speed	 	 	 	 	 	 	 	 
	Aggregate Starting Principal Balance	 	 	 	 	 	 	 	 
	Pre-Funding Contracts added mm/dd/yy	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Delinquent Receivables:	 	 	 	 	 	 	 	 
	Past Due 31-60 days	 	 	 	 	 	 	 	 
	Past Due 61-90 days	 	 	 	 	 	 	 	 
	Past Due 91-120 days	 	 	 	 	 	 	 	 
	Past Due 121 + days	 	 		 	 	 	 	 
	 Total	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Total 31+ Delinquent as % Ending Pool Balance	 	 	 	 	 	 	 	 
	Total 61+ Delinquent as % Ending Pool Balance	 	 	 	 	 	 	 	 
	Delinquency Trigger Occurred	 	 	 	 	 	 	 	 

 

    Ex. B-1

     

    

 

	Recoveries	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Aggregate Net Losses/(Gains) - mm/yyyy	 	 	 	 	 	 	 	 
	Ratio of Net Loss to the Receivables Balance	 	 	 	 	 	 	 	 
	as of beginning of Collection period (Annualized)	 	 	 	 	 	 	 	 
	Current Net Loss Ratio	 	 	 	 	 	 	 	 
	Prior Period Net Loss Ratio	 	 	 	 	 	 	 	 
	Second Prior Period Net Loss Ratio	 	 	 	 	 	 	 	 
	Third Prior Period Net Loss Ratio	 	 	 	 	 	 	 	 
	Four Month Average	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Cumulative Net Loss as a % of Aggregate Starting Principal Balance	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Overcollateralization Target Amount	 	 	 	 	 	 	 	 
	Actual Overcollateralization	 	 	 	 	 	 	 	 
	Weighted Average Contract Rate	 	 	 	 	 	 	 	 
	Weighted Average Contract Rate, Yield Adjusted	 	 	 	 	 	 	 	 
	Weighted Average Remaining Term	 	 	 	 	 	 	 	 

 

	Flow of Funds	 	 	$ Amount	 
	Collections	 	 	 	 
	Investment Earnings on Cash Accounts	 	 	 	 
	Servicing Fee	 	 	 	 
	Interest Rate [Swap][Cap] Receipt (if any)	 	 	 	 
	Transfer to Collection Account	 	 	 	 
	Available Funds	 	 	 	 

 

    Ex. B-2

     

    

 

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

 

	Note Balances & Note Factors	 	 	$ Amount	 
	Original Class A	 	 	 	 
	Original Class B	 	 	 	 
	[Original Class C]	 	 	 	 
	[Original Class D]	 	 	 	 
	[Original Class E]	 	 	 	 
	[Original Class F]	 	 	 	 
	 	 	 	 	 
	Total Class A[,] [&] B[, C, D [& E][& F]]	 	 	 	 
	Note Balance @ mm/dd/yy	 	 	 	 
	Principal Paid	 	 	 	 
	Note Balance @ mm/dd/yy	 	 	 	 

 

    Ex. B-3

     

    

 

	Class A-1[a/b]
	Note Balance @ mm/dd/yy
	Principal Paid
	Note Balance @ mm/dd/yy
	Note Factor @ mm/dd/yy
	 
	Class A-2[a/b]
	Note Balance @ mm/dd/yy
	Principal Paid
	Note Balance @ mm/dd/yy
	Note Factor @ mm/dd/yy
	 
	Class A-3[a/b]
	Note Balance @ mm/dd/yy
	Principal Paid
	Note Balance @ mm/dd/yy
	Note Factor @ mm/dd/yy
	 
	Class A-4[a/b]
	Note Balance @ mm/dd/yy
	Principal Paid
	Note Balance @ mm/dd/yy
	Note Factor @ mm/dd/yy
	 
	[Class A-5[a/b]
	Note Balance @ mm/dd/yy
	Principal Paid
	Note Balance @ mm/dd/yy
	Note Factor @ mm/dd/yy]
	 
	Class B
	Note Balance @ mm/dd/yy
	Principal Paid
	Note Balance @ mm/dd/yy
	Note Factor @ mm/dd/yy

 

    Ex. B-4

     

    

 

	[Class C
	Note Balance @ mm/dd/yy
	Principal Paid
	Note Balance @ mm/dd/yy
	Note Factor @ mm/dd/yy]
	 
	[Class D
	Note Balance @ mm/dd/yy
	Principal Paid
	Note Balance @ mm/dd/yy
	Note Factor @ mm/dd/yy]
	 
	[Class E
	Note Balance @ mm/dd/yy
	Principal Paid
	Note Balance @ mm/dd/yy
	Note Factor @ mm/dd/yy]
	 
	[Class F
	Note Balance @ mm/dd/yy
	Principal Paid
	Note Balance @ mm/dd/yy
	Note Factor @ mm/dd/yy]

 

	Interest & Principal Payments	 	 	$ Amount	 
	Total Interest Paid	 	 	 	 
	Total Principal Paid	 	 	 	 
	Total Paid	 	 	 	 
	 	 	 	 	 
	Class A-1[a/b]	 	 	 	 
	Coupon	 	 	 	 
	Interest Paid	 	 	 	 
	Principal Paid	 	 	 	 
	Total Paid to A-1[a/b] Holders	 	 	 	 
	 	 	 	 	 
	Class A-2[a/b]	 	 	 	 
	Coupon	 	 	 	 
	Interest Paid	 	 	 	 
	Principal Paid	 	 	 	 
	Total Paid to A-2[a/b] Holders	 	 	 	 

 

    Ex. B-5

     

    

 

	Class A-3[a/b]	 	 	 	 
	Coupon	 	 	 	 
	Interest Paid	 	 	 	 
	Principal Paid	 	 	 	 
	Total Paid to A-3[a/b] Holders	 	 	 	 
	 	 	 	 	 
	Class A-4[a/b]	 	 	 	 
	Coupon	 	 	 	 
	Interest Paid	 	 	 	 
	Principal Paid	 	 	 	 
	Total Paid to A-4[a/b] Holders	 	 	 	 
	 	 	 	 	 
	[Class A-5[a/b]	 	 	 	 
	Coupon	 	 	 	 
	Interest Paid	 	 	 	 
	Principal Paid	 	 	 	 
	Total Paid to A-5[a/b] Holders]	 	 	 	 
	 	 	 	 	 
	Class B	 	 	 	 
	Coupon	 	 	 	 
	Interest Paid	 	 	 	 
	Principal Paid	 	 	 	 
	Total Paid to B[a/b] Holders	 	 	 	 
	 	 	 	 	 
	[Class C[a/b]	 	 	 	 
	Coupon	 	 	 	 
	Interest Paid	 	 	 	 
	Principal Paid	 	 	 	 
	Total Paid to C[a/b] Holders]	 	 	 	 
	 	 	 	 	 
	[Class D[a/b]	 	 	 	 
	Coupon	 	 	 	 
	Interest Paid	 	 	 	 
	Principal Paid	 	 	 	 
	Total Paid to D[a/b] Holders]	 	 	 	 

 

    Ex. B-6

     

    

 

	[Class E[a/b]	 	 	 	 
	Coupon	 	 	 	 
	Interest Paid	 	 	 	 
	Principal Paid	 	 	 	 
	Total Paid to E[a/b] Holders]	 	 	 	 
	 	 	 	 	 
	[Class F[a/b]	 	 	 	 
	Coupon	 	 	 	 
	Interest Paid	 	 	 	 
	Principal Paid	 	 	 	 
	Total Paid to E[a/b] Holders]	 	 	 	 
	 	 	 	 	 

 

	Distribution per $1,000 of Notes	 	 	Total	 
	Total Interest Distribution Amount	 	 	 	 
	Total Interest Carryover Shortfall	 	 	 	 
	Total Principal Distribution Amount	 	 	 	 
	Total Distribution Amount	 	 	 	 
	 	 	 	 	 
	A-1[a/b] Interest Distribution Amount	 	 	 	 
	A-1[a/b] Interest Carryover Shortfall	 	 	 	 
	A-1[a/b] Principal Distribution Amount	 	 	 	 
	Total A-1[a/b] Distribution Amount	 	 	 	 
	 	 	 	 	 
	A-2[a/b] Interest Distribution Amount	 	 	 	 
	A-2[a/b] Interest Carryover Shortfall	 	 	 	 
	A-2[a/b] Principal Distribution Amount	 	 	 	 
	Total A-2[a/b] Distribution Amount	 	 	 	 
	 	 	 	 	 
	A-3[a/b] Interest Distribution Amount	 	 	 	 
	A-3[a/b] Interest Carryover Shortfall	 	 	 	 
	A-3[a/b] Principal Distribution Amount	 	 	 	 
	Total A-3[a/b] Distribution Amount	 	 	 	 
	 	 	 	 	 
	A-4[a/b] Interest Distribution Amount	 	 	 	 
	A-4[a/b] Interest Carryover Shortfall	 	 	 	 
	A-4[a/b] Principal Distribution Amount	 	 	 	 
	Total A-4[a/b] Distribution Amount	 	 	 	 

 

    Ex. B-7

     

    

 

	[A-5[a/b] Interest Distribution Amount	 	 	 	 
	A-5[a/b] Interest Carryover Shortfall	 	 	 	 
	A-5[a/b] Principal Distribution Amount	 	 	 	 
	Total A-5[a/b] Distribution Amount]	 	 	 	 
	 	 	 	 	 
	B[a/b] Interest Distribution Amount	 	 	 	 
	B[a/b] Interest Carryover Shortfall	 	 	 	 
	B[a/b] Principal Distribution Amount	 	 	 	 
	Total B[a/b] Distribution Amount	 	 	 	 
	 	 	 	 	 
	[C[a/b] Interest Distribution Amount	 	 	 	 
	C[a/b] Interest Carryover Shortfall	 	 	 	 
	C[a/b] Principal Distribution Amount	 	 	 	 
	Total C[a/b] Distribution Amount]	 	 	 	 
	 	 	 	 	 
	[D[a/b] Interest Distribution Amount	 	 	 	 
	D[a/b] Interest Carryover Shortfall	 	 	 	 
	D[a/b] Principal Distribution Amount	 	 	 	 
	Total D[a/b] Distribution Amount]	 	 	 	 
	 	 	 	 	 
	[E[a/b] Interest Distribution Amount	 	 	 	 
	E[a/b] Interest Carryover Shortfall	 	 	 	 
	E[a/b] Principal Distribution Amount	 	 	 	 
	Total E[a/b] Distribution Amount]	 	 	 	 
	 	 	 	 	 
	[F[a/b] Interest Distribution Amount	 	 	 	 
	F[a/b] Interest Carryover Shortfall	 	 	 	 
	F[a/b] Principal Distribution Amount	 	 	 	 
	Total F[a/b] Distribution Amount]	 	 	 	 
	 	 	 	 	 
	Noteholders’ First Priority Principal Distributable Amount	 	 	 	 
	Noteholders’ Second Priority Principal Distributable Amount	 	 	 	 
	[Noteholders’ Third Priority Principal Distributable Amount]	 	 	 	 
	[Noteholders’ Fourth Priority Principal Distributable Amount]	 	 	 	 
	[Noteholders’ Fifth Priority Principal Distributable Amount]	 	 	 	 
	[Noteholders’ Sixth Priority Principal Distributable Amount]	 	 	 	 
	Noteholders’ Principal Distributable Amount	 	 	 	 

 

    Ex. B-8

     

    

 

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

 

    Ex. B-9

     

    

 

EXHIBIT
C

Form of [Initial] SSA Assignment

 

As of [    ], 20[    ], for
value received, in accordance with the Sale and Servicing Agreement, dated as of the date hereof (the “Sale and Servicing Agreement”),
among World Omni Auto Receivables LLC, a Delaware limited liability company (the “Depositor”), World Omni [Select]
Auto [Receivables] Trust 20[    ]-[    ] (the “Issuing Entity”)[, World Omni [Select] Auto [Receivables] Grantor Trust
20[    ]-[    ] (the “Grantor Trust”)] and World Omni Financial Corp., a Florida corporation, (the “Servicer”),
as acknowledged and accepted by [    ], as Indenture Trustee, the Depositor does hereby sell, assign, transfer and otherwise convey unto
the Issuing Entity, without recourse, all right, title and interest of the Depositor in, to and under (a) the [Initial] Receivables
identified on the Schedule of Receivables attached hereto having an Aggregate Starting Principal Balance of $[    ] and all monies received
thereon and in respect thereof after the [Initial] Cutoff Date; (b) the security interests in, and the liens on, the Financed Vehicles
granted by Obligors in connection with the [Initial] Receivables and any other interest of the Depositor in such Financed Vehicles; (c)
any proceeds with respect to the [Initial]Receivables from claims on any physical damage, credit life or disability insurance policies
covering such Financed Vehicles or Obligors; (d) any Financed Vehicle that shall have secured an [Initial] Receivable and shall have been
acquired by or on behalf of the Depositor, the Servicer or the Trust; (e) all funds on deposit in, and “financial assets”
(as such term is defined in the Uniform Commercial Code as from time to time in effect) credited to, the Trust Accounts, including the
Reserve Account[, the Negative Carry Account and the Pre-Funding Account] [and the Accumulation Account] from time to time, including
the Reserve Account Initial Deposit[, any Reserve Account Subsequent Transfer Deposit, the Negative Carry Account Initial Deposit and
the Pre-Funding Account Initial Deposit], and in all investments and proceeds thereof (including all income thereon); (f) the Receivables
Purchase Agreement; (g) all “accounts,” “chattel paper,” “general intangibles” and “promissory
notes” (as such terms are defined in the Uniform Commercial Code as from time to time in effect) constituting or relating to the
foregoing; and (h) the proceeds of any and all of the foregoing; provided, however, that the foregoing items (a)
through (h) shall not include the Notes and Certificates.

 

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

 

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

 

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

 

* * * * *

 

    Ex. C-1

     

    

 

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

 

	 	WORLD OMNI AUTO RECEIVABLES LLC
	 	 
	 	By:	                           
	 	Name:
	 	Title:

 

    Ex. C-2

     

    

 

[EXHIBIT
D

Form of Subsequent Transfer SSA Assignment]

 

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

 

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

 

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

 

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

 

* * * * *

 

    Ex. D-1

     

    

 

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

 

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

 

    Ex. D-2

     

    

 

APPENDIX A

PART I - DEFINITIONS

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    App. A-1 

     

    

 

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

 

“Annual
Percentage Rate” or “APR” means, with respect to a Receivable, the annual rate of finance charges stated
in the related Contract or then applicable to such Receivable.

 

“Applicable
Anti-Money Laundering Law” means, laws, rules, regulations and executive orders in effect from time to time applicable to banking
institutions, including those relating to funding of terrorist activities and money laundering, including the Customer Identification
Program requirements established under the USA PATRIOT ACT and the Financial Crimes Enforcement Network’s (FinCEN) customer due
diligence requirements.

 

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

 

“Asset
Representations Reviewer” means [    ], as asset representations reviewer under the Asset Representations Review Agreement,
or any successor Asset Representations Reviewer under the Asset Representations Review Agreement.

 

“Assignment”
shall mean any RPA Assignment[,] [or] SSA Assignment [or RCA Assignment].

 

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

 

    App. A-2 

     

    

 

 

“Available
Funds” means, with respect to any Payment Date, (1) the sum of the following amounts, without duplication, with respect to
the Receivables in respect of the Collection Period preceding such Payment Date: (a) all collections on Receivables, (b) all Recoveries,
(c) the Purchase Amount of each Receivable that became a Purchased Receivable as of the last day of the related Collection Period, (d)
partial prepayments relating to refunds of warranty or insurance financed by the respective Obligor thereon as part of the original contract
and only to the extent not included under clause (a) above, [(e) amounts on deposit in the Reserve Account after giving effect
to all other deposits and withdrawals thereto or therefrom on the Payment Date relating to such Collection Period in excess of the Required
Reserve Amount,] [(f) amounts on deposit in the Negative Carry Account, after giving effect to all other deposits and withdrawals thereto
and therefrom on the Payment Date relating to such Collection Period in excess of the Required Negative Carry Account Balance,] [(g)]
Investment Earnings for such Payment Date, [(h)] any Collection Account Redeposits for such Payment Date, [(i)] all amounts received
from the Indenture Trustee pursuant to Section 5.04 of the Indenture [and [(j)] the [net] amount paid to the Trust under the Interest
Rate [Swaps][Caps] since the preceding Payment Date] minus (2) the Servicing Fee and other amounts payable to the Servicer pursuant
to Section 4.08 of the Sale and Servicing Agreement for such Payment Date (unless the Servicer elects to defer part or all of
such fee); provided, however, that in calculating Available Funds all payments and proceeds of any Purchased Receivables
the Purchase Amount of which has been included in Available Funds in a prior Collection Period shall be excluded. Available Funds for
each Payment Date will not include, and the amount of Available Funds will not be reduced by, the amount of any Supplemental Servicing
Fees[; provided further, that Available Funds for the regularly scheduled [ ] 20[ ] Payment Date will be reduced by the amount, if any,
by which such funds were used to make payment of any accrued interest on, and any outstanding principal of, the Class A-1 Notes on the
Special Payment Date]. [Amounts withdrawn from the Reserve Account may not be used to pay the Servicing Fee or any other fees and expenses
of the Servicer for so long as World Omni or an Affiliate of World Omni is the Servicer.]

 

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

 

“Basic
Documents” means the Indenture, the Certificate of Trust, the Trust Agreement, [the Grantor Trust Agreement, the Receivables
Contribution Agreement,] the Sale and Servicing Agreement, the Receivables Purchase Agreement, the Administration Agreement, the Note
Depository Agreement, the Asset Representations Review Agreement, [the Interest Rate Swaps, the Swap Counterparty Rights Agreement][,the
Interest Rate Caps] and other documents and certificates delivered in connection therewith.

 

[“Benchmark”
means (a) initially, [the applicable Benchmark] and (b) if a Benchmark Transition Event and its related Benchmark Replacement
Date have occurred with respect to the then-current Benchmark, the applicable Benchmark Replacement.]

 

[“Benchmark
Determination Date” means (a) if the Benchmark is [the applicable Benchmark], [the applicable determination date], (b)
if the Benchmark is Term SOFR, the date that is two Business Days before the first day of the applicable Interest Period, (c) if
the Benchmark is Compounded SOFR, the date that is five Business Days before the last day of the applicable Interest Period and (d) if
the Benchmark is any other rate, the date determined by the Administrator (on behalf of the Issuing Entity) in accordance with the Indenture.]

 

    App. A-3 

     

    

 

 

[“Benchmark
Replacement” means the first alternative set forth in the order below that can be determined by the Administrator (on behalf
of the Issuing Entity) as of the Benchmark Replacement Date:

 

(a)  
the sum of (i) Term SOFR and (ii) the Benchmark Replacement Adjustment;

 

(b)  
the sum of (i) Compounded SOFR and (ii) the Benchmark Replacement Adjustment;

 

(c)  
the sum of (i) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as
the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (ii) the Benchmark Replacement Adjustment;
or

 

(d)  
the sum of (i) the alternate rate of interest that has been selected by the Issuing Entity in its reasonable discretion as
the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (ii) the Benchmark Replacement Adjustment.]

 

[“Benchmark
Replacement Adjustment” means the first alternative set forth in the order below that can be determined by the Administrator
(on behalf of the Issuing Entity) as of the Benchmark Replacement Date:

 

(a)  
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 or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;
or

 

(b)  
the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Administrator (on behalf
of the Issuing Entity) in its reasonable discretion for the replacement of the then-current Benchmark with the applicable Unadjusted
Benchmark Replacement.]

 

[“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational
changes (including changes to the definitions of “Benchmark Determination Date,” “Interest Accrual Period,” and
 “Reference Time,” the timing and frequency of determining rates, the process of making payments of interest and other administrative
matters) that the Administrator (on behalf of the Issuing Entity) decides may be appropriate to reflect the adoption of such Benchmark
Replacement in a manner substantially consistent with market practice (or, if the Administrator (on behalf of the Issuing Entity) decides
that adoption of any portion of such market practice is not administratively feasible or if the Administrator (on behalf of the Issuing
Entity) determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Administrator (on
behalf of the Issuing Entity) determines is reasonably necessary).]

 

    App. A-4 

     

    

 

[“Benchmark
Replacement Date” means:

 

(a)  
in the case of clause (a) or (b) of the definition of “Benchmark Transition Event,” the later of (i) the
date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of the
Benchmark permanently or indefinitely ceases to provide the Benchmark; or

 

(b)  
in the case of clause (c) of the definition of “Benchmark Transition Event,” the date of the public statement
or publication of information referenced therein.

 

For
the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on a Benchmark Determination Date, but earlier
than the Reference Time for that Benchmark Determination Date, the Benchmark Replacement Date will be deemed to have occurred prior to
the Reference Time for such determination.]

 

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

 

(a)  
a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator
has ceased or will cease to provide the Benchmark, permanently or indefinitely; provided, that, at the time of such statement
or publication, there is no successor administrator that will continue to provide the Benchmark;

 

(b)  
a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central
bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution
authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or resolution authority
over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the
Benchmark permanently or indefinitely; provided, that, at the time of such statement or publication, there is no successor administrator
that will continue to provide the Benchmark; or

 

(c)  
a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing
that the Benchmark is no longer representative of the underlying market or economic reality or may no longer be used.]

 

“Book-Entry
Notes” means, to the extent they are not Definitive Notes, a beneficial interest in the Class [    ] Notes, ownership and transfers
of which shall be made through book entries by a Clearing Agency as described in Section 2.11 of the Indenture.

 

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

 

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

 

    App. A-5 

     

    

 

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

 

“Certificate
of Trust” shall mean the Certificate of Trust in the form of Exhibit B to the Trust Agreement [or the Certificate
of Trust in the form of Exhibit C to the Grantor Trust Agreement] filed for the Trust [or the
Grantor Trust, as applicable, each filed] pursuant to Section 3810(a) of the Delaware Statutory Trust Act.

 

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

 

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

 

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

 

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

 

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

 

“Class
A Noteholders’ Interest Distributable Amount” means, with respect to any Payment Date, the sum of the Class A Noteholders’
Monthly Interest Distributable Amount for such Payment Date and the Class A Noteholders’ Interest Carryover Shortfall for such
Payment Date[; provided that, if the Class A-1 Notes receive any payments on the Special Payment Date, then (i) the Class A Noteholders’
Monthly Interest Distributable Amount and the Class A Noteholders’ Interest Carryover Shortfall shall be determined separately
for each Class of the Class A Notes for the regularly scheduled [ ] 20[ ] Payment Date, and (ii) references to the “preceding Payment
Date” in the definitions of Class A Noteholders’ Monthly Interest Distributable Amount and Class Noteholders’ Interest
Carryover Shortfall, for purposes of determining such amounts for the [Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and
the Class A-5 Notes] for the regularly scheduled [ ] 20[ ] Payment Date, shall be deemed to refer to the regularly scheduled [ ] 20[
] Payment Date].

 

    App. A-6 

     

    

 

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

 

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

 

		·	the
                                            related Interest Rate; and

 

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

 

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

 

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

 

		·	the
                                            related Interest Rate; and

 

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

 

“Class
A Notes” means the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes[,] [and] the Class A-4 Notes [and the Class A-5
Notes].

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    App. A-7 

     

    

 

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

 

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

 

“Class A-3
Interest Rate” means [[    ]%][Benchmark plus [    ]%] per annum computed on the basis of [the actual number of days elapsed and
on a 360 day year][a 360 day year of twelve 30 day months].

 

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

 

“Class
A-3 Notes” means the Class A-3[a/b] [[    ]% ][Floating Rate] Asset-Backed Notes, substantially in the form of Exhibit A-3
to the Indenture.

 

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

 

“Class A-4
Interest Rate” means [[    ]%][Benchmark plus [    ]%] per annum computed on the basis of [the actual number of days elapsed and
on a 360 day year][a 360 day year of twelve 30 day months].

 

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

 

“Class
A-4 Notes” means the Class A-4[a/b] [[    ]% ][Floating Rate] Asset-Backed Notes, substantially in the form of Exhibit A-4
to the Indenture.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    App. A-8 

     

    

 

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

 

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

 

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

 

		·	the
                                            Outstanding Principal Balance of the Class B[a] Notes;

 

		·	the
                                            Class B[a] Interest Rate; and

 

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

 

[Interest
with respect to the Class Bb Notes shall be computed on the basis of [the actual number of days in the related Interest Accrual Period
and a 360-day year]. The interest due on such Class of notes on each Payment Date will be the product of:

 

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

 

		·	the
                                            related Interest Rate; and

 

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

 

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

 

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

 

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

 

    App. A-9 

     

    

 

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

 

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

 

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

 

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

 

		·	the
                                            Outstanding Principal Balance of the Class C Notes;

 

		·	the
                                            Class C Interest Rate; and

 

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

 

[Interest
with respect to the Class Cb Notes shall be computed on the basis of [the actual number of days in the related Interest Accrual Period
and a 360-day year]. The interest due on such Class of notes on each Payment Date will be the product of:

 

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

 

		·	the
                                            related Interest Rate; and

 

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

 

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

 

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

 

    App. A-10 

     

    

 

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

 

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

 

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

 

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

 

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

 

		·	the
                                            Outstanding Principal Balance of the Class D Notes;

 

		·	the
                                            Class D Interest Rate; and

 

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

 

[Interest
with respect to the Class Db Notes shall be computed on the basis of [the actual number of days in the related Interest Accrual Period
and a 360-day year]. The interest due on such Class of notes on each Payment Date will be the product of:

 

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

 

		·	the
                                            related Interest Rate; and

 

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

 

    App. A-11 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		·	the
                                            Outstanding Principal Balance of the Class E Notes;

 

		·	the
                                            Class E Interest Rate; and

 

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

 

[Interest
with respect to the Class Eb Notes shall be computed on the basis of [the actual number of days in the related Interest Accrual Period
and a 360-day year]. The interest due on such Class of notes on each Payment Date will be the product of:

 

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

 

		·	the
                                            related Interest Rate; and

 

    App. A-12 

     

    

 

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

 

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

 

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

 

[“Class
F Interest Rate” means [[    ]%][Benchmark plus [    ]%] per annum computed on the basis of [the actual number of days elapsed
and on a 360 day year][a 360 day year of twelve 30 day months].]

 

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

 

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

 

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

 

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

 

		·	the
                                            Outstanding Principal Balance of the Class F Notes;

 

		·	the
                                            Class F Interest Rate; and

 

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

 

    App. A-13 

     

    

 

[Interest
with respect to the Class Fb Notes shall be computed on the basis of [the actual number of days in the related Interest Accrual Period
and a 360-day year]. The interest due on such Class of notes on each Payment Date will be the product of:

 

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

 

		·	the
                                            related Interest Rate; and

 

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

 

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

 

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

 

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

 

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

 

“Closing
Date” shall mean [    ], 20[    ].

 

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

 

“Code
of Ethics for Arbitrators in Commercial Disputes” means The Code of Ethics for Arbitrators in Commercial Disputes of 177, as
revised in 2003, and otherwise revised, modified, amended or supplemented from time to time.

 

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

 

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

 

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

 

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

 

    App. A-14 

     

    

 

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

 

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

 

[“Compounded
SOFR” means, for any Interest Period, the compounded average, in arrears, of the SOFRs for each day of such Interest Period,
as determined on the Benchmark Determination Date for such Interest Period, with the rate, or methodology for this rate, and conventions
for this rate (which will include a five Business Day suspension period as a mechanism to determine the interest amount payable prior
to the end of each Interest Period, such that the SOFR on the Benchmark Determination Date will apply for each day in the Interest Period
following the Benchmark Determination Date) being established by the Administrator (on behalf of the Issuing Entity) in accordance with:

 

(a)  
the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body
for determining Compounded SOFR; or

 

(b)  
if, and to the extent that, the Administrator (on behalf of the Issuing Entity) determines that Compounded SOFR cannot be determined
in accordance with clause (i) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected
by the Administrator (on behalf of the Issuing Entity) in its reasonable discretion.]

 

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

 

“Contract
Rate” means, with respect to a Receivable, the rate of interest stated in the related Contract or then applicable to such Receivable.

 

“Controlling
Securities” means (i) the Class A Notes so long as the Class A Notes are outstanding[,] [and] (ii) after the Class A Notes
are no longer outstanding, the Class B Notes so long as the Class B Notes are outstanding[,] [and] [(iii) after the Class B Notes are
no longer outstanding, the Class C Notes so long as the Class C Notes are outstanding] [,] [and] [(iv) after the Class C Notes are no
longer outstanding, the Class D Notes so long as the Class D Notes are outstanding][,] [and] [(v) after the Class D Notes are no longer
outstanding, the Class E Notes so long as the Class E Notes are outstanding] [and (vi) after the Class E Notes are no longer outstanding,
the Class F Notes so long as the Class F Notes are outstanding]. [After all Classes of Notes are no longer Outstanding, any reference
to the Controlling Securities shall refer to the Certificates.]

 

“Corporate
Trust Office” means:

 

(a)       with
respect to the Indenture Trustee, [    ], or at such other address or electronic mail address as the Indenture Trustee may designate
from time to time by notice to the Noteholders and the Issuing Entity, or the principal corporate trust office of any successor Indenture
Trustee at the address or electronic mail address designated by such successor Indenture Trustee by notice to the Noteholders and the
Issuing Entity; and

 

    App. A-15 

     

    

 

(b)       with
respect to the Owner Trustee [and the Grantor Trust Trustee], [    ], or at such other address or electronic mail address as the Owner
Trustee [or the Grantor Trust Trustee] may designate by notice to the Certificateholders and the Depositor, or the principal corporate
trust office of any successor Owner Trustee [or Grantor Trust Trustee] at the address or electronic mail address designated by such successor
Owner Trustee [or Grantor Trust Trustee] by notice to the Certificateholders and the Depositor.

 

[“Corresponding
Tenor” means, with respect to a Benchmark Replacement, a tenor (including overnight) having approximately the same length (disregarding
business day adjustment) as the applicable tenor for the then-current Benchmark.]

 

“Credit
Risk Retention Rules” means risk retention regulations in 17 C.F.R. Part 246 as such regulation may be amended from time to
time and subject to such clarification and interpretation as have been provided by the Commission in an adopting release or by the staff
of the Commission, or as may be provided in writing by the Commission or its staff from time to time.

 

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

 

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

 

“Debt
Opinion” has the meaning specified in Section 2.04(b) of the Indenture.

 

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

 

“Defaulted
Receivable” means a Receivable as to which (a) more than $[40] of a scheduled payment is 120 or more days past due in accordance
with its terms, (b) the Servicer has either repossessed and liquidated the related Financed Vehicle or repossessed and held the related
Financed Vehicle in its repossession inventory for 45 days, whichever occurs first, or (c) the Servicer has, in accordance with its customary
servicing procedures, determined that eventual payment in full is unlikely and has charged off the remaining Principal Balance. The Principal
Balance of any Receivable that becomes a Defaulted Receivable will be deemed to be zero as of the date it becomes a Defaulted Receivable.

 

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

 

    App. A-16 

     

    

 

“Delinquency
Percentage” means, for each Payment Date and the related Collection Period, the ratio (expressed as a percentage) of (i) the
aggregate Principal Balance of all Delinquent Receivables held by the Issuing Entity that are more than 60 days delinquent to (ii) the
aggregate Principal Balance of the Receivables, in each case, as of the last day of the related Collection Period, after giving effect
to all payments of principal received from obligors and Purchase Amounts to be remitted by the Servicer or the Depositor, as the case
may be, and after reduction to zero of the aggregate outstanding Principal Balance of any Receivable that became a Defaulted Receivable
during the related Collection Period.

 

“Delinquency
Trigger” means [    ]%.

 

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

 

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

 

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

 

    App. A-17 

     

    

 

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

 

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

 

“Depositor”
means World Omni Auto Receivables LLC, a Delaware limited liability company, or its successors, in its capacity as Depositor under certain
of the Basic Documents.

 

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

 

    App. A-18 

     

    

 

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

 

“Eligible
Deposit Account” means either (a) a segregated account with an Eligible Institution or (b) a segregated trust account with
the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the
states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee
for funds deposited in such account, so long as any of the securities of such depository institution shall have a credit rating of [    ]
or better by [    ] and in one of its generic rating categories that signifies investment grade by [    ]. Any such trust account may be
maintained with the Owner Trustee, the Indenture Trustee or any of their respective Affiliates, if such accounts meet the requirements
descried in clause (b) of the preceding sentence.

 

“Eligible
Institution” means

 

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

 

(b)              
a depository institution or trust company organized under the laws of the United States of America or any one of the states thereof,
or the District of Columbia (or any domestic branch of a foreign bank), which at all times (i) has either (A) a long-term unsecured debt
rating of [    ]or better by [    ],[    ]or better by [    ], or such other rating that is acceptable to each Rating Agency or (B) a certificate
of deposit rating of [    ] by [    ],[    ] by [    ], or such other rating that is acceptable to each Rating Agency, and (ii) whose deposits
are insured by the FDIC.

 

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

 

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

 

(b)  
money market deposit accounts, deposit accounts, certificates of deposit, demand or time deposits, savings deposits, bankers acceptances,
or federal funds, in each case as defined in Regulation D of the Board of Governors of the Federal Reserve System and issued by or sold
by or offered by, any domestic office of any commercial bank or any depository institution or trust company (including the Indenture
Trustee or the Owner Trustee or their successors) incorporated or organized under the laws of the United States or any State thereof
which has a combined capital and surplus and undivided profits of not less than $250,000,000 and the deposits of which are insured by
the FDIC to the full extent legally permitted, so long as at the time of such investment or contractual commitment providing for such
investment either such depository institution or trust company is an Eligible Institution (or has a rating on commercial paper or other
short-term unsecured debt obligations of [    ] or [    ] by [    ] so long as [    ] is a Rating Agency) or as to which the Rating Agency Condition
is satisfied;

 

    App. A-19 

     

    

 

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

 

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

 

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

 

    App. A-20 

     

    

 

(f)   
guaranteed reinvestment agreements issued by any bank, insurance company or other corporation, so long as at the time of such
investment or contractual commitment providing for such investment either such bank, insurance company or other corporation is an Eligible
Institution (or has a rating on commercial paper or other short-term unsecured debt obligations of [    ] or [    ] by [    ] so long as [    ]
is a Rating Agency) or as to which the Rating Agency Condition is satisfied;

 

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

 

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

 

(i)    
funds classified as money market funds; provided, however, that the fund shall be rated with the highest
available credit rating of [    ] and [    ], and redemptions shall be permitted on a daily or next business day basis;

 

(j)    
auction rate securities issued with a rate reset mechanism and a maximum term of 30 days; provided that investment will
be limited to those issuers having the [    ]credit rating of [    ] and [    ]; and

 

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

 

(l)    
[for purposes of funds held in the Reserve Account only, in addition to the above requirements, such funds may only be invested
in Eligible Investments meeting the requirements of §246.4(b)(2) of Regulation RR, as determined solely by the Servicer.]

 

Notwithstanding
anything to the contrary contained in the foregoing definition:

 

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

 

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

 

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

 

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

 

    App. A-21 

     

    

 

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

 

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

 

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

 

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

 

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

 

[“EU
Securitisation Regulation” means Regulation (EU) 2017/2402 of the European Parliament and of the Council of December 12, 2017
laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation
and amending certain other European Union directives and regulations, as amended and in effect from time to time.]

 

[“EU
Securitisation Rules” means the EU Securitisation Regulation, together with all relevant implementing regulations in relation
thereto, all regulatory and/or implementing technical standards in relation thereto or applicable in relation thereto pursuant to any
transitional arrangements made pursuant to the EU Securitisation Regulation and, in each case, any relevant guidance published in relation
thereto by the European Banking Authority, the European Securities and Markets Authority, and the European Insurance and Occupational
Pensions Authority (or in each case, any predecessor or any other applicable regulatory authority) or by the European Commission, in
each case as amended supplemented or replaced and in effect from time to time.]

 

    App. A-22 

     

    

 

[“EUWA”
means the European Union (Withdrawal) Act 2018, as amended.]

 

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

 

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

 

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

 

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

 

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

 

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

 

“FDIC”
means the Federal Deposit Insurance Corporation.

 

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

 

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

 

“Final
Scheduled Payment Date” means (i) with respect to the Class A-1 Notes, the Class A-1 Final Scheduled Payment Date, (ii) with
respect to the Class A-2 Notes, the Class A-2 Final Scheduled Payment Date, (iii) with respect to the Class A-3 Notes, the Class A-3
Final Scheduled Payment Date, (iv) with respect to the Class A-4 Notes, the Class A-4 Final Scheduled Payment Date[,] [(v) with respect
to the Class A-5 Notes, the Class A-5 Final Scheduled Payment Date][,] [and] [(vi)] with respect to the Class B Notes, the Class B Final
Scheduled Payment Date[,] [and] [(vii) with respect to the Class C Notes, the Class C Final Scheduled Payment Date][,] [and] [(viii)
with respect to the Class D Notes, the Class D Final Scheduled Payment Date][,] [and] [(ix) with respect to the Class E Notes, the Class
E Final Scheduled Payment Date] [and (x) with respect to the Class F Notes, the Class F Final Scheduled Payment Date].

 

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

 

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

 

    App. A-23 

     

    

 

[“Fitch”
means Fitch Ratings, Inc. or its successors.]

 

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

 

“Force
Majeure” means any delay or failure in performance caused by acts beyond the Servicer’s,
the Indenture Trustee’s or the Issuing Entity’s, as applicable, control, including acts of God, terrorism, war, vandalism,
sabotage, ransomware, accidents, fires, floods, hurricanes, tornados, civil unrest, strikes, labor disputes, mechanical or electronic
breakdown, shortages or delays in obtaining suitable parts or equipment, material, labor, or transportation, acts of subcontractors,
interruption of utility services, epidemics or pandemics, acts of any unit of government or governmental agency, or any similar or dissimilar
cause.

 

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

 

[“Grantor
Trust” means World Omni [Select] Auto [Receivables] Grantor Trust 20[   ]-[   ], a statutory
trust formed under the laws of the State of Delaware until a successor replaces it and, thereafter, means the successor.]

 

[“Grantor
Trust Agreement” means the [Amended and Restated] Grantor Trust Agreement, dated as of the Closing Date, between the Issuing
Entity and the Grantor Trust Trustee, as amended from time to time.]

 

[“Grantor
Trust Certificate” means the Grantor Trust Certificate executed by the Grantor Trust and authenticated by the Grantor Trust
Trustee in substantially the form set forth in Exhibit B to the Grantor Trust Agreement and evidencing a 100% undivided beneficial
interest in the Grantor Trust.]

 

[“Grantor
Trust Certificate Register” means the register of Grantor Trust Certificates specified in Section 3.4 of the Grantor
Trust Agreement.]

 

    App. A-24 

     

    

 

[“Grantor
Trust Certificate Registrar” means the registrar at any time of the Grantor Trust Certificate Register, appointed pursuant
to Section 3.4(a) of the Grantor Trust Agreement.]

 

[“Grantor
Trust Certificateholder” means the Holder of a Grantor Trust Certificate.]

 

[“Grantor
Trust Collateral” has the meaning assigned in the Granting Clause of the Receivables Contribution Agreement.]

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Initial
Aggregate Starting Principal Balance” means $[    ].

 

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

 

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

 

    App. A-25 

     

    

 

[“Initial
Grantor Trust Agreement” has the meaning assigned to such term in the recitals of the Grantor Trust Agreement.]

 

[“Initial
RCA Assignment” has the meaning assigned in Section 2.1 of the Receivables Contribution Agreement.]

 

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

 

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

 

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

 

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

 

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

 

“Interest
Accrual Period” means, with respect to any Payment Date, (i) for the Class [    ] Notes, the period from and including the previous
Payment Date (or, in the case of the initial Payment Date, the Closing Date) to, but excluding, the current Payment Date and (ii) for
the Class [    ] Notes, the period from and including the [15]th day of the preceding calendar month (or, in the case of the initial Payment
Date, the Closing Date) to, but excluding, the [15]th day of the current calendar month.

 

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

 

    App. A-26 

     

    

 

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

 

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

 

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

 

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

 

“Issuing
Entity” means World Omni [Select] Auto [Receivables] Trust 20[    ]-[    ], a statutory trust formed under the laws of the State
of Delaware until a successor replaces it and, thereafter, means the successor and, for purposes of any provision contained in the Indenture
and required by the TIA, each other obligor on the Notes.

 

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

 

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

 

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

 

“Monthly
Remittance Condition” means each of the following conditions has been satisfied: (i) World Omni is the Servicer, (ii) no Servicer
Default shall have occurred and is continuing, and (iii) (a) World Omni’s long-term unsecured debt obligations rating by S&P
is BBB or better and (b) World Omni’s unsecured debt obligations rating by any other Rating Agency is acceptable to such other
Rating Agency.

 

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

 

    App. A-27 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    App. A-28 

     

    

 

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

 

“Noteholders”
shall mean the holders of the Notes.

 

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

 

[“Noteholders’
Fifth Priority Principal Distributable Amount” means, with respect to any Payment Date [during the Amortization Period], an
amount equal to the excess, if any, of (a) the Outstanding Amount of the Notes as of the day immediately preceding such Payment Date
over (b) the Pool Balance for that Payment Date less (c) any amounts allocated to the sum of the Noteholders’ First Priority Principal
Distributable Amount, the Noteholders’ Second Priority Principal Distributable Amount, the Noteholders’ Third Priority Principal
Distributable Amount and the Noteholders’ Fourth Priority Principal Distributable Amount. [With respect to any Payment Date during
the Revolving Period, the Noteholders’ Fifth Priority Principal Distributable Amount shall be equal to zero.]]

 

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

 

[“Noteholders’
Fourth Priority Principal Distributable Amount” means, with respect to any Payment Date [during the Amortization Period], an
amount equal to the excess, if any, of (a) the Outstanding Amount of the [Class A Notes, Class B Notes, Class C Notes and Class D] Notes
as of the day immediately preceding such Payment Date over (b) the Pool Balance for that Payment Date less (c) any amounts allocated
to the sum of the Noteholders’ First Priority Principal Distributable Amount, the Noteholders’ Second Priority Principal
Distributable Amount and the Noteholders’ Third Priority Principal Distributable Amount. [With respect to any Payment Date during
the Revolving Period, the Noteholders’ Fourth Priority Principal Distributable Amount shall be equal to zero.]]

 

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

 

    App. A-29 

     

    

 

“Noteholders’
Principal Distributable Amount” means, with respect to any Payment Date [during the Amortization Period], the excess, if any,
of (a) the sum of the Outstanding Amount of the Notes as of the day immediately preceding that Payment Date over (b) the Pool Balance
for that Payment Date minus the Overcollateralization Target Amount for that Payment Date [(other than the Special Payment Date)], provided
that on the Final Scheduled Payment Date of any Class of Notes, the Noteholders’ Principal Distributable Amount shall not be
less than the amount necessary to reduce the aggregate Principal Balance of such Class of Notes to zero. [With respect to any Payment
Date during the Revolving Period, the Noteholders’ Principal Distributable Amount shall be equal to zero.] [On the first Payment
Date related to the Amortization Period, the Noteholders’ Principal Distributable Amount shall also include the amount on deposit
in the Accumulation Account as of the close of business on the preceding Payment Date.]

 

“Noteholders’
Second Priority Principal Distributable Amount” means, with respect to any Payment Date [during the Amortization Period], an
amount equal to the excess, if any, of (a) the Outstanding Amount of the [Class A Notes and the Class B] Notes as of the day immediately
preceding such Payment Date over (b) the Pool Balance for that Payment Date less (c) any amounts allocated to the Noteholders’
First Priority Principal Distributable Amount. [With respect to any Payment Date during the Revolving Period, the Noteholders’
Second Priority Principal Distributable Amount shall be equal to zero.]

 

[“Noteholders’
Sixth Priority Principal Distributable Amount” means, with respect to any Payment Date [during the Amortization Period], an
amount equal to the excess, if any, of (a) the Outstanding Amount of the Notes as of the day immediately preceding such Payment Date
over (b) the Pool Balance for that Payment Date less (c) any amounts allocated to the sum of the Noteholders’ First Priority Principal
Distributable Amount, the Noteholders’ Second Priority Principal Distributable Amount, the Noteholders’ Third Priority Principal
Distributable Amount, the Noteholders’ Fourth Priority Principal Distributable Amount and the Noteholders’ Fifth Priority
Principal Distributable Amount. [With respect to any Payment Date during the Revolving Period, the Noteholders’ Sixth Priority
Principal Distributable Amount shall be equal to zero.]]

 

[“Noteholders’
Third Priority Principal Distributable Amount” means, with respect to any Payment Date [during the Amortization Period], an
amount equal to the excess, if any, of (a) the Outstanding Amount of the [Class A Notes, the Class B Notes and the Class C] Notes as
of the day immediately preceding such Payment Date over (b) the Pool Balance for that Payment Date less (c) any amounts allocated to
the sum of the Noteholders’ First Priority Principal Distributable Amount and the Noteholders’ Second Priority Principal
Distributable Amount. [With respect to any Payment Date during the Revolving Period, the Noteholders’ Third Priority Principal
Distributable Amount shall be equal to zero.]]

 

“Notes”
means Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes[,] [the Class A-5 Notes][,] [and] the Class
B Notes[,] [and the Class C Notes][,] [and the Class D Notes][,] [and] [the Class E Notes] [and the Class F Notes].

 

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

 

    App. A-30 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    App. A-31 

     

    

 

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

 

“Overcollateralization
Target Amount” means, with respect to any Payment Date, an amount equal to [(i)] [so long as the Class [    ] Notes are Outstanding,]
[    ]% of the aggregate Principal Balance of the Receivables as of the end of the related Collection Period less the Yield Supplement
Overcollateralization Amount of those Receivables as of the last day of the related Collection Period [and (ii) with respect to any Payment
Date [after the Class [    ] Notes are paid in full,] an amount equal to [    ]% of the aggregate Principal Balance of the Receivables as
of the end of the related Collection Period less the Yield Supplement Overcollateralization Amount of those Receivables as of the last
day of the related Collection Period], but [in either case] not less than the result of [    ]% of the [Initial] Aggregate Starting Principal
Balance of the Receivables minus the Yield Supplement Overcollateralization Amount [as of the Closing Date][, plus [    ]% of the aggregate
of the Starting Principal Balances of any Subsequent Receivables transferred to the Issuing Entity less the Yield Supplement Overcollateralization
Amount of those Subsequent Receivables as of the related Cutoff Date].

 

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

 

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

 

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

 

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

 

“Payment
Date” means, with respect to each Collection Period, the [fifteenth] day of the following month or, if such day is not a Business
Day, the immediately following Business Day. The initial Payment Date will be [    ], 20[    ]. [Additionally, if any Class A-1 Notes remain
Outstanding after the [ ] 20[ ] Payment Date, another Payment Date will occur on the Special Payment Date, which will also be the Final
Scheduled Payment Date for the Class A-1 Notes.]

 

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

 

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

 

    App. A-32 

     

    

 

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

 

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

 

“Personally
Identifiable Information” means information in any format about an identifiable individual, including name, address, phone
number, e-mail address, account number(s), identification number(s), any other actual or assigned attribute associated with or identifiable
to an individual and any information that when used separately or in combination with other information could identify an individual.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    App. A-33 

     

    

 

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

 

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

 

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

 

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

 

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

 

“Purchased
Receivable” means a Receivable purchased as of the close of business on the last day of a Collection Period by the Servicer
pursuant to Section 4.02 or Section 4.07 of the Sale and Servicing Agreement or by World Omni pursuant to Section 3.02(b)
of the Sale and Servicing Agreement.

 

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

 

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

 

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

 

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

 

[“Receivables
Contribution Agreement” means the Receivables Contribution Agreement, dated as of the Closing Date, between the Issuing Entity
and the Grantor Trust, as amended from time to time.]

 

    App. A-34 

     

    

 

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

 

“Record
Date” means, with respect to a Payment Date or Redemption Date, and (i) any Book-Entry Notes, the close of business on the
Business Day immediately preceding such Payment Date or Redemption Date or (ii) any Definitive Notes, the Payment Date in the preceding
month[; provided, that a special record date of [ ] 20[ ] will apply for the Class A-1 Notes and the Special Payment Date].

 

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

 

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

 

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

 

[“Reference
Time” means, for an Interest Period, the time on the Benchmark Determination Date determined by the Administrator (on behalf
of the Issuing Entity) in accordance with the terms of the Indenture.]

 

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

 

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

 

“Regulation
RR or Credit Risk Retention Rules” means risk retention regulations in 17 C.F.R. Part 246 as such regulation may be amended
from time to time and subject to such clarification and interpretation as have been provided by the Commission in an adopting release
or by the staff of the Commission, or as may be provided in writing by the Commission or its staff from time to time.

 

[“Relevant
Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed
or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York, or any successor thereto.]

 

    App. A-35 

     

    

 

“Reporting
Officer” means, with respect to [(i)] the Owner Trustee, any officer, employee or other person within the Corporate Trust Office
of the Owner Trustee having direct responsibility for the administration of the Trust Agreement [and (ii) the Grantor Trust Trustee,
any officer, employee or other person within the Corporate Trust Office of the Grantor Trust Trustee having direct responsibility for
the administration of the Grantor Trust Agreement].

 

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

 

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

 

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

 

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

 

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

 

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

 

“Required
Rating” means a rating on commercial paper or other short term unsecured debt obligations of [    ] by [    ] so long as [    ]
is a Rating Agency and [    ] by [    ] so long as [    ] is a Rating Agency; and any requirement that deposits or debt obligations have
the “Required Rating” shall mean that such deposits or debt obligations have the foregoing required ratings from [    ] and
[    ].

 

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

 

“Required
Reserve Amount” means, with respect to any Payment Date [(other than the Special Payment Date)], [the lesser of (a)] [    ]%
[(or such other higher percentage as may be determined by the Depositor, in its sole discretion, on or prior to the Closing Date)] of
the Aggregate Starting Principal Balance [less the Yield Supplement Overcollateralization Amount as of the [applicable] Cutoff Date]
of all Receivables transferred to the Issuing Entity[, provided that, with respect to any Payment Date after the date on which
the Outstanding Amount of the Class [    ] Notes is paid in full, [    ]% of the Pool Balance for that Payment Date,] and (b) the Outstanding
Amount of the Notes.

 

    App. A-36 

     

    

 

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

 

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

 

[“Reserve
Account Letter of Credit” means that certain letter of credit established and maintained by the Servicer with the Reserve Account
Letter of Credit Bank, pursuant to Section 5.01 of the Sale and Servicing Agreement in the name of the Issuing Entity, as beneficiary,
for the benefit of the Noteholders [and the Certificateholders].]

 

[“Reserve
Account Letter of Credit Bank” means [ ].]

 

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

 

“Responsible
Officer” means, with respect to (i) the Indenture Trustee, any officer within the Corporate Trust Office of the Indenture Trustee,
including any vice president, assistant vice president, assistant secretary, senior associate, associate, trust officer or any other
officer, employee or other person of the Indenture Trustee customarily performing functions similar to those performed by any of the
above designated officers and, with respect to each, having direct responsibility for the administration of the Indenture and also, with
respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity
with the particular subject[,] [and] (ii) the Owner Trustee, any officer within the Corporate Trust Office of the Owner Trustee, including
any vice president, assistant vice president, assistant secretary, senior associate, associate, trust officer or any other officer, employee
or other person of the Owner Trustee customarily performing functions similar to those performed by any of the above designated officers
and, with respect to each, having direct responsibility for the administration of the Trust Agreement and also, with respect to a particular
matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular
subject[, and (iii) the Grantor Trust Trustee, any officer within the Corporate Trust Office of the Grantor Trust Trustee, including
any vice president, assistant vice president, assistant secretary, senior associate, associate, trust officer or any other officer, employee
or other person of the Grantor Trust Trustee customarily performing functions similar to those performed by any of the above designated
officers and, with respect to each, having direct responsibility for the administration of the Grantor Trust Agreement and also, with
respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity
with the particular subject].

 

    App. A-37 

     

    

 

“Retained
Interest” has the meaning designated in Section 5.06 of the Receivables Purchase Agreement.

 

“Retained
Notes” means [RESERVED] [the Class [    ] Notes, until such time as such Notes are the subject of a Debt Opinion, which opinion
shall have been received by the Depositor and the Indenture Trustee].

 

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

 

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

 

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

 

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

 

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

 

[“RCA
Assignment” has the meaning designated in Section 2.1 of the Receivables Contribution Agreement.]

 

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

 

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

 

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

 

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

 

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

 

[“Securitisation
Regulations” means the EU Securitisation Regulation and the UK Securitisation Regulation.]

 

    App. A-38 

     

    

 

[“Securitisation
Rules” means the EU Securitisation Rules and the UK Securitisation Rules.]

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

[“SOFR”
means, with respect to any day, the secured overnight financing rate published for such day by the Federal Reserve Bank of New York,
as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s website.]

 

[“Special
Payment Date” mean [ ] 20[ ].]

 

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

 

    App. A-39 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

[“Subsequent
Transfer RCA Assignment” has the meaning designated in Section 2.1 of the Receivables Contribution Agreement.]

 

    App. A-40 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

[“Term
SOFR” means the forward-looking term rate for the applicable Corresponding Tenor based on SOFR that has been selected or recommended
by the Relevant Governmental Body.]

 

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

 

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

 

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

 

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

 

    App. A-41 

     

    

 

“Trust”
means World Omni [Select] Auto [Receivables] Trust 20[    ]-[    ], a Delaware statutory trust until a successor replaces it and, thereafter,
means the successor.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    App. A-42 

     

    

 

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

 

[“UK
Securitisation Regulation” means Regulation (EU) 2017/2402 as it forms part of the United Kingdom domestic law by operation
of the EUWA, and as amended by the Securitisation (Amendment) (EU Exit) Regulations 2019, as amended and in effect from time to time.]

 

[“UK
Securitisation Rules” means the UK Securitisation Regulation together with (a) all applicable binding technical standards made
under the UK Securitisation Regulation, (b) any regulatory technical standards or implementing technical standards of the European Union
relating to the EU Securitisation Regulation (including such regulatory technical standards or implementing technical standards which
are applicable pursuant to any transitional provisions of the EU Securitisation Regulation) forming part of the domestic law of the United
Kingdom by operation of the EUWA), (c) all relevant guidance, policy statements or directions relating to the application of the UK Securitisation
Regulation (or any binding technical standards) published by the Prudential Regulation Authority and/or the Financial Conduct Authority
of the United Kingdom (or their successors), (d) any guidelines relating to the application of the EU Securitisation Regulation which
are applicable in the United Kingdom, (e) any other transitional, saving or other provision relevant to the UK Securitisation Regulation
by virtue of the operation of the EUWA and (f) any other applicable laws, acts, statutory instruments, rules, guidance or policy statements
published or enacted relating to the UK Securitisation Regulation, in each case, as may be amended, supplemented or replaced from time
to time.]

 

[“Unadjusted
Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.]

 

[“Unaffiliated
Certificateholder” means, any Certificateholder other than the Depositor or an Affiliate of the Depositor.]

 

“USA
Patriot Act” means, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act of 2001, Title III of Pub. L. 107-56 (signed into law October 26, 2001) and its implementing regulations.

 

“U.S.
Person” means:

 

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

 

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

 

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

 

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

 

    App. A-43 

     

    

 

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

 

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

 

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

 

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

 

    App. A-44 

     

    

 

APPENDIX A

PART II - RULES OF CONSTRUCTION

 

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

 

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

 

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

 

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

 

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

 

    App. A-45 

     

    

 

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

 

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

 

    App. A-46 

     

    

 

[APPENDIX B]

 

[Additional Representations and Warranties]

 

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

 

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

 

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

 

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

 

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

 

		6.	With respect to Receivables that constitute tangible chattel paper, all original executed copies of each
Contract that constitute or evidence the Receivable have been delivered to the Servicer for the benefit of the Depositor, the Issuing
Entity[, the Grantor Trust] and the Indenture Trustee.

 

		7.	With respect to Receivables that constitute electronic chattel paper, only one authoritative copy of each
Contract that constitutes or evidences the Receivable exists. Each such authoritative copy (a) is unique, identifiable, and unalterable
(other than with the participation of the Depositor, the Issuing Entity and the Indenture Trustee pursuant to the Basic Documents in the
case of an addition or change of an identified assignee and other than a revision that is readily identifiable as an authorized or unauthorized
revision), and (b) has been communicated to and is maintained by the Servicer or a third-party provider acting on behalf of the Servicer.
The authoritative copy of the related Contract identifies only World Omni Financial Corp. as the assignee thereof. Each copy of the authoritative
copy of the related Contract and any copy of a copy are readily identifiable as copies that are not the authoritative copy. Each Receivable
has been established in a manner such that (a) all copies or revisions that add or change an identified assignee of the authoritative
copy of each Contract that constitutes or evidences the Receivable must be made with the participation of the Depositor, the Issuing Entity[,
the Grantor Trust] and the Indenture Trustee pursuant to the Basic Documents, and (b) all revisions of the authoritative copy of each
contract that constitute or evidence the Receivable must be readily identifiable as an authorized or unauthorized revision. The Servicer
is maintaining the authoritative copy of each Contract that constitutes or evidences the Receivables solely on
behalf and for the benefit of the Depositor, the Issuing Entity[, the Grantor Trust] and the Indenture Trustee under the Basic Documents.

 

    App. B

     

    

 

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

 

		9.	None of the Seller, the Depositor[, the Grantor Trust] or the Issuing Entity or any vaulting agent thereof
has communicated an authoritative copy of any Contract that constitutes or evidences the Receivables to any Person other than the Servicer.

 

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

 

    App. B-2EXHIBIT 4.2

 

 

INDENTURE1

 

between

 

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

as Issuing Entity[,]

 

[WORLD OMNI [SELECT] AUTO [RECEIVABLES] GRANTOR
TRUST 20[    ]-[    ],

as Grantor Trust]

 

and

 

[    ]

as Indenture Trustee

 

Dated as of [    ], 20[    ]

 

 

 

 

1       
In a particular transaction, there may be more or fewer classes of notes offered (including one or more or no subordinated classes) or
one or more or no floating rate classes.

 

    i

     

    

 

TABLE OF CONTENTS

Page

 

	 	ARTICLE I	 
	 	 	 
	 	Definitions and Incorporation by Reference	 
	 	 	 
	Section 1.01	Definitions	3
	Section 1.02	Incorporation by Reference of Trust Indenture Act	3
	 	 	 
	 	ARTICLE II	 
	 	 	 
	 	The Notes	 
	 	 	 
	Section 2.01	Form	3
	Section 2.02	Execution, Authentication and Delivery	4
	Section 2.03	Temporary Notes	5
	Section 2.04	Transfer Restrictions on Notes	5
	Section 2.05	Registration; Registration of Transfer and Exchange	8
	Section 2.06	Mutilated, Destroyed, Lost or Stolen Notes	10
	Section 2.07	Persons Deemed Owner	10
	Section 2.08	Payment of Principal and Interest; Defaulted Interest	11
	Section 2.09	Cancellation	12
	Section 2.10	Release of Collateral	12
	Section 2.11	Book-Entry Notes	13
	Section 2.12	Notices to Clearing Agency	13
	Section 2.13	Definitive Notes	14
	Section 2.14	Tax Treatment	14
	Section 2.15	CUSIP Numbers	15
	 	 	 
	 	ARTICLE III	 
	 	 	 
	 	Covenants	 
	 	 	 
	Section 3.01	Payment of Principal and Interest	15
	Section 3.02	Maintenance of Office or Agency	15
	Section 3.03	Money for Payments to Be Held in Trust	16
	Section 3.04	Existence	17
	Section 3.05	Protection of Trust Estate	17
	Section 3.06	Opinions as to Trust Estate	18
	Section 3.07	Performance of Obligations; Servicing of Receivables	19
	Section 3.08	Negative Covenants	21
	Section 3.09	Annual Statement as to Compliance	22
	Section 3.10	Issuing Entity May Consolidate, etc., Only on Certain Terms	22
	Section 3.11	Successor or Transferee	24

 

    ii

     

    

 

	Section 3.12	No Other Business	24
	Section 3.13	No Borrowing	24
	Section 3.14	Servicer’s Obligations	24
	Section 3.15	Guarantees, Loans, Advances and Other Liabilities	24
	Section 3.16	Capital Expenditures	24
	Section 3.17	Removal of Administrator	24
	Section 3.18	Restricted Payments	25
	Section 3.19	Notice of Events of Default	25
	Section 3.20	Further Instruments and Acts	25
	 	 	 
	 	ARTICLE IV	 
	 	 	 
	 	Satisfaction and Discharge	 
	 	 	 
	Section 4.01	Satisfaction and Discharge of Indenture	25
	Section 4.02	Application of Trust Money	26
	Section 4.03	Repayment of Monies Held by Paying Agent	26
	 	 	 
	 	ARTICLE V	 
	 	 	 
	 	Remedies	 
	 	 	 
	Section 5.01	Events of Default	27
	Section 5.02	Acceleration of Maturity; Rescission and Annulment	28
	Section 5.03	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	29
	Section 5.04	Remedies; Priorities	31
	Section 5.05	Optional Preservation of the Receivables	32
	Section 5.06	Limitation of Suits	32
	Section 5.07	Unconditional Rights of Noteholders to Receive Principal and Interest	33
	Section 5.08	Restoration of Rights and Remedies	33
	Section 5.09	Rights and Remedies Cumulative	34
	Section 5.10	Delay or Omission Not a Waiver	34
	Section 5.11	Control by Noteholders	34
	Section 5.12	Waiver of Past Defaults	35
	Section 5.13	Undertaking for Costs	35
	Section 5.14	Waiver of Stay or Extension Laws	35
	Section 5.15	Action on Notes	35
	Section 5.16	Performance and Enforcement of Certain Obligations	36
	 	 	 
	 	ARTICLE VI	 
	 	 	 
	 	The Indenture Trustee	 
	 	 	 
	Section 6.01	Duties of Indenture Trustee	37
	Section 6.02	Rights of Indenture Trustee	38

 

    iii

     

    

 

	Section 6.03	Individual Rights of Indenture Trustee	41
	Section 6.04	Indenture Trustee’s Disclaimer	42
	Section 6.05	Notice of Defaults	42
	Section 6.06	Reports by Indenture Trustee	42
	Section 6.07	Compensation and Indemnity	42
	Section 6.08	Replacement of Indenture Trustee	43
	Section 6.09	Successor Indenture Trustee by Merger	44
	Section 6.10	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	45
	Section 6.11	Eligibility; Disqualification	46
	Section 6.12	Preferential Collection of Claims Against Issuing Entity	46
	Section 6.13	Representations and Warranties of the Indenture Trustee	46
	Section 6.14	Communications Regarding Demands to Repurchase Receivables	47
	 	 	 
	 	ARTICLE VII	 
	 	 	 
	 	Noteholders’ Lists and Reports	 
	 	 	 
	Section 7.01	Issuing Entity to Furnish Indenture Trustee Names and Addresses of Noteholders	48
	Section 7.02	Preservation of Information; Communications to Noteholders; Noteholder Communications with Indenture Trustee; Communications between Noteholders	48
	Section 7.03	Reports by Issuing Entity	50
	Section 7.04	Reports by Indenture Trustee	50
	Section 7.05	Noteholder Demand for Asset Representations Review	51
	 	 	 
	 	ARTICLE VIII	 
	 	 	 
	 	Accounts, Disbursements and Releases	 
	 	 	 
	Section 8.01	Collection of Money	52
	Section 8.02	Trust Accounts	52
	Section 8.03	[Benchmark Determination	56
	Section 8.04	General Provisions Regarding Accounts	57
	Section 8.05	Release of Trust Estate [and Grantor Trust Collateral]	58
	Section 8.06	Opinion of Counsel	59
	 	 	 
	 	ARTICLE IX	 
	 	 	 
	 	Supplemental Indentures	 
	 	 	 
	Section 9.01	Supplemental Indentures Without Consent of Noteholders	59
	Section 9.02	Supplemental Indentures with Consent of Noteholders	61
	Section 9.03	Execution of Supplemental Indentures	63
	Section 9.04	Effect of Supplemental Indenture	63
	Section 9.05	Conformity with Trust Indenture Act	63
	Section 9.06	Reference in Notes to Supplemental Indentures	63

 

    iv

     

    

 

	 	ARTICLE X	 
	 	 	 
	 	Redemption of Notes	 
	 	 	 
	Section 10.01	Redemption	64
	Section 10.02	Form of Redemption Notice	64
	Section 10.03	Notes Payable on Redemption Date	64
	 	 	 
	 	ARTICLE XI	 
	 	 	 
	 	Miscellaneous	 
	 	 	 
	Section 11.01	Compliance Certificates and Opinions, etc.	65
	Section 11.02	Form of Documents Delivered to Indenture Trustee	67
	Section 11.03	Acts of Noteholders	68
	Section 11.04	Notices, etc., to Indenture Trustee, Issuing Entity[, the Grantor Trust] and Rating Agencies	68
	Section 11.05	Notices to Noteholders; Waiver	69
	Section 11.06	Alternate Payment and Notice Provisions	70
	Section 11.07	Conflict with Trust Indenture Act	70
	Section 11.08	Effect of Headings and Table of Contents	70
	Section 11.09	Successors and Assigns	70
	Section 11.10	Severability	71
	Section 11.11	Benefits of Indenture	71
	Section 11.12	Legal Holidays	71
	Section 11.13	GOVERNING LAW	71
	Section 11.14	Counterparts	71
	Section 11.15	Recording of Indenture	72
	Section 11.16	Trust Obligation	72
	Section 11.17	No Petition	73
	Section 11.18	Inspection	74
	Section 11.19	Waiver of Jury Trial	74
	 	 	 
	 	ARTICLE XII	 
	 	 	 
	 	COMPLIANCE WITH REGULATION AB	 
	 	 	 
	Section 12.01	Intent of the Parties; Reasonableness	74
	Section 12.02	Additional Representations and Warranties of the Indenture Trustee	75
	Section 12.03	Information to Be Provided by the Indenture Trustee	75
	Section 12.04	Regulation AB Reports by Indenture Trustee	76

 

    v

     

    

 

	SCHEDULE A	–	Schedule of Receivables

 

	EXHIBIT A-1	–	Form of Class A-1[a/b] Note
	EXHIBIT A-2	–	Form of Class A-2[a/b] Note
	EXHIBIT A-3	–	Form of Class A-3[a/b] Note
	EXHIBIT A-4	–	Form of Class A-4[a/b] Note
	[EXHIBIT A-5	–	Form of Class A-5[a/b] Note]
	EXHIBIT B	–	Form of Class B[a/b] Note
	[EXHIBIT C	–	Form of Class C[a/b] Note]
	[EXHIBIT D	–	Form of Class D[a/b] Note]
	[EXHIBIT E	–	Form of Class E[a/b] Note]
	[EXHIBIT F	–	Form of Class F[a/b] Note]
	EXHIBIT [G]	–	Servicing Criteria for Indenture Trustee’s Assessment of Compliance
	EXHIBIT [H]	–	Form of Indenture Trustee’s Annual Certification
	EXHIBIT [I]	–	Form of Transferor Certificate
	EXHIBIT [J]	–	Form of Investment Letter

 

    vi

     

    

 

THIS INDENTURE dated as of [    ],
20[    ] (as it may be amended and supplemented from time to time, this “Indenture”) is between WORLD OMNI [SELECT]
AUTO [RECEIVABLES] TRUST 20[    ]-[    ], a Delaware statutory trust (the “Issuing Entity”), [WORLD OMNI [SELECT] AUTO
[RECEIVABLES] GRANTOR TRUST 20[    ]-[    ], a Delaware statutory trust (the “Grantor Trust”)] and [    ],
a [    ], as trustee and not in its individual capacity (the “Indenture Trustee”).

 

Each party agrees as follows
for the benefit of the other party and for the equal and ratable benefit of the Holders of the Issuing Entity’s Class A-1[a/b]
[[    ]%][Benchmark plus [    ]%] Asset-Backed Notes (the “Class A-1 Notes”), Class A-2[a/b] [[    ]%][Benchmark plus
[    ]%] Asset-Backed Notes (the “Class A-2 Notes”), Class A-3[a/b] [[    ]%][Benchmark plus [    ]%] Asset-Backed
Notes (the “Class A-3 Notes”), Class A-4[a/b] [[    ]%][Benchmark plus [    ]%] Asset-Backed Notes (the “Class
A-4 Notes”), [Class A-5[a/b] [[    ]%][Benchmark plus [    ]%] Asset-Backed Notes (the “Class A-5 Notes”)][,]
[and] Class B[a/b] [[    ]%][Benchmark plus [    ]%] Asset-Backed Notes (the “Class B Notes”[ and, together with
the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes[,] [and] the Class A-4 Notes [and the Class A-5 Notes], the
 “Notes”]) [, and Class C[a/b] [[    ]%][Benchmark plus [    ]%] Asset-Backed Notes (the “Class C Notes”
and, together with the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes[, the Class A-5 Notes]
and the Class B Notes, the “Notes”)] [, and Class D[a/b] [[    ]%][Benchmark plus [    ]%] Asset-Backed Notes (the “Class D
Notes” and, together with the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes,
[the Class A-5 Notes,] the Class B Notes and the Class C Notes, the “Notes”)][,] [and] [Class E[a/b] [[    ]%][Benchmark
plus [    ]%] Asset-Backed Notes (the “Class E Notes” and, together with the Class A-1 Notes, the Class A-2
Notes, the Class A-3 Notes, the Class A-4 Notes, [the Class A-5 Notes,] the Class B Notes, the Class C Notes and the Class D Notes,
the “Notes”)] [and Class F[a/b] [[    ]%][Benchmark plus [    ]%] Asset-Backed Notes (the “Class F Notes”
and, together with the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, [the Class A-5 Notes,]
the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes, the “Notes”)]:

 

    1

     

    

 

GRANTING CLAUSE

 

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

 

[The Grantor Trust hereby Grants
to the Indenture Trustee at the Closing Date, as Indenture Trustee for the benefit of the Holders of the Notes [and the Swap Counterparty],
all of the Grantor Trust’s right, title and interest, whether now or hereafter acquired, and wherever located, in and to the Grantor
Trust Collateral.]

 

[The Grantor Trust hereby acknowledges
and agrees to the Issuing Entity’s Grant of a security interest in the Grantor Trust Certificate.]

 

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

 

The Indenture Trustee, as Indenture
Trustee on behalf of the Holders of the Notes, acknowledges such Grant, accepts the trusts under this Indenture in accordance with the
provisions of this Indenture and agrees to perform its duties required in this Indenture in accordance with the provisions of this Indenture.

 

    2

     

    

 

ARTICLE
I

 

Definitions and Incorporation by Reference

 

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

 

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

 

“indenture securities”
means the Notes.

 

“indenture security
holder” means a Noteholder.

 

“indenture to be qualified”
means this Indenture.

 

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

 

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

 

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

 

ARTICLE
II

 

The Notes

 

Section 2.01       
Form. The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes[, the Class A-5
Notes][,] [and] the Class B Notes[,] [and] [the Class C Notes][,] [and] [the Class D Notes][,] [and] [the Class E Notes] [and the Class
F Notes], in each case together with the Indenture Trustee’s certificate of authentication, shall be in substantially the form
set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3, Exhibit A-4[, Exhibit A-5,]
[and] Exhibit B [and Exhibit C][,] [and Exhibit D][,] [[and] Exhibit E] [and Exhibit F] to this Indenture,
respectively, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture,
and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently
herewith, be determined by the officers executing such Notes, as evidenced by their execution of the Notes. Any portion of the text of
any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note.

 

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

 

Each Note shall be dated the
date of its authentication. The terms of the Notes set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3,
Exhibit A-4[, Exhibit A-5,] [and] Exhibit B [and Exhibit C][,] [and Exhibit D] [and Exhibit
E] are part of the terms of this Indenture.

 

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

 

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

 

The Indenture Trustee shall
upon receipt of an Issuing Entity Order authenticate and deliver Class A-1 Notes for original issue in an aggregate principal amount
of $[    ], Class A-2 Notes for original issue in an aggregate principal amount of $[    ], Class A-3 Notes for original issue
in an aggregate principal amount of $[    ], Class A-4 Notes for original issue in an aggregate principal amount of $[    ], [Class A-5
Notes for original issue in an aggregate principal amount of $[___,] [and] Class B Notes for original issue in an aggregate principal
amount of $[    ][,] [and $[    ], Class C Notes for original issue in an aggregate principal amount of $[    ][,] [and $[    ], Class D
Notes for original issue in an aggregate principal amount of $[    ][,] [and $[    ], Class E Notes for original issue in an aggregate
principal amount of $[    ] [and $[    ], Class F Notes for original issue in an aggregate principal amount of $[    ]]. The aggregate
principal amount of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes[, Class A-5 Notes,] [and] Class B Notes[,]
[and Class C Notes][,] [and Class D Notes][,] [and Class E Notes] [and Class F Notes] outstanding at any time may not exceed such respective
amounts except as provided in Section 2.06.

 

Each Note shall be dated the
date of its authentication. The [Notes][Class [ ] Notes] shall be issuable as registered Notes in the minimum denomination of $[1,000]
and in integral multiples thereof[, and the Class [ ] Notes shall be issuable in the minimum denominations of $[250,000] and integral
multiples of $[1,000]; provided, that the minimum amounts of any Retained Notes shall be subject to the restrictions set
forth in Section 2.04.

 

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

 

    4

     

    

 

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

 

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

 

Section 2.04       
Transfer Restrictions on Notes.

 

(a)   As
of the date of this Indenture, the Retained Notes have not been registered under the Securities Act and will not be listed on any
exchange. Unless and until such Notes have been sold pursuant to a transaction registered under the Securities Act, no transfer of
such a Note shall be made unless such transfer is made pursuant to an effective registration statement under the Securities Act and
any applicable state securities laws or is exempt from the registration requirements under the Securities Act and such state
securities laws. Except in a transfer pursuant to Rule 144A or a transfer to the Depositor or by the Depositor to an Affiliate
thereof, in the event that a transfer is to be made in reliance upon an exemption from the Securities Act and state securities laws,
in order to assure compliance with the Securities Act and such laws, the Noteholder desiring to effect such transfer and such
Noteholder’s prospective transferee shall each certify to the Issuing Entity, the Indenture Trustee and WOAR in writing the
facts surrounding the transfer in substantially the forms set forth in Exhibit [I] (the “Transferor
Certificate”) and Exhibit [J] (the “Investment Letter”). Except in a transfer pursuant to Rule
144A or a transfer to the Depositor or by the Depositor to an Affiliate thereof, there shall also be delivered to the Issuing Entity
and the Indenture Trustee an Opinion of Counsel that such transfer may be made pursuant to an exemption from the Securities Act,
which Opinion of Counsel shall not be an expense of the Trust, the Owner Trustee or the Indenture Trustee (unless it is the
transferee from whom such opinion is to be obtained) or of WOAR or World Omni. WOAR shall provide to any Noteholder and any
prospective transferee designated by any such Noteholder information regarding the Retained Notes and the Receivables and such other
information as shall be necessary to satisfy the condition to eligibility set forth in Rule 144A(d)(4) for transfer of any such
Retained Notes without registration thereof under the Securities Act pursuant to the registration exemption provided by Rule 144A.
Each Noteholder desiring to effect such a transfer shall, and does hereby agree to, indemnify the Issuing Entity, the Owner Trustee,
the Indenture Trustee, WOAR and World Omni (in any capacity) against any liability that may result if the transfer is not so exempt
or is not made in accordance with federal and state securities laws.

 

    5

     

    

 

(b)  
(i) Sale, pledge or transfer of a Retained Note may not be made to a Plan, each purchaser, transferee and owner of a beneficial
interest in a Retained Note will be deemed to represent that it is not a Plan; (ii) sale, pledge or transfer of a Retained Note may only
be made to a Person who is a “United States person” (within the meaning of Section 7701(a)(30) of the Internal Revenue Code
of 1986, as amended (the “Code”)); and (iii) no sale, pledge, or transfer of a Retained Note shall be made (x) to any
one person in an amount less than $2,000,000 (or such other amount as the Depositor may determine in order to prevent the Issuing Entity
from being treated as a “publicly traded partnership” under Section 7704 of the Code), or (y) to a Special Pass-Through Entity,
in each case under this clause (iii), unless (A) an Opinion of Counsel satisfactory to the Indenture Trustee and the Depositor that such
sale, pledge, or transfer shall not cause the Issuing Entity to be treated as an association (or publicly traded partnership), in either
case, taxable as a corporation for U.S. federal income tax purposes [or cause the Issuing Entity to fail to qualify as a grantor trust
for U.S. federal income tax purposes] shall have been delivered to the Indenture Trustee and the Depositor and (B) the Depositor shall
have provided prior written approval; provided, however, that the restrictions in Section 2.04(b)(i) (as such restriction
relates to a Retained Note other than a Class E Note) and Sections 2.04(b)(ii) and (iii) above shall not continue to apply
to such Retained Notes (covered by the opinion described in this clause) in the event counsel satisfactory to the Indenture Trustee and
the Depositor has rendered an Opinion of Counsel, with respect to the sale, pledge or transfer by the Depositor or an Affiliate thereof,
to the effect that the Retained Notes to be sold, pledged, or transferred will be characterized as indebtedness for U.S. federal income
tax purposes [and will not cause the Issuing Entity to fail to qualify as a grantor trust for U.S. federal income tax purposes] (a “Debt
Opinion”). Any transferee, other than the Depositor or an Affiliate thereof, acquiring a Retained Note or an interest therein
shall be deemed to have made the representations set forth in Section 2.14 (as if Section 2.14(a) applied to the Retained Notes).
Any attempted sale, pledge or other transfer in contravention of this Section 2.04(b) will be void ab initio and the purported
transferor will continue to be treated as the owner of the Retained Note.

 

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

 

(c)  
[Reserved].

 

(d)  
By acquiring a Note (other than a Class [ ] Note), each initial purchaser, transferee and owner of a beneficial interest in such
Note will be deemed to represent that either (1) it is not acquiring such Note with the assets of any Plan or (2) the acquisition and
holding of such Note will not give rise to a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code
or a violation of Similar Law. Each Note (other than a Class [ ] Note) will bear a legend reflecting such deemed representation. By acquiring
a Class [ ] Note, each initial purchaser, transferee and owner of a beneficial interest in such Class [ ] Note will be deemed to represent
that it is not acquiring such Class [ ] Note with the assets of any Plan. Notwithstanding any provision herein, a Retained Note (other
than a Class [ ] Note) may be acquired with the assets of any Plan only if such Retained Note is the subject of a Debt Opinion.

 

    6

     

    

 

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

 

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

 

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

 

    7

     

    

 

(iii)           
[Reserved];

 

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

 

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

 

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

 

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

 

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

 

    8

     

    

 

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

 

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

 

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

 

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

 

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

 

The Indenture Trustee (in any
capacity) shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed
under this Indenture or under applicable law with respect to any transfer of any interest in any Note other than to require delivery of
such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the
terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

 

Neither the Indenture Trustee
(in any capacity) nor any agent of the Indenture Trustee shall have any responsibility for any actions taken or not taken by DTC.

 

    9

     

    

 

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

 

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

 

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

 

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

 

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

 

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Section 2.08       
Payment of Principal and Interest; Defaulted Interest.

 

(a)  
 The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes[, the Class A-5 Notes,] [and] the
Class B Notes[,] [and the Class C Notes][,] [and the Class D Notes][,] [and the Class E Notes] [and the Class F Notes] shall accrue interest
during the related Interest Accrual Period at the Class A-1 Interest Rate, the Class A-2 Interest Rate, the Class A-3 Interest
Rate, the Class A-4 Interest Rate[, the Class A-5 Interest Rate,] [and] the Class B Interest Rate[,] [and] [the Class C Interest Rate][,]
[and] [the Class D Interest Rate][,] [and] [the Class E Interest Rate] [and the Class F Interest Rate], respectively, and such interest
shall be payable on each Payment Date in accordance with the priorities set forth in Section 8.02(c) and (d), as applicable,
subject to Section 3.01. [The Class [ ] Notes will not bear an Interest Rate, and will not accrue interest during any Interest
Accrual Period, and therefore, no interest will be payable with respect to such Notes. Interest on the Class [    ] Notes will be calculated
on the basis of a [360-day year consisting of twelve 30-day months]. Interest on the Class [    ] Notes will be calculated on the basis
of [the actual number of days in the related Interest Accrual Period and a 360-day year]. The Issuing Entity will pay interest on each
[applicable] Class of Notes at the related Interest Rate on each Payment Date on the principal amount of the related Class of Notes outstanding
on the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), subject to certain
limitations contained in the last sentence of Section 3.01. [However, if any Class A-1 Notes remain outstanding after the
[ ] 20[ ] Payment Date, (a)(i) any accrued and unpaid interest on the Class A-1 Notes for the Interest Accrual Period with respect to
the Special Payment Date (including, without limitation, the amount of any Class A Noteholders’ Interest Distributable Amount due
and payable to the Holders of the Class A-1 Notes on the Special Payment Date), and (ii) any outstanding principal of the Class A-1 Notes,
will in each case be due and payable to the Holders of the Class A-1 Notes on the Special Payment Date, and (b) a special Record Date
of [ ] 20[ ] will apply for the Class A-1 Notes and the Special Payment Date. Any such amounts described in clause (a) in the immediately
preceding sentence will be payable from Available Funds for the regularly scheduled [ ] 20[ ] Payment Date.] Any installment of interest
or principal payable on a Note that is punctually paid or duly provided for by the Issuing Entity on the applicable Payment Date shall
be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record Date by check or wire transfer
to such Person’s address or designated account as it appears on the Note Register on such Record Date, except that, unless Definitive
Notes have been issued pursuant to Section 2.13, with respect to Notes registered on the Record Date in the name of the nominee
of the Clearing Agency (initially, such nominee to be Cede & Co.) or WOAR or any of its Affiliates, payment will be made by wire
transfer in immediately available funds to the account designated by such person or nominee and except for the final installment of principal
payable with respect to such Note on a Payment Date or on the applicable Final Scheduled Payment Date for such Class (and except for the
Redemption Price for any Note called for redemption pursuant to Section 10.01) which shall be payable as provided below. The
funds represented by any such checks returned undelivered shall be held in accordance with Section 3.03.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 2.14       
Tax Treatment.

 

(a)  
The Issuing Entity has entered into this Indenture, and the Notes will be issued, with the intention that, for U.S. federal, state
and local income and franchise tax purposes, the Notes (other than any Retained Notes) will be characterized as indebtedness. The Issuing
Entity, by entering into this Indenture, agrees to treat the Notes (other than Notes owned by an entity whose separate existence from
the Issuing Entity is disregarded for U.S. federal income tax purposes) for U.S. federal, state and local income and franchise tax purposes,
as indebtedness. Each Noteholder, by its acceptance of a Note, and each Note Owner, by its acceptance of an interest in the applicable
Book-Entry Note or Definitive Note, other than, in either case (and with respect solely to Notes owned by it), a Noteholder or Note Owner
that is an entity whose separate existence from the Issuing Entity is disregarded for U.S. federal income tax purposes, agrees to treat
the Notes for U.S. federal, state and local income and franchise tax purposes, as indebtedness.

 

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

 

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

 

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

 

ARTICLE
III

Covenants

 

Section 3.01       Payment
of Principal and Interest. The Issuing Entity will duly and punctually pay the principal of and interest, if any, on the Notes in
accordance with the terms of the Notes and this Indenture. Without limiting the foregoing, subject to and in accordance with Section 8.02(c),
the Issuing Entity will cause to be distributed all amounts on deposit in the Note Distribution Account and allocated for distribution
to the Noteholders on a Payment Date pursuant to the Sale and Servicing Agreement (i) for the benefit of the Class A-1 Notes,
to the Class A-1 Noteholders, (ii) for the benefit of the Class A-2 Notes, to the Class A-2 Noteholders, (iii) for
the benefit of the Class A-3 Notes, to the Class A-3 Noteholders, (iv) for the benefit of the Class A-4 Notes, to the Class A-4
Noteholders[, (v) for the benefit of the Class A-5 Notes, to the Class A-5 Noteholders,] [and] [(vi)] for the benefit of the
Class B Notes, to the Class B Noteholders[,] [and (vii) for the benefit of the Class C Notes, to the Class C Noteholders][,] [and] [(viii)
for the benefit of the Class D Notes, to the Class D Noteholders][,] [and] [(ix) for the benefit of the Class E Notes, to the Class E
Noteholders] [and (x) for the benefit of the Class F Notes, to the Class F Noteholders]. Amounts properly withheld under the Code by
any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Issuing Entity
to such Noteholder for all purposes of this Indenture.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(iii)         enforce
any of the Collateral; or

 

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

 

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

 

Section 3.06       
Opinions as to Trust Estate.

 

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

 

(b)    On or before April 30, in each calendar year, beginning in 20[    ], the Issuing Entity shall furnish to the Indenture Trustee an
Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing,
re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect
to the execution and filing of any financing statements and continuation statements as is necessary to maintain the lien and security
interest created by this Indenture and reciting the details of such action, or stating that in the opinion of such counsel no such action
is necessary to maintain such lien and security interest. Such Opinion of Counsel shall also describe the recording, filing, re-recording
and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any
financing statements and continuation statements that will, in the opinion of such counsel, be required to maintain the lien and security
interest of this Indenture until April 30 in the following calendar year.

 

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Section 3.07       
Performance of Obligations; Servicing of Receivables.

 

(a)    [Neither the][The] Issuing Entity [nor the Grantor Trust] shall [not] take any action and will use its best efforts not to permit
any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under
any instrument or agreement included in the Trust Estate or that would result in the amendment, hypothecation, subordination, termination
or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in this Indenture,
the Sale and Servicing Agreement or such other instrument or agreement.

 

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

 

(c)     The Issuing Entity [and the Grantor Trust] will punctually perform and observe all of [its][their] obligations and agreements contained
in this Indenture, the Basic Documents and in the instruments and agreements included in the Trust Estate [and the Grantor Trust Collateral],
including but not limited to filing or causing to be filed all UCC financing statements and continuation statements required to be filed
by the terms of this Indenture and the Sale and Servicing Agreement in accordance with and within the time periods provided for herein
and therein. Except as otherwise expressly provided therein, [neither] the Issuing Entity [nor the Grantor Trust] shall [not] waive, amend,
modify, supplement or terminate any Basic Document or any provision thereof without the consent of the Indenture Trustee or the Holders
of at least a majority of the Outstanding Amount of the Controlling Securities.

 

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

 

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

 

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

 

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

 

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Section 3.08       
Negative Covenants. So long as any Notes are Outstanding, [neither] the Issuing Entity [nor the Grantor Trust] shall [not]:

 

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

 

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

 

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

 

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Section
3.09        Annual
Statement as to Compliance. The Issuing Entity will deliver to the Indenture Trustee, [with a copy to the Swap Counterparty,]
within 120 days after the end of each fiscal year of the Issuing Entity (commencing with the fiscal year 20[    ]), an
Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(a)  
Upon a conveyance or transfer of all the assets and properties of the Issuing Entity pursuant to Section 3.10(b), World
Omni [Select] Auto [Receivables] Trust 20[    ]-[    ] will be released from every covenant and agreement of this Indenture to be observed
or performed on the part of the Issuing Entity with respect to the Notes immediately upon the delivery of written notice to the Indenture
Trustee stating that World Omni [Select] Auto [Receivables] Trust 20[    ]-[    ] is to be so released.

 

Section 3.12       
No Other Business. The Issuing Entity shall not engage in any business other than financing, purchasing, owning, selling
and managing the Receivables [and contributing or otherwise transferring Receivables to the Grantor Trust, in each case,] in the manner
contemplated by this Indenture and the Basic Documents and activities incidental thereto. After [the end of the [Funding Period][Revolving
Period]][the Closing Date], the Issuing Entity shall not fund the purchase of any new Contracts.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE
IV

Satisfaction and Discharge

 

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

 

(A) either:

 

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

 

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

 

(I)               have become due and payable, or

 

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

 

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

 

(B) 
the Issuing Entity has paid or caused to be paid all other sums payable by the Issuing Entity hereunder [or under the Interest
Rate Swaps] [or under the Interest Rate Caps]; and

 

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

 

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

 

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

 

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ARTICLE
V

Remedies

 

Section 5.01       
Events of Default.

 

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

 

(i)           default
in the payment of any interest on any Note of the Controlling Securities when the same becomes due and payable, and such default shall
continue for a period of five Business Days; or

 

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

 

(iii)          material default in the observance or performance of any covenant or agreement of the Issuing Entity made in this Indenture (other
than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with),
or any representation or warranty of the Issuing Entity made in this Indenture or in any certificate or other writing delivered pursuant
hereto or in connection herewith proving to have been incorrect in any material respect as of the time when the same shall have been made,
and such default shall continue or not be cured, or the circumstance or condition in respect of which such misrepresentation or warranty
was incorrect shall not have been eliminated or otherwise cured, for a period of 90 days after there shall have been given, by registered
or certified mail, to the Issuing Entity by the Indenture Trustee or to the Issuing Entity and the Indenture Trustee by the Holders of
at least 25% of the Outstanding Amount of the Controlling Securities, a written notice specifying such default or incorrect representation
or warranty and requiring it to be remedied and stating that such notice is a notice of Default hereunder; or

 

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

 

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

 

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

 

(c)  
Notwithstanding the foregoing, (i) if any delay in or failure of performance referred to in clauses (a)(i) above shall have
been caused by Force Majeure, the five Business Day grace period referred to in such clause (a)(i) shall be extended for an additional
30 days, (ii) if any delay in or failure of performance referred to under clause (a)(ii) above shall have been caused by Force
Majeure, such failure or delay referred to in such clause (a)(ii) shall not constitute an Event of Default for an additional 30
days and (iii) if any delay in or failure of performance referred to in clause (a)(iii) shall have been caused by Force Majeure,
the 90 day grace period referred to in such clause (a)(iii) shall be extended for an additional 30 days. Upon the occurrence of
any such event, each of the Issuing Entity and the Indenture Trustee, as applicable, shall not be relieved from using its best efforts
to perform its obligations in a timely manner in accordance with the terms of this Indenture and the Issuing Entity or the Indenture Trustee,
as applicable, shall provide the Indenture Trustee (if such delay or failure is a result of a delay or failure by the Issuing Entity),
the Owner Trustee, the Noteholders and the Certificateholders prompt notice of such failure or delay by it, together with a description
of its efforts to so perform its obligations.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 5.04       
Remedies; Priorities.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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Section 5.16       
Performance and Enforcement of Certain Obligations.

 

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

 

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

 

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

 

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ARTICLE
VI

The Indenture Trustee

 

Section 6.01       
Duties of Indenture Trustee.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(iii)          
the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with
a direction received from a majority of the Outstanding Amount of the Controlling Securities in accordance with the terms of this Indenture.

 

(d)  
Every provision of this Indenture that in any way relates to the Indenture Trustee is subject to this Article VI.

 

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

 

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

 

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

 

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

 

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

 

(j)    
The Indenture Trustee shall not be charged with knowledge of any Default, Event of Default or breach of representation or warranty,
or be required to act thereon, unless either (1) a Responsible Officer shall have actual knowledge of such Default, Event of Default or
breach of representation or warranty or (2) written notice of such Default, Event of Default or breach of representation or warranty shall
have been given to such Indenture Trustee in accordance with the provisions of this Indenture. Except as expressly set forth in the Basic
Documents, the Indenture Trustee shall have no obligation to take any action to determine whether any such default or event has occurred.
For the avoidance of doubt, receipt by the Indenture Trustee of a Review Report shall not constitute actual knowledge of any breach of
representation or warranty.

 

Section 6.02       
Rights of Indenture Trustee.

 

(a)   The
Indenture Trustee, in the absence of bad faith, may conclusively rely on, and need not investigate any fact or matter stated in, any
document (including any such document delivered in electronic format) reasonably believed by it to be genuine and to have been
signed or presented by the proper person. Except as expressly stated herein or in the other Basic Documents, the Indenture Trustee
need not investigate or re-calculate, evaluate, certify, verify or independently determine the accuracy of any information, report,
certificate, statement, representation or warranty or any fact or matter stated in any such document and may conclusively rely as to
the truth of the statements and the accuracy of the information therein.

 

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

 

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

 

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

 

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

 

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

 

(g)   The
Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested
in writing to do so by the Holders of Notes representing at least 25% of the Controlling Securities; provided that if the payment
within a reasonable time to the Indenture Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of
such investigation is, in the opinion of the Indenture Trustee, not reasonably assured to the Indenture Trustee by the security
afforded to it by the terms of this Indenture, the Indenture Trustee may require indemnity satisfactory to the Indenture Trustee in
its reasonable judgment against such cost, expense or liability as a condition to taking any such action. In no event shall the
Indenture Trustee have any responsibility to monitor World Omni’s compliance with or be charged with knowledge of the
requirements of Regulation RR or the Credit Risk Retention Rules, the Securitisation Rules or the Securitisation Regulations, 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.

 

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

 

(i)    
The rights, privileges, protections, immunities and benefits given to the Indenture Trustee, including, without limitation, its
right to be indemnified, are extended to, and shall be enforceable by, the Indenture Trustee in each of its capacities hereunder, and
each agent, custodian and other Person employed to act hereunder and in each document to which it is a party.

 

(j)    
In no event shall the Indenture Trustee be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work
stoppages, acts of war or terrorism, civil or military disturbances, epidemics or pandemics, nuclear or natural catastrophes or acts of
God, and interruptions, loss or malfunctions of utilities, communications or computer systems and services; it being understood that the
Indenture Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance
as soon as practicable under the circumstances.

 

(k)  
In no event shall the Trustee be personally liable (i) for special, consequential, indirect or punitive damages (including lost
profits), (ii) for the acts or omissions of its nominees, correspondents, clearing agencies or securities depositories and (iii) for the
acts or omissions of brokers or dealers.

 

(l)    
In no event shall the Indenture Trustee be liable for the failure to perform its duties hereunder if such failure is a direct or
proximate result of another party’s failure to perform its obligations hereunder.

 

(m) In order to comply with
Applicable Anti-Money Laundering Law, the Indenture Trustee is required to obtain, verify and record certain information relating to individuals
and entities which maintain a business relationship with the Indenture Trustee. Accordingly, each of the parties agree to provide the
Indenture Trustee upon its reasonable request from time to time such identifying information and documentation as may be reasonably available
for such party in order to enable the Indenture Trustee to comply with such Applicable Anti-Money Laundering Law.

 

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(n)   Each
Holder, by its acceptance of a Note hereunder, represents that it has, independently and without reliance upon the Indenture 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 Notes. Each Holder also represents that it will, independently and without reliance upon the Indenture 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 Indenture or any other document and in connection with the Notes. Except for
notices, reports and other documents expressly required to be furnished to the Holders by the Indenture Trustee hereunder, the
Indenture Trustee shall not have any duty or responsibility to provide any Holder with any other information concerning the Issuing
Entity, the Servicer or any other parties to any related documents which may come into the possession of the Indenture Trustee or
any of its officers, directors, employees, agents, representatives or attorneys-in-fact.

 

(o)  
The Indenture Trustee may, from time to time, reasonably request that the Issuing Entity, the Administrator, the Servicer and any
other applicable party deliver a certificate (upon which the Indenture Trustee may conclusively rely) setting forth the names of individuals
and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture or any related document together
with a specimen signature of such authorized officers and the Indenture Trustee shall be entitled to conclusively rely on the then current
certificate until receipt of a superseding certificate.

 

(p)  
 The Indenture Trustee shall not be required to take any action it is directed to take under this Indenture if the Indenture Trustee
reasonably determines in good faith that the action so directed would involve the Indenture Trustee in personal liability, would violate
the rights of the non-directing Noteholders, or is contrary to applicable law or inconsistent with this Indenture or other Basic Documents.

 

(q)  
The Indenture Trustee shall not be liable for any action or inaction of the Issuing Entity, Servicer, Depositor, or any other party
(or agent thereof) to this Indenture or any related document and may assume compliance by such parties with their obligations under this
Indenture or any related agreements, unless a Responsible Officer of the Indenture Trustee shall have actual knowledge or received written
notice to the contrary at the Corporate Trust Office of the Indenture Trustee.

 

(r)   
Knowledge of the Indenture Trustee shall not be attributed or imputed to [  ]’s other roles in the transaction and knowledge
of any Paying Agent, Note Registrar, Securities Intermediary, Certificate Registrar shall not be attributed or imputed to each other or
to the Indenture Trustee (in either case, other than those where the roles are performed by the same group or division within [   ] or otherwise
share the same Responsible Officers), or any affiliate, line of business, or other division of [   ] (and vice versa).

 

Section 6.03       
Individual Rights of Indenture Trustee. The Indenture Trustee in its individual or any other capacity may become the owner
or pledgee of Notes and may otherwise deal with the Issuing Entity or its Affiliates with the same rights it would have if it were not
Indenture Trustee. Any Paying Agent, Note Registrar, co-registrar or co-paying agent may do the same with like rights. However,
the Indenture Trustee must comply with Sections 6.11 and 6.12.

 

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Section 6.04       
Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be responsible for and makes no representation as
to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Issuing Entity’s use of the proceeds
from the Notes, and it shall not be responsible for any statement of the Issuing Entity in the Indenture or in any document issued in
connection with the sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of authentication.

 

Section 6.05       
Notice of Defaults. If a Default occurs and is continuing and if it is actually known to a Responsible Officer of the Indenture
Trustee, the Indenture Trustee shall transmit to each Noteholder [and the Swap Counterparty] notice of the Default within 90 days after
it obtains such actual knowledge. Except in the case of a Default in payment of principal of or interest on any Note (including payments
pursuant to the mandatory redemption provisions of such Note), the Indenture Trustee may withhold the notice if and so long as a committee
of its Responsible Officers in good faith determines that withholding the notice is in the interests of Noteholders.

 

Section 6.06       
Reports by Indenture Trustee. The Indenture Trustee shall make available to each Noteholder such information as may be required
to enable such holder to prepare its federal and state income tax returns. On or before each Payment Date, the Indenture Trustee will
post a copy of the statement or statements provided to the Indenture Trustee by the Servicer pursuant to Section 5.08 of the
Sale and Servicing Agreement with respect to the applicable Payment Date on its internet website promptly following its receipt thereof,
for the benefit of the Noteholders. The Indenture Trustee’s internet website shall initially be located at [    ]. Assistance in
using the website can be obtained by calling the Indenture Trustee’s customer service desk at [    ]. The Indenture Trustee may change
the way the statements and information are posted or distributed in order to make such distribution more convenient and/or accessible
for such Noteholders, and the Indenture Trustee shall provide on the website timely and adequate notification to all parties regarding
any such change.

 

Section
6.07        Compensation
and Indemnity. The Issuing Entity shall, or shall cause the Administrator to, pursuant to the Administration Agreement, pay to
the Indenture Trustee from time to time reasonable compensation for its services as agreed in writing. The Indenture Trustee’s
compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuing Entity shall, or shall
cause the Administrator to, reimburse the Indenture Trustee for all reasonable and documented out-of-pocket expenses
incurred or made by it in connection with the administration of this Indenture and performance of its duties hereunder, including
costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable and documented
compensation and expenses, disbursements and advances of the Indenture Trustee’s agents, counsel, accountants and experts; provided, that,
reimbursement for expenses and disbursements of any legal counsel to the Indenture Trustee, in connection with the closing of the
transactions described in the Basic Documents, shall be subject to any limitations separately agreed upon before the Closing Date
between the Administrator and the Indenture Trustee. The Issuing Entity shall, or shall cause the Administrator to, pursuant to the
Administration Agreement, indemnify the Indenture Trustee against any and all loss, liability, claim, damage or expense (including
reasonable and documented legal fees and expenses and including, without limitation, any legal fees, costs and expenses incurred in
connection with any enforcement (including any action, claim or suit brought) by the Indenture Trustee of any indemnification or
other obligation of the Issuing Entity or the Administrator) incurred by it in connection with the administration of this Indenture
and the performance of its duties hereunder. The Indenture Trustee shall notify the Issuing Entity and the Administrator promptly of
any claim of which the Indenture Trustee has received written notice for which it may seek indemnity. Failure by the Indenture
Trustee to so notify the Issuing Entity and the Administrator shall not relieve the Issuing Entity or the Administrator of its
obligations hereunder. The Issuing Entity shall, or shall cause the Administrator to, defend any such claim, and the Indenture
Trustee may have separate counsel and the Issuing Entity shall, or shall cause the Administrator to, pay the fees and expenses of
such counsel. Neither the Issuing Entity nor the Administrator need reimburse any expense or indemnify against any loss, liability
or expense incurred by the Indenture Trustee through the Indenture Trustee’s own willful misconduct, negligence or bad
faith.

 

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The Issuing Entity’s payment
obligations to the Indenture Trustee pursuant to this Section shall survive the resignation or removal of the Indenture Trustee and
the discharge of this Indenture. When the Indenture Trustee incurs expenses after the occurrence of a Default specified in Section 5.01(a)(iv)
or (v) with respect to the Issuing Entity [or the Grantor Trust], the expenses are intended to constitute expenses of administration
under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or similar law.

 

Section 6.08       
Replacement of Indenture Trustee. No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture
Trustee shall become effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.08.
The Indenture Trustee may resign at any time with thirty days’ prior written notice by so notifying the Issuing Entity[, the Grantor
Trust] [and the Swap Counterparty]. The Indenture Trustee shall resign following the occurrence of an Event of Default if required by
Section 310 of the TIA. The Holders of at least a majority of the Outstanding Amount of the Controlling Securities may remove the
Indenture Trustee by providing 30 days’ prior written notice to the Indenture Trustee and the Depositor and may appoint a successor
Indenture Trustee. The Issuing Entity shall remove the Indenture Trustee if:

 

(i)                          the Indenture Trustee fails to comply with Section 6.11;

 

(ii)                        
the Indenture Trustee is adjudged bankrupt or insolvent;

 

(iii)                       
a receiver or other public officer takes charge of the Indenture Trustee or its property; or

 

(iv)                       
the Indenture Trustee otherwise becomes incapable of acting as such under the Basic Documents or if acting would result in a violation
of applicable law (including, without limitation, ERISA).

 

If the Indenture Trustee resigns or is removed
or if a vacancy exists in the office of Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein
as the retiring Indenture Trustee), the Issuing Entity shall promptly appoint a successor Indenture Trustee and notify the Depositor of
such appointment.

 

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A successor Indenture Trustee
shall deliver a written acceptance of its appointment to the retiring Indenture Trustee, the Issuing Entity[,] [and] the Depositor [and
the Swap Counterparty]. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor
Indenture Trustee shall have all the rights, powers and duties of the Indenture Trustee under this Indenture. The successor Indenture
Trustee shall mail a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property held
by it as Indenture Trustee to the successor Indenture Trustee.

 

If a successor Indenture Trustee
does not take office within 60 days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuing
Entity or the Holders of at least a majority of the Outstanding Amount of the Controlling Securities may, at the expense of the Issuing
Entity, petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee.

 

If the Indenture Trustee fails
to comply with Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture
Trustee and the appointment of a successor Indenture Trustee.

 

Notwithstanding the replacement
of the Indenture Trustee pursuant to this Section, the Issuing Entity’s and the Administrator’s obligations under Section 6.07
shall continue for the benefit of the retiring Indenture Trustee.

 

Section 6.09       
Successor Indenture Trustee by Merger. If the Indenture Trustee consolidates with, merges or converts into, or transfers
all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving
or transferee corporation without any further act shall be the successor Indenture Trustee; provided, that such corporation
or banking association shall be otherwise qualified and eligible under Section 6.11. The Indenture Trustee shall provide the
Depositor (who shall promptly provide such notice to the Rating Agencies) prior written notice of any such transaction (and, if such Indenture
Trustee shall be a public company, no later than at such time as the Indenture Trustee is required to make such information public).

 

In case at the time such successor
or successors by merger, conversion or consolidation to the Indenture Trustee shall succeed to the trusts created by this Indenture any
of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of
authentication of any predecessor trustee and deliver such Notes so authenticated; and in case at that time any of the Notes shall not
have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder
or in the name of the successor to the Indenture Trustee; and in all such cases such certificates shall have the full force which it is
anywhere in the Notes or in this Indenture provided that the certificate of the Indenture Trustee shall have.

 

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Section 6.10       
Appointment of Co-Indenture Trustee or Separate Indenture Trustee.

 

(a)  
Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction
in which any part of the Trust Estate may at the time be located, the Indenture Trustee shall have the power and may execute and deliver
all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees,
of all or any part of the Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders,
such title to the Trust Estate, or any part hereof, and, subject to the other provisions of this Section, such powers, duties, obligations,
rights and trusts as the Indenture Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required
to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice to Noteholders of the appointment
of any co-trustee or separate trustee shall be required under Section 6.08 hereof.

 

(b)  
Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions
and conditions:

 

(i)           
all rights, powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and
exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such separate
trustee or co-trustee is not authorized to act separately without the Indenture Trustee joining in such act), except to the extent
that under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee shall be incompetent
or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title
to the Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee
or co-trustee, but solely at the direction of the Indenture Trustee;

 

(ii)           
no trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder; and

 

(iii)          
the Indenture Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee.

 

(c)  
Any notice, request or other writing given to the Indenture Trustee shall be deemed to have been given to each of the then separate
trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall
refer to this Indenture and the conditions of this Article VI. Each separate trustee and co-trustee, upon its acceptance of
the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the
Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including every
provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee.
Every such instrument shall be filed with the Indenture Trustee.

 

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(d)  
 Any separate trustee or co-trustee may at any time constitute the Indenture Trustee, its agent or attorney-in-fact with full
power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and
in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties,
rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment
of a new or successor trustee.

 

Section 6.11       
Eligibility; Disqualification. The Indenture Trustee shall at all times satisfy the requirements of TIA § 310(a).
The Indenture Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual
report of condition, and the time deposits of the Indenture Trustee shall be rated at least [    ] by [    ] and[    ] by [    ]. The Indenture
Trustee shall comply with TIA § 310(b), including the optional provision permitted by the second sentence of TIA § 310(b)(9);
provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures
under which other securities of the Issuing Entity are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1)
are met. Notwithstanding any other provision herein or any other Basic Document to the contrary, the Indenture Trustee shall be disqualified,
at any time, if acting as such under the Basic Documents would result in a violation of applicable law (including, without limitation,
ERISA).

 

Section 6.12       
Preferential Collection of Claims Against Issuing Entity. The Indenture Trustee shall comply with TIA § 311(a),
excluding any creditor relationship listed in TIA § 311(b). An Indenture Trustee who has resigned or been removed shall be subject
to TIA § 311(a) to the extent indicated.

 

Section 6.13       
Representations and Warranties of the Indenture Trustee. The Indenture Trustee hereby makes the following representations
and warranties on which the Issuing Entity[, the Grantor Trust] and Noteholders shall rely:

 

(a)  
the Indenture Trustee is a [    ] duly organized, validly existing [and in good standing] under the laws of the jurisdiction of
its formation;

 

(b)  
the Indenture Trustee has full power, authority and legal right to execute, deliver, and perform this Indenture and shall have
taken all necessary action to authorize the execution, delivery and performance by it of this Indenture;

 

(c)   the
execution, delivery and performance by the Indenture Trustee of this Indenture (i) shall not violate any provision of any law or
regulation governing the banking and trust powers of the Indenture Trustee or any order, writ, judgment or decree of any court,
arbitrator, or governmental authority applicable to the Indenture Trustee or any of its assets, (ii) shall not violate any provision
of the corporate charter or by-laws of the Indenture Trustee and (iii) shall not violate any provision of, or constitute, with or
without notice or lapse of time, a default under, or result in the creation or imposition of any lien on any properties included in
the Trust Estate pursuant to the provisions of any mortgage, indenture, contract, agreement or other undertaking to which it is a
party, which violation, default or lien could reasonably be expected to have a materially adverse effect on the Indenture
Trustee’s performance or ability to perform its duties under this Indenture or on the transactions contemplated in this
Indenture;

 

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(d)  
no consent, license, approval or authorization of, or filing or registration with, any governmental authority, bureau or agency
is required to be obtained that has not been obtained by the Indenture Trustee in connection with the execution, delivery or performance
by the Indenture Trustee of the Basic Documents; and

 

(e)  
this Indenture has been duly executed and delivered by the Indenture Trustee and constitutes the legal, valid and binding agreement
of the Indenture Trustee, enforceable in accordance with its terms.

 

Section
6.14        Communications
Regarding Demands to Repurchase Receivables. The Indenture Trustee shall provide prompt notice to World Omni and the Depositor
of all demands received by a Responsible Officer of the Indenture Trustee for the repurchase or replacement of any Receivable for
breach of the representations and warranties concerning such Receivable. The Indenture Trustee shall, upon written request and at
the sole cost and expense of either World Omni or the Depositor, provide (x) notification to World Omni and the Depositor with
respect to any actions taken by the Indenture Trustee or determinations made by the Indenture Trustee, in each case with respect to
any such demand communicated to the Indenture Trustee in respect of any Receivables, and (y) any other records or information
related to such demand reasonably requested by World Omni or the Depositor, as applicable, that is in the Indenture Trustee’s
possession and reasonably accessible to it, such notifications to be provided by the Indenture Trustee as soon as practicable and in
any event within five (5) Business Days of such request or such other time frame as may be mutually agreed to by the Indenture
Trustee and World Omni or the Depositor, as applicable. Such notices shall be provided to World Omni and the Depositor at: (a) in
the case of World Omni, World Omni Financial Corp., 250 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: [    ],
Attention: [    ], and (b) in the case of the Depositor, to World Omni Auto Receivables LLC, 250 Jim Moran Boulevard, Deerfield
Beach, Florida 33442, Telecopy: [    ], Attention: [    ], or at such other address or by such other means of communication as may be
specified by World Omni or the Depositor to the Indenture Trustee from time to time. The Indenture Trustee and the Issuing Entity
acknowledge and agree that the purpose of this Section 6.14 is to facilitate compliance by World Omni and the Depositor with
Rule 15Ga-1 under the Exchange Act, as amended, and Items 1104(e) and 1121(c) of Regulation AB (the “Repurchase Rules and
Regulations”). The Indenture Trustee acknowledges that interpretations of the requirements of the Repurchase Rules and
Regulations may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among
participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with reasonable requests
made by World Omni and the Depositor in good faith for delivery of information accessible by the Indenture Trustee under these
provisions on the basis of evolving interpretations of the Repurchase Rules and Regulations. The Indenture Trustee shall cooperate
fully with World Omni and the Depositor to deliver any and all records and any other information reasonably available to it and
necessary in the good faith determination of World Omni and the Depositor to permit them to comply with the provisions of Repurchase
Rules and Regulations. In no event shall the Indenture Trustee have any responsibility or liability in connection with any filing
required to be made by a securitizer under the Exchange Act or Regulation AB, and except as required by the express terms of the
other Basic Documents, nor shall the Indenture Trustee have any duty or obligation to undertake any investigation or inquiry related
to repurchase activity or otherwise to assume any additional duties or responsibilities in respect of this Indenture.

 

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ARTICLE
VII

Noteholders’ Lists and Reports

 

Section 7.01       
Issuing Entity to Furnish Indenture Trustee Names and Addresses of Noteholders. The Issuing Entity will furnish or cause
to be furnished to the Indenture Trustee (a) not more than five days after the earlier of (i) each Record Date and (ii) three
months after the last Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of
the Holders of Notes as of such Record Date, and (b) at such other times as the Indenture Trustee may request in writing, within
30 days after receipt by the Issuing Entity of any such request, a list of similar form and content as of a date not more than 10 days
prior to the time such list is furnished; provided, however, that so long as the Indenture Trustee is the Note Registrar,
no such lists shall be required to be furnished.

 

Section 7.02       
Preservation of Information; Communications to Noteholders; Noteholder Communications with Indenture Trustee; Communications
between Noteholders.

 

(a)  
The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders
of Notes contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.01 and the names and
addresses of Holders of Notes received by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy any
list furnished to it as provided in such Section 7.01 upon receipt of a new list so furnished.

 

(b)  
Noteholders may communicate pursuant to TIA § 312(b) with other Noteholders with respect to their rights under this Indenture
or under the Notes.

 

(c)  
The Issuing Entity, the Indenture Trustee and the Note Registrar shall have the protection of TIA § 312(c).

 

(d)   Noteholder
Communications with Indenture Trustee. A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the
Notes are represented by Book-Entry Notes) may communicate with the Indenture Trustee and give notices and make requests and demands
and give directions to the Indenture Trustee through the procedures of the Clearing Agency and by notice to the Indenture Trustee.
Any Note Owner must provide a written certification stating that the Person is a beneficial owner of a Note, together with at least
one form of documentation such as a trade confirmation, an account statement, a letter from a broker or dealer verifying ownership
or another similar document evidencing ownership of a Note, upon which the Indenture Trustee may conclusively rely. The Indenture
Trustee will not be required to take action in response to requests, demands or directions of a Noteholder or a Note Owner, unless
such Noteholder or Note Owner shall have offered to the Indenture Trustee security or indemnity reasonably satisfactory to it
against the reasonable costs, expenses, disbursements, advances and liabilities which might be incurred by it, its agents and its
counsel in compliance with such request, demand or direction, except with respect to requests, demands or directions relating to
communications between Noteholders or Note Owners under Section 7.02(e) or an asset representations review demand under Section
7.05, in which case any such costs, expenses, disbursements, advances and liabilities which might be incurred by the Indenture
Trustee, its agents and its counsel in compliance with such request or direction shall be subject to the Issuing Entity and
Administrator’s compensation and indemnification obligations pursuant to Section 6.07. The Indenture Trustee shall provide the
Seller, the Servicer and the Issuing Entity with notice, as soon as practicable and in any event within five (5) Business Days, of
receipt of any requests by any Noteholder or Note Owner to communicate with other Noteholders or Note Owners pursuant to Section
7.02(e) or any requests to repurchase a Receivable as the result of a breach of a representation or warranty pursuant to the
Sale and Servicing Agreement.

 

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(e)   Communications
between Noteholders. A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are
represented by Book-Entry Notes) that seeks to communicate with other Noteholders or Note Owners, as applicable, about a possible
exercise of rights under this Indenture or the other Basic Documents may send a written request to the Administrator on behalf of
the Issuing Entity or the Servicer to include information regarding the communication in a Form 10-D to be filed by the Servicer, on
behalf of the Issuing Entity, with the Commission. Each request must include (i) the name of the requesting Noteholder (in the case
of any Definitive Note) or Note Owner (in the case of any Book-Entry Note), (ii) the method by which other Noteholders and Note
Owners may contact the requesting Noteholder or Note Owner and (iii) in the case of a Note Owner, a written certification stating
that the Person is a beneficial owner of a Note, together with at least one form of documentation such as a trade confirmation, an
account statement, a letter from a broker or dealer verifying ownership or another similar document evidencing ownership of a Note,
upon which the Indenture Trustee may conclusively rely. A Noteholder or Note Owner that delivers a request under this Section
7.02(e) will be deemed to have certified to the Issuing Entity and the Servicer that its request to communicate with other
Noteholders or Note Owners relates solely to a possible exercise of rights under this Indenture or the other Basic Documents, and
will not be used for other purposes. The Issuing Entity will promptly deliver any such request to the Servicer. On receipt of such a
request, the Servicer will include in the Form 10-D filed by the Issuing Entity with the Commission for the Collection Period in
which the request was received (A) a statement that the Issuing Entity has received a request from a Noteholder or Note Owner, as
applicable, that is interested in communicating with other Noteholders or Note Owners about a possible exercise of rights under this
Indenture or the other Basic Documents, (B) the name of the requesting Noteholder or Note Owner, (C) the date the request was
received and (D) a description of the method by which the other Noteholders or Note Owners may contact the requesting Noteholder or
Note Owner. The Servicer will bear any costs associated with including any such communication in the Form 10-D and each Noteholder
or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, shall be required to
agree that such requesting Noteholder or Note Owner will pay any costs associated with communicating with other Noteholders or Note
Owners, and none of the Seller, the Asset Representations Reviewer, the Servicer, the Depositor, the Issuing Entity, the
Administrator, the Indenture Trustee or the Owner Trustee will be responsible for such costs (for the avoidance of doubt, this
sentence shall not limit the Issuing Entity or Administrator’s obligations to the Indenture Trustee pursuant to Sections
6.02(f) or 7.02(d)).

 

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Section 7.03       
Reports by Issuing Entity.

 

(a)  
The Issuing Entity shall:

 

(i)           
file with the Indenture Trustee, within 15 days after the Issuing Entity is required to file the same with the Commission, copies
of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission
may from time to time by rules and regulations prescribe) that the Issuing Entity may be required to file with the Commission pursuant
to Section 13 or 15(d) of the Exchange Act;

 

(ii)           
file with the Indenture Trustee and the Commission in accordance with rules and regulations prescribed from time to time by the
Commission such additional information, documents and reports with respect to compliance by the Issuing Entity with the conditions and
covenants of this Indenture as may be required from time to time by such rules and regulations;

 

(iii)           
supply to the Indenture Trustee (and the Indenture Trustee shall transmit to The Depository Trust Company, on behalf of the Noteholders
as described in TIA § 313(c)) such summaries of any information, documents and reports required to be filed by the Issuing Entity
pursuant to clauses (i) and (ii) of this Section 7.03(a) and by rules and regulations prescribed from time
to time by the Commission; and

 

(iv)           
delivery of such reports, information and documents to the Indenture Trustee is for informational purposes only and the Indenture
Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information
contained therein, including the Issuing Entity’s compliance with any of its covenants hereunder (as to which the Indenture Trustee
is entitled to rely exclusively on Officers’ Certificates).

 

(b)  
Unless the Issuing Entity otherwise determines, the fiscal year of the Issuing Entity shall end on December 31 of each year.

 

Section 7.04       
Reports by Indenture Trustee. If required by TIA § 313(a), within 60 days after each February 1, beginning
with February 1, 20[    ], the Indenture Trustee shall make available to each Noteholder as required by TIA § 313(c) [and to
the Swap Counterparty] a brief report dated as of such date that complies with TIA § 313(a). The Indenture Trustee also shall
comply with TIA § 313(b). As required by TIA § 313(d), a copy of each report at the time of its transmission to Noteholders
shall be filed by the Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. The Issuing
Entity shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange or delisted therefrom.

 

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Section 7.05       
Noteholder Demand for Asset Representations Review.

 

(a)  
 If the Delinquency Percentage for any Payment Date exceeds the Delinquency Trigger, a Noteholder (if the Notes are represented
by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) may make a demand on the Indenture Trustee to
cause a vote of the Noteholders or Note Owners, as applicable, about whether to direct the Asset Representations Reviewer to conduct a
Review of the Review Receivables under the Asset Representations Review Agreement. In the case of a Note Owner, each demand and vote must
be accompanied by a written certification stating that the Person is a beneficial owner of a Note, together with at least one form of
documentation such as a trade confirmation, account statement, a letter from a broker or dealer verifying ownership or another similar
document evidencing ownership of a Note, upon which the Indenture Trustee may conclusively rely. If Noteholders and Note Owners that collectively
hold Notes evidencing at least 5% of the aggregate Outstanding Amount of the Notes as of the date of filing the Form 10-D that disclosed
that the Delinquency Percentage for the related Payment Date exceeds the Delinquency Trigger demand a vote within 90 days of the filing
of such Form 10-D, the Indenture Trustee will promptly request a vote of the Noteholders and Note Owners as described in Section 7.05(b)
below; provided, that for the purpose of determining the holders of the Notes Outstanding, any Notes held by World Omni or any
of its Affiliates shall not be included in such calculation.

 

(b)  
Upon the direction of the requisite Noteholders or Note Owners set forth in Section 7.05(a), the Indenture Trustee shall
conduct a vote of all Noteholders in accordance with the Indenture Trustee’s standard vote solicitation process (if the Notes are
represented by Definitive Notes) and shall cause a vote to be conducted in accordance with applicable Depository Trust Company procedures
of all Note Owners (if the Notes are represented by Book-Entry Notes). The Indenture Trustee shall provide to the Servicer, to the extent
available from the Depository Trust Company, if applicable, the voting instructions and procedures applicable to the Noteholders and Note
Owners to be included in the Form 10-D filed by the Issuing Entity with the Commission. Such Form 10-D will also include a statement that
sufficient Noteholders and Note Owners are requesting a full Noteholder vote to commence a Review and will describe the applicable voting
deadline. Each Noteholder and Note Owner that elects to vote shall vote on the issue of whether or not the Asset Representations Reviewer
should be directed to conduct a Review. The vote will remain open until the 150th day after the filing of the Form 10-D reporting that
the Delinquency Percentage for the related Payment Date exceeds the Delinquency Trigger.

 

(c)  
 If Noteholders holding at least 5% of the aggregate Outstanding Amount of the Notes participate in such vote, and Noteholders
representing a majority of the Outstanding Amount of such Notes vote for a Review, the Indenture Trustee will promptly send a Review Notice
to the Asset Representations Reviewer, the Issuing Entity and the Servicer notifying the Asset Representations Reviewer that the Noteholders
have requested the Review.

 

(d)  
The Indenture Trustee shall cooperate with the Asset Representations Reviewer in the event a Review is commenced pursuant to this
Section 7.05 and shall provide the Asset Representations Reviewer with any documents or other information in its possession and
requested by the Asset Representations Reviewer in connection with the Review. The Indenture Trustee shall have no obligation to obtain
missing information from any other party or source; provided, however, that the Indenture Trustee shall promptly forward any requests
for information not available to it to the Servicer and the Depositor.

 

(e)  
For the avoidance of doubt, the Indenture Trustee shall not be required to (i) give notice to Noteholders that or determine whether
the Delinquency Percentage for any Payment Date exceeds the Delinquency Trigger or (ii) determine which assets are subject to Review
by the Asset Representations Reviewer.

 

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ARTICLE
VIII

Accounts, Disbursements and Releases

 

Section 8.01       
Collection of Money. Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery
of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money
and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture. The Indenture Trustee shall apply all
such money received by it as provided in this Indenture. Except as otherwise expressly provided in this Indenture, if any default occurs
in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the Indenture Trustee
may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate
Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any
right to proceed thereafter as provided in Article V.

 

Section 8.02       
Trust Accounts.

 

(a)  
On or prior to the Closing Date, for the benefit of the Noteholders and the Certificateholders, as applicable, the Issuing Entity
shall cause the Servicer to establish and maintain with the Indenture Trustee and in the name of the Issuing Entity, bearing a designation
clearly indicating that funds deposited therein are held for the benefit of the Noteholders and the Certificateholders, as applicable,
the Trust Accounts [(other than the Reserve Account)] as provided in Section 5.01 of the Sale and Servicing Agreement.

 

(b)  
[On or prior to the Closing Date, the Issuing Entity shall cause the Servicer to establish and maintain with the Indenture Trustee
and in the name of the Issuing Entity, the Reserve Account as provided in Section 5.01 of the Sale and Servicing Agreement, bearing a
designation clearly indicating that funds deposited therein are held for the benefit of the Issuing Entity.]

 

(c)  
[On or before each Payment Date, in accordance with the instructions of the Servicer, based on the information contained in the
Servicer’s Certificate delivered on the related Payment Determination Date pursuant to Section 4.09 of the Sale and Servicing
Agreement, Available Funds and any withdrawals from the Negative Carry Account up to the Negative Carry Amount with respect to the preceding
Collection Period will be deposited in the Collection Account as provided in Sections 5.01(e) and 5.02 of the Sale
and Servicing Agreement.] On or before each Payment Date, the Indenture Trustee shall make all withdrawals and deposits to the Collection
Account, Note Distribution Account[,] [Certificate Distribution Account] [and] Reserve Account[, the Pre-Funding Account and the Negative
Carry Account][the Accumulation Account] and shall make all distributions to Certificateholders in accordance with Sections 5.06
and 5.07 of the Sale and Servicing Agreement.

 

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(d)  
 Except as otherwise provided in paragraph[s] (d) [and (e)] below, on each Payment Date (other than the Special Payment
Date) and Redemption Date, the Indenture Trustee shall distribute all amounts on deposit in the Note Distribution Account, other than
amounts deposited in the Note Distribution Account pursuant to Section 5.01(d) of the Sale and Servicing Agreement, and allocated
pursuant to Section 5.06 of the Sale and Servicing Agreement to Noteholders in respect of the Notes to the extent of amounts due
and unpaid on the Notes for principal and interest (including any premium) in the following amounts:

 

(i)           
to the Holders of Class A Notes, all amounts allocated to such Holders in respect of interest on the Class A Notes pro rata based
upon the aggregate amount of accrued and unpaid interest due and payable to the Holders of such Notes;

 

(ii)             
to the Holders of the Class B Notes, all amounts allocated to such Holders in respect of interest on the Class B Notes;

 

(iii)              
[to the Holders of the Class C Notes, all amounts allocated to such Holders in respect of interest on the Class C Notes;]

 

(iv)              
[to the Holders of the Class D Notes, all amounts allocated to such Holders in respect of interest on the Class D Notes;]

 

(v)             
[to the Holders of the Class E Notes, all amounts allocated to such Holders in respect of interest on the Class E Notes;]

 

(vi)           
[to the Holders of the Class F Notes, all amounts allocated to such Holders in respect of interest on the Class F Notes;]

 

(vii)           
to the Holders of the Class A Notes[,] [and] the Class B Notes[,] [and] [the Class C Notes][,] [and] [the Class D Notes] [and the
Class E Notes] all amounts allocated to such Holders in respect of principal on the Notes will be paid to the Holders of the Class A Notes[,]
[and] Class B Notes [and the Class C Notes][,] [and] [the Class D Notes][,] [and the Class E Notes] [and the Class F Notes] in the following
order of priority:

 

(A) to the Class
A-1 Notes [pro rata to the Class A-1a Notes and the Class A-1b Notes based upon the aggregate Outstanding Amount of such Class] until
they are paid in full; then

 

(B) 
to the Class A-2 Notes [pro rata to the Class A-2a Notes and the Class A-2b Notes based upon the aggregate Outstanding Amount of
such Class] until they are paid in full; then

 

(C) 
to the Class A-3 Notes [pro rata to the Class A-3a Notes and the Class A-3b Notes based upon the aggregate Outstanding Amount of
such Class] until they are paid in full; then

 

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(D) to the Class
A-4 Notes [pro rata to the Class A-4a Notes and the Class A-4b Notes based upon the aggregate Outstanding Amount of such Class] until
they are paid in full; then

 

(E) 
[to the Class A-5 Notes [pro rata to the Class A-5a Notes and the Class A-5b Notes based upon the aggregate Outstanding Amount
of such Class] until they are paid in full; [and] then]

 

(F) 
to the Class B Notes [pro rata to the Class Ba Notes and the Class Bb Notes based upon the aggregate Outstanding Amount of such
Class] until they are paid in full[; [and] [then]

 

(G) [to the Class
C Notes [pro rata to the Class Ca Notes and the Class Cb Notes based upon the aggregate Outstanding Amount of such Class] until they are
paid in full];] [and] [then]

 

(H) [to the Class
D Notes [pro rata to the Class Da Notes and the Class Db Notes based upon the aggregate Outstanding Amount of such Class] until they are
paid in full];] [and] [then]

 

(I)   
[to the Class E Notes [pro rata to the Class Ea Notes and the Class Eb Notes based upon the aggregate Outstanding Amount of such
Class] until they are paid in full][.][;][and then]

 

(J)   
[to the Class F Notes [pro rata to the Class Fa Notes and the Class Fb Notes based upon the aggregate Outstanding Amount of such
Class] until they are paid in full].]

 

[If any Class A-1 Notes remain
outstanding after the [ ] 20[ ] Payment Date, any accrued and unpaid interest on, and any outstanding principal of, the Class A-1 Notes
will be due on the and payable on the Special Payment Date, and a special Record Date of [ ] 20[ ] will apply for the Class A-1 Notes
and the Special Payment Date. Such Amounts will be payable to the Holders of the Class A-1 Notes from Available Funds for the regularly
scheduled [ ] 20[ ] Payment Date.] In addition, on the Final Scheduled Payment Date for any Class of Notes, if the Outstanding Amount
of any Class of Notes remains greater than zero, in accordance with the instructions of the Servicer, based on the information contained
in the Servicer’s Certificate delivered on the related Payment Determination Date pursuant to Section 4.09 of the Sale and
Servicing Agreement, the Indenture Trustee shall apply funds from the Reserve Account to repay the Outstanding Amount of such Class of
Notes in full.

 

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(e)   In
the event the Notes are declared to be due and payable following the occurrence of an Event of Default [pursuant to Section
5.01(a)(i) or (ii)], the Indenture Trustee shall distribute all amounts on deposit in the Note Distribution Account and
allocated pursuant to Section 5.06 of the Sale and Servicing Agreement to Noteholders in the following order of priority: (i)
to the Holders of the Class A[-1] Notes, all amounts allocated to such Holders in respect of interest on the Class A Notes pro rata
based upon the aggregate amount of accrued and unpaid interest due and payable to the Holders of such Notes; (ii) to the Holders of
the Class A Notes, all amounts allocated to such Holders in respect of principal on the Class A Notes, first to the Holders of the
Class A-1 Notes until the Outstanding Amount of the Class A-1 Notes is reduced to zero, [then to the Holders of the Class A-2
Notes, the Class A-3 Notes, the Class A-4 Notes and the Class A-5 Notes, pro rata based upon the Outstanding Amount due and payable
to the Holders of such Notes][then to the Holders of the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class A-5
Notes, [sequentially][pro rata] until each such Class has been paid in full]; (iii) to the Holders of the Class B Notes, all amounts
allocated to such Holders in respect of interest on the Class B Notes; [and] (iv) to the Holders of the Class B Notes, all amounts
allocated to such Holders in respect of principal on the Class B Notes[; (v) to the Holders of the Class C Notes, all amounts
allocated to such Holders in respect of interest on the Class C Notes; [and] (vi) to the Holders of the Class C Notes, all amounts
allocated to such Holders in respect of principal on the Class C Notes]; [and] [(vii) to the Holders of the Class D Notes, all
amounts allocated to such Holders in respect of principal on the Class D Notes] [and (viii) to the Holders of the Class E Notes, all
amounts allocated to such Holders in respect of principal on the Class E Notes]. If the Outstanding Amount of any Class of Notes
remains greater than zero after application of clauses (i), (ii), (iii)[,] [and] (iv)[, (v)[,]
[and] [(vi)][,] [and] [(vii)] [and (viii)] above, the Indenture Trustee shall apply funds from the Reserve
Account in the same order of priority as described above to repay the Outstanding Amount of such Class of Notes in full.

 

(f)   [Reserved]
In the event the Notes are declared to be due and payable following the occurrence of an Event of Default other than pursuant to Sections
5.01(a)(i) or (ii), the Indenture Trustee shall distribute all amounts on deposit in the Note Distribution Account and allocated
pursuant to Section 5.06 of the Sale and Servicing Agreement to Noteholders in the following order of priority: (i) to the Holders
of the Class A Notes, all amounts allocated to such Holders in respect of interest on the Class A Notes pro rata based upon the aggregate
amount of accrued and unpaid interest due and payable to the Holders of such Notes; (ii) to the Holders of the Class B Notes, all amounts
allocated to such Holders in respect of interest on the Class B Notes; [(iii) to the Holders of the Class C Notes, all amounts allocated
to such Holders in respect of interest on the Class C Notes;] [(iv) to the Holders of the Class D Notes, all amounts allocated to such
Holders in respect of interest on the Class D Notes;] [(v) to the Holders of the Class E Notes, all amounts allocated to such Holders
in respect of interest on the Class E Notes;] [(vi) to the Holders of the Class F Notes, all amounts allocated to such Holders in respect
of interest on the Class F Notes;] [(vii)] to the Holders of the Class A Notes, all amounts allocated to such Holders in respect of principal
on the Class A Notes, first to the Holders of the Class A-1 Notes until the Outstanding Amount of the Class A-1 Notes, until paid in
full, [then to the Holders of the Class A-2 Notes, the Class A-3 Notes[,] [and] the Class A-4 Notes [and the Class A-5 Notes], pro rata
based upon the Outstanding Amount due and payable to the Holders of such Notes] [then to the Holders of the Class A-2 Notes, the Class
A-3 Notes[,] [and] the Class A-4 Notes [and the Class A-5 Notes], [sequentially][pro rata] until each such Class has been paid in full];
[and] [(viii)] to the Holders of the Class B Notes, all amounts allocated to such Holders in respect of principal on the Class B Notes,
until paid in full][;] [and] (ix) to the Holders of the Class C Notes, all amounts allocated to such Holders in respect of principal
on the Class C Notes, until paid in full][;] [and] [(x) to the Holders of the Class D Notes, all amounts allocated to such Holders in
respect of principal on the Class D Notes, until paid in full][;] [and] [(xi) to the Holders of the Class E Notes, all amounts allocated
to such Holders in respect of principal on the Class E Notes, until paid in full] [and (xii) to the Holders of the Class F Notes, all
amounts allocated to such Holders in respect of principal on the Class F Notes, until paid in full].

 

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(g)  
 [Reserved].

 

(h)  
[Subject to Section[s] 8.02(d) [and 8.02(e)], on the Payment Date immediately following the calendar month in which
the Funding Period ends, the Indenture Trustee shall apply any and all amounts [deposited into the Note Distribution Account pursuant
to Section 5.01(d) of the Sales and Servicing Agreement][on deposit in the Accumulation Account] to the repayment of principal
on the Notes in accordance with the priorities set forth in Section 8.02(c), (d), or (e), as applicable.]

 

Section 8.03       
[Benchmark Determination.

 

(a)  
The Administrator (on behalf of the Issuing Entity) will notify the Servicer and the Indenture Trustee in writing (including by
email) of the Benchmark for the related Interest Accrual Period.  All determinations of the Benchmark by the Administrator (on behalf
of the Issuing Entity), in the absence of manifest error, will be conclusive and binding on the Noteholders.

 

(b)  
If the Administrator (on behalf of the Issuing Entity) determines that a Benchmark Transition Event and its related Benchmark Replacement
Date have occurred prior to the Reference Time in respect of any determination of the Benchmark on any date, the Benchmark Replacement
will replace the then-current Benchmark for all purposes relating to the Notes in respect of such determination on such date and all determinations
on all subsequent dates.  Notwithstanding the foregoing, if the initial Benchmark Replacement is any rate other than Term SOFR and
the Administrator (on behalf of the Issuing Entity) later determines that Term SOFR can be determined, Term SOFR will become the new Unadjusted
Benchmark Replacement and will, together with a new Benchmark Replacement Adjustment for Term SOFR, replace the then-current Benchmark
on the next Benchmark Determination Date for Term SOFR.

 

(c)  
In connection with the implementation of a Benchmark Replacement, the Administrator (on behalf of the Issuing Entity) will have
the right to make Benchmark Replacement Conforming Changes from time to time.

 

(d)  
Promptly following the determination of a Benchmark Replacement and/or the making of any Benchmark Replacement Conforming Changes,
the Administrator (on behalf of the Issuing Entity) will notify the Indenture Trustee and the Servicer, and will provide to the Servicer
the relevant information regarding the Unadjusted Benchmark Replacement, the Benchmark Replacement Adjustment and any Benchmark Replacement
Conforming Changes for inclusion in the Servicer’s Certificate.  Notwithstanding anything in this Indenture or the other Basic
Documents to the contrary, upon the delivery of such notice and the inclusion of such information in the Servicer’s Certificate,
this Indenture and/or any other relevant Basic Document will be deemed to have been amended to reflect such Unadjusted Benchmark Replacement,
Benchmark Replacement Adjustment and/or Benchmark Replacement Conforming Changes without further compliance with the provisions of Article IX
of this Indenture or the amendment provisions of any other relevant Basic Document.

 

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(e)  
 Any determination, decision or election that may be made by the Administrator (on behalf of the Issuing Entity) pursuant to this
Section 8.03 (or pursuant to any capitalized term used in this Section 8.03 or in any such capitalized
term), 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,
may be made in the Administrator’s (on behalf of the Issuing Entity) sole discretion, and, notwithstanding anything to the contrary
in the Basic Documents, will become effective without consent from any other party.  None of the Issuing Entity, the Owner Trustee,
[the Grantor Trust, the Grantor Trust Trustee,] the Indenture Trustee, the Administrator, the Sponsor, the Depositor or the Servicer,
or their respective Affiliates, will have any liability for any determination made by the Administrator on behalf of the Issuing Entity
pursuant to this Section 8.03 (or pursuant to any capitalized term used in this Section 8.03 or in any
such capitalized term), and each Noteholder and Note Owner, by its acceptance of a Note or a beneficial interest in a Note, will be deemed
to waive and release any and all claims against the Issuing Entity, the Owner Trustee, [the Grantor Trust, the Grantor Trust Trustee,]
the Indenture Trustee, the Administrator, the Sponsor, the Depositor and the Servicer, and their respective Affiliates relating to any
such determinations.

 

(f)   
[Neither][None of] the Indenture Trustee[, the Grantor Trust Trustee] [nor][or] the Owner Trustee shall be under any obligation
to (i) monitor, determine or verify the unavailability or cessation of [the applicable Benchmark], or whether or when there has occurred,
or to give notice to any other transaction party of the occurrence of, any Benchmark Transition Event or Benchmark Replacement Date, (ii)
select, determine or designate any Benchmark Replacement, or other successor or replacement benchmark index, or whether any conditions
to the designation of such a rate have been satisfied, (iii) select, determine or designate any Benchmark Replacement Adjustment, or other
modifier to any replacement or successor index, or (iv) determine whether or what Benchmark Replacement Conforming Changes are necessary
or advisable, if any, in connection with any of the foregoing.

 

(g)  
[Neither][None of] the Indenture Trustee[, the Grantor Trust Trustee] [nor][or] the Owner Trustee shall be liable for any inability,
failure or delay on its part to perform any of its duties set forth in this Agreement as a result of the [applicable Benchmark] and absence
of a designated replacement Benchmark, including as a result of any inability, delay, error or inaccuracy on the part of any other transaction
party, including without limitation the Issuing Entity, in providing any direction, instruction, notice or information required or contemplated
by the terms of this Agreement and reasonably required for the performance of such duties.]

 

Section 8.04       
General Provisions Regarding Accounts.

 

(a)   So
long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts
shall be invested in Eligible Investments (as defined in the Sale and Servicing Agreement), as determined solely by the Issuing
Entity (or Servicer on its behalf), and reinvested by the Indenture Trustee subject to the provisions of Section 5.01(b) of
the Sale and Servicing Agreement. All income or other gain from investments of monies deposited in the Trust Accounts shall be
deposited by the Indenture Trustee in the Collection Account, and any loss resulting from such investments shall be charged to such
account. The Issuing Entity will not direct the Indenture Trustee to make any investment of any funds or to sell any investment held
in any Trust Account unless the security interest Granted and perfected in such account will continue to be perfected in such
investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any
direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Issuing Entity
shall deliver to the Indenture Trustee an Opinion of Counsel, acceptable to the Indenture Trustee, to such effect. The Indenture
Trustee will make available to the Servicer monthly cash transaction statements which include detail for all investment transactions
effected by the Indenture Trustee hereunder or brokers selected by the Issuing Entity (or the Servicer on its behalf).  Such
statements will be delivered via the Indenture Trustee’s online service and paper statements will be provided only upon
request. The Issuing Entity further understands that trade confirmations for securities transactions effected by the Indenture
Trustee will be available upon request and at no additional cost and other trade confirmations may be obtained from the applicable
broker. Eligible Investments may be purchased by or through an Affiliate of the Indenture Trustee.

 

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(b)  
Subject to Section 6.01(c), the Indenture Trustee shall not in any way be held liable by reason of any insufficiency
in any of the Trust Accounts resulting from any loss on any Eligible Investment included therein except for losses attributable to the
Indenture Trustee’s failure to make payments on such Eligible Investments issued by the Indenture Trustee, in its commercial capacity
as principal obligor and not as trustee, in accordance with their terms.

 

(c)  
If (i) the Issuing Entity (or the Servicer on its behalf) shall have failed to give investment directions for any funds on
deposit in the Trust Accounts to the Indenture Trustee by such time as may be agreed by the Issuing Entity and Indenture Trustee on any
Business Day, (ii) a Default or Event of Default shall have occurred and be continuing with respect to the Notes but the Notes shall
not have been declared due and payable pursuant to Section 5.02 or (iii) such Notes shall have been declared due and
payable following an Event of Default but amounts collected or receivable from the Trust Estate are being applied in accordance with Section 5.05
as if there had not been such a declaration, then the Indenture Trustee shall, [in the case of clauses (ii) and (iii) above,] to the fullest
extent practicable, invest and reinvest funds in the Trust Accounts in one or more Eligible Investments as specified in [the most recent
investment directions received from the Issuing Entity (or the Servicer on its behalf)][clause (i) of the definition thereof; provided,
that, such funds on deposit in the Reserve Account shall be invested only in Eligible Investments specified in such clause (i) that meet
the requirements of § 246.4(b)(2) of Regulation RR, as determined solely by the Servicer, and the Indenture Trustee shall have no
obligation to invest or reinvest any funds in the Reserve Account absent written instruction from the Servicer, or in the case of clause
(i) above, invest such funds in accordance with the most recent investment directions received from the Issuing Entity (or the Servicer
on its behalf)], or in the absence thereof, or unavailability of such specified investments, such funds shall remain uninvested.

 

Section 8.05       
Release of Trust Estate [and Grantor Trust Collateral].

 

(a)   
Subject to the payment of its fees and expenses pursuant to Section 6.07, the Indenture Trustee may, and when required
by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the
Indenture Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of
this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII
shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or
see to the application of any monies.

 

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(b)  
The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to
Section 6.07 have been paid [and all amounts owing by the Trust under the Interest Rate Swaps have been paid (the Indenture
Trustee shall be permitted to rely on a certificate from the Swap Counterparty, if any to that effect)], release any remaining portion
of the Trust Estate [and the Grantor Trust Collateral] that secured the Notes from the lien of this Indenture and release to the Issuing
Entity [and the Grantor Trust] or any other Person entitled thereto any funds then on deposit in the Trust Accounts[; provided, that,
any amounts on deposit in the Reserve Account shall only be distributable to the Depositor following the final distribution to the Certificateholders].
The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.04(b) only upon receipt
of an Issuing Entity Request accompanied by an Officer’s Certificate of the Issuing Entity, an Opinion of Counsel and (if required
by the TIA) Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1) meeting the applicable requirements
of Section 11.01, [and the Indenture Trustee shall provide copies of all such documents to the Swap Counterparty upon its
written consent.

 

Section 8.06       
Opinion of Counsel. The Indenture Trustee shall receive at least seven days’ notice when requested by the Issuing
Entity [or the Grantor Trust] to take any action pursuant to Section 8.04(a), accompanied by copies of any instruments involved,
and the Indenture Trustee shall also require, as a condition to such action, an Opinion of Counsel, in form and substance satisfactory
to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding
that all conditions precedent to the taking of such action have been complied with and such action will not materially and adversely impair
the security for the Notes or the rights of the Noteholders in contravention of the provisions of this Indenture; provided, however,
that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Trust Estate. Counsel rendering any
such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered
to the Indenture Trustee in connection with any such action.

 

ARTICLE
IX

Supplemental Indentures

 

Section 9.01       
Supplemental Indentures Without Consent of Noteholders.

 

(a)  
Without the consent of the Holders of any Notes but with prior notice to the Rating Agencies, the Issuing Entity[, the Grantor
Trust] and the Indenture Trustee, when authorized by an Issuing Entity Order, at any time and from time to time, may enter into one or
more indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of the execution
thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes:

 

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(i)          to
correct or amplify the description of any property at any time subject to the lien of this Indenture, or better to assure, convey and
confirm unto the Indenture Trustee any property subject or required to be subjected to the lien of this Indenture, or to subject to the
lien of this Indenture additional property;

 

(ii)         to
evidence the succession, in compliance with the applicable provisions hereof, of another person to the Issuing Entity, and the assumption
by any such successor of the covenants of the Issuing Entity herein and in the Notes contained;

 

(iii)        to
add to the covenants of the Issuing Entity [and the Grantor Trust], for the benefit of the Holders of the Notes, or to surrender any
right or power herein conferred upon the Issuing Entity;

 

(iv)        to
convey, transfer, assign, mortgage or pledge any property to or with the Indenture Trustee;

 

(v)         to
cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture that may be inconsistent with any
other provision herein or in any supplemental indenture or to make any other provisions with respect to matters or questions arising
under this Indenture or in any supplemental indenture; provided, that such action, as evidenced by an Officer’s Certificate
of the Servicer, shall not adversely affect the interests of the Holders of the Notes;

 

(vi)        to evidence and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the Notes and to
add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder
by more than one trustee, pursuant to the requirements of Article VI;

 

(vii)       to
modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of this
Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as
may be expressly required by the TIA;

 

(viii)      to
correct any manifest error with the terms of this Indenture as compared to the terms set forth in the Final Prospectus; or

 

(ix)         to
further prevent or help avoid the application to the Notes of the Treasury Regulations (or other interpretive guidance) issued under
Section 385 of the Code.

 

The Indenture Trustee is hereby
authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations
that may be therein contained.

 

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(b)  
 The Issuing Entity[, the Grantor Trust] and the Indenture Trustee, when authorized by an Issuing Entity Order, may, also without
the consent of any of the Holders of the Notes, enter into an indenture or indentures supplemental hereto for the purpose of adding any
provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights
of the Holders of the Notes under this Indenture; provided that such amendments require: (i) satisfaction of the Rating Agency
Condition or (ii) an Officer’s Certificate of the Servicer stating that the amendment will not materially and adversely affect the
interest of any Noteholder.

 

(c)  
[Notwithstanding any other provision of this Indenture, no indenture supplement (other than any supplement made pursuant to Section
9.01(a)(viii) above) shall be effective unless the Swap Counterparty consents in writing to such supplement or such supplement will,
as evidenced by a Materiality Opinion, have no material adverse effect on the interests of the Swap Counterparty; provided, however,
that if an indenture supplement is entered into pursuant to Section 9.01(a), in lieu of providing a Materiality Opinion, the Issuing
Entity may provide an Officers’ Certificate stating that such supplement will have no material adverse effect on the interests of
the Swap Counterparty.] Notwithstanding anything in this Indenture to the contrary, no supplemental indenture shall be effective without
the prior written consent of the Asset Representations Reviewer if the supplemental indenture would adversely modify the amount or timing
of distributions to be made to the Asset Representations Reviewer under this Indenture. The Indenture Trustee shall have no responsibility
for determining whether any supplemental indenture would adversely modify the amount or timing of distributions to be made to the Asset
Representations Reviewer under this Indenture.

 

Section 9.02       
Supplemental Indentures with Consent of Noteholders.

 

(a)  
The Issuing Entity[, the Grantor Trust] and the Indenture Trustee, when authorized by an Issuing Entity Order, also may, with prior
notice to the Rating Agencies and with the consent of the Holders of at least a majority of the Outstanding Amount of the Controlling
Securities, by Act of such Holders delivered to the Issuing Entity[, the Grantor Trust] and the Indenture Trustee, enter into an indenture
or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions
of, this Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided, however,
that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby:

 

(i)           
change the date of payment of any installment of principal of or interest on any Note, or reduce the principal amount thereof,
the Interest Rate thereon or the Redemption Price with respect thereto, change the provisions of this Indenture relating to the application
of collections on, or the proceeds of the sale of, the Trust Estate to payment of principal of or interest on the Notes, or change any
place of payment where, or the coin or currency in which, any Note or the interest thereon is payable, or impair the right to institute
suit for the enforcement of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article V,
to the payment of any such amount due on the Notes on or after the respective due dates thereof (or, in the case of redemption, on or
after the Redemption Date);

 

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(ii)           reduce the percentage of the Outstanding Amount of the Controlling Securities, the consent of the Holders of which is required
for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions
of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture;

 

(iii)          modify
or alter the provisions of the proviso to the definition of the term “Outstanding”;

 

(iv)          reduce
the percentage of the Outstanding Amount of the Controlling Securities required to direct the Indenture Trustee to direct the Issuing
Entity to sell or liquidate the Trust Estate pursuant to Section 5.04;

 

(v)           modify
any provision of this Section except to increase any percentage specified herein or to provide that certain additional provisions
of this Indenture or the Basic Documents cannot be modified or waived without the consent of the Holder of each Outstanding Note affected
thereby;

 

(vi)          modify any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any payment of interest
or principal due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation) or
to affect the rights of the Holders of Notes to the benefit of any provisions for the mandatory redemption of the Notes contained herein;

 

(vii)         permit the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the
Trust Estate or, except as otherwise permitted or contemplated herein, terminate the lien of this Indenture on any property at any time
subject hereto or deprive the Holder of any Note of the security provided by the lien of this Indenture; or

 

(viii)        except
as provided in Section 5.04(a)(iv), liquidate the Receivables when the proceeds of such sale would be insufficient to fully
pay the Notes.

 

(b)  
The Indenture Trustee shall be entitled to receive and conclusively rely upon an Officer’s Certificate certifying as to whether
or not any Notes would be affected by any supplemental indenture and any such determination shall be conclusive upon the Holders of all
Notes, whether theretofore or thereafter authenticated and delivered hereunder. The Indenture Trustee shall not be liable for any such
determination made in good faith.

 

(c)  
It shall not be necessary for any Act of Noteholders under this Section to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance thereof.

 

(d)   Promptly
after the execution by the Issuing Entity[, the Grantor Trust] and the Indenture Trustee of any supplemental indenture pursuant to
this Section, the Indenture Trustee shall transmit to the Holders of the Notes to which such amendment or supplemental indenture
relates a notice setting forth in general terms the substance of such supplemental indenture. Any failure of the Indenture Trustee
to transmit such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such
supplemental indenture.

 

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(e)  
[Notwithstanding any other provision of this Indenture, no indenture supplement shall be effective unless the Swap Counterparty
consents in writing to such supplement or such supplement will, as evidenced by a Materiality Opinion, have no material adverse effect
on the interests of the Swap Counterparty; provided, however, that if an indenture supplement is entered into pursuant to
Section 9.01(a), in lieu of providing a Materiality Opinion, the Issuing Entity may provide an Officers’ Certificate stating
that such supplement will have no material adverse effect on the interests of the Swap Counterparty.]

 

Section 9.03        Execution
of Supplemental Indentures. In executing, or permitting the additional trusts created by, any supplemental indenture permitted by
this Article IX or the modification thereby of the trusts created by this Indenture, the Indenture Trustee shall be provided
with and, subject to Sections 6.01 and 6.02, shall be fully protected in relying upon, an Opinion of Counsel stating
that the execution of such supplemental indenture is authorized or permitted by this Indenture and that all conditions precedent under
this Indenture for the execution of the supplemental indenture have been complied with. The Indenture Trustee may, but shall not be obligated
to, enter into any such supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities or immunities
under this Indenture or otherwise.

 

Section 9.04       
Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this
Indenture shall be and shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby,
and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture
Trustee, the Issuing Entity[, the Grantor Trust] and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder
subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall
be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

 

Section 9.05       
Conformity with Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture executed pursuant
to this Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture
shall then be qualified under the Trust Indenture Act.

 

Section 9.06       Reference
in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any supplemental indenture pursuant
to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture
Trustee as to any matter provided for in such supplemental indenture. If the Issuing Entity or the Indenture Trustee shall so determine,
new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuing Entity, to any such supplemental indenture
may be prepared and executed by the Issuing Entity and authenticated and delivered by the Indenture Trustee in exchange for Outstanding
Notes.

 

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ARTICLE
X

 

Redemption of Notes

 

Section 10.01   
Redemption. The outstanding Notes are subject to redemption in whole, but not in part, at the direction of the Servicer
pursuant to Section 9.01(a) of the Sale and Servicing Agreement, on any Payment Date on which the Servicer exercises its option
to purchase the Owner Trust Estate pursuant to said Section 9.01(a), for a purchase price equal to the Redemption Price; provided
that the Issuing Entity has available funds sufficient to pay the Redemption Price. The Servicer or the Issuing Entity shall furnish
the Rating Agencies notice of such redemption. If the outstanding Notes are to be redeemed pursuant to this Section, the Servicer or the
Issuing Entity shall furnish notice of such election to the Indenture Trustee not later than the close of business on the first business
day of the month in which the Redemption Date occurs and the Issuing Entity shall deposit by 10:00 A.M. New York City time on the
Redemption Date with the Indenture Trustee in the Note Distribution Account the Redemption Price of the Notes to be redeemed, whereupon
all such Notes shall be due and payable on the Redemption Date upon the furnishing of a notice complying with Section 10.02
to each Holder of the Notes.

 

Section 10.02   
Form of Redemption Notice. Notice of redemption under Section 10.01 shall be given by the Indenture Trustee
by first-class mail, postage prepaid, by facsimile mailed or transmitted, by email transmission or by transmission to the Clearing
Agency not later than 10 days prior to the applicable Redemption Date to each Holder of Notes, as of the close of business on the Record
Date preceding the applicable Redemption Date, at such Holder’s address, facsimile number or e-mail address appearing in the Note
Register.

 

All notices of redemption shall
state:

 

(a)  
the Redemption Date;

 

(b)  
the Redemption Price;

 

(c)  
the place where such Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of the
Issuing Entity to be maintained as provided in Section 3.02); and

 

(d)  
applicable “CUSIP” numbers.

 

Notice of redemption of the
Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuing Entity. Failure to give notice of redemption,
or any defect therein, to any Holder of any Note shall not impair or affect the validity of the redemption of any other Note.

 

Section
10.03    Notes Payable on
Redemption Date. The Notes or portions thereof to be redeemed shall, following notice of redemption as required by Section 10.02,
on the Redemption Date become due and payable at the Redemption Price and (unless the Issuing Entity shall default in the payment of
the Redemption Price) no interest shall accrue on the Redemption Price for any period after the date to which accrued interest is
calculated for purposes of calculating the Redemption Price.

 

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ARTICLE
XI

Miscellaneous

 

Section 11.01   
Compliance Certificates and Opinions, etc. 

 

(a)  
Upon any application or request by the Issuing Entity [or the Grantor Trust] to the Indenture Trustee to take any action under
any provision of this Indenture, the Issuing Entity shall furnish to the Indenture Trustee (i) an Officer’s Certificate stating
that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, (ii) an
Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with and (iii) (if
required by the TIA) an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this
Section, except that, in the case of any such application or request as to which the furnishing of such documents is specifically required
by any provision of this Indenture, no additional certificate or opinion need be furnished.

 

Every certificate or opinion
with respect to compliance with a condition or covenant provided for in this Indenture shall include:

 

(1)  
a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and
the definitions herein relating thereto;

 

(2)  
a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

(3)  
a statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary
to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

(4)  
a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with.

 

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(b) (i)     Prior to the deposit of any
Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the release of any property or
securities subject to the lien of this Indenture, the Issuing Entity shall, in addition to any obligation imposed in Section 11.01(a)
or elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of the
person signing such certificate as to the fair value (within 90 days of such deposit) to the Issuing Entity of the Collateral or other
property or securities to be so deposited.

 

(ii)       Whenever
the Issuing Entity is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of
any signer thereof as to the matters described in clause (i) above, the Issuing Entity shall also deliver to the Indenture Trustee
an Independent Certificate as to the same matters, if the fair value to the Issuing Entity of the securities to be so deposited and of
all other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year
of the Issuing Entity, as set forth in the certificates delivered pursuant to clause (i) above and this clause (ii), is 10%
or more of the Outstanding Amount of the Notes, but such a certificate need not be furnished with respect to any securities so deposited,
if the fair value thereof to the Issuing Entity as set forth in the related Officer’s Certificate is less than $25,000 or less than
one percent of the Outstanding Amount of the Notes.

 

(iii)       Whenever
any property or securities are to be released from the lien of this Indenture, the Issuing Entity shall also furnish to the Indenture
Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value
(within 90 days of such release) of the property or securities proposed to be released and stating that in the opinion of such person
the proposed release will not impair the security under this Indenture in contravention of the provisions hereof.

 

(iv)       Whenever
the Issuing Entity is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of
any signer thereof as to the matters described in clause (iii) above, the Issuing Entity shall also furnish to the Indenture Trustee an
Independent Certificate as to the same matters if the fair value of the property or securities and of all other property, other than property
as contemplated by clause (v) below or securities released from the lien of this Indenture since the commencement of the then-current
calendar year, as set forth in the certificates required by clause (iii) above and this clause (iv), equals 10% or more of the
Outstanding Amount of the Notes, but such certificate need not be furnished in the case of any release of property or securities if the
fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the then Outstanding
Amount of the Notes.

 

(v)       Notwithstanding Section 2.10
or any other provision of this Section, the Issuing Entity [and the Grantor Trust] may, without compliance with the requirements of
the other provisions of this Section, (A) collect, liquidate, sell or otherwise dispose of Receivables and Financed Vehicles as
and to the extent permitted or required by the Basic Documents and (B) make cash payments out of the Note Distribution Account
as and to the extent permitted or required by the Basic Documents, so long as the Issuing Entity shall deliver to the Indenture
Trustee every six months, commencing [    ], 20[    ] (except that if the 15th of any such month is not a Business Day, delivery shall
be required by the immediately following Business Day), an Officer’s Certificate of the Issuing Entity stating that all the
dispositions of Collateral described in clauses (A) or (B) above that occurred during the preceding six calendar months were in
the ordinary course of the Issuing Entity’s business and that the proceeds thereof were applied in accordance with the Basic
Documents.

 

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Section 11.02   
Form of Documents Delivered to Indenture Trustee. In any case where several matters are required to be certified by, or
covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of,
only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion
with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion
as to such matters in one or several documents.

 

Any certificate or opinion of
an Authorized Officer of the Issuing Entity may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or
representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion
or representations with respect to the matters upon which such officer’s certificate or opinion is based are erroneous. Any such
certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate
or opinion of, or representations by, an officer or officers of the Servicer, the Depositor, the Issuing Entity[, the Grantor Trust] or
the Administrator, stating that the information with respect to such factual matters is in the possession of the Servicer, the Depositor,
the Issuing Entity[, the Grantor Trust] or the Administrator, unless such counsel knows, or in the exercise of reasonable care should
know, that the certificate or opinion or representations with respect to such matters are erroneous.

 

Where any Person is required
to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this
Indenture, they may, but need not, be consolidated and form one instrument.

 

Whenever in this Indenture,
in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuing Entity shall deliver
any document as a condition of the granting of such application, or as evidence of the Issuing Entity’s compliance with any term
hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate
or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right
of the Issuing Entity to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however,
be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in
any such document as provided in Article VI.

 

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Section 11.03     Acts of Noteholders.

 

(a)  
Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or
taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders
in person or by agents duly appointed in writing; and except as herein otherwise expressly provided such action shall become effective
when such instrument or instruments are delivered to the Indenture Trustee and, where it is hereby expressly required, to the Issuing
Entity [and the Grantor Trust]. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes
referred to as the “Act of the Noteholders” signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.01)
conclusive in favor of the Indenture Trustee[,] [and] the Issuing Entity [and the Grantor Trust], if made in the manner provided in this
Section.

 

(b)  
The fact and date of the execution by any person of any such instrument or writing may be proved in any manner that the Indenture
Trustee deems sufficient.

 

(c)  
The ownership of Notes shall be proved by the Note Register.

 

(d)  
Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes shall bind the
Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted
or suffered to be done by the Indenture Trustee[,] [or] the Issuing Entity [or the Grantor Trust] in reliance thereon, whether or not
notation of such action is made upon such Note.

 

(e)  
[The Indenture Trustee shall promptly deliver to the Swap Counterparty copies of any notice it receives from the Noteholders.]

 

Section 11.04   
Notices, etc., to Indenture Trustee, Issuing Entity[, the Grantor Trust] and Rating Agencies. Any request, demand, authorization,
direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this Indenture shall be in writing
and if such request, demand, authorization, direction, notice, consent, waiver or act of Noteholders is to be made upon, given or furnished
to or filed with:

 

(i)            the
Indenture Trustee by any Noteholder or by the Issuing Entity shall be sufficient for every purpose hereunder if made, given, furnished
or filed in writing (which may be made via e-mail transmission, pdf, facsimile or overnight delivery) to or with the Indenture Trustee
at its Corporate Trust Office, [or]

 

(ii)           the
Issuing Entity by the Indenture Trustee or by any Noteholder shall be sufficient for every purpose hereunder if in writing and mailed
first-class, postage prepaid to the Issuing Entity addressed to: World Omni [Select] Auto [Receivables] Trust 20[    ]-[    ], in care
of the Owner Trustee at its Corporate Trust Office, or at any other address previously furnished in writing to the Indenture Trustee
by the Issuing Entity or the Administrator.

 

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The Issuing Entity shall promptly transmit
any notice received by it from the Noteholders to the Indenture Trustee[.][,][or]

 

(iii)          [the
Grantor Trust by the Indenture Trustee or by any Noteholder shall be sufficient for every purpose hereunder if in writing and mailed
first-class, postage prepaid to the Grantor Trust addressed to: World Omni [Select] Auto [Receivables] Grantor Trust 20[    ]-[    ],
in care of the Grantor Trust Trustee at its Corporate Trust Office, or at any other address previously furnished in writing to the Indenture
Trustee by the Grantor Trust or the Administrator. The Grantor Trust shall promptly transmit any notice received by it from the Noteholders
to the Indenture Trustee.]

 

Notices required to be given
to the Rating Agencies shall be given to the Depositor, which shall promptly post such notice to the website maintained by the Depositor
for notifications to nationally recognized statistical rating organizations.

 

In addition to the foregoing,
the Indenture Trustee agrees to accept and act upon notice, instructions or directions pursuant to this Indenture sent by e-mail, facsimile
transmission or other similar electronic methods. If a party elects to give the Indenture Trustee e-mail or facsimile instructions (or
instructions by a similar electronic method), the Indenture Trustee’s understanding of such instructions shall be determined in
accordance with Section 6.01(b)(ii). The Indenture Trustee shall not be liable for any losses, costs or expenses arising directly
or indirectly from the Indenture Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions
conflict or are inconsistent with a subsequent written instruction; provided, that the Indenture Trustee will not be relieved
from liability for its own bad faith, negligence or willful misconduct. Except as provided above in this paragraph, the party providing
electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions
to the Indenture Trustee, including without limitation the risk of the Indenture Trustee acting on unauthorized instructions, and the
risk of interception and misuse by third parties.

 

The Issuing Entity’s obligation
to deliver or provide any demand, delivery, notice, communication or instruction to any Person other than a Noteholder shall be satisfied
by the Issuing Entity making such demand, delivery, notice, communication or instruction available at [https://via.intralinks.com/], or
such other website or distribution service or provider as the Issuing Entity shall designate by written notice to the other parties.

 

The Indenture Trustee shall
promptly transmit any notice received by it from the Noteholders or Note Owners to the Issuing Entity, the Administrator and the Servicer
and, if such notice is a Repurchase Request, to World Omni.

 

Section
11.05    Notices to Noteholders;
Waiver. Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless
otherwise herein expressly provided) if by electronic transmission in writing and mailed, first-class, postage prepaid to each
Noteholder affected by such event, at such Holder’s address as it appears on the Note Register, not later than the latest
date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is
given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall
affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided
shall conclusively be presumed to have been duly given.

 

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Where this Indenture provides
for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the
event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee
but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such a waiver.

 

In case, by reason of the suspension
of regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event
to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice
as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice.

 

Where this Indenture provides
for notice to the Rating Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, and
shall not under any circumstance constitute a Default or Event of Default.

 

If the Indenture Trustee receives
a Repurchase Request from a Noteholder or Note Owner and World Omni does not repurchase the Receivable related to such Repurchase Request
within 180 days of the receipt of such Repurchase Request, the Indenture Trustee shall, at the direction of the Administrator, deliver
a notice to the related Noteholder or Note Owner indicating that the repurchase request is unresolved.

 

Section 11.06   
Alternate Payment and Notice Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the contrary,
the Issuing Entity may enter into any agreement with any Holder of a Note providing for a method of payment, or notice by the Indenture
Trustee or any Paying Agent to such Holder, that is different from the methods provided for in this Indenture for such payments or notices.
The Issuing Entity will furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause payments to
be made and notices to be given in accordance with such agreements.

 

Section 11.07   
Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof
that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control.

 

The provisions of TIA §§ 310
through 317 that impose duties on any person (including the provisions automatically deemed included herein unless expressly excluded
by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein.

 

Section 11.08   
Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof.

 

Section 11.09   
Successors and Assigns. All covenants and agreements in this Indenture and the Notes by the Issuing Entity [and the Grantor
Trust] shall bind [its][their] successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture
shall bind its successors, co-trustees and agents.

 

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Section 11.10   
Severability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 11.11   
Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than
the parties hereto and their successors hereunder, and the Noteholders[, the Swap Counterparty] and any other party secured hereunder,
and any other Person with an ownership interest in any part of the Trust Estate [or the Grantor Trust Collateral], any benefit or any
legal or equitable right, remedy or claim under this Indenture. The Asset Representations Reviewer [and the Swap Counterparty] shall be
a third-party beneficiary to this Indenture, but only to the extent that it has any rights specified herein [or rights with respect to
this Indenture specified under any applicable Swap Counterparty Rights Agreement].

 

Section 11.12   
Legal Holidays. In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding
any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business
Day with the same force and effect as if made on the date on which nominally due, and no interest shall accrue for the period from and
after any such nominal date.

 

Section 11.13   
GOVERNING LAW; JURISDICTION. THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REGARD TO ANY OTHERWISE APPLICABLE CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL
BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. THE PARTIES HERETO, EACH NOTEHOLDER BY ITS ACCEPTANCE OF A NOTE, AND EACH NOTE OWNER BY ITS
ACCEPTANCE OF AN INTEREST IN THE APPLICABLE BOOK-ENTRY NOTE OR DEFINITIVE NOTE, HEREBY UNCONDITIONALLY AND IRREVOCABLY SUBMIT TO THE NONEXCLUSIVE
GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK, THE COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW
YORK AND THE APPELLATE COURTS OF ANY THEREOF FOR PURPOSES OF ANY ACTION OR PROCEEDING ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT,
THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

Section
11.14    Counterparts; Electronic
Signatures. This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the same instrument. Each of the parties agree that this
Indenture 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 Indenture 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
Indenture and such other documents may be made by facsimile, email or other electronic transmission; provided, however, that (i) any
documentation with respect to transfer of the Notes or other securities presented to the Indenture Trustee or any transfer agent
must contain original documents with manually executed signatures and (ii) upon the request of the Indenture Trustee, any electronic
signature delivered pursuant to this Section 11.14 shall be followed with a manually executed, original counterpart within a
reasonable period of time following such request, to the extent such manually executed, original counterpart shall be required by
applicable law or a regulatory body having supervisory authority over the Indenture Trustee. The Indenture Trustee shall not be
liable for, and shall be indemnified and held harmless pursuant to Section 6.07 of this Indenture 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 Indenture Trustee pursuant to this Agreement or the
related documents, including the risk of the Indenture Trustee acting on any unauthorized instructions and the risk of interception
and misuse by third parties.

 

    71

     

    

 

Section 11.15   
Recording of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such recording
is to be effected by the Issuing Entity and at its expense accompanied by an Opinion of Counsel to the effect that such recording is necessary
either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted
to the Indenture Trustee under this Indenture.

 

Section 11.16   
Trust Obligation. It is expressly understood and agreed by the parties hereto that (a) this Indenture is executed and delivered
by the Trustee Bank, not individually or personally but solely as Owner Trustee, in the exercise of the powers and authority conferred
and vested in it under the Trust Agreement, (b) each of the representations, undertakings and agreements herein made on the part of the
Issuing Entity is made and intended not as personal representations, undertakings and agreements by the Trustee Bank, but is made and
intended for the purpose of binding only the Issuing Entity, (c) nothing herein contained shall be construed as creating any liability
on the Trustee Bank, individually or personally, to perform any covenant of the Issuing Entity, either expressed or implied, contained
herein, all such liability of the Trustee Bank in its individual or personal capacity, if any, being expressly waived by the parties hereto
and by any person claiming by, through or under the parties hereto, (d) the Trustee Bank has made no investigation into the accuracy or
completeness of any representations or warranties made by the Issuing Entity in this Indenture, and (e) under no circumstances shall the
Trustee Bank be personally liable for the payment of any indebtedness or expenses of the Issuing Entity under this Indenture or any other
related documents.

 

[Further, it is expressly
understood and agreed by the parties hereto that (a) this Indenture is executed and delivered by the Grantor Trust Trustee, not
individually or personally but solely as Grantor Trust Trustee, in the exercise of the powers and authority conferred and vested in
it under the Grantor Trust Agreement, (b) each of the representations, undertakings and agreements herein made on the part of the
Grantor Trust is made and intended not as personal representations, undertakings and agreements by the Grantor Trust Trustee, but is
made and intended for the purpose of binding only the Grantor Trust, (c) nothing herein contained shall be construed as creating any
liability on the Grantor Trust Trustee, individually or personally, to perform any covenant of the Grantor Trust, either expressed
or implied, contained herein, all such liability of the Grantor Trust Trustee in its individual or personal capacity, if any, being
expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto, (d) the Grantor Trust
Trustee has made no investigation into the accuracy or completeness of any representations or warranties made by the Grantor Trust
in this Indenture, and (e) under no circumstances shall the Grantor Trust Trustee be personally liable for the payment of any
indebtedness or expenses of the Grantor Trust under this Indenture or any other related documents.]

 

    72

     

    

 

No recourse may be taken, directly
or indirectly, with respect to the obligations of the Issuing Entity, [the Grantor Trust, the Grantor Trust Trustee,] the Owner Trustee
or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or
therewith, against (i) the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in their individual capacities, (ii) any
owner of a beneficial interest in the Issuing Entity [or the Grantor Trust] or (iii) any partner, owner, beneficiary, agent, officer,
director, employee or agent of the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuing Entity, [the Grantor Trust, the Grantor Trust Trustee,] the Owner Trustee or the Indenture
Trustee or of any successor or assign of the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in its individual capacity,
except as any such Person may have expressly agreed (it being understood that the Indenture Trustee[, the Grantor Trust Trustee] and the
Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully
liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay
any installment or call owing to such entity.

 

In the event that a Noteholder
(other than WOAR) is deemed, under applicable law by any court or other authority of competent jurisdiction, to have an interest in any
assets of WOAR or any Affiliate of WOAR other than the beneficial interest in Trust (“other assets”), the parties to this
Indenture and the Noteholders acknowledge and agree that: (i) such Noteholder’s Note represents a claim of the Noteholder against
the assets of the Trust and the Trust Estate only, (ii) any such Noteholder’s claim against any other assets shall be, and hereby
is, subject and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted
(“entitled Persons”), including to the payment in full of all amounts owing to such entitled Persons, and (iii) the covenant
set forth in the preceding clause (ii) constitutes a “subordination agreement” within the meaning of, and subject to, Section
510(a) of the Bankruptcy Code.

 

Section 11.17   
No Petition. The Indenture Trustee, by entering into this Indenture, and each Noteholder, by accepting a Note, hereby covenant
and agree that they will not at any time institute against the Depositor[, the Grantor Trust] or the Issuing Entity, or join in any institution
against the Depositor[, the Grantor Trust] or the Issuing Entity of, any involuntary bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with
any obligations relating to the Notes, this Indenture or any of the Basic Documents.

 

    73

     

    

 

Section 11.18   
Inspection. The Issuing Entity agrees that, on reasonable prior notice, it will permit any representative of the Indenture
Trustee, during the Issuing Entity’s normal business hours, to examine all the books of account, records, reports and other papers
of the Issuing Entity, to make copies and extracts therefrom, to cause such books to be audited by Independent certified public accountants,
and to discuss the Issuing Entity’s affairs, finances and accounts with the Issuing Entity’s officers, employees and Independent
certified public accountants, all at such reasonable times and as often as may be reasonably requested. The Indenture Trustee shall,
and shall cause its representatives to, hold in confidence all such information except to the extent disclosure may be required by law
(and all reasonable applications for confidential treatment are unavailing) and except to the extent that the Indenture Trustee may reasonably
determine that such disclosure is consistent with its obligations hereunder.

 

Section
11.19   
Waiver of Jury Trial  EACH OF THE ISSUING ENTITY[, THE GRANTOR TRUST] AND THE INDENTURE TRUSTEE HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF
OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

ARTICLE
XII

COMPLIANCE WITH REGULATION AB

 

Section
12.01   
Intent of the Parties; Reasonableness  The Depositor and the Indenture Trustee acknowledge and agree that the
purpose of this Article XII is to facilitate compliance by the Depositor with the provisions of Regulation AB and related rules and regulations
of the Commission. The Depositor shall not exercise its right to request delivery of information or other performance under these provisions
other than in good faith, or for purposes other than the Depositor’s compliance with the Securities Act, the Securities Exchange
Act and the rules and regulations of the Commission thereunder (or the provision in a private offering of disclosure comparable to that
required under the Securities Act). The Indenture Trustee agrees to cooperate in good faith with any reasonable request by the Depositor
for information regarding the Indenture Trustee which is required in order to enable the Depositor to comply with the provisions of Items
1109(a), 1109(b), 1117, 1119 and 1122 of Regulation AB as it relates to the Indenture Trustee or to the Indenture Trustee’s obligations
under this Indenture or any indenture supplement.

 

    74

     

    

 

Section
12.02    Additional
Representations and Warranties of the Indenture Trustee. The Indenture Trustee shall be deemed to represent to the Depositor, as
of the date on which information is provided to The Depository Trust Company under Section 6.06 that, except as disclosed in
writing to the Depositor prior to such date to the best of its knowledge, but without independent investigation: (i) neither the
execution, delivery and performance by the Indenture Trustee of this Indenture or any indenture supplement, the performance by the
Indenture Trustee of its obligations under this Indenture or any indenture supplement nor the consummation of any of the
transactions by the Indenture Trustee contemplated thereby, is in violation of any indenture, mortgage, bank credit agreement, note
or bond purchase agreement, long-term lease, license or other agreement or instrument to which the Indenture Trustee is a party or
by which it is bound, which violation would have a material adverse effect on the Indenture Trustee’s ability to perform its
obligations under this Indenture or any indenture supplement, or of any judgment or order applicable to the Indenture Trustee; and
(ii) there are no proceedings pending or known to be threatened against the Indenture Trustee in any court or before any
governmental authority, agency or arbitration board or tribunal which, individually or in the aggregate, would have a material
adverse effect on the right, power and authority of the Indenture Trustee to enter into this Indenture or any indenture supplement
or to perform its obligations under this Indenture or any indenture supplement.

 

Section
12.03    Information to Be
Provided by the Indenture Trustee. For so long as the Issuing Entity is required to report under the Exchange Act, the Indenture
Trustee shall (i) on or before the fifth Business Day of each month, provide to the Depositor, in writing, such information regarding
the Indenture Trustee as is requested by the Depositor (if any) for the purpose of compliance with Item 1117 of Regulation AB; provided,
however, that the Indenture Trustee shall not be required to provide such information in the event that there has been no change
to the information previously provided by the Indenture Trustee to the Depositor, and (ii) as promptly as practicable following
notice to or actual knowledge by a Responsible Officer of the Indenture Trustee of any changes to such information, provide to the Depositor,
in writing, such updated information.

 

For so long as the Issuing Entity
is required to report under the Exchange Act, the Indenture Trustee shall (i) on or before the fifth Business Day of each January, April,
July and October, provide to the Depositor such information regarding the Indenture Trustee as is requested for the purpose of compliance
with Items 1109(a), 1109(b) and 1119 of Regulation AB; provided, however, that the Indenture Trustee shall not be required
to provide such information in the event that there has been no change to the information previously provided by the Indenture Trustee
to the Depositor, and (ii) as promptly as practicable following notice to or actual knowledge by the Indenture Trustee of any changes
to such information, provide to the Depositor, in writing, updated information necessary for compliance with Item 1119 of Regulation
AB. Such information shall include, at a minimum:

 

(a)  
the Indenture Trustee’s name and form of organization;

 

(b)  
a description of the extent to which the Indenture Trustee has had prior experience serving as trustee for asset-backed securities
transactions involving receivables of the same type as the Receivables;

 

(c)  
a description of any affiliation between the Indenture Trustee and any of the following parties to a Securitization Transaction,
as such parties are identified to the Indenture Trustee by the Depositor in writing in advance of such Securitization Transaction:

 

(i)          the
sponsor;

 

(ii)         any depositor;

 

(iii)        the
issuing entity;

 

    75

     

    

 

(iv)        [the
grantor trust;]

 

(v)         any servicer;

 

(vi)        any
trustee;

 

(vii)       any
originator;

 

(viii)      any
significant obligor;

 

 (ix)         any enhancement or support provider, including any swap counterparty;

 

 (x)          any asset representations reviewer; and

 

(xi)         any other material transaction party.

 

In connection with the above-listed
parties, a description of whether there is, and if so the general character of, any business relationship, agreement, arrangement, transaction
or understanding that is entered into outside the ordinary course of business or is on terms other than would be obtained in an arm’s
length transaction with an unrelated third party, apart from the asset-backed securities transaction, that currently exists or that existed
during the past two years and that is material to an investor’s understanding of the asset-backed securities.

 

Section
12.04    Regulation AB Reports
by Indenture Trustee. For so long as the Issuing Entity is required to report under the Exchange Act, the Indenture Trustee will,
on or before March 1 of each year, beginning March 1, 20[    ]:

 

(i)          deliver
to the Depositor a report regarding the Indenture Trustee’s assessment of compliance with the Servicing Criteria specified in Exhibit [G]
during the immediately preceding calendar year, including disclosure of any material instance of non-compliance identified by the
Indenture Trustee (provided, that to the extent the Indenture Trustee identifies any material instance of non-compliance, the
Indenture Trustee shall disclose (whether in such report or separately) to the Depositor whether such material instance of non-compliance
relates to the Receivables or the Notes and whether and to what extent the Indenture Trustee has instituted steps to remediate such material
instance of non-compliance), as required under paragraph (b) of Rule 13a-18, Rule 15d-18 of the Exchange Act and Item 1122 of Regulation
AB. Such report shall be signed by an authorized officer of the Indenture Trustee, and shall address each of the Servicing Criteria specified
in Exhibit [G] or such criteria as mutually agreed upon by the Depositor and the Indenture Trustee.

 

(ii)         deliver
to the Depositor a report of a registered public accounting firm that attests to, and reports on, the assessment of compliance made
by the Indenture Trustee and delivered pursuant to the preceding paragraph. Such attestation shall be in accordance with Rules
1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act.

 

(iii)        deliver
to the Depositor and any other Person that will be responsible for signing the certification (a “Sarbanes Certification”)
required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) on behalf
of the Issuing Entity or the Depositor substantially in the form attached hereto as Exhibit [H] or such form as mutually agreed
upon by the Depositor and the Indenture Trustee.

 

    76

     

    

 

IN WITNESS WHEREOF, the Issuing
Entity[, the Grantor Trust] and the Indenture Trustee have caused this Indenture to be duly executed by their respective officers, thereunto
duly authorized, all as of the day and year first above written.

 

	 	WORLD
    OMNI [SELECT] AUTO [RECEIVABLES] TRUST 20[    ]-[    ],
	 	 
	 	By:	[    ],
    not in its individual capacity but solely as Owner Trustee
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	[WORLD
    OMNI [SELECT] AUTO [RECEIVABLES] GRANTOR TRUST 20[    ]-[    ],
	 	 
	 	By:	 [    ], not in its individual capacity but solely as Grantor
Trust Trustee
	 	 
	 	By:	 
	 	Name:
	 	Title:]
	 	 
	 	[    ],
    not in its individual capacity but solely as Indenture Trustee
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

     

     

    

 

SCHEDULE A

 

Schedule of Receivables

 

Provided to the Indenture Trustee
and Owner Trustee on the Closing Date [and each Subsequent Transfer Date]

 

    Sch. A

     

    

 

EXHIBIT A-1

 

[FORM
OF CLASS A-1[a/b] NOTE]

 

[UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUING ENTITY OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 

	REGISTERED	$	 

 

	No.:        	CUSIP No.:	 

 

		ISIN No.:	 

 

		CINS No.:	 

 

WORLD OMNI [SELECT] AUTO [RECEIVABLES] TRUST 20[    ]-[    ]

 

CLASS A-1[a/b] [[    ]%][BENCHMARK PLUS [    ]%] ASSET-BACKED NOTES

 

WORLD OMNI [SELECT] AUTO [RECEIVABLES]
TRUST 20[    ]-[    ] a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to [    ], or registered assigns, the principal sum of ___________ DOLLARS
payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $_____
and the denominator of which is $[    ] by (ii) the aggregate amount, if any, payable from the Note Distribution Account in respect
of principal on the Class A-1 Notes pursuant to Section 3.01 of the Indenture dated as of [    ], 20[    ] (the “Indenture”),
between the Issuing Entity[, the Grantor Trust] and [    ], as Indenture Trustee (the “Indenture Trustee”); provided,
however, that the entire unpaid principal amount of this Note shall be due and payable on the earlier of the [    ], 20[    ] Payment
Date (the “Class A-1 Final Scheduled Payment Date”) and the Redemption Date, if any, pursuant to Section 10.01
of the Indenture. [Principal payable with respect to the Class A-1 Notes shall be made pro rata between the Class A-1a Notes and
the Class A-1b Notes.] Capitalized terms used but not defined herein are defined in Article I of the Indenture, which also
contains rules as to construction that shall be applicable herein.

 

    Ex. A-1-1

     

    

 

BY ACQUIRING A CLASS A-1 NOTE,
EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT THAT EITHER (1) IT IS
NOT AND WILL NOT BE AND IS NOT ACTING ON BEHALF OF OR ACQUIRING THE NOTES WITH THE ASSETS OF ANY PERSON THAT IS OR WILL BE (i) AN “EMPLOYEE
BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)
THAT IS SUBJECT TO TITLE I OF ERISA, (ii) A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (iii) ANY ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS
INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3-101,
AS MODIFIED BY SECTION 3(42) OF ERISA) OR (iv) ANY U.S. GOVERNMENTAL PLAN, NON U.S. PLAN, CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN,
ACCOUNT OR ARRANGEMENT THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF
ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (2) ITS ACQUISITION AND HOLDING OF THE CLASS A-1 NOTES (OR ANY INTEREST
THEREIN) WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION
OF SIMILAR LAW.

 

The Issuing Entity will pay interest
on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment,
on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal made
on the preceding Payment Date), subject to certain limitations contained in the last sentence of Section 3.01 of the Indenture.
Interest on this Note will accrue for each Payment Date from and including the most recent Payment Date on which interest has been paid
(in the case of the initial Payment Date, from the Closing Date) to but excluding such current Payment Date. Interest will be computed
on the basis of [    ]. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

 

The principal of and interest
on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due
and payable on this Note as provided above and then to the unpaid principal of this Note.

 

Reference is made to the further
provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this
Note.

 

Unless the certificate of authentication
hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any
benefit under the Indenture, or be valid or obligatory for any purpose.

 

    Ex. A-1-2

     

    

 

IN WITNESS WHEREOF, the Issuing
Entity has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.

 

	Date:                                	
    WORLD OMNI [SELECT] AUTO [RECEIVABLES] TRUST 20[    ]-[    ]
	 	 
	 	By: [    ],
not in its individual capacity but solely as Owner Trustee
	 	 
	 	By:	            
	 	 	Name:
	 	 	Title:

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes designated
above and referred to in the within-mentioned Indenture.

 

	Date:                                	
    [    ], not in its individual capacity but solely as Indenture Trustee
	 	 
	 	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Ex. A-1-3

     

    

 

This Note is one of a duly authorized
issue of Notes of the Issuing Entity, designated as its Class A-1[a/b] [[    ]%][Benchmark plus [    ]%] Asset-Backed Notes (herein
called the “Class A-1 Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture
Trustee and the Holders of the Notes. The Class A-1 Notes are subject to all terms of the Indenture.

 

The Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes[, the Class A-5 Notes,] [and] the Class B Notes[,] [and the
Class C Notes][,] [and the Class D Notes][,] [and] [the Class E Notes] [and the Class F Notes] (collectively, the “Notes”)
are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture and subject to
the subordination provisions set forth therein.

 

Principal of the Class A-1
Notes will be payable on each Payment Date and, if the Class A-1 Notes have not been paid in full prior to the Class A-1 Final
Scheduled Payment Date, on the Class A-1 Final Scheduled Payment Date, in an amount described on the face hereof. “Payment
Date” means the [fifteenth] day of each month or, if such day is not a Business Day, the immediately following Business Day.
The initial Payment Date will be [    ], 20[    ].

 

As described above, the entire
unpaid principal amount of this Note shall be due and payable on the Class A-1 Final Scheduled Payment Date. Notwithstanding the
foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have
occurred and be continuing and the Indenture Trustee or the Holders of Notes representing at least a majority of the Outstanding Amount
of the Controlling Securities have declared the Notes to be immediately due and payable in the manner provided in Section 5.02
of the Indenture. All principal payments on the Class A-1 Notes shall be made pro rata to the Class A-1 Noteholders entitled
thereto.

 

Payments of interest on this
Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of
this Note, shall be made by check or wire transfer to the Person whose name appears as the Registered Holder of this Note (or one or
more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes
registered on the Record Date in the name of [ ], payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks mailed or wire transfers shall be made to the Person entitled thereto to the address
or designated account of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this
Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes)
effected by any payments made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon
the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to
be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a
Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will notify the Person who was the
Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted prior to such Payment
Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture
Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes
located in [   ].

 

    Ex. A-1-4

     

    

 

The Issuing Entity shall pay interest
on overdue installments of interest at the Class A-1 Interest Rate to the extent lawful.

 

As provided in the Indenture and
subject to certain limitations set forth therein and on the face hereof, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity pursuant to the Indenture,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by,
the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in the Securities
Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may
be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act
of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will
be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange
of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any such registration of transfer or exchange.

 

Each Noteholder or Note Owner,
by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be
taken, directly or indirectly, with respect to the obligations of the Issuing Entity, [the Grantor Trust, the Grantor Trust Trustee,]
the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in its individual capacity, (ii) any
owner of a beneficial interest in the Issuing Entity [or the Grantor Trust] or (iii) any partner, owner, beneficiary, agent, officer,
director or employee of the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in its individual capacity, any holder
of a beneficial interest in the Issuing Entity, [the Grantor Trust, the Grantor Trust Trustee,] the Owner Trustee or the Indenture Trustee
or of any successor or assign of the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in its individual capacity,
except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to
the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment
or call owing to such entity.

 

Each Noteholder or Note Owner,
by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits
of the Indenture that such Noteholder or Note Owner will not at any time institute against the Depositor, World Omni or the Issuing Entity,
or join in any institution against the Depositor, World Omni or the Issuing Entity of, any involuntary bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the Basic Documents.

 

    Ex. A-1-5

     

    

 

The Issuing Entity has entered
into the Indenture and this Note is issued with the intention that, for U.S. federal, state and local income and franchise tax purposes,
the Notes will be characterized as indebtedness. Each Noteholder, by its acceptance of a Note, and each Note Owner, by its acceptance
of an interest in the applicable Book-Entry Note or Definitive Note, other than, in either case (and with respect solely to Notes owned
by it), a Noteholder or Note Owner that is an entity whose separate existence from the Issuing Entity is disregarded for U.S. federal
income tax purposes, agrees to treat the Notes for U.S. federal, state and local income and franchise tax purposes, as indebtedness.

 

Each Noteholder or Note Owner,
by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits
of the Indenture that such Noteholder or Note Owner shall provide to the Person from whom it receives payments on the Notes on behalf
of the Issuing Entity, (1) any applicable IRS Form W-9, W-8BEN, W-8BEN-E, W-8ECI or W-8IMY (with any applicable attachments) or applicable
successor form and (2) any documentation that is required under FATCA to enable the Issuing Entity, the Indenture Trustee and any other
agent of the Issuing Entity to determine their duties and liabilities with respect to any taxes they may be required to withhold in respect
of such Note or the Noteholder of such Note or, in the case of the Note Owner, a beneficial interest therein, in each case, prior to
the first Payment Date after such Noteholder’s acquisition of Notes and at such time or times required by law or that the Indenture
Trustee on behalf of the Issuing Entity or their respective agents may reasonably request, and shall update or replace such IRS form
or documentation in accordance with its terms or its subsequent amendments. Each Noteholder or Note Owner will provide the applicable
replacement IRS form or documentation every three (3) years (or sooner if there is a transfer to a new Noteholder or Note Owner or if
required by applicable law). In each case above, the applicable IRS form or documentation shall be properly completed and signed under
penalty of perjury. The Indenture Trustee has the right to withhold any amounts (properly withholdable under law and without any corresponding
gross-up) payable to a Noteholder or Note Owner that fails to comply with the requirements of the preceding sentence.

 

Prior to the due presentment for
registration of transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in
the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuing Entity,
the Indenture Trustee or any such agent shall be affected by notice to the contrary.

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing
Entity and the rights of the Holders of the Notes under the Indenture at any time by the Issuing Entity with the consent of the
Holders of Notes representing a majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains
provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling
Securities, on behalf of the Holders of all the Notes, to waive compliance by the Issuing Entity with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this
Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation
of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms
and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.

 

    Ex. A-1-6

     

    

 

The term “Issuing Entity”
as used in this Note includes any successor to the Issuing Entity under the Indenture.

 

The Issuing Entity is permitted
by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders
of Notes under the Indenture.

 

The Notes are issuable only in
registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

This Note and the Indenture shall
be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the
obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

 

No reference herein to the Indenture
and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional,
to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed.

 

Anything herein to the contrary
notwithstanding, except as expressly provided in the Basic Documents, none of [    ] in its individual capacity, [    ] in its individual
capacity, any owner of a beneficial interest in the Issuing Entity, or any of their respective partners, beneficiaries, agents, officers,
directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment
of principal of or interest on this Note or performance of, or omission to perform, any of the covenants, obligations or indemnifications
contained in the Indenture. The Holder of this Note by its acceptance hereof agrees that, except as expressly provided in the Basic Documents,
in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency,
loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement
against, the assets of the Issuing Entity for any and all liabilities, obligations and undertakings contained in the Indenture or in
this Note.

 

    Ex. A-1-7

     

    

 

ASSIGNMENT

 

Social Security or taxpayer I.D. or other identifying
number of assignee:

 

	  	 

 

FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto:

 

	  	 

(name and address of assignee)

 

the within Note and all rights thereunder, and
hereby irrevocably constitutes and appoints                                                                                                       ,
attorney, transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

 

	Dated:	 	 	 	*

 

Signature Guaranteed:

 

                                                       *
  

 

 

 * NOTICE: The signature to this assignment
must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without
alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or such other
 “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.

 

    Ex. A-1-8

     

    

 

EXHIBIT A-2

 

[FORM OF CLASS A-2[a/b] NOTE]

 

[UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUING ENTITY OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 

	REGISTERED	$	 

 

	No.:        	CUSIP No.:	 

 

		ISIN No.:	 

 

		CINS No.:	 

 

WORLD OMNI [SELECT] AUTO [RECEIVABLES] TRUST 20[    ]-[    ]

 

CLASS A-2[a/b] [[    ]%][BENCHMARK PLUS [    ]%] ASSET-BACKED NOTES

 

WORLD OMNI [SELECT] AUTO
[RECEIVABLES] TRUST 20[    ]-[    ], a statutory trust organized and existing under the laws of the State of Delaware (herein referred
to as the “Issuing Entity”), for value received, hereby promises to pay to [    ], or registered assigns, the
principal sum of ___________ DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying
(i) a fraction the numerator of which is $______ and the denominator of which is $[    ] by (ii) the aggregate amount, if
any, payable from the Note Distribution Account in respect of principal on the Class A-2 Notes pursuant to Section 3.01
of the Indenture dated as of [    ], 20[    ] (the “Indenture”), between the Issuing Entity[, the Grantor Trust]
and [    ], as Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on the earlier of the [    ], 20[    ] Payment Date (the
 “Class A-2 Final Scheduled Payment Date”) and the Redemption Date, if any, pursuant to Section 10.01 of
the Indenture. [Principal payable with respect to the Class A-2 Notes shall be made pro rata between the Class A-2a Notes and the
Class A-2b Notes.] Generally, no payments of principal of the Class A-2 Notes shall be made until the Class A-1 Notes have
been paid in full. Capitalized terms used but not defined herein are defined in Article I of the Indenture, which also
contains rules as to construction that shall be applicable herein.

 

    Ex. A-2-1

     

    

 

BY ACQUIRING A CLASS A-2 NOTE,
EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT THAT EITHER (1) IT IS
NOT AND WILL NOT BE AND IS NOT ACTING ON BEHALF OF OR ACQUIRING THE NOTES WITH THE ASSETS OF ANY PERSON THAT IS OR WILL BE (i) AN “EMPLOYEE
BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)
THAT IS SUBJECT TO TITLE I OF ERISA, (ii) A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (iii) ANY ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS
INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3-101,
AS MODIFIED BY SECTION 3(42) OF ERISA) OR (iv) ANY U.S. GOVERNMENTAL PLAN, NON-U.S. PLAN, CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN,
ACCOUNT OR ARRANGEMENT THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF
ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (2) ITS ACQUISITION AND HOLDING OF THE CLASS A-2 NOTES (OR ANY INTEREST
THEREIN) WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION
OF SIMILAR LAW.

 

The Issuing Entity will pay interest
on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment,
on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal made
on the preceding Payment Date), subject to certain limitations contained in the last sentence of Section 3.01 of the Indenture.
Interest on this Note will accrue for each Payment Date from and including the [15]th day of the preceding calendar month (or, for the
initial interest accrual period, from and including the Closing Date) to but excluding the [15]th day of the current calendar month.
Interest will be computed on the basis of [    ]. Such principal of and interest on this Note shall be paid in the manner specified
on the reverse hereof.

 

The principal of and interest
on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due
and payable on this Note as provided above and then to the unpaid principal of this Note.

 

Reference is made to the further
provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this
Note.

 

Unless the certificate of authentication
hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any
benefit under the Indenture, or be valid or obligatory for any purpose.

 

    Ex. A-2-2

     

    

 

IN WITNESS WHEREOF, the Issuing
Entity has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.

 

	Date:                                	
    WORLD OMNI [SELECT] AUTO [RECEIVABLES] TRUST 20[    ]-[    ]
	 	 
	 	By: [    ],
not in its individual capacity but solely as Owner Trustee
	 	 
	 	By:	            
	 	 	Name:
	 	 	Title:

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes designated
above and referred to in the within-mentioned Indenture.

 

	Date:                                	
    [    ], not in its individual capacity but solely as Indenture Trustee
	 	 
	 	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Ex. A-2-3

     

    

 

This Note is one of a duly authorized
issue of Notes of the Issuing Entity, designated as its Class A-2[a/b] [[    ]%][Benchmark plus [    ]%] Asset-Backed Notes (herein
called the “Class A-2 Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture
Trustee and the Holders of the Notes. The Class A-2 Notes are subject to all terms of the Indenture.

 

The Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes[, the Class A-5 Notes,] [and] the Class B Notes[,] [and the
Class C Notes][,] [and the Class D Notes][,] [and] [the Class E Notes] [and the Class F Notes] (collectively, the “Notes”)
are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture and subject to
the subordination provisions therein.

 

Principal of the Class A-2
Notes will be payable on each Payment Date and, if the Class A-2 Notes have not been paid in full prior to the Class A-2 Final
Scheduled Payment Date, on the Class A-2 Final Scheduled Payment Date, in an amount described on the face hereof. “Payment
Date” means the fifteenth day of each month or, if such day is not a Business Day, the immediately following Business Day.
The initial Payment Date will be [    ], 20[    ].

 

As described above, the entire
unpaid principal amount of this Note shall be due and payable on the Class A-2 Final Scheduled Payment Date. Notwithstanding the
foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have
occurred and be continuing and the Indenture Trustee or the Holders of Notes representing at least a majority of the Outstanding Amount
of the Controlling Securities have declared the Notes to be immediately due and payable in the manner provided in Section 5.02
of the Indenture. All principal payments on the Class A-2 Notes shall be made pro rata to the Class A-2 Noteholders entitled thereto.

 

Payments of interest on
this Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check or wire transfer to the Person whose name appears as the Registered Holder of this Note
(or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to
Notes registered on the Record Date in the name of [ ], payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks mailed or wire transfers shall be made to the Person entitled thereto to the address
or designated account of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this
Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes)
effected by any payments made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon
the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to
be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a
Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will notify the Person who was the
Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted prior to such Payment
Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture
Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes
located in [ ].

 

    Ex. A-2-4

     

    

 

The Issuing Entity shall pay interest
on overdue installments of interest at the Class A-2 Interest Rate to the extent lawful.

 

As provided in the Indenture and
subject to certain limitations set forth therein and on the face hereof, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity pursuant to the Indenture,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by,
the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in the Securities
Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may
be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act
of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will
be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange
of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any such registration of transfer or exchange.

 

Each Noteholder or Note Owner,
by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be
taken, directly or indirectly, with respect to the obligations of the Issuing Entity, [the Grantor Trust, the Grantor Trust Trustee,]
the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in its individual capacity, (ii) any
owner of a beneficial interest in the Issuing Entity [or the Grantor Trust] or (iii) any partner, owner, beneficiary, agent, officer,
director or employee of the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in its individual capacity, any holder
of a beneficial interest in the Issuing Entity, [the Grantor Trust, the Grantor Trust Trustee,] the Owner Trustee or the Indenture Trustee
or of any successor or assign of the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in its individual capacity,
except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to
the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment
or call owing to such entity.

 

Each Noteholder or Note Owner,
by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits
of the Indenture that such Noteholder or Note Owner will not at any time institute against the Depositor, World Omni or the Issuing Entity,
or join in any institution against the Depositor, World Omni or the Issuing Entity of, any involuntary bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the Basic Documents.

 

    Ex. A-2-5

     

    

 

The Issuing Entity has entered
into the Indenture and this Note is issued with the intention that, for U.S. federal, state and local income and franchise tax purposes,
the Notes will be characterized as indebtedness. Each Noteholder, by its acceptance of a Note, and each Note Owner, by its acceptance
of an interest in the applicable Book-Entry Note or Definitive Note, other than, in either case (and with respect solely to Notes owned
by it), a Noteholder or Note Owner that is an entity whose separate existence from the Issuing Entity is disregarded for U.S. federal
income tax purposes, agrees to treat the Notes for U.S. federal, state and local income and franchise tax purposes, as indebtedness.

 

Each Noteholder or Note Owner,
by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits
of the Indenture that such Noteholder or Note Owner shall provide to the Person from whom it receives payments on the Notes on behalf
of the Issuing Entity, (1) any applicable IRS Form W-9, W-8BEN, W-8BEN-E, W-8ECI or W-8IMY (with any applicable attachments) or applicable
successor form and (2) any documentation that is required under FATCA to enable the Issuing Entity, the Indenture Trustee and any other
agent of the Issuing Entity to determine their duties and liabilities with respect to any taxes they may be required to withhold in respect
of such Note or the Noteholder of such Note or, in the case of the Note Owner, a beneficial interest therein, in each case, prior to
the first Payment Date after such Noteholder’s acquisition of Notes and at such time or times required by law or that the Indenture
Trustee on behalf of the Issuing Entity or their respective agents may reasonably request, and shall update or replace such IRS form
or documentation in accordance with its terms or its subsequent amendments. Each Noteholder or Note Owner will provide the applicable
replacement IRS form or documentation every three (3) years (or sooner if there is a transfer to a new Noteholder or Note Owner or if
required by applicable law). In each case above, the applicable IRS form or documentation shall be properly completed and signed under
penalty of perjury. The Indenture Trustee has the right to withhold any amounts (properly withholdable under law and without any corresponding
gross-up) payable to a Noteholder or Note Owner that fails to comply with the requirements of the preceding sentence.

 

Prior to the due presentment for
registration of transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in
the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuing Entity,
the Indenture Trustee or any such agent shall be affected by notice to the contrary.

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing
Entity and the rights of the Holders of the Notes under the Indenture at any time by the Issuing Entity with the consent of the
Holders of Notes representing a majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains
provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling
Securities, on behalf of the Holders of all the Notes, to waive compliance by the Issuing Entity with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this
Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation
of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms
and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.

 

    Ex. A-2-6

     

    

 

The term “Issuing Entity”
as used in this Note includes any successor to the Issuing Entity under the Indenture.

 

The Issuing Entity is permitted
by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders
of Notes under the Indenture.

 

The Notes are issuable only in
registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

This Note and the Indenture shall
be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the
obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

 

No reference herein to the Indenture
and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional,
to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed.

 

Anything herein to the contrary
notwithstanding, except as expressly provided in the Basic Documents, none of [    ] in its individual capacity, [    ] in its individual
capacity, any owner of a beneficial interest in the Issuing Entity, or any of their respective partners, beneficiaries, agents, officers,
directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment
of principal of or interest on this Note or performance of, or omission to perform, any of the covenants, obligations or indemnifications
contained in the Indenture. The Holder of this Note by its acceptance hereof agrees that, except as expressly provided in the Basic Documents,
in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency,
loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement
against, the assets of the Issuing Entity for any and all liabilities, obligations and undertakings contained in the Indenture or in
this Note.

 

    Ex. A-2-7

     

    

 

ASSIGNMENT

 

Social Security or taxpayer I.D. or other identifying
number of assignee:

 

	 	 

 

FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto:

 

	 	 
	(name and address of assignee)	 

 

the within Note and all rights thereunder, and
hereby irrevocably constitutes and appoints                                                                                                   ,
attorney, transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

 

	Dated:	 	 	 	*

 

Signature Guaranteed:

 

                                                                                              *

 

 

*    NOTICE: The signature
to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular,
without alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.

 

    Ex. A-2-8

     

    

 

EXHIBIT A-3

 

[FORM OF CLASS A-3[a/b] NOTE]

 

[UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUING ENTITY OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 

	REGISTERED	$__________
	 	 
	No.: ____	CUSIP No.: _____
	 	 
	 	ISIN No.: _____
	 	 
	 	CINS No.:                      

 

WORLD OMNI [SELECT] AUTO [RECEIVABLES] TRUST 20[    ]-[    ]

CLASS A-3[a/b] [[    ]%][BENCHMARK PLUS [    ]%] ASSET-BACKED NOTES

 

WORLD OMNI [SELECT] AUTO [RECEIVABLES]
TRUST 20[    ]-[    ], a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to [    ], or registered assigns, the principal sum of ___________ DOLLARS
payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $________
and the denominator of which is $[    ] by (ii) the aggregate amount, if any, payable from the Note Distribution Account in respect
of principal on the Class A-3 Notes pursuant to Section 3.01 of the Indenture dated as of [    ], 20[    ] (the “Indenture”),
between the Issuing Entity[, the Grantor Trust] and [    ], as Indenture Trustee (the “Indenture Trustee”); provided,
however, that the entire unpaid principal amount of this Note shall be due and payable on the earlier of the [    ], 20[    ] Payment
Date (the “Class A-3 Final Scheduled Payment Date”) and the Redemption Date, if any, pursuant to Section 10.01
of the Indenture. [Principal payable with respect to the Class A-3 Notes shall be made pro rata between the Class A-3a Notes and
the Class A-3b Notes.] Generally, no payments of principal of the Class A-3 Notes shall be made until the Class A-1 and Class A-2
Notes have been paid in full. Capitalized terms used but not defined herein are defined in Article I of the Indenture, which
also contains rules as to construction that shall be applicable herein.

 

    Ex. A-3-1

     

    

 

BY ACQUIRING A CLASS A-3 NOTE,
EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT THAT EITHER (1) IT IS
NOT AND WILL NOT BE AND IS NOT ACTING ON BEHALF OF OR ACQUIRING THE NOTES WITH THE ASSETS OF ANY PERSON THAT IS OR WILL BE (i) AN “EMPLOYEE
BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)
THAT IS SUBJECT TO TITLE I OF ERISA, (ii) A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (iii) ANY ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS
INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3-101,
AS MODIFIED BY SECTION 3(42) OF ERISA) OR (iv) ANY U.S. GOVERNMENTAL PLAN, NON-U.S. PLAN, CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN,
ACCOUNT OR ARRANGEMENT THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF
ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (2) ITS ACQUISITION AND HOLDING OF THE CLASS A-3 NOTES (OR ANY INTEREST
THEREIN) WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION
OF SIMILAR LAW.

 

The Issuing Entity will pay
interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available
for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), subject to certain limitations contained in the last sentence of Section 3.01 of the
Indenture. Interest on this Note will accrue for each Payment Date from and including the [15]th day of the preceding calendar month
(or, for the initial interest accrual period, from and including the Closing Date) to but excluding the [15]th day of the current calendar
month. Interest will be computed on the basis of [    ]. Such principal of and interest on this Note shall be paid in the manner specified
on the reverse hereof.

 

The principal of and interest
on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due
and payable on this Note as provided above and then to the unpaid principal of this Note.

 

Reference is made to the further
provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this
Note.

 

Unless the certificate of authentication
hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any
benefit under the Indenture, or be valid or obligatory for any purpose.

 

    Ex. A-3-2

     

    

 

IN WITNESS WHEREOF, the Issuing
Entity has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.

 

	Date: _________________	WORLD OMNI [SELECT] AUTO [RECEIVABLES] TRUST 20[    ]-[    ]
	 	 
		By:   [    ] , not in its individual
    capacity but solely as Owner Trustee
	 	 
	 	By:	          
	 	 	Name:
	 	 	Title:

 

INDENTURE TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes designated
above and referred to in the within-mentioned Indenture.

 

	Date: _________________	[    ], not in its individual capacity but solely
    as Indenture Trustee
	 	 
	 		By:	          
	 	 	Name:
	 	 	Title:

 

    Ex. A-3-3

     

    

 

This Note is one of a duly
authorized issue of Notes of the Issuing Entity, designated as its Class A-3[a/b] [[    ]%][Benchmark plus [    ]%] Asset-Backed Notes
(herein called the “Class A-3 Notes”), all issued under the Indenture, to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity,
the Indenture Trustee and the Holders of the Notes. The Class A-3 Notes are subject to all terms of the Indenture.

 

The Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes[, the Class A-5 Notes,] [and] the Class B Notes[,] [and the
Class C Notes][,] [and the Class D Notes][,] [and] [the Class E Notes] [and the Class F Notes] (collectively, the “Notes”)
are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture and subject to
the subordination provisions therein.

 

Principal of the Class A-3
Notes will be payable on each Payment Date and, if the Class A-3 Notes have not been paid in full prior to the Class A-3 Final
Scheduled Payment Date, on the Class A-3 Final Scheduled Payment Date, in an amount described on the face hereof. “Payment
Date” means the fifteenth day of each month or, if such day is not a Business Day, the immediately following Business Day.
The initial Payment Date will be [    ], 20[    ].

 

As described above, the entire
unpaid principal amount of this Note shall be due and payable on the Class A-3 Final Scheduled Payment Date. Notwithstanding the
foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have
occurred and be continuing and the Indenture Trustee or the Holders of Notes representing at least a majority of the Outstanding Amount
of the Controlling Securities have declared the Notes to be immediately due and payable in the manner provided in Section 5.02
of the Indenture. All principal payments on the Class A-3 Notes shall be made pro rata to the Class A-3 Noteholders
entitled thereto.

 

Payments of interest on this
Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this
Note, shall be made by check or wire transfer to the Person whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered
on the Record Date in the name of [ ], payments will be made by wire transfer in immediately available funds to the account designated
by such nominee. Such checks mailed or wire transfers shall be made to the Person entitled thereto to the address or designated account
of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments
made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee,
in the name of and on behalf of the Issuing Entity, will notify the Person who was the Registered Holder hereof as of the Record Date
preceding such Payment Date by notice mailed or transmitted prior to such Payment Date, and the amount then due and payable shall be
payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the
office of the Indenture Trustee’s agent appointed for such purposes located in [  ].

 

    Ex. A-3-4

     

    

 

The Issuing Entity shall pay
interest on overdue installments of interest at the Class A-3 Interest Rate to the extent lawful.

 

As provided in the Indenture
and subject to certain limitations set forth therein and on the face hereof, the transfer of this Note may be registered on the Note
Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity pursuant to
the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly
executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible
guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in
the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will
be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange
of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any such registration of transfer or exchange.

 

Each Noteholder or Note Owner,
by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be
taken, directly or indirectly, with respect to the obligations of the Issuing Entity, [the Grantor Trust, the Grantor Trust Trustee,]
the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in its individual capacity, (ii) any
owner of a beneficial interest in the Issuing Entity [or the Grantor Trust] or (iii) any partner, owner, beneficiary, agent, officer,
director or employee of the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in its individual capacity, any holder
of a beneficial interest in the Issuing Entity, [the Grantor Trust, the Grantor Trust Trustee,] the Owner Trustee or the Indenture Trustee
or of any successor or assign of the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in its individual capacity,
except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to
the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment
or call owing to such entity.

 

Each Noteholder or Note Owner,
by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits
of the Indenture that such Noteholder or Note Owner will not at any time institute against the Depositor, World Omni or the Issuing Entity,
or join in any institution against the Depositor, World Omni or the Issuing Entity of, any involuntary bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the Basic Documents.

 

    Ex. A-3-5

     

    

 

The Issuing Entity has entered
into the Indenture and this Note is issued with the intention that, for U.S. federal, state and local income and franchise tax purposes,
the Notes will be characterized as indebtedness. Each Noteholder, by its acceptance of a Note, and each Note Owner, by its acceptance
of an interest in the applicable Book-Entry Note or Definitive Note, other than, in either case (and with respect solely to Notes owned
by it), a Noteholder or Note Owner that is an entity whose separate existence from the Issuing Entity is disregarded for U.S. federal
income tax purposes, agrees to treat the Notes for U.S. federal, state and local income and franchise tax purposes, as indebtedness.

 

Each Noteholder or Note Owner,
by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits
of the Indenture that such Noteholder or Note Owner shall provide to the Person from whom it receives payments on the Notes on behalf
of the Issuing Entity, (1) any applicable IRS Form W-9, W-8BEN, W-8BEN-E, W-8ECI or W-8IMY (with any applicable attachments) or applicable
successor form and (2) any documentation that is required under FATCA to enable the Issuing Entity, the Indenture Trustee and any other
agent of the Issuing Entity to determine their duties and liabilities with respect to any taxes they may be required to withhold in respect
of such Note or the Noteholder of such Note or, in the case of the Note Owner, a beneficial interest therein, in each case, prior to
the first Payment Date after such Noteholder’s acquisition of Notes and at such time or times required by law or that the Indenture
Trustee on behalf of the Issuing Entity or their respective agents may reasonably request, and shall update or replace such IRS form
or documentation in accordance with its terms or its subsequent amendments. Each Noteholder or Note Owner will provide the applicable
replacement IRS form or documentation every three (3) years (or sooner if there is a transfer to a new Noteholder or Note Owner or if
required by applicable law). In each case above, the applicable IRS form or documentation shall be properly completed and signed under
penalty of perjury. The Indenture Trustee has the right to withhold any amounts (properly withholdable under law and without any corresponding
gross-up) payable to a Noteholder or Note Owner that fails to comply with the requirements of the preceding sentence.

 

Prior to the due presentment
for registration of transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in
the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuing Entity,
the Indenture Trustee or any such agent shall be affected by notice to the contrary.

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing Entity
and the rights of the Holders of the Notes under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes
representing a majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting
the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Securities, on behalf of the Holders
of all the Notes, to waive compliance by the Issuing Entity with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes) shall
be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture
also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders
of the Notes issued thereunder.

 

    Ex. A-3-6

     

    

 

The term “Issuing Entity”
as used in this Note includes any successor to the Issuing Entity under the Indenture.

 

The Issuing Entity is permitted
by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders
of Notes under the Indenture.

 

The Notes are issuable only
in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

This Note and the Indenture
shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and
the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

 

No reference herein to the
Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute
and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein
prescribed.

 

Anything herein to the contrary
notwithstanding, except as expressly provided in the Basic Documents, none of [    ] in its individual capacity, [    ] in its individual
capacity, any owner of a beneficial interest in the Issuing Entity, or any of their respective partners, beneficiaries, agents, officers,
directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment
of principal of or interest on this Note or performance of, or omission to perform, any of the covenants, obligations or indemnifications
contained in the Indenture. The Holder of this Note by its acceptance hereof agrees that, except as expressly provided in the Basic Documents,
in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency,
loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement
against, the assets of the Issuing Entity for any and all liabilities, obligations and undertakings contained in the Indenture or in
this Note.

 

    Ex. A-3-7

     

    

 

ASSIGNMENT

 

Social Security or taxpayer I.D. or other identifying
number of assignee:

 

	 	 

 

FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto:

 

	 	 
	(name and address of assignee)	 

 

the within Note and all rights thereunder, and
hereby irrevocably constitutes and appoints                                                                                                    , attorney, transfer said Note on
the books kept for registration thereof, with full power of substitution in the premises.

 

	Dated:	 	 		*

Signature Guaranteed:

 

                                                                                 *

 

 

*    NOTICE: The signature
to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular,
without alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.

 

    Ex. A-3-8

     

    

 

EXHIBIT A-4

 

[FORM OF CLASS A-4[a/b] NOTE]

 

[UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUING ENTITY OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 

	REGISTERED	$__________
	 	 
	No.: ____	CUSIP No.: _____
	 	 
	 	ISIN No.: _____
	 	 
	 	CINS No.:                      

 

WORLD OMNI [SELECT] AUTO [RECEIVABLES] TRUST 20[    ]-[    ]

CLASS A-4[a/b] [[    ]%][BENCHMARK PLUS [    ]%] ASSET-BACKED NOTES

 

WORLD OMNI [SELECT] AUTO [RECEIVABLES]
TRUST 20[    ]-[    ], a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to [    ], or registered assigns, the principal sum of ___________ DOLLARS
payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $______
and the denominator of which is $[    ] by (ii) the aggregate amount, if any, payable from the Note Distribution Account in respect
of principal on the Class A-4 Notes pursuant to Section 3.01 of the Indenture dated as of [    ], 20[    ] (the “Indenture”),
between the Issuing Entity[, the Grantor Trust] and [    ], as Indenture Trustee (the “Indenture
Trustee”); provided, however, that the entire unpaid principal amount of this Note shall be due and payable on
the earlier of the [    ], 20[    ] Payment Date (the “Class A-4 Final Scheduled Payment Date”) and the Redemption
Date, if any, pursuant to Section 10.01 of the Indenture. [Principal payable with respect to the Class A-4 Notes shall be made
pro rata between the Class A-4a Notes and the Class A-4b Notes.] Generally, no payments of principal of the Class A-4 Notes shall
be made until the Class A-1 Notes, Class A-2 Notes and Class A-3 Notes have been paid in full. Capitalized terms used but not defined
herein are defined in Article I of the Indenture, which also contains rules as to construction that shall be applicable herein.

 

    Ex. A-4-1

     

    

 

BY ACQUIRING A CLASS A-4 NOTE,
EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT THAT EITHER (1) IT IS
NOT AND WILL NOT BE AND IS NOT ACTING ON BEHALF OF OR ACQUIRING THE NOTES WITH THE ASSETS OF ANY PERSON THAT IS OR WILL BE (i) AN “EMPLOYEE
BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)
THAT IS SUBJECT TO TITLE I OF ERISA, (ii) A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (iii) ANY ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS
INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3-101,
AS MODIFIED BY SECTION 3(42) OF ERISA) OR (iv) ANY U.S. GOVERNMENTAL PLAN, NON-U.S. PLAN, CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN,
ACCOUNT OR ARRANGEMENT THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF
ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (2) ITS ACQUISITION AND HOLDING OF THE CLASS A-4 NOTES (OR ANY INTEREST
THEREIN) WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION
OF SIMILAR LAW.

 

The Issuing Entity will pay
interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available
for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), subject to certain limitations contained in the last sentence of Section 3.01 of the
Indenture. Interest on this Note will accrue for each Payment Date from and including the [15]th day of the preceding calendar month
(or, for the initial interest accrual period, from and including the Closing Date) to but excluding the [15]th day of the current calendar
month. Interest will be computed on the basis of [    ]. Such principal of and interest on this Note shall be paid in the manner specified
on the reverse hereof.

 

The principal of and interest
on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due
and payable on this Note as provided above and then to the unpaid principal of this Note.

 

Reference is made to the further
provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this
Note.

 

Unless the certificate of authentication
hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any
benefit under the Indenture, or be valid or obligatory for any purpose.

 

    Ex. A-4-2

     

    

 

IN WITNESS WHEREOF, the Issuing
Entity has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.

 

	Date: _________________	WORLD OMNI [SELECT] AUTO [RECEIVABLES] TRUST 20[    ]-[    ]
	 	 
		By:   [    ] , not in its individual
    capacity but solely as Owner Trustee
	 	 
	 	By:	          
	 	 	Name:
	 	 	Title:

 

INDENTURE TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes designated
above and referred to in the within-mentioned Indenture.

 

	Date: _________________	[    ], not in its individual capacity but solely
    as Indenture Trustee
	 	 
	 		By:	          
	 	 	Name:
	 	 	Title:

 

    Ex. A-4-3

     

    

 

This Note is one of a duly
authorized issue of Notes of the Issuing Entity, designated as its Class A-4[a/b] [[    ]%][Benchmark plus [    ]%] Asset-Backed Notes
(herein called the “Class A-4 Notes”), all issued under the Indenture, to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity,
the Indenture Trustee and the Holders of the Notes. The Class A-4 Notes are subject to all terms of the Indenture.

 

The Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes[, the Class A-5 Notes,] [and] the Class B Notes[,] [and the
Class C Notes][,] [and the Class D Notes][,] [and] [the Class E Notes] [and the Class F Notes] (collectively, the “Notes”)
are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture and subject to
the subordination provisions therein.

 

Principal of the Class A-4
Notes will be payable on each Payment Date and, if the Class A-4 Notes have not been paid in full prior to the Class A-4 Final
Scheduled Payment Date, on the Class A-4 Final Scheduled Payment Date, in an amount described on the face hereof. “Payment
Date” means the fifteenth day of each month or, if such day is not a Business Day, the immediately following Business Day.
The initial Payment Date will be [    ], 20[    ].

 

As described above, the entire
unpaid principal amount of this Note shall be due and payable on the Class A-4 Final Scheduled Payment Date. Notwithstanding the
foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have
occurred and be continuing and the Indenture Trustee or the Holders of Notes representing at least a majority of the Outstanding Amount
of the Controlling Securities have declared the Notes to be immediately due and payable in the manner provided in Section 5.02
of the Indenture. All principal payments on the Class A-4 Notes shall be made pro rata to the Class A-4 Noteholders entitled
thereto.

 

Payments of interest on this
Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this
Note, shall be made by check or wire transfer to the Person whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered
on the Record Date in the name of the nominee of [ ], payments will be made by wire transfer in immediately available funds to the account
designated by such nominee. Such checks mailed or wire transfers shall be made to the Person entitled thereto to the address or designated
account of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted
for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments
made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee,
in the name of and on behalf of the Issuing Entity, will notify the Person who was the Registered Holder hereof as of the Record Date
preceding such Payment Date by notice mailed or transmitted prior to such Payment Date, and the amount then due and payable shall be
payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the
office of the Indenture Trustee’s agent appointed for such purposes located in [   ].

 

    Ex. A-4-4

     

    

 

The Issuing Entity shall pay
interest on overdue installments of interest at the Class A-4 Interest Rate to the extent lawful.

 

As provided in the Indenture
and subject to certain limitations set forth therein and on the face hereof, the transfer of this Note may be registered on the Note
Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity pursuant to
the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly
executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible
guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in
the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will
be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange
of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any such registration of transfer or exchange.

 

Each Noteholder or Note Owner,
by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be
taken, directly or indirectly, with respect to the obligations of the Issuing Entity, [the Grantor Trust, the Grantor Trust Trustee,]
the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in its individual capacity, (ii) any
owner of a beneficial interest in the Issuing Entity [or the Grantor Trust] or (iii) any partner, owner, beneficiary, agent, officer,
director or employee of the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in its individual capacity, any holder
of a beneficial interest in the Issuing Entity, [the Grantor Trust, the Grantor Trust Trustee,] the Owner Trustee or the Indenture Trustee
or of any successor or assign of the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in its individual capacity,
except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to
the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment
or call owing to such entity.

 

Each Noteholder or Note Owner,
by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits
of the Indenture that such Noteholder or Note Owner will not at any time institute against the Depositor, World Omni or the Issuing Entity,
or join in any institution against the Depositor, World Omni or the Issuing Entity of, any involuntary bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the Basic Documents.

 

    Ex. A-4-5

     

    

 

The Issuing Entity has entered
into the Indenture and this Note is issued with the intention that, for U.S. federal, state and local income and franchise tax purposes,
the Notes will be characterized as indebtedness. Each Noteholder, by its acceptance of a Note, and each Note Owner, by its acceptance
of an interest in the applicable Book-Entry Note or Definitive Note, other than, in either case (and with respect solely to Notes owned
by it), a Noteholder or Note Owner that is an entity whose separate existence from the Issuing Entity is disregarded for U.S. federal
income tax purposes, agrees to treat the Notes for U.S. federal, state and local income and franchise tax purposes, as indebtedness.

 

Each Noteholder or Note Owner,
by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits
of the Indenture that such Noteholder or Note Owner shall provide to the Person from whom it receives payments on the Notes on behalf
of the Issuing Entity, (1) any applicable IRS Form W-9, W-8BEN, W-8BEN-E, W-8ECI or W-8IMY (with any applicable attachments) or applicable
successor form and (2) any documentation that is required under FATCA to enable the Issuing Entity, the Indenture Trustee and any other
agent of the Issuing Entity to determine their duties and liabilities with respect to any taxes they may be required to withhold in respect
of such Note or the Noteholder of such Note or, in the case of the Note Owner, a beneficial interest therein, in each case, prior to
the first Payment Date after such Noteholder’s acquisition of Notes and at such time or times required by law or that the Indenture
Trustee on behalf of the Issuing Entity or their respective agents may reasonably request, and shall update or replace such IRS form
or documentation in accordance with its terms or its subsequent amendments. Each Noteholder or Note Owner will provide the applicable
replacement IRS form or documentation every three (3) years (or sooner if there is a transfer to a new Noteholder or Note Owner or if
required by applicable law). In each case above, the applicable IRS form or documentation shall be properly completed and signed under
penalty of perjury. The Indenture Trustee has the right to withhold any amounts (properly withholdable under law and without any corresponding
gross-up) payable to a Noteholder or Note Owner that fails to comply with the requirements of the preceding sentence.

 

Prior to the due presentment
for registration of transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in
the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuing Entity,
the Indenture Trustee or any such agent shall be affected by notice to the contrary.

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing Entity
and the rights of the Holders of the Notes under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes
representing a majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting
the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Securities, on behalf of the Holders
of all the Notes, to waive compliance by the Issuing Entity with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes) shall
be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture
also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders
of the Notes issued thereunder.

 

    Ex. A-4-6

     

    

 

The term “Issuing Entity”
as used in this Note includes any successor to the Issuing Entity under the Indenture.

 

The Issuing Entity is permitted
by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders
of Notes under the Indenture.

 

The Notes are issuable only
in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

This Note and the Indenture
shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and
the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

 

No reference herein to the
Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute
and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein
prescribed.

 

Anything herein to the contrary
notwithstanding, except as expressly provided in the Basic Documents, none of [    ] in its individual capacity, [    ]
in its individual capacity, any owner of a beneficial interest in the Issuing Entity, or any of their respective partners, beneficiaries,
agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them
for, the payment of principal of or interest on this Note or performance of, or omission to perform, any of the covenants, obligations
or indemnifications contained in the Indenture. The Holder of this Note by its acceptance hereof agrees that, except as expressly provided
in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing
for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent
recourse to, and enforcement against, the assets of the Issuing Entity for any and all liabilities, obligations and undertakings contained
in the Indenture or in this Note.

 

    Ex. A-4-7

     

    

 

ASSIGNMENT

 

Social Security or taxpayer I.D. or other identifying
number of assignee:

 

	 	 

 

FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto:

 

	 	 
	(name and address of assignee)	 

 

the within Note and all rights thereunder, and
hereby irrevocably constitutes and appoints                                                                                                ,
attorney, transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

 

	Dated:	 	 		*

 

Signature Guaranteed:

 

                                                                                 *

 

 

*    NOTICE: The signature
to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular,
without alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.

    Ex. A-4-8

     

    

 

[EXHIBIT A-5

 

[FORM OF CLASS A-5[a/b] NOTE]

 

[UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUING ENTITY OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 

	REGISTERED	$__________
	 	 
	No.: ____	CUSIP No.: _____
	 	 
	 	ISIN No.: _____
	 	 
	 	CINS No.:                      

 

WORLD OMNI [SELECT] AUTO
[RECEIVABLES] TRUST 20[    ]-[    ]

 

CLASS A-5[a/b] [[    ]%][BENCHMARK
PLUS [    ]%] ASSET-BACKED NOTES

 

WORLD OMNI [SELECT] AUTO [RECEIVABLES]
TRUST 20[    ]-[    ], a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to [    ], or registered assigns, the principal sum of ___________ DOLLARS
payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $______
and the denominator of which is $[    ] by (ii) the aggregate amount, if any, payable from the Note Distribution Account in respect
of principal on the Class A-5 Notes pursuant to Section 3.01 of the Indenture dated as of [    ], 20[    ] (the “Indenture”),
between the Issuing Entity[, the Grantor Trust] and [    ], as Indenture Trustee (the “Indenture
Trustee”); provided, however, that the entire unpaid principal amount of this Note shall be due and payable on
the earlier of the [    ], 20[    ] Payment Date (the “Class A-5 Final Scheduled Payment Date”) and the Redemption
Date, if any, pursuant to Section 10.01 of the Indenture. [Principal payable with respect to the Class A-5 Notes shall be made
pro rata between the Class A-5a Notes and the Class A-5b Notes.] Generally, no payments of principal of the Class A-5 Notes shall
be made until the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes have been paid in full. Capitalized terms
used but not defined herein are defined in Article I of the Indenture, which also contains rules as to construction that
shall be applicable herein.

    Ex. A-5-1

     

    

 

BY ACQUIRING A CLASS A-5 NOTE,
EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT THAT EITHER (1) IT IS
NOT AND WILL NOT BE AND IS NOT ACTING ON BEHALF OF OR ACQUIRING THE NOTES WITH THE ASSETS OF ANY PERSON THAT IS OR WILL BE (i) AN “EMPLOYEE
BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)
THAT IS SUBJECT TO TITLE I OF ERISA, (ii) A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (iii) ANY ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS
INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3-101,
AS MODIFIED BY SECTION 3(42) OF ERISA) OR (iv) ANY U.S. GOVERNMENTAL PLAN, NON-U.S. PLAN, CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN,
ACCOUNT OR ARRANGEMENT THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF
ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (2) ITS ACQUISITION AND HOLDING OF THE CLASS A-5 NOTES (OR ANY INTEREST
THEREIN) WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION
OF SIMILAR LAW.

 

The Issuing Entity will pay
interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available
for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), subject to certain limitations contained in the last sentence of Section 3.01 of the
Indenture. Interest on this Note will accrue for each Payment Date from and including the [15]th day of the preceding calendar month
(or, for the initial interest accrual period, from and including the Closing Date) to but excluding the [15]th day of the current calendar
month. Interest will be computed on the basis of [    ]. Such principal of and interest on this Note shall be paid in the manner specified
on the reverse hereof.

 

The principal of and interest
on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due
and payable on this Note as provided above and then to the unpaid principal of this Note.

 

Reference is made to the further
provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this
Note.

 

Unless the certificate of authentication
hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any
benefit under the Indenture, or be valid or obligatory for any purpose.

 

    Ex. A-5-2

     

    

 

IN WITNESS WHEREOF, the Issuing
Entity has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.

 

	Date: _________________	WORLD OMNI [SELECT] AUTO [RECEIVABLES] TRUST 20[    ]-[    ]
	 	 
		By:   [    ] , not in its individual
    capacity but solely as Owner Trustee
	 	 
	 	By:	          
	 	 	Name:
	 	 	Title:

 

INDENTURE TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes designated
above and referred to in the within-mentioned Indenture.

 

	Date: _________________	[    ], not in its individual capacity but solely
    as Indenture Trustee
	 	 
	 		By:	          
	 	 	Name:
	 	 	Title:

 

    Ex. A-5-3

     

    

 

 

This Note is one of a duly authorized
issue of Notes of the Issuing Entity, designated as its Class A-5[a/b] [[    ]%][Benchmark plus [    ]%] Asset-Backed Notes (herein
called the “Class A-5 Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture
Trustee and the Holders of the Notes. The Class A-5 Notes are subject to all terms of the Indenture.

 

The Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class A-5 Notes[,] [and] the Class B Notes[,] [and the Class
C Notes][,] [and the Class D Notes][,] [and] [the Class E Notes] [and the Class F Notes] (collectively, the “Notes”)
are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture and subject to
the subordination provisions therein.

 

Principal of the Class A-5
Notes will be payable on each Payment Date and, if the Class A-5 Notes have not been paid in full prior to the Class A-5 Final
Scheduled Payment Date, on the Class A-5 Final Scheduled Payment Date, in an amount described on the face hereof. “Payment
Date” means the fifteenth day of each month or, if such day is not a Business Day, the immediately following Business Day. The
initial Payment Date will be [    ], 20[    ].

 

As described above, the entire
unpaid principal amount of this Note shall be due and payable on the Class A-5 Final Scheduled Payment Date. Notwithstanding the
foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have
occurred and be continuing and the Indenture Trustee or the Holders of Notes representing at least a majority of the Outstanding Amount
of the Controlling Securities have declared the Notes to be immediately due and payable in the manner provided in Section 5.02
of the Indenture. All principal payments on the Class A-5 Notes shall be made pro rata to the Class A-5 Noteholders entitled
thereto.

 

Payments of interest on
this Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check or wire transfer to the Person whose name appears as the Registered Holder of this Note
(or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to
Notes registered on the Record Date in the name of [ ], payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks mailed or wire transfers shall be made to the Person entitled thereto to the address
or designated account of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this
Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes)
effected by any payments made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon
the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to
be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a
Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will notify the Person who was the
Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted prior to such Payment
Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture
Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes
located in [ ].

 

    Ex. A-5-4 

     

    

 

The Issuing Entity shall pay
interest on overdue installments of interest at the Class A-5 Interest Rate to the extent lawful.

 

As provided in the Indenture
and subject to certain limitations set forth therein and on the face hereof, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity pursuant to the Indenture,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the
Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in the Securities
Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of
1934, as amended, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued
to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note,
but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection
with any such registration of transfer or exchange.

 

Each Noteholder or Note Owner,
by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be
taken, directly or indirectly, with respect to the obligations of the Issuing Entity, [the Grantor Trust, the Grantor Trust Trustee,]
the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in its individual capacity, (ii) any
owner of a beneficial interest in the Issuing Entity [or the Grantor Trust] or (iii) any partner, owner, beneficiary, agent, officer,
director or employee of the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in its individual capacity, any holder
of a beneficial interest in the Issuing Entity, [the Grantor Trust, the Grantor Trust Trustee,] the Owner Trustee or the Indenture Trustee
or of any successor or assign of the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in its individual capacity, except
as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call
owing to such entity.

 

Each Noteholder or Note Owner,
by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits
of the Indenture that such Noteholder or Note Owner will not at any time institute against the Depositor, World Omni or the Issuing Entity,
or join in any institution against the Depositor, World Omni or the Issuing Entity of, any involuntary bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the Basic Documents.

 

    Ex. A-5-5 

     

    

 

The Issuing Entity has entered
into the Indenture and this Note is issued with the intention that, for U.S. federal, state and local income and franchise tax purposes,
the Notes will be characterized as indebtedness. Each Noteholder, by its acceptance of a Note, and each Note Owner, by its acceptance
of an interest in the applicable Book-Entry Note or Definitive Note, other than, in either case (and with respect solely to Notes owned
by it), a Noteholder or Note Owner that is an entity whose separate existence from the Issuing Entity is disregarded for U.S. federal
income tax purposes, agrees to treat the Notes for U.S. federal, state and local income and franchise tax purposes, as indebtedness.

 

Each Noteholder or Note Owner,
by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits
of the Indenture that such Noteholder or Note Owner shall provide to the Person from whom it receives payments on the Notes on behalf
of the Issuing Entity, (1) any applicable IRS Form W-9, W-8BEN, W-8BEN-E, W-8ECI or W-8IMY (with any applicable attachments) or applicable
successor form and (2) any documentation that is required under FATCA to enable the Issuing Entity, the Indenture Trustee and any other
agent of the Issuing Entity to determine their duties and liabilities with respect to any taxes they may be required to withhold in respect
of such Note or the Noteholder of such Note or, in the case of the Note Owner, a beneficial interest therein, in each case, prior to the
first Payment Date after such Noteholder’s acquisition of Notes and at such time or times required by law or that the Indenture
Trustee on behalf of the Issuing Entity or their respective agents may reasonably request, and shall update or replace such IRS form or
documentation in accordance with its terms or its subsequent amendments. Each Noteholder or Note Owner will provide the applicable replacement
IRS form or documentation every three (3) years (or sooner if there is a transfer to a new Noteholder or Note Owner or if required by
applicable law). In each case above, the applicable IRS form or documentation shall be properly completed and signed under penalty of
perjury. The Indenture Trustee has the right to withhold any amounts (properly withholdable under law and without any corresponding gross-up)
payable to a Noteholder or Note Owner that fails to comply with the requirements of the preceding sentence.

 

Prior to the due presentment
for registration of transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuing Entity, the
Indenture Trustee or any such agent shall be affected by notice to the contrary.

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing
Entity and the rights of the Holders of the Notes under the Indenture at any time by the Issuing Entity with the consent of the
Holders of Notes representing a majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains
provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling
Securities, on behalf of the Holders of all the Notes, to waive compliance by the Issuing Entity with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this
Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation
of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms
and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.

 

    Ex. A-5-6 

     

    

 

The term “Issuing Entity”
as used in this Note includes any successor to the Issuing Entity under the Indenture.

 

The Issuing Entity is permitted
by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders
of Notes under the Indenture.

 

The Notes are issuable only
in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

This Note and the Indenture
shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and
the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

 

No reference herein to the Indenture
and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional,
to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed.

 

Anything herein to the contrary
notwithstanding, except as expressly provided in the Basic Documents, none of [    ] in its individual capacity, [    ]
in its individual capacity, any owner of a beneficial interest in the Issuing Entity, or any of their respective partners, beneficiaries,
agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them
for, the payment of principal of or interest on this Note or performance of, or omission to perform, any of the covenants, obligations
or indemnifications contained in the Indenture. The Holder of this Note by its acceptance hereof agrees that, except as expressly provided
in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing
for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent
recourse to, and enforcement against, the assets of the Issuing Entity for any and all liabilities, obligations and undertakings contained
in the Indenture or in this Note.

 

    Ex. A-5-7 

     

    

 

ASSIGNMENT

 

Social Security or taxpayer I.D. or other identifying
number of assignee:

 

	 	 

 

FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto:

 

	 	 
	(name
  and address of assignee)	 

 

the within Note and all rights thereunder, and
hereby irrevocably constitutes and appoints                                                                                               ,
attorney, transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

 

	Dated:	 		 	*
	 	 

Signature Guaranteed:

_____________________________________*]

 

 

*   NOTICE: The signature
to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular,
without alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.

 

    Ex. A-5-8 

     

    

 

EXHIBIT B

 

[FORM OF CLASS B[a/b] NOTE]

 

[UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUING ENTITY OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 

	REGISTERED	$________
	 	 

	No.: ___	CUSIP No.: _____
	 	 

	 	ISIN No.: _____
	 	 

	 	CINS No.: ___________

 

WORLD OMNI [SELECT] AUTO [RECEIVABLES] TRUST 20[    ]-[    ]

CLASS B[a/b] [[    ]%][BENCHMARK PLUS [    ]%] ASSET-BACKED NOTES

 

WORLD OMNI [SELECT] AUTO
[RECEIVABLES] TRUST 20[    ]-[    ], a statutory trust organized and existing under the laws of the State of Delaware (herein referred
to as the “Issuing Entity”), for value received, hereby promises to pay to __________, or registered assigns, the
principal sum of ___________ DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying
(i) a fraction the numerator of which is $________ and the denominator of which is $[    ] by (ii) the aggregate amount, if
any, payable from the Note Distribution Account in respect of principal on the Class B Notes pursuant to Section 3.01
of the Indenture dated as of [    ], 20[    ] (the “Indenture”), between the Issuing Entity[, the Grantor Trust]
and [    ], as Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on the earlier of the [    ], 20[    ] Payment Date (the
 “Class B Final Scheduled Payment Date”) and the Redemption Date, if any, pursuant to Section 10.01 of
the Indenture. [Principal payable with respect to the Class B Notes shall be made pro rata between the Class Ba Notes and the Class
Bb Notes.] Generally, no payments of principal of the Class B Notes shall be made until the Class A-1 Notes,
Class A-2 Notes, Class A-3 Notes[,] [and] Class A-4 Notes [and the Class A-5 Notes] have been paid in full. Capitalized
terms used but not defined herein are defined in Article I of the Indenture, which also contains rules as to
construction that shall be applicable herein.

 

    Ex. B-1 

     

    

 

BY ACQUIRING A CLASS B NOTE,
EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT THAT EITHER (1) IT IS NOT
AND WILL NOT BE AND IS NOT ACTING ON BEHALF OF OR ACQUIRING THE NOTES WITH THE ASSETS OF ANY PERSON THAT IS OR WILL BE (i) AN “EMPLOYEE
BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)
THAT IS SUBJECT TO TITLE I OF ERISA, (ii) A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (iii) ANY ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE
 “PLAN ASSETS” (WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3-101, AS MODIFIED
BY SECTION 3(42) OF ERISA) OR (iv) ANY U.S. GOVERNMENTAL PLAN, NON-U.S. PLAN, CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN, ACCOUNT
OR ARRANGEMENT THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR
SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (2) ITS ACQUISITION AND HOLDING OF THE CLASS B NOTES (OR ANY INTEREST THEREIN)
WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF SIMILAR
LAW.

 

The Issuing Entity will pay
interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available
for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), subject to certain limitations contained in the last sentence of Section 3.01 of the
Indenture. Interest on this Note will accrue for each Payment Date from and including the [15]th day of the preceding calendar month (or,
for the initial interest accrual period, from and including the Closing Date) to but excluding the [15]th day of the current calendar
month. Interest will be computed on the basis of [    ]. Such principal of and interest on this Note shall be paid in the manner specified
on the reverse hereof.

 

The principal of and interest
on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due
and payable on this Note as provided above and then to the unpaid principal of this Note.

 

Reference is made to the further
provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this
Note.

 

Unless the certificate of authentication
hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any
benefit under the Indenture, or be valid or obligatory for any purpose.

 

    Ex. B-2 

     

    

 

IN WITNESS WHEREOF, the Issuing
Entity has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.

 

	Date: _________________	WORLD OMNI [SELECT] AUTO [RECEIVABLES] TRUST 20[    ]-[    ]
	 	 
	 	By:	 [    ], not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes designated
above and referred to in the within-mentioned Indenture.

 

	Date: _________________	[    ], not in its individual capacity but solely as Indenture Trustee
	 	 

		By:	              
		Name:      
		Title:     

 

    Ex. B-3 

     

    

 

This Note is one of a duly authorized
issue of Notes of the Issuing Entity, designated as its Class B[a/b] [[    ]%][Benchmark plus [    ]%] Asset-Backed Notes (herein called
the “Class B Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee
and the Holders of the Notes. The Class B Notes are subject to all terms of the Indenture.

 

The Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes[, the Class A-5 Notes,] [and] the Class B Notes[,] [and the Class
C Notes][,] [and the Class D Notes][,] [and] [the Class E Notes] [and the Class F Notes] (collectively, the “Notes”)
are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture and subject to
the subordination provisions therein.

 

Principal of the Class B
Notes will be payable on each Payment Date and, if the Class B Notes have not been paid in full prior to the Class B Final Scheduled
Payment Date, on the Class B Final Scheduled Payment Date, in an amount described on the face hereof. “Payment Date”
means the [15]th day of each month or, if such day is not a Business Day, the immediately following Business Day. The initial Payment
Date will be [    ], 20[    ].

 

As described above, the entire
unpaid principal amount of this Note shall be due and payable on the Class B Final Scheduled Payment Date. Notwithstanding the foregoing,
the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred
and be continuing and the Indenture Trustee or the Holders of Notes representing at least a majority of the Outstanding Amount of the
Controlling Securities have declared the Notes to be immediately due and payable in the manner provided in Section 5.02 of
the Indenture. All principal payments on the Class B Notes shall be made pro rata to the Class B Noteholders entitled thereto.

 

Payments of interest on
this Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check or wire transfer to the Person whose name appears as the Registered Holder of this Note
(or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to
Notes registered on the Record Date in the name of [ ], payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks mailed or wire transfers shall be made to the Person entitled thereto to the address
or designated account of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this
Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes)
effected by any payments made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon
the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to
be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a
Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will notify the Person who was the
Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted prior to such Payment
Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture
Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes
located in [ ].

 

    Ex. B-4 

     

    

 

The Issuing Entity shall pay
interest on overdue installments of interest at the Class B Interest Rate to the extent lawful.

 

As provided in the Indenture
and subject to certain limitations set forth therein and on the face hereof, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity pursuant to the Indenture,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the
Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in the Securities
Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of
1934, as amended, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued
to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note,
but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection
with any such registration of transfer or exchange.

 

Each Noteholder or Note Owner,
by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be
taken, directly or indirectly, with respect to the obligations of the Issuing Entity, [the Grantor Trust, the Grantor Trust Trustee,]
the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in its individual capacity, (ii) any
owner of a beneficial interest in the Issuing Entity [or the Grantor Trust] or (iii) any partner, owner, beneficiary, agent, officer,
director or employee of the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in its individual capacity, any holder
of a beneficial interest in the Issuing Entity, [the Grantor Trust, the Grantor Trust Trustee,] the Owner Trustee or the Indenture Trustee
or of any successor or assign of the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in its individual capacity, except
as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call
owing to such entity.

 

Each Noteholder or Note Owner,
by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits
of the Indenture that such Noteholder or Note Owner will not at any time institute against the Depositor, World Omni or the Issuing Entity,
or join in any institution against the Depositor, World Omni or the Issuing Entity of, any involuntary bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the Basic Documents.

 

    Ex. B-5 

     

    

 

The Issuing Entity has entered
into the Indenture and this Note is issued with the intention that, for U.S. federal, state and local income and franchise tax purposes,
the Notes will be characterized as indebtedness. Each Noteholder, by its acceptance of a Note, and each Note Owner, by its acceptance
of an interest in the applicable Book-Entry Note or Definitive Note, other than, in either case (and with respect solely to Notes owned
by it), a Noteholder or Note Owner that is an entity whose separate existence from the Issuing Entity is disregarded for U.S. federal
income tax purposes, agrees to treat the Notes for U.S. federal, state and local income and franchise tax purposes, as indebtedness.

 

Each Noteholder or Note Owner,
by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits
of the Indenture that such Noteholder or Note Owner shall provide to the Person from whom it receives payments on the Notes on behalf
of the Issuing Entity, (1) any applicable IRS Form W-9, W-8BEN, W-8BEN-E, W-8ECI or W-8IMY (with any applicable attachments) or applicable
successor form and (2) any documentation that is required under FATCA to enable the Issuing Entity, the Indenture Trustee and any other
agent of the Issuing Entity to determine their duties and liabilities with respect to any taxes they may be required to withhold in respect
of such Note or the Noteholder of such Note or, in the case of the Note Owner, a beneficial interest therein, in each case, prior to the
first Payment Date after such Noteholder’s acquisition of Notes and at such time or times required by law or that the Indenture
Trustee on behalf of the Issuing Entity or their respective agents may reasonably request, and shall update or replace such IRS form or
documentation in accordance with its terms or its subsequent amendments. Each Noteholder or Note Owner will provide the applicable replacement
IRS form or documentation every three (3) years (or sooner if there is a transfer to a new Noteholder or Note Owner or if required by
applicable law). In each case above, the applicable IRS form or documentation shall be properly completed and signed under penalty of
perjury. The Indenture Trustee has the right to withhold any amounts (properly withholdable under law and without any corresponding gross-up)
payable to a Noteholder or Note Owner that fails to comply with the requirements of the preceding sentence.

 

Prior to the due presentment
for registration of transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuing Entity, the
Indenture Trustee or any such agent shall be affected by notice to the contrary.

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing
Entity and the rights of the Holders of the Notes under the Indenture at any time by the Issuing Entity with the consent of the
Holders of Notes representing a majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains
provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling
Securities, on behalf of the Holders of all the Notes, to waive compliance by the Issuing Entity with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this
Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation
of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms
and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.

 

    Ex. B-6 

     

    

 

The term “Issuing Entity”
as used in this Note includes any successor to the Issuing Entity under the Indenture.

 

The Issuing Entity is permitted
by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders
of Notes under the Indenture.

 

The Notes are issuable only
in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

This Note and the Indenture
shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and
the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

 

No reference herein to the Indenture
and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional,
to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed.

 

Anything herein to the contrary
notwithstanding, except as expressly provided in the Basic Documents, none of [    ] in
its individual capacity, [    ] in its individual capacity, any owner of a beneficial interest
in the Issuing Entity, or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns
shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Note or
performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture. The Holder of
this Note by its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default
under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing
Entity for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

 

    Ex. B-7 

     

    

 

ASSIGNMENT

 

Social Security or taxpayer I.D. or other identifying
number of assignee:

 

	 	 

 

FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto:

 

	 	 
	(name and address of assignee)	 

 

the within Note and all rights thereunder, and
hereby irrevocably constitutes and appoints                                                                                               ,
attorney, transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

 

	Dated:	 		 	*

 

Signature Guaranteed:

_____________________________________*

 

 

*   NOTICE:
The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in
every particular, without alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or
such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for,
STAMP, all in accordance with the Securities Exchange Act of 1934, as amended

 

    Ex. B-8 

     

    

 

[EXHIBIT C

 

[FORM OF CLASS C[a/b] NOTE]

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUING ENTITY OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 

	REGISTERED	$________
	 	 

	No.: ___	CUSIP No.: _____
	 	 

	 	ISIN No.: _____
	 	 

	 	CINS No.: ___________

 

WORLD OMNI [SELECT] AUTO [RECEIVABLES] TRUST 20[    ]-[    ]

CLASS C[a/b] [[    ]%][BENCHMARK PLUS [    ]%] ASSET-BACKED NOTES

 

WORLD OMNI [SELECT] AUTO
[RECEIVABLES] TRUST 20[    ]-[    ], a statutory trust organized and existing under the laws of the State of Delaware (herein referred
to as the “Issuing Entity”), for value received, hereby promises to pay to __________, or registered assigns, the
principal sum of ___________ DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying
(i) a fraction the numerator of which is $________ and the denominator of which is $[    ] by (ii) the aggregate amount, if
any, payable from the Note Distribution Account in respect of principal on the Class C Notes pursuant to Section 3.01
of the Indenture dated as of [    ], 20[    ] (the “Indenture”), between the Issuing Entity[, the Grantor Trust]
and [    ], as Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on the earlier of the [    ], 20[    ] Payment Date (the
 “Class C Final Scheduled Payment Date”) and the Redemption Date, if any, pursuant to Section 10.01 of
the Indenture. [Principal payable with respect to the Class C Notes shall be made pro rata between the Class Ca Notes and the Class
Cb Notes.] Generally, no payments of principal of the Class C Notes shall be made until the Class A-1 Notes,
Class A-2 Notes, Class A-3 Notes, Class A-4 Notes[, the Class A-5 Notes] and Class B Notes have been paid in full.
Capitalized terms used but not defined herein are defined in Article I of the Indenture, which also contains rules as to
construction that shall be applicable herein.

 

    Ex. C-1 

     

    

 

BY ACQUIRING A CLASS C NOTE,
EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT THAT EITHER (1) IT IS NOT
AND WILL NOT BE AND IS NOT ACTING ON BEHALF OF OR ACQUIRING THE NOTES WITH THE ASSETS OF ANY PERSON THAT IS OR WILL BE (i) AN “EMPLOYEE
BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)
THAT IS SUBJECT TO TITLE I OF ERISA, (ii) A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (iii) ANY ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE
 “PLAN ASSETS” (WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3-101, AS MODIFIED
BY SECTION 3(42) OF ERISA) OR (iv) ANY U.S. GOVERNMENTAL PLAN, NON-U.S. PLAN, CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN, ACCOUNT
OR ARRANGEMENT THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR
SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (2) ITS ACQUISITION AND HOLDING OF THE CLASS C NOTES (OR ANY INTEREST THEREIN)
WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF SIMILAR
LAW.

 

The Issuing Entity will pay
interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available
for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), subject to certain limitations contained in the last sentence of Section 3.01 of the
Indenture. Interest on this Note will accrue for each Payment Date from and including the [15]th day of the preceding calendar month (or,
for the initial interest accrual period, from and including the Closing Date) to but excluding the [15]th day of the current calendar
month. Interest will be computed on the basis of [    ]. Such principal of and interest on this Note shall be paid in the manner specified
on the reverse hereof.

 

The principal of and interest
on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due
and payable on this Note as provided above and then to the unpaid principal of this Note.

 

Reference is made to the further
provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this
Note.

 

Unless the certificate of authentication
hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any
benefit under the Indenture, or be valid or obligatory for any purpose.

 

    Ex. C-2 

     

    

 

IN WITNESS WHEREOF, the Issuing
Entity has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.

 

	Date: _________________	WORLD OMNI [SELECT] AUTO [RECEIVABLES] TRUST 20[    ]-[    ]
	 	 
	 	By:	[    ],
not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes designated
above and referred to in the within-mentioned Indenture.

 

	Date: _________________	[    ], not in its individual capacity but solely as Indenture Trustee
	 	 

		By:	    
		Name:     
		Title:     

 

    Ex. C-3 

     

    

 

This Note is one of a duly authorized
issue of Notes of the Issuing Entity, designated as its Class C[a/b] [[    ]%][Benchmark plus [    ]%] Asset-Backed Notes (herein called
the “Class C Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee
and the Holders of the Notes. The Class C Notes are subject to all terms of the Indenture.

 

The Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, [the Class A-5 Notes,] the Class B Notes[,] [and] the Class
C Notes[,] [and the Class D Notes][,] [and] [the Class E Notes] [and the Class F Notes] (collectively, the “Notes”)
are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture and subject to
the subordination provisions therein.

 

Principal of the Class C
Notes will be payable on each Payment Date and, if the Class C Notes have not been paid in full prior to the Class C Final Scheduled
Payment Date, on the Class C Final Scheduled Payment Date, in an amount described on the face hereof. “Payment Date”
means the [15]th day of each month or, if such day is not a Business Day, the immediately following Business Day. The initial Payment
Date will be [    ], 20[    ].

 

As described above, the entire
unpaid principal amount of this Note shall be due and payable on the Class C Final Scheduled Payment Date. Notwithstanding the foregoing,
the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred
and be continuing and the Indenture Trustee or the Holders of Notes representing at least a majority of the Outstanding Amount of the
Controlling Securities have declared the Notes to be immediately due and payable in the manner provided in Section 5.02 of
the Indenture. All principal payments on the Class C Notes shall be made pro rata to the Class C Noteholders entitled thereto.

 

Payments of interest on
this Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check or wire transfer to the Person whose name appears as the Registered Holder of this Note
(or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to
Notes registered on the Record Date in the name of the nominee of [ ], payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks mailed or wire transfers shall be made to the Person entitled
thereto to the address or designated account of such Person as it appears on the Note Register as of the applicable Record Date
without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any
one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted
hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity,
will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed or
transmitted prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation and surrender of
this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent
appointed for such purposes located in [ ].

 

    Ex. C-4 

     

    

 

The Issuing Entity shall pay
interest on overdue installments of interest at the Class C Interest Rate to the extent lawful.

 

As provided in the Indenture
and subject to certain limitations set forth therein and on the face hereof, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity pursuant to the Indenture,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the
Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in the Securities
Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of
1934, as amended, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued
to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note,
but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection
with any such registration of transfer or exchange.

 

Each Noteholder or Note Owner,
by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be
taken, directly or indirectly, with respect to the obligations of the Issuing Entity, [the Grantor Trust, the Grantor Trust Trustee,]
the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in its individual capacity, (ii) any
owner of a beneficial interest in the Issuing Entity [or the Grantor Trust] or (iii) any partner, owner, beneficiary, agent, officer,
director or employee of the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in its individual capacity, any holder
of a beneficial interest in the Issuing Entity, [the Grantor Trust, the Grantor Trust Trustee,] the Owner Trustee or the Indenture Trustee
or of any successor or assign of the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in its individual capacity, except
as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call
owing to such entity.

 

Each Noteholder or Note
Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting
the benefits of the Indenture that such Noteholder or Note Owner will not at any time institute against the Depositor, World Omni or
the Issuing Entity, or join in any institution against the Depositor, World Omni or the Issuing Entity of, any involuntary
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under any United States federal or state bankruptcy
or similar law in connection with any obligations relating to the Notes, the Indenture or the Basic Documents.

 

    Ex. C-5 

     

    

 

The Issuing Entity has entered
into the Indenture and this Note is issued with the intention that, for U.S. federal, state and local income and franchise tax purposes,
the Notes will be characterized as indebtedness. Each Noteholder, by its acceptance of a Note, and each Note Owner, by its acceptance
of an interest in the applicable Book-Entry Note or Definitive Note, other than, in either case (and with respect solely to Notes owned
by it), a Noteholder or Note Owner that is an entity whose separate existence from the Issuing Entity is disregarded for U.S. federal
income tax purposes, agrees to treat the Notes for U.S. federal, state and local income and franchise tax purposes, as indebtedness.

 

Each Noteholder or Note Owner,
by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits
of the Indenture that such Noteholder or Note Owner shall provide to the Person from whom it receives payments on the Notes on behalf
of the Issuing Entity, (1) any applicable IRS Form W-9, W-8BEN, W-8BEN-E, W-8ECI or W-8IMY (with any applicable attachments) or applicable
successor form and (2) any documentation that is required under FATCA to enable the Issuing Entity, the Indenture Trustee and any other
agent of the Issuing Entity to determine their duties and liabilities with respect to any taxes they may be required to withhold in respect
of such Note or the Noteholder of such Note or, in the case of the Note Owner, a beneficial interest therein, in each case, prior to
the first Payment Date after such Noteholder’s acquisition of Notes and at such time or times required by law or that the Indenture
Trustee on behalf of the Issuing Entity or their respective agents may reasonably request, and shall update or replace such IRS form
or documentation in accordance with its terms or its subsequent amendments. Each Noteholder or Note Owner will provide the applicable
replacement IRS form or documentation every three (3) years (or sooner if there is a transfer to a new Noteholder or Note Owner or if
required by applicable law). In each case above, the applicable IRS form or documentation shall be properly completed and signed under
penalty of perjury. The Indenture Trustee has the right to withhold any amounts (properly withholdable under law and without any corresponding
gross-up) payable to a Noteholder or Note Owner that fails to comply with the requirements of the preceding sentence.

 

Prior to the due presentment
for registration of transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in
the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuing Entity,
the Indenture Trustee or any such agent shall be affected by notice to the contrary.

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing Entity
and the rights of the Holders of the Notes under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes
representing a majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting
the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Securities, on behalf of the Holders
of all the Notes, to waive compliance by the Issuing Entity with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes) shall
be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture
also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders
of the Notes issued thereunder.

 

    Ex. C-6

     

    

 

The term “Issuing
Entity” as used in this Note includes any successor to the Issuing Entity under the Indenture.

 

The Issuing Entity is permitted
by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders
of Notes under the Indenture.

 

The Notes are issuable only
in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

This Note and the Indenture
shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and
the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

 

No reference herein to the
Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute
and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein
prescribed.

 

Anything herein to the contrary
notwithstanding, except as expressly provided in the Basic Documents, none of [    ] in
its individual capacity, [    ] in its individual capacity, any owner of a beneficial interest
in the Issuing Entity, or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns
shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Note or
performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture. The Holder
of this Note by its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default
under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing
Entity for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

 

    Ex. C-7

     

    

 

ASSIGNMENT

 

Social Security or taxpayer I.D. or other identifying
number of assignee:

 

	   	 

 

FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto:

 

	 	 
	(name and address
    of assignee)	 

 

the within Note and all rights thereunder, and
hereby irrevocably constitutes and appoints                                                                                                ,
attorney, transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

 

	Dated:	 	 	 	*

 

Signature Guaranteed:

 

                                                                                              *]

 

 

*
NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within
Note in every particular, without alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in
STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

    Ex. C-8

     

    

 

[EXHIBIT D
 

[FORM OF CLASS D[a/b] NOTE]

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUING ENTITY OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 

	REGISTERED	$________
	 	 
	No.: ___	CUSIP No.: _____
	 	 
	 	ISIN No.: _____
	 	 
	 	CINS No.: __________

 

WORLD OMNI [SELECT] AUTO [RECEIVABLES] TRUST 20[    ]-[    ]

CLASS D[a/b] [[    ]%][BENCHMARK PLUS [    ]%] ASSET-BACKED NOTES

 

WORLD OMNI [SELECT] AUTO [RECEIVABLES]
TRUST 20[    ]-[    ], a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to __________, or registered assigns, the principal sum of ___________
DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which
is $________ and the denominator of which is $[    ] by (ii) the aggregate amount, if any, payable from the Note Distribution Account
in respect of principal on the Class D Notes pursuant to Section 3.01 of the Indenture dated as of [    ], 20[    ] (the
 “Indenture”), between the Issuing Entity[, the Grantor Trust] and [    ], as Indenture Trustee (the “Indenture
Trustee”); provided, however, that the entire unpaid principal amount of this Note shall be due and payable on
the earlier of the [    ], 20[    ] Payment Date (the “Class D Final Scheduled Payment Date”) and the Redemption
Date, if any, pursuant to Section 10.01 of the Indenture. [Principal payable with respect to the Class D Notes shall be made pro
rata between the Class Da Notes and the Class Db Notes.] Generally, no payments of principal of the Class D Notes shall be made
until the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, [the Class A-5 Notes,] Class B Notes and
Class C Notes have been paid in full. Capitalized terms used but not defined herein are defined in Article I of the Indenture,
which also contains rules as to construction that shall be applicable herein.

 

    Ex. D-1

     

    

 

BY ACQUIRING A CLASS D NOTE,
EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT THAT EITHER (1) IT IS
NOT AND WILL NOT BE AND IS NOT ACTING ON BEHALF OF OR ACQUIRING THE NOTES WITH THE ASSETS OF ANY PERSON THAT IS OR WILL BE (i) AN “EMPLOYEE
BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)
THAT IS SUBJECT TO TITLE I OF ERISA, (ii) A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (iii) ANY ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS
INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3-101,
AS MODIFIED BY SECTION 3(42) OF ERISA) OR (iv) ANY U.S. GOVERNMENTAL PLAN, NON-U.S. PLAN, CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN,
ACCOUNT OR ARRANGEMENT THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF
ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (2) ITS ACQUISITION AND HOLDING OF THE CLASS D NOTES (OR ANY INTEREST
THEREIN) WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION
OF SIMILAR LAW.

 

The Issuing Entity will pay
interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available
for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), subject to certain limitations contained in the last sentence of Section 3.01 of the
Indenture. Interest on this Note will accrue for each Payment Date from and including the [15]th day of the preceding calendar month
(or, for the initial interest accrual period, from and including the Closing Date) to but excluding the [15]th day of the current calendar
month. Interest will be computed on the basis of [    ]. Such principal of and interest on this Note shall be paid in the manner specified
on the reverse hereof.

 

The principal of and interest
on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due
and payable on this Note as provided above and then to the unpaid principal of this Note.

 

Reference is made to the further
provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this
Note.

 

    Ex. D-2

     

    

 

Unless the certificate of authentication
hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any
benefit under the Indenture, or be valid or obligatory for any purpose.

 

    Ex. D-3

     

    

 

IN WITNESS WHEREOF, the Issuing
Entity has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.

 

	Date: _________________	WORLD OMNI [SELECT] AUTO [RECEIVABLES] TRUST 20[    ]-[    ]
	 	 
	 	By:	[    ], not in its
  individual capacity but solely as Owner Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes designated
above and referred to in the within-mentioned Indenture.

 

	Date: _________________	[    ],
  not in its individual capacity but solely as Indenture Trustee
	 	 
	 	 	By:	           
	 	 	Name:
	 	 	Title:

 

    Ex. D-4

     

    

 

This Note is one of a duly
authorized issue of Notes of the Issuing Entity, designated as its Class D[a/b] [[    ]%][Benchmark plus [    ]%] Asset-Backed Notes
(herein called the “Class D Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture
Trustee and the Holders of the Notes. The Class D Notes are subject to all terms of the Indenture.

 

The Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, [the Class A-5 Notes,] the Class B Notes[,] [and] the Class
C Notes[,] [and the Class D Notes][,] [and] [the Class E Notes] [and the Class F Notes] (collectively, the “Notes”)
are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture and subject to
the subordination provisions therein.

 

Principal of the Class D
Notes will be payable on each Payment Date and, if the Class D Notes have not been paid in full prior to the Class D Final Scheduled
Payment Date, on the Class D Final Scheduled Payment Date, in an amount described on the face hereof. “Payment Date”
means the [15]th day of each month or, if such day is not a Business Day, the immediately following Business Day. The initial Payment
Date will be [    ], 20[    ].

 

As described above, the entire
unpaid principal amount of this Note shall be due and payable on the Class D Final Scheduled Payment Date. Notwithstanding the foregoing,
the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred
and be continuing and the Indenture Trustee or the Holders of Notes representing at least a majority of the Outstanding Amount of the
Controlling Securities have declared the Notes to be immediately due and payable in the manner provided in Section 5.02 of
the Indenture. All principal payments on the Class D Notes shall be made pro rata to the Class D Noteholders entitled thereto.

 

Payments of interest on this
Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this
Note, shall be made by check or wire transfer to the Person whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered
on the Record Date in the name of [ ], payments will be made by wire transfer in immediately available funds to the account designated
by such nominee. Such checks mailed or wire transfers shall be made to the Person entitled thereto to the address or designated account
of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments
made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee,
in the name of and on behalf of the Issuing Entity, will notify the Person who was the Registered Holder hereof as of the Record Date
preceding such Payment Date by notice mailed or transmitted prior to such Payment Date, and the amount then due and payable shall be
payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the
office of the Indenture Trustee’s agent appointed for such purposes located in [ ].

 

    Ex. D-5

     

    

 

The Issuing Entity shall pay
interest on overdue installments of interest at the Class D Interest Rate to the extent lawful.

 

As provided in the Indenture
and subject to certain limitations set forth therein and on the face hereof, the transfer of this Note may be registered on the Note
Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity pursuant to
the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly
executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible
guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in
the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will
be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange
of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any such registration of transfer or exchange.

 

Each Noteholder or Note Owner,
by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be
taken, directly or indirectly, with respect to the obligations of the Issuing Entity, [the Grantor Trust, the Grantor Trust Trustee,]
the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in its individual capacity, (ii) any
owner of a beneficial interest in the Issuing Entity [or the Grantor Trust] or (iii) any partner, owner, beneficiary, agent, officer,
director or employee of the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in its individual capacity, any holder
of a beneficial interest in the Issuing Entity, [the Grantor Trust, the Grantor Trust Trustee,] the Owner Trustee or the Indenture Trustee
or of any successor or assign of the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in its individual capacity,
except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to
the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment
or call owing to such entity.

 

Each Noteholder or Note Owner,
by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits
of the Indenture that such Noteholder or Note Owner will not at any time institute against the Depositor, World Omni or the Issuing Entity,
or join in any institution against the Depositor, World Omni or the Issuing Entity of, any involuntary bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the Basic Documents.

 

    Ex. D-6

     

    

 

The Issuing Entity has entered
into the Indenture and this Note is issued with the intention that, for U.S. federal, state and local income and franchise tax purposes,
the Notes will be characterized as indebtedness. Each Noteholder, by its acceptance of a Note, and each Note Owner, by its acceptance
of an interest in the applicable Book-Entry Note or Definitive Note, other than, in either case (and with respect solely to Notes owned
by it), a Noteholder or Note Owner that is an entity whose separate existence from the Issuing Entity is disregarded for U.S. federal
income tax purposes, agrees to treat the Notes for U.S. federal, state and local income and franchise tax purposes, as indebtedness.

 

Each Noteholder or Note Owner,
by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits
of the Indenture that such Noteholder or Note Owner shall provide to the Person from whom it receives payments on the Notes on behalf
of the Issuing Entity, (1) any applicable IRS Form W-9, W-8BEN, W-8BEN-E, W-8ECI or W-8IMY (with any applicable attachments) or applicable
successor form and (2) any documentation that is required under FATCA to enable the Issuing Entity, the Indenture Trustee and any other
agent of the Issuing Entity to determine their duties and liabilities with respect to any taxes they may be required to withhold in respect
of such Note or the Noteholder of such Note or, in the case of the Note Owner, a beneficial interest therein, in each case, prior to
the first Payment Date after such Noteholder’s acquisition of Notes and at such time or times required by law or that the Indenture
Trustee on behalf of the Issuing Entity or their respective agents may reasonably request, and shall update or replace such IRS form
or documentation in accordance with its terms or its subsequent amendments. Each Noteholder or Note Owner will provide the applicable
replacement IRS form or documentation every three (3) years (or sooner if there is a transfer to a new Noteholder or Note Owner or if
required by applicable law). In each case above, the applicable IRS form or documentation shall be properly completed and signed under
penalty of perjury. The Indenture Trustee has the right to withhold any amounts (properly withholdable under law and without any corresponding
gross-up) payable to a Noteholder or Note Owner that fails to comply with the requirements of the preceding sentence.

 

Prior to the due presentment
for registration of transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in
the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuing Entity,
the Indenture Trustee or any such agent shall be affected by notice to the contrary.

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing Entity
and the rights of the Holders of the Notes under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes
representing a majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting
the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Securities, on behalf of the Holders
of all the Notes, to waive compliance by the Issuing Entity with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes) shall
be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture
also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders
of the Notes issued thereunder.

 

    Ex. D-7

     

    

 

The term “Issuing
Entity” as used in this Note includes any successor to the Issuing Entity under the Indenture.

 

The Issuing Entity is permitted
by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders
of Notes under the Indenture.

 

The Notes are issuable only
in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

This Note and the Indenture
shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and
the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

 

No reference herein to the
Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute
and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein
prescribed.

 

Anything herein to the contrary
notwithstanding, except as expressly provided in the Basic Documents, none of [    ] in
its individual capacity, [    ] in its individual capacity, any owner of a beneficial interest
in the Issuing Entity, or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns
shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Note or
performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture. The Holder
of this Note by its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default
under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing
Entity for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

 

    Ex. D-8

     

    

 

ASSIGNMENT

 

Social Security or taxpayer I.D. or other identifying
number of assignee:

 

	     	 

 

FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto:

 

	 	 
	(name and address
    of assignee)	 

 

the within Note and all rights thereunder, and
hereby irrevocably constitutes and appoints                                                                                                ,
attorney, transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

 

	Dated:	 	 	 	*

 

Signature Guaranteed:

 

                                                                                              *]

 

 

* NOTICE: The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration,
enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Note Registrar, which requirements include membership or participation in STAMP or such other “signature guarantee
program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.

 

    Ex. D-9

     

    

 

[EXHIBIT E
 

[FORM OF CLASS E[a/b] NOTE]

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUING ENTITY OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 

	REGISTERED	$________
	 	 
	No.: ___	CUSIP No.: _____
	 	 
	 	ISIN No.: _____
	 	 
	 	CINS No.: ___________

 

WORLD OMNI [SELECT] AUTO [RECEIVABLES] TRUST 20[    ]-[    ]

CLASS E[a/b] [[    ]%][BENCHMARK PLUS [    ]%] ASSET-BACKED NOTES

 

WORLD OMNI [SELECT] AUTO [RECEIVABLES]
TRUST 20[    ]-[    ], a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to __________, or registered assigns, the principal sum of ___________
DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which
is $________ and the denominator of which is $[    ] by (ii) the aggregate amount, if any, payable from the Note Distribution Account
in respect of principal on the Class E Notes pursuant to Section 3.01 of the Indenture dated as of [    ], 20[    ] (the
 “Indenture”), between the Issuing Entity[, the Grantor Trust] and [    ], as Indenture Trustee (the “Indenture
Trustee”); provided, however, that the entire unpaid principal amount of this Note shall be due and payable on
the earlier of the [    ], 20[    ] Payment Date (the “Class E Final Scheduled Payment Date”) and the Redemption
Date, if any, pursuant to Section 10.01 of the Indenture. [Principal payable with respect to the Class E Notes shall be made pro
rata between the Class Ea Notes and the Class Eb Notes.] Generally, no payments of principal of the Class E Notes shall be made
until the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, [the Class A-5 Notes,] Class B Notes, Class
C Notes and Class D Notes have been paid in full. Capitalized terms used but not defined herein are defined in Article I
of the Indenture, which also contains rules as to construction that shall be applicable herein.

 

    Ex. E-1

     

    

 

BY ACQUIRING A CLASS E NOTE,
EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT THAT EITHER (1) IT IS
NOT AND WILL NOT BE AND IS NOT ACTING ON BEHALF OF OR ACQUIRING THE NOTES WITH THE ASSETS OF ANY PERSON THAT IS OR WILL BE (i) AN “EMPLOYEE
BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)
THAT IS SUBJECT TO TITLE I OF ERISA, (ii) A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (iii) ANY ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS
INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3-101,
AS MODIFIED BY SECTION 3(42) OF ERISA) OR (iv) ANY U.S. GOVERNMENTAL PLAN, NON-U.S. PLAN, CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN,
ACCOUNT OR ARRANGEMENT THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF
ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (2) ITS ACQUISITION AND HOLDING OF THE CLASS E NOTES (OR ANY INTEREST
THEREIN) WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION
OF SIMILAR LAW.

 

The Issuing Entity will pay
interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available
for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), subject to certain limitations contained in the last sentence of Section 3.01 of the
Indenture. Interest on this Note will accrue for each Payment Date from and including the [15]th day of the preceding calendar month
(or, for the initial interest accrual period, from and including the Closing Date) to but excluding the [15]th day of the current calendar
month. Interest will be computed on the basis of [    ]. Such principal of and interest on this Note shall be paid in the manner specified
on the reverse hereof.

 

The principal of and interest
on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due
and payable on this Note as provided above and then to the unpaid principal of this Note.

 

Reference is made to the further
provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this
Note.

 

    Ex. E-2

     

    

 

Unless the certificate of authentication
hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any
benefit under the Indenture, or be valid or obligatory for any purpose.

 

    Ex. E-3

     

    

 

IN WITNESS WHEREOF, the Issuing
Entity has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.

 

 

	Date: _________________	WORLD OMNI [SELECT] AUTO [RECEIVABLES] TRUST 20[    ]-[    ]
	 	 
	 	By:	[    ], not in its
  individual capacity but solely as Owner Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes designated
above and referred to in the within-mentioned Indenture.

 

	Date: _________________	[    ],
  not in its individual capacity but solely as Indenture Trustee
	 	 
	 	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Ex. E-4

     

    

 

This Note is one of a duly
authorized issue of Notes of the Issuing Entity, designated as its Class E[a/b] [[    ]%][Benchmark plus [    ]%] Asset-Backed Notes
(herein called the “Class E Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture
Trustee and the Holders of the Notes. The Class E Notes are subject to all terms of the Indenture.

 

The Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, [the Class A-5 Notes,] the Class B Notes, the Class C Notes,
the Class D Notes][,] [and] [the Class E Notes] [and the Class F Notes] (collectively, the “Notes”) are and will be
equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture and subject to the subordination
provisions therein.

 

Principal of the Class E
Notes will be payable on each Payment Date and, if the Class E Notes have not been paid in full prior to the Class E Final Scheduled
Payment Date, on the Class E Final Scheduled Payment Date, in an amount described on the face hereof. “Payment Date”
means the [15]th day of each month or, if such day is not a Business Day, the immediately following Business Day. The initial Payment
Date will be [    ], 20[    ].

 

As described above, the entire
unpaid principal amount of this Note shall be due and payable on the Class E Final Scheduled Payment Date. Notwithstanding the foregoing,
the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred
and be continuing and the Indenture Trustee or the Holders of Notes representing at least a majority of the Outstanding Amount of the
Controlling Securities have declared the Notes to be immediately due and payable in the manner provided in Section 5.02 of
the Indenture. All principal payments on the Class E Notes shall be made pro rata to the Class E Noteholders entitled thereto.

 

Payments of interest on this
Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this
Note, shall be made by check or wire transfer to the Person whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered
on the Record Date in the name of [ ], payments will be made by wire transfer in immediately available funds to the account designated
by such nominee. Such checks mailed or wire transfers shall be made to the Person entitled thereto to the address or designated account
of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments
made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee,
in the name of and on behalf of the Issuing Entity, will notify the Person who was the Registered Holder hereof as of the Record Date
preceding such Payment Date by notice mailed or transmitted prior to such Payment Date, and the amount then due and payable shall be
payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the
office of the Indenture Trustee’s agent appointed for such purposes located in [ ].

 

    Ex. E-5

     

    

 

The Issuing Entity shall pay
interest on overdue installments of interest at the Class E Interest Rate to the extent lawful.

 

As provided in the Indenture
and subject to certain limitations set forth therein and on the face hereof, the transfer of this Note may be registered on the Note
Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity pursuant to
the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly
executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible
guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in
the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will
be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange
of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any such registration of transfer or exchange.

 

Each Noteholder or Note Owner,
by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be
taken, directly or indirectly, with respect to the obligations of the Issuing Entity, [the Grantor Trust, the Grantor Trust Trustee,]
the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in its individual capacity, (ii) any
owner of a beneficial interest in the Issuing Entity [or the Grantor Trust] or (iii) any partner, owner, beneficiary, agent, officer,
director or employee of the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in its individual capacity, any holder
of a beneficial interest in the Issuing Entity, [the Grantor Trust, the Grantor Trust Trustee,] the Owner Trustee or the Indenture Trustee
or of any successor or assign of the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in its individual capacity,
except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to
the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment
or call owing to such entity.

 

Each Noteholder or Note Owner,
by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits
of the Indenture that such Noteholder or Note Owner will not at any time institute against the Depositor, World Omni or the Issuing Entity,
or join in any institution against the Depositor, World Omni or the Issuing Entity of, any involuntary bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the Basic Documents.

 

    Ex. E-6

     

    

 

The Issuing Entity has entered
into the Indenture and this Note is issued with the intention that, for U.S. federal, state and local income and franchise tax purposes,
the Notes will be characterized as indebtedness. Each Noteholder, by its acceptance of a Note, and each Note Owner, by its acceptance
of an interest in the applicable Book-Entry Note or Definitive Note, other than, in either case (and with respect solely to Notes owned
by it), a Noteholder or Note Owner that is an entity whose separate existence from the Issuing Entity is disregarded for U.S. federal
income tax purposes, agrees to treat the Notes for U.S. federal, state and local income and franchise tax purposes, as indebtedness.

 

Each Noteholder or Note Owner,
by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits
of the Indenture that such Noteholder or Note Owner shall provide to the Person from whom it receives payments on the Notes on behalf
of the Issuing Entity, (1) any applicable IRS Form W-9, W-8BEN, W-8BEN-E, W-8ECI or W-8IMY (with any applicable attachments) or applicable
successor form and (2) any documentation that is required under FATCA to enable the Issuing Entity, the Indenture Trustee and any other
agent of the Issuing Entity to determine their duties and liabilities with respect to any taxes they may be required to withhold in respect
of such Note or the Noteholder of such Note or, in the case of the Note Owner, a beneficial interest therein, in each case, prior to
the first Payment Date after such Noteholder’s acquisition of Notes and at such time or times required by law or that the Indenture
Trustee on behalf of the Issuing Entity or their respective agents may reasonably request, and shall update or replace such IRS form
or documentation in accordance with its terms or its subsequent amendments. Each Noteholder or Note Owner will provide the applicable
replacement IRS form or documentation every three (3) years (or sooner if there is a transfer to a new Noteholder or Note Owner or if
required by applicable law). In each case above, the applicable IRS form or documentation shall be properly completed and signed under
penalty of perjury. The Indenture Trustee has the right to withhold any amounts (properly withholdable under law and without any corresponding
gross-up) payable to a Noteholder or Note Owner that fails to comply with the requirements of the preceding sentence.

 

Prior to the due presentment
for registration of transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in
the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuing Entity,
the Indenture Trustee or any such agent shall be affected by notice to the contrary.

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing Entity
and the rights of the Holders of the Notes under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes
representing a majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting
the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Securities, on behalf of the Holders
of all the Notes, to waive compliance by the Issuing Entity with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes) shall
be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture
also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders
of the Notes issued thereunder.

 

    Ex. E-7

     

    

 

The term “Issuing
Entity” as used in this Note includes any successor to the Issuing Entity under the Indenture.

 

The Issuing Entity is permitted
by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders
of Notes under the Indenture.

 

The Notes are issuable only
in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

This Note and the Indenture
shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and
the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

 

No reference herein to the
Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute
and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein
prescribed.

 

Anything herein to the contrary
notwithstanding, except as expressly provided in the Basic Documents, none of [    ] in
its individual capacity, [    ] in its individual capacity, any owner of a beneficial interest
in the Issuing Entity, or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns
shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Note or
performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture. The Holder
of this Note by its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default
under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing
Entity for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

 

    Ex. E-8

     

    

 

ASSIGNMENT

 

Social Security or taxpayer I.D. or other identifying
number of assignee:

 

	   	 

 

FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto:

 

		 
	(name and address of assignee)	 

 

the within Note and all rights thereunder,
and hereby irrevocably constitutes and appoints                                                                                                       ,
attorney, transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

  

	Dated:	 	 	 	*

 

Signature Guaranteed:

_____________________________________*]

 

 

* NOTICE: The signature to this assignment
must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration,
enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Note Registrar, which requirements include membership or participation in STAMP or such other “signature guarantee
program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.

 

    Ex. E-9

     

    

 

[EXHIBIT F

 

[FORM OF CLASS F[a/b] NOTE]

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUING ENTITY OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 

	REGISTERED	$________
	No.: ___	CUSIP No.: _____
	 	ISIN No.: _____
	 	CINS
    No.:  __________

 

WORLD OMNI [SELECT] AUTO [RECEIVABLES] TRUST 20[    ]-[    ]

CLASS F[a/b] [[    ]%][BENCHMARK PLUS [    ]%] ASSET-BACKED NOTES

 

WORLD OMNI [SELECT] AUTO
[RECEIVABLES] TRUST 20[    ]-[    ], a statutory trust organized and existing under the laws of the State of Delaware (herein referred
to as the “Issuing Entity”), for value received, hereby promises to pay to __________, or registered assigns, the
principal sum of ___________ DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying
(i) a fraction the numerator of which is $________ and the denominator of which is $[    ] by (ii) the aggregate amount, if
any, payable from the Note Distribution Account in respect of principal on the Class E Notes pursuant to Section 3.01
of the Indenture dated as of [    ], 20[    ] (the “Indenture”), between the Issuing Entity[, the Grantor Trust]
and [    ], as Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on the earlier of the [    ], 20[    ] Payment Date (the
 “Class E Final Scheduled Payment Date”) and the Redemption Date, if any, pursuant to Section 10.01 of
the Indenture. [Principal payable with respect to the Class F Notes shall be made pro rata between the Class Fa Notes and the Class
Fb Notes.] Generally, no payments of principal of the Class F Notes shall be made until the Class A- 1 Notes,
Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, [the Class A-5 Notes,] Class B Notes, Class C Notes, Class D Notes and
Class F Notes have been paid in full. Capitalized terms used but not defined herein are defined in Article I of the
Indenture, which also contains rules as to construction that shall be applicable herein.

 

    Ex. F-1

     

    

 

BY ACQUIRING A CLASS F NOTE,
EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT THAT EITHER (1) IT IS NOT
AND WILL NOT BE AND IS NOT ACTING ON BEHALF OF OR ACQUIRING THE NOTES WITH THE ASSETS OF ANY PERSON THAT IS OR WILL BE (i) AN “EMPLOYEE
BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)
THAT IS SUBJECT TO TITLE I OF ERISA, (ii) A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (iii) ANY ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE
 “PLAN ASSETS” (WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3-101, AS MODIFIED
BY SECTION 3(42) OF ERISA) OR (iv) ANY U.S. GOVERNMENTAL PLAN, NON-U.S. PLAN, CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN, ACCOUNT
OR ARRANGEMENT THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR
SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (2) ITS ACQUISITION AND HOLDING OF THE CLASS F NOTES (OR ANY INTEREST THEREIN)
WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF SIMILAR
LAW.

 

The Issuing Entity will pay
interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available
for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), subject to certain limitations contained in the last sentence of Section 3.01 of the
Indenture. Interest on this Note will accrue for each Payment Date from and including the [15]th day of the preceding calendar month (or,
for the initial interest accrual period, from and including the Closing Date) to but excluding the [15]th day of the current calendar
month. Interest will be computed on the basis of [    ]. Such principal of and interest on this Note shall be paid in the manner specified
on the reverse hereof.

 

The principal of and interest
on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due
and payable on this Note as provided above and then to the unpaid principal of this Note.

 

Reference is made to the further
provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this
Note.

 

    Ex. F-2

     

    

 

Unless the certificate of authentication
hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any
benefit under the Indenture, or be valid or obligatory for any purpose.

 

    Ex. F-3

     

    

 

IN WITNESS WHEREOF, the Issuing
Entity has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.

 

	Date: _________________	WORLD OMNI [SELECT]
    AUTO [RECEIVABLES] TRUST 20[    ]-[    ]
	 	 
	 	By: [    ],
    not in its individual capacity but solely as Owner Trustee
	 	 
	 	By:	 
	 		Name:
	 		Title:

  

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes designated
above and referred to in the within-mentioned Indenture.

 

	Date: _________________	[    ],
not in its individual capacity but solely as Indenture Trustee
	 	 
		 	By:	                 
		 	Name:
		 	Title:

 

    Ex. F-4

     

    

 

This Note is one of a duly authorized
issue of Notes of the Issuing Entity, designated as its Class F[a/b] [[    ]%][Benchmark plus [    ]%] Asset-Backed Notes (herein called
the “Class F Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee
and the Holders of the Notes. The Class F Notes are subject to all terms of the Indenture.

 

The Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, [the Class A-5 Notes,] the Class B Notes, the Class C Notes,
the Class D Notes, the Class E Notes and the Class F Notes (collectively, the “Notes”) are and will be equally and
ratably secured by the collateral pledged as security therefor as provided in the Indenture and subject to the subordination provisions
therein.

 

Principal of the Class F
Notes will be payable on each Payment Date and, if the Class F Notes have not been paid in full prior to the Class F Final Scheduled
Payment Date, on the Class F Final Scheduled Payment Date, in an amount described on the face hereof. “Payment Date”
means the [15]th day of each month or, if such day is not a Business Day, the immediately following Business Day. The initial Payment
Date will be [    ], 20[    ].

 

As described above, the entire
unpaid principal amount of this Note shall be due and payable on the Class F Final Scheduled Payment Date. Notwithstanding the foregoing,
the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred
and be continuing and the Indenture Trustee or the Holders of Notes representing at least a majority of the Outstanding Amount of the
Controlling Securities have declared the Notes to be immediately due and payable in the manner provided in Section 5.02 of
the Indenture. All principal payments on the Class F Notes shall be made pro rata to the Class F Noteholders entitled thereto.

 

Payments of interest on
this Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check or wire transfer to the Person whose name appears as the Registered Holder of this Note
(or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to
Notes registered on the Record Date in the name of [ ], payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks mailed or wire transfers shall be made to the Person entitled thereto to the address
or designated account of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this
Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes)
effected by any payments made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon
the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to
be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a
Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will notify the Person who was the
Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted prior to such Payment
Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture
Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes
located in [ ].

 

    Ex. F-5

     

    

 

The Issuing Entity shall pay
interest on overdue installments of interest at the Class F Interest Rate to the extent lawful.

 

As provided in the Indenture
and subject to certain limitations set forth therein and on the face hereof, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity pursuant to the Indenture,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the
Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in the Securities
Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of
1934, as amended, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued
to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note,
but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection
with any such registration of transfer or exchange.

 

Each Noteholder or Note Owner,
by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be
taken, directly or indirectly, with respect to the obligations of the Issuing Entity, [the Grantor Trust, the Grantor Trust Trustee,]
the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in its individual capacity, (ii) any
owner of a beneficial interest in the Issuing Entity [or the Grantor Trust] or (iii) any partner, owner, beneficiary, agent, officer,
director or employee of the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in its individual capacity, any holder
of a beneficial interest in the Issuing Entity, [the Grantor Trust, the Grantor Trust Trustee,] the Owner Trustee or the Indenture Trustee
or of any successor or assign of the Indenture Trustee[, the Grantor Trust Trustee] or the Owner Trustee in its individual capacity, except
as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call
owing to such entity.

 

Each Noteholder or Note Owner,
by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits
of the Indenture that such Noteholder or Note Owner will not at any time institute against the Depositor, World Omni or the Issuing Entity,
or join in any institution against the Depositor, World Omni or the Issuing Entity of, any involuntary bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the Basic Documents.

 

    Ex. F-6

     

    

 

The Issuing Entity has entered
into the Indenture and this Note is issued with the intention that, for U.S. federal, state and local income and franchise tax purposes,
the Notes will be characterized as indebtedness. Each Noteholder, by its acceptance of a Note, and each Note Owner, by its acceptance
of an interest in the applicable Book-Entry Note or Definitive Note, other than, in either case (and with respect solely to Notes owned
by it), a Noteholder or Note Owner that is an entity whose separate existence from the Issuing Entity is disregarded for U.S. federal
income tax purposes, agrees to treat the Notes for U.S. federal, state and local income and franchise tax purposes, as indebtedness.

 

Each Noteholder or Note Owner,
by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits
of the Indenture that such Noteholder or Note Owner shall provide to the Person from whom it receives payments on the Notes on behalf
of the Issuing Entity, (1) any applicable IRS Form W-9, W-8BEN, W-8BEN-E, W-8ECI or W-8IMY (with any applicable attachments) or applicable
successor form and (2) any documentation that is required under FATCA to enable the Issuing Entity, the Indenture Trustee and any other
agent of the Issuing Entity to determine their duties and liabilities with respect to any taxes they may be required to withhold in respect
of such Note or the Noteholder of such Note or, in the case of the Note Owner, a beneficial interest therein, in each case, prior to the
first Payment Date after such Noteholder’s acquisition of Notes and at such time or times required by law or that the Indenture
Trustee on behalf of the Issuing Entity or their respective agents may reasonably request, and shall update or replace such IRS form or
documentation in accordance with its terms or its subsequent amendments. Each Noteholder or Note Owner will provide the applicable replacement
IRS form or documentation every three (3) years (or sooner if there is a transfer to a new Noteholder or Note Owner or if required by
applicable law). In each case above, the applicable IRS form or documentation shall be properly completed and signed under penalty of
perjury. The Indenture Trustee has the right to withhold any amounts (properly withholdable under law and without any corresponding gross-up)
payable to a Noteholder or Note Owner that fails to comply with the requirements of the preceding sentence.

 

Prior to the due presentment
for registration of transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuing Entity, the
Indenture Trustee or any such agent shall be affected by notice to the contrary.

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing
Entity and the rights of the Holders of the Notes under the Indenture at any time by the Issuing Entity with the consent of the
Holders of Notes representing a majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains
provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling
Securities, on behalf of the Holders of all the Notes, to waive compliance by the Issuing Entity with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this
Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation
of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms
and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.

 

    Ex. F-7

     

    

 

The term “Issuing Entity”
as used in this Note includes any successor to the Issuing Entity under the Indenture.

 

The Issuing Entity is permitted
by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders
of Notes under the Indenture.

 

The Notes are issuable only
in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

This Note and the Indenture
shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and
the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

 

No reference herein to the Indenture
and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional,
to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed.

 

Anything herein to the contrary
notwithstanding, except as expressly provided in the Basic Documents, none of [    ] in
its individual capacity, [    ] in its individual capacity, any owner of a beneficial interest
in the Issuing Entity, or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns
shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Note or
performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture. The Holder of
this Note by its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default
under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing
Entity for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

 

    Ex. F-8

     

    

 

ASSIGNMENT

 

Social Security or taxpayer I.D. or other identifying
number of assignee:

 

		 

 

FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto:

 

		 
	(name and address of assignee)	 

  

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints_____________________________________________, attorney, transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

 

	Dated:	 	 	 	*

  

Signature Guaranteed:

_____________________________________*]

 

 

*        NOTICE: The signature to this assignment must
correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without
alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or such other
 “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.

 

    Ex. F-9

     

    

 

EXHIBIT [G]

 

[SERVICING CRITERIA FOR INDENTURE TRUSTEE’S
ASSESSMENT OF COMPLIANCE

 

[The assessment of compliance to be delivered by
the Indenture Trustee shall address, at a minimum, the criteria identified as below as “Applicable Servicing Criteria”:]

 

	Reference	Servicing Criteria	Applicable Servicing Criteria
	 	General Servicing Considerations	 
	1122(d)(1)(i)	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	 
	1122(d)(1)(ii)	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	 
	1122(d)(1)(iii)	Any requirements in the transaction agreements to maintain a back-up servicer for the credit card accounts or accounts are maintained.	 
	1122(d)(1)(iv)	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	 
	1122(d)(1)(v)	
    Aggregation of information, as applicable,
is mathematically accurate and the information conveyed accurately reflects the information.
	 
	 	Cash Collection and Administration	 
	1122(d)(2)(i)	Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.	 
	1122(d)(2)(ii)	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Indenture Trustee
	1122(d)(2)(iii)	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	 
	1122(d)(2)(iv)	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Indenture Trustee
	1122(d)(2)(v)	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements.  For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	Indenture Trustee
	1122(d)(2)(vi)	Unissued checks are safeguarded so as to prevent unauthorized access.	 
	1122(d)(2)(vii)	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts.  These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items.  These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	 

 

    Ex. G-1

     

    

 

	Reference	Servicing
    Criteria	Applicable
    Servicing Criteria
	 	Investor Remittances and Reporting	 
	1122(d)(3)(i)	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements.  Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of credit card accounts serviced by the Servicer.	 
	1122(d)(3)(ii)	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	Indenture Trustee
	1122(d)(3)(iii)	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.	Indenture Trustee
	1122(d)(3)(iv)	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	Indenture Trustee
	 	Pool Asset Administration	 
	1122(d)(4)(i)	Collateral or security on credit card accounts is maintained as required by the transaction agreements or related asset pool documents.	 
	1122(d)(4)(ii)	Pool assets and related documents are safeguarded as required by the transaction agreements	 
	1122(d)(4)(iii)	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	 
	1122(d)(4)(iv)	Payments on pool assets, including any payoffs, made in accordance with the related pool assets documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related asset pool documents.	 
	1122(d)(4)(v)	The Servicer’s records regarding the accounts and the accounts agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.	 
	1122(d)(4)(vi)	Changes with respect to the terms or status of an obligor’s account  (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	 
	1122(d)(4)(vii)	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.	 
	1122(d)(4)(viii)	Records documenting collection efforts are maintained during the period an Account is delinquent in accordance with the transaction agreements.  Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent Accounts including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	 
	1122(d)(4)(ix)	Adjustments to interest rates or rates of return for Accounts with variable rates are computed based on the related Account documents.	 
	1122(d)(4)(x)	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s Account documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable Account documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related Accounts, or such other number of days specified in the transaction agreements.	 

 

    Ex. G-2

     

    

 

	Reference	Servicing
    Criteria	Applicable
    Servicing 

    Criteria
	1122(d)(4)(xi)	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	 
	1122(d)(4)(xii)	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	 
	1122(d)(4)(xiii)	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.	 
	1122(d)(4)(xiv)	 Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	 
	1122(d)(4)(xv)	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	 
	 	 	 

 

    Ex. G-3

     

    

 

EXHIBIT [H]

FORM OF INDENTURE TRUSTEE’S ANNUAL CERTIFICATION

 

RE:        WORLD OMNI [SELECT] AUTO [RECEIVABLES]
TRUST 20[    ]-[    ]

 

[    ]
not in its individual capacity but solely as indenture trustee (the “Indenture Trustee”), certifies to World Omni Auto
Receivables LLC (the “Depositor”), and its officers, with the knowledge and intent that they will rely upon this certification,
that:

 

		1.	It has reviewed the report on assessment of the Indenture Trustee’s compliance provided in accordance
with Rules 13a-18 and 15d-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Item 1122
of Regulation AB (the “Servicing Assessment”), and the registered public accounting firm’s attestation report
provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB (the “Attestation
Report”) that were delivered by the Indenture Trustee to the Depositor pursuant to the Indenture, dated as of [    ], 20[    ],
by and between the Indenture Trustee and World Omni [Select] Auto [Receivables] Trust 20[    ]-[    ] (collectively, the “Indenture
Trustee Information”);

 

		2.	To the best of its knowledge, the Servicing Assessment, taken as a whole, does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in the light of the circumstances
under which such statements were made, not misleading with respect to the period of time covered by the Indenture Trustee Information;

 

		3.	To the best of its knowledge, all of the Indenture Trustee Information required to be provided by the
Indenture Trustee under the Agreement has been provided to the Depositor; and

 

		4.	To the best of its knowledge, except as disclosed in the Servicing Assessment or the Attestation Report,
the Indenture Trustee has fulfilled its obligations under the Agreement in all material respects.

 

	 	[    ],
	 	not in its individual capacity but solely as
	 	Indenture Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	Date: _________________________	 

 

    

     

    

 

EXHIBIT [I]

 

FORM OF TRANSFEROR CERTIFICATE

 

[DATE]

 

[    ]

 

World Omni Auto Receivables LLC

190 Jim Moran Boulevard

Deerfield Beach, FL 33442

 

World Omni [Select] Auto [Receivables] Trust 20[    ]-[    ]

c/o [    ]

		Re:	World Omni [Select] Auto [Receivables] Trust 20[    ]-[    ] Class [ ] Notes

 

Ladies and Gentlemen:

 

In connection with our disposition
of the above-referenced Class ___ Notes (the “Class [    ] Notes”) we certify that (a) we understand that the Class ___
Notes have not been registered under the Securities Act of 1933, as amended (the “Act”), and are being transferred
by us in a transaction that is exempt from the registration requirements of the Act and (b) we have not offered or sold any Class ___
Notes to, or solicited offers to buy any Class ___ Notes from, any person, or otherwise approached or negotiated with any person with
respect thereto, in a manner that would be deemed, or taken any other action which would result in, a violation of Section 5 of the Act.

 

    Ex. I-1

     

    

 

	 	Very truly yours,
	 	 
	 	[NAME OF TRANSFEROR]
	 	 	 
		By:	
	 	 	Authorized Officer

 

    Ex. I-2

     

    

 

EXHIBIT [J]

 

FORM OF INVESTMENT LETTER

 

[    ]

World Omni Auto Receivables LLC

190 Jim Moran Boulevard

Deerfield Beach, FL 33442

 

World Omni [Select] Auto [Receivables] Trust 20[    ]-[    ]

c/o [    ]

Ladies and Gentlemen:

 

In connection with our proposed
purchase of Class ___ Notes (the “Class ___ Notes”) of World Omni [Select] Auto [Receivables] Trust 20[    ]-[    ] (the
 “Issuing Entity”), we confirm that:

 

1.          We
understand that the Class ___ Notes have not been registered under the Securities Act of 1933, as amended (the “1933
Act”), and may not be sold except as permitted in the following sentence. We understand and agree, on our own behalf and on
behalf of any accounts for which we are acting as hereinafter stated, (x) that such Class ___ Notes are being offered only in a
transaction not involving any public offering within the meaning of the 1933 Act and (y) that such Class ___ Notes may be resold,
pledged or transferred only (i) to World Omni Auto Receivables LLC (“WOAR”), (ii) to an
 “accredited investor” as defined in Rule 501(a)(1),(2),(3) or (7) of Regulation D under the 1933 Act (an
 “Accredited Investor”) acting for its own account (and not for the account of others) or as a fiduciary or agent for
others (which others also are Accredited Investors unless the holder is a bank acting in its fiduciary capacity) that executes a
certificate substantially in the form hereof, (iii) so long as such Class ___ Note is eligible for resale pursuant to Rule 144A
under the 1933 Act (“Rule 144A”), to a person whom we reasonably believe after due inquiry is a “qualified
institutional buyer” as defined in Rule 144A, acting for its own account (and not for the account of others) or as a fiduciary
or agent for others (which others also are “qualified institutional buyers”) to whom notice is given that the resale,
pledge or transfer is being made in reliance on Rule 144A or (iv) in a sale, pledge or other transfer made in a transaction
otherwise exempt from the registration requirements of the 1933 Act, in which case the Indenture Trustee shall require that both the
prospective transferor and the prospective transferee certify to the Indenture Trustee and WOAR in writing the facts surrounding
such transfer, which certification shall be in form and substance satisfactory to the Indenture Trustee and WOAR. Except in the case
of a transfer described in clauses (i) or (iii) above, the Indenture Trustee shall require that a written opinion of counsel (which
will not be at the expense of WOAR, any Affiliate of WOAR or the Indenture Trustee), satisfactory to the Indenture Trustee and WOAR,
be delivered to the Indenture Trustee and WOAR to the effect that such transfer will not violate the 1933 Act, and will be effected
in accordance with any applicable securities laws of each state of the United States. We will notify any purchaser of the Class ___
Notes from us of the above resale restrictions, if then applicable. We further understand that in connection with any transfer of
the Class ___ Notes by us that the Indenture Trustee and WOAR may request, and if so requested we will furnish, such certificates
and other information as they may reasonably require to confirm that any such transfer complies with the foregoing restrictions.

 

    Ex. J-1

     

    

 

2.           [CHECK ONE]

 

		 ̈	(a) We are an Accredited Investor acting for our own account (and not for the account of others) or as
a fiduciary or agent for others (which others also are Accredited Investors unless we are a bank acting in its fiduciary capacity). We
have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment
in the Class ___ Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our or their investment
for an indefinite period of time. We are acquiring the Class ___ Notes or investment and not with a view to, or for offer and sale in
connection with, a public distribution.

 

		 ̈	(b) We are a “qualified institutional buyer” as defined under Rule 144A under the 1933 Act
and are acquiring the Class ___ Notes for our own account (and not for the account of others) or as a fiduciary or agent for others (which
others also are “qualified institutional buyers”). We are familiar with Rule 144A under the 1933 Act and are aware that the
seller of the Class ___ Notes and other parties intend to rely on the statements made herein and the exemption from the registration requirements
of the 1933 Act provided by Rule 144A.

 

3.       [Insert
for the Class A Notes, Class B Notes, Class C Notes and Class D Notes: Either (i) we are not and will not be and are not acting on
behalf of or acquiring the Class ___ Notes with the assets of any person that is or will be (A) an “employee benefit
plan” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”) that is subject to Title I of ERISA, (B) a “plan” described in Section 4975(e)(1) of
the Code that is subject to Section 4975 of the Code, (C) an entity or account whose underlying assets include “plan
assets” (within the meaning of the U.S. Department of Labor regulation located at 29 C.F.R. 2510.3-101, as modified by Section
3(42) of ERISA) or (D) any U.S. governmental plan, non-U.S. plan, church plan or any other employee benefit plan, account or
arrangement that is subject to any U.S. federal, state, local, non-U.S. or other law that is substantially similar to Title I of
ERISA or Section 4975 of the Code (“Similar Law”) (each, a “Plan”) or (ii) our acquisition and
holding of the Class ___ Notes (or any interest therein) will not give rise to a nonexempt prohibited transaction under Section 406
of ERISA or Section 4975 of the Code or a violation of Similar Law. We hereby acknowledge that no transfer of any Class ___ Note
shall be permitted to be made to any transferee unless either (i) such transferee is not acquiring the Class ___ Note with the
assets of any Plan or (ii) the acquisition and holding of such Class ___ Note will not give rise to a nonexempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of Similar Law.]

 

    Ex. J-2

     

    

 

[Insert for the Class
E and Class F Notes: We are not and will not be and are not acting on behalf of or acquiring the [Class E Notes][Class F Notes] with the
assets of any person that is or will be (i) an “employee benefit plan” as defined in Section 3(3) of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”) that is subject to Title I of ERISA, (ii) a “plan”
described in Section 4975(e)(1) of the Code that is subject to Section 4975 of the Code, (iii) an entity or account whose underlying
assets include “plan assets” (within the meaning of the U.S. Department of Labor regulation located at 29 C.F.R. 2510.3-101,
as modified by Section 3(42) of ERISA) or (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, non-U.S. or other law that is substantially similar to
Title I of ERISA or Section 4975 of the Code.]

 

4.       Unless
counsel satisfactory to the Indenture Trustee shall have rendered an opinion to the effect that the Class ___ Notes to be transferred
will be characterized as indebtedness for U.S. federal income tax purposes, we represent (i) that we are a United States person (within
the meaning of Section 7701(a)(30) of the Code) and (ii) that we are not acquiring the Class ___ Notes with the assets of any Plan; and
we acknowledge that unless the Indenture Trustee shall have received such an opinion, no transfer of any Class ___ Note shall be permitted
to be made to any person who is not a United States person or who acquires such Class ____ Notes with the assets of any Plan and any such
purported transfer in violation of these restrictions shall be null and void.

 

5.        Unless
counsel satisfactory to the Indenture Trustee shall have rendered an opinion either (i) to the effect that the Class ___ Notes to be transferred
will be characterized as indebtedness for U.S. federal income tax purposes, or if such opinion is not rendered, (ii) to the effect that
the transfer of the Class ___ Notes will not cause the Issuing Entity 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 the Depositor shall have provided prior written approval,
we understand that no sale, pledge, or transfer of the Class ___ Note shall be made to any one person in an amount less than $2,000,000
(or such other amount as the Depositor may determine in order to prevent the Issuing Entity from being treated as a “publicly traded
partnership” under Section 7704 of the Code).

 

6.
        Unless counsel satisfactory to the Indenture Trustee shall have rendered an opinion either
(i) to the effect that the Class ___ Notes to be transferred will be characterized as indebtedness for U.S. federal income tax
purposes, or if such opinion is not rendered, (ii) to the effect that the transfer of the Class ___ Notes will not cause the Issuing
Entity 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 the Depositor shall have provided prior written approval, we represent that we are not a grantor trust, S
corporation, or partnership (as determined, in each case, for U.S. federal income tax purposes) (“Pass-through Entity”)
where more than 50% of the value of any beneficial owner’s interest in such Pass-through Entity is attributable to the
Pass-through Entity’s interest in the Class ___ Notes and any such purported transfer in violation of this restriction shall
be null and void.

 

    Ex. J-3

     

    

 

7.       We
understand that the Issuing Entity, the Indenture Trustee, WOAR and others will rely upon the truth and accuracy of the foregoing acknowledgments,
representations and agreements, and we agree that if any of the acknowledgments, representations and warranties deemed to have been made
by us by our purchase of the Class ___ Notes, for our own account or for one or more accounts as to each of which we exercise sole investment
discretion, are no longer accurate, we shall promptly notify WOAR.

 

8.       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. J-4

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