Document:

Securities Purchase Agreement

 Exhibit 10.36 
 SECURITIES PURCHASE AGREEMENT 
 This Securities Purchase Agreement (as may
be amended or restated, this “Agreement”) is dated as of July 17, 2012, between Alimera Sciences, Inc., a Delaware corporation (the “Company”), and each purchaser identified on the signature pages hereto (each,
including its successors and assigns, a “Purchaser”, and collectively, the “Purchasers”). 

WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to an effective registration statement under the
Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (the “Securities Act”), the Company desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to
purchase from the Company, securities of the Company as more fully described in this Agreement; and 
 WHEREAS, certain of the
Company’s stockholders have entered into separate support letters (the “Support Letters”) whereby such stockholders have agreed to vote their shares in favor of the transactions contemplated by this Agreement. 

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the Company and each Purchaser agree as follows: 
 ARTICLE I.

 DEFINITIONS 
 1.1 Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the meanings set forth in this Section 1.1:

 “Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is
controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act. 
 “Agreement” shall have the meaning ascribed to such term in the preamble to this Agreement. 
 “Beneficial Ownership” shall have the meaning ascribed to such term in Section 4.10(d). 
 “Board of Directors” means the board of directors of the Company. 

“Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United
States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close. 
 “CDA” shall have the meaning ascribed to such term in Section 3.2(d). 
 “Closing” means the closing of the purchase and sale of the Securities pursuant to Section 2.1. 
 “Closing 8-K” shall have the meaning ascribed to such term in Section 4.2. 

 “Closing Date” means the Trading Day mutually agreed upon by the Company
and the Purchasers purchasing at least 70% of the Units at such Closing not later than three (3) Business Days following the date of the Stockholder Approval, provided, that, the conditions set forth in Sections 2.3(a) and 2.3(b) have been
satisfied or waived but, pursuant to Section 5.1, in no event later than November 30, 2012. 

“Commission” means the United States Securities and Exchange Commission. 

“Common Stock” means the common stock of the Company, par value $0.01 per share, and any other class of securities into
which such securities may hereafter be reclassified or changed. 
 “Company” shall have the meaning ascribed to
such term in the preamble to this Agreement. 
 “Company Counsel” means Gunderson Dettmer Stough Villeneuve
Franklin & Hachigian, LLP with offices located at 850 Winter Street, Waltham, MA 02451. 
 “Company
Stockholders Meeting” shall have the meaning ascribed to such term in Section 4.10(a). 
 “Conversion
Shares” means the shares of Common Stock issuable upon conversion of each of the Shares. 
 “Enforceability
Exceptions” shall have the meaning ascribed to such term in Section 3.1(b). 
 “Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

“FDA” means the U.S. Food and Drug Administration. 

“GAAP” shall have the meaning ascribed to such term in Section 3.1(f). 

“Intellectual Property Licenses” shall have the meaning ascribed to such term in Section 3.1(i). 

“Intellectual Property Rights” shall have the meaning ascribed to such term in Section 3.1(i). 

“Knowledge of the Company” or “Knowledge” means the actual knowledge, after reasonable due inquiry, of
each of C. Daniel Myers and Richard S. Eiswirth, Jr., and, solely with respect to Section 3.1(o), the actual knowledge, after due inquiry, of Susan Caballa. 
 “Lead Purchaser” means Palo Alto Investors, LLC a California limited liability company. 
 “Liens” means a lien, charge, security interest, encumbrance, right of first refusal, preemptive right or other restriction that has the practical effect of creating any of the foregoing.

  
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 “Management Rights Letter” means a management rights letter substantially
in the form of Exhibit B attached hereto. 
 “Material Adverse Effect” means: (i) a material
adverse effect on the legality, validity or enforceability of any Transaction Document, (ii) a material adverse effect on the Company’s authority or ability to perform on a timely basis in any material respect its obligations under any
Transaction Document or (iii) a material adverse change in the results of operations, assets, business or condition (financial or otherwise) of the Company. 
 “Money Laundering Laws” shall have the meaning ascribed to such term in Section 3.1(q). 
 “Per Share Purchase Price” means $40.00 per share. 

“Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint
venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 
 “Preferred Stock” means the Series A Preferred Stock of the Company, par value $0.01 per share, and any other class of securities into which such securities may hereafter be reclassified
or changed. 
 “Press Release” shall have the meaning ascribed to such term in Section 4.2. 

“Press Release 8-K” shall have the meaning ascribed to such term in Section 4.2. 

“Prospectus” means the final prospectus filed for the Registration Statement, including the documents incorporated by
reference in the Registration Statement, and the documents incorporated by reference in such final prospectus. 

“Prospectus Supplement” means the supplement to the Prospectus complying with Rule 424(b) of the Securities Act that
shall be filed with the Commission and delivered by the Company to each Purchaser at the Closing, including the documents incorporated by reference therein. 
 “Proxy Statement” shall have the meaning ascribed to such term in Section 4.10(a) 
 “Purchaser” and “Purchasers” shall have the meaning ascribed to such terms in the preamble to this Agreement. 

“Purchaser Party” shall have the meaning ascribed to such term in Section 4.4. 

“Registration Statement” means the effective registration statement filed with the Commission on May 27, 2011 (File
No. 333-174586), which registers the sale of the Shares, the Common Stock issuable upon conversion of the Shares, the Warrants, the Warrant Shares and the shares of Common Stock issuable upon conversion of the Warrant Shares to the Purchasers.

  
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 “Rule 424” means Rule 424 promulgated by the Commission pursuant to the
Securities Act, as such rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule. 

“SEC Reports” shall have the meaning ascribed to such term in Section 3.1(e). 

“Second Lead Purchaser” means Sofinnova Venture Partners VIII, L.P., a Delaware limited partnership. 

“Securities” means the Shares, the Conversion Shares, the Warrants, and the Warrant Shares. 

“Securities Act” shall have the meaning ascribed to such term in the recitals to this Agreement. 

“Shares” means the shares of Preferred Stock issued or issuable to each Purchaser pursuant to this Agreement.

 “Short Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange
Act (but shall not be deemed to include the location and/or reservation of borrowable shares of Preferred Stock or Common Stock).
 “Stockholder Approval” shall the meaning ascribed to such term in Section 2.3(c). 
 “Subscription Amount” means, as to each Purchaser, the aggregate amount to be paid for the Units purchased hereunder, in United States dollars and in immediately available funds, the
amount as specified below such Purchaser’s name on the signature page of this Agreement and next to the heading “Subscription Amount;” 
 “Trading Day” means a day on which the principal Trading Market is open for trading. 
 “Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE AMEX, the Nasdaq Capital
Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange or the OTC Bulletin Board (or any successor exchanges of any of the foregoing). 
 “Transaction Documents” means this Agreement, the Warrants, the Support Letters, the Management Rights Letter and the Registration Rights Agreement. 

“Transfer Agent” means American Stock Transfer & Trust Company, with a mailing address of 59 Maiden Lane, New
York, NY 10038-4667, and a telephone number of (212) 936-5100, and any successor transfer agent of the Company. 

“Unit” means one share of Preferred Stock and a Warrant to purchase 0.30 shares of Preferred Stock. 

  
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 “Warrant” means a warrant to purchase shares of Preferred Stock delivered
to the Purchasers at the Closing in accordance with Section 2.2(a)(iii), in the form of Exhibit A attached hereto. 

“Warrant Shares” means the shares of Preferred Stock or Common Stock, as the case may be, issuable upon exercise of the
Warrants. 
 ARTICLE II. 
 PURCHASE AND SALE 
 2.1 Closing. On the Closing Date, upon the terms
and subject to the conditions set forth herein, the Company shall issue and sell to each Purchaser, and each Purchaser shall, severally and not jointly, purchase from the Company, such number of Units equal to the quotient resulting from dividing
(a) the applicable Subscription Amount for such Purchaser by (b) the Per Share Purchase Price, provided that any Purchaser may cause one or more investment funds that are Affiliates of such Purchaser to purchase the number of Units
allocated to such Purchaser. On the Closing Date, each Purchaser purchasing Units at a Closing (or such investment fund) shall deliver to the Company, via wire transfer, immediately available funds equal to such Purchaser’s Subscription Amount,
and the Company shall deliver to such Purchaser its respective Shares and Warrants as determined pursuant to Section 2.2(a), and the Company and such Purchaser shall deliver the other items set forth in Section 2.2. The Closing shall occur
at the offices of Company Counsel or such other location as the Company and the Purchasers purchasing at least 70% of the Units being purchased by all Purchasers at the Closing shall mutually agree. The Company shall not be obligated to issue Units
for an aggregate Subscription Amount in excess of $40,000,000.00 hereunder. 
 2.2 Deliveries. 

(a) Company Deliverables. On or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser
purchasing Units at the Closing the following: 
 (i) solely in the case of the Second Lead Purchaser, the Management Rights
Letter, duly executed by the Company; 
 (ii) a copy of the irrevocable instructions to the Transfer Agent, duly executed by
the Company, instructing the Transfer Agent to deliver on an expedited basis via The Depository Trust Company’s Deposit or Withdrawal at Custodian system Shares equal to such Purchaser’s Subscription Amount divided by the Per Share
Purchase Price, registered in the name of such Purchaser, to the account(s) identified by such Purchaser; 
 (iii) a Warrant
registered in the name of such Purchaser to purchase up to a number of shares of Preferred Stock equal to 30% of such Purchaser’s Shares, with an initial exercise price per share equal to 110% of the Per Share Purchase Price, (such Warrant may
be delivered within three (3) Trading Days of the Closing Date), duly executed by the Company; 

  
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 (iv) the Prospectus Supplement (which may be delivered in accordance with Rule 172 under
the Securities Act); 
 (v) a legal opinion of Company Counsel, addressed to the Purchasers and dated the Closing Date,
substantially in the form of Exhibit C attached hereto; 
 (vi) a certificate of the Secretary of the Company, dated as
of the Closing Date, (A) certifying the resolutions adopted by the Board of Directors or a duly authorized committee thereof approving the transactions contemplated by this Agreement and the other Transaction Documents and the issuance of the
Units, (B) certifying that the shareholders of the Company have adopted resolutions approving the transactions contemplated by this Agreement and the other Transaction Documents and the issuance of the Units, (C) certifying the current
versions of the certificate of incorporation, as amended, and bylaws of the Company, and (D) certifying as to the signatures and authority of persons signing the Transaction Documents and related documents on behalf of the Company; 

(vii) an officer’s certificate certifying that the conditions to close found in Section 2.3(b)(i) and (ii) have been
satisfied; 
 (viii) a copy of the Registration Rights Agreement executed by the Company; and 

(ix) an executed copy of an indemnification agreement with the director of the Company designated by the Second Lead Purchaser.

 (b) Purchasers’ Deliverables. On or prior to the Closing Date, each Purchaser purchasing Units at the Closing
shall deliver or cause to be delivered to the Company the following: 
 (i) such Purchaser’s Subscription Amount by wire
transfer to the account specified by the Company; 
 (ii) solely in the case of the Second Lead Purchaser, a copy of the Second
Lead Purchaser’s Management Rights Letter executed by the Second Lead Purchaser; 
 (iii) a copy of the Registration
Rights Agreement executed by such Purchaser; and 
 (iv) solely in the case of the Second Lead Purchaser, an executed copy of
the indemnification agreement referred to in Section 2.2(a)(ix) above. 
 2.3 Closing Conditions. 

(a) Company Conditions to Close. The obligations of the Company hereunder in connection with the Closing are subject to the
following conditions being met or waived by the Company: 

  
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 (i) the accuracy in all material respects on the Closing Date of the representations and
warranties of the Purchasers contained herein (unless as of a specific date therein in which case they shall be accurate as of such date); 
 (ii) all obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been performed; and 

(iii) the delivery by each Purchaser of the items set forth in Section 2.2(b). 

(b) Purchasers’ Conditions to Close. The respective obligations of the Purchasers hereunder in connection with the Closing
are subject to the following conditions being met or waived by Purchasers purchasing at least 70% of the Units at Closing: 

(i) (A) the accuracy in all material respects when made of the representations and warranties of the Company contained herein,
(B) the accuracy in all material respects of the representations and warranties of the Company contained in Sections 3.1(a)—(f) and (s) on the Closing Date and (C) the accuracy of the representations and warranties of the Company
contained in Sections 3.1(g)—(r) on the Closing Date, except where any inaccuracies in the representations and warranties in Sections 3.1(g)—(r) do not constitute a Material Adverse Effect; 

(ii) all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been
performed; 
 (iii) the delivery by the Company of the items set forth in Section 2.2(a); 

(iv) since the date of execution of this Agreement, no event or series of events shall have occurred that has had or would reasonably be
expected to have a Material Adverse Effect with respect to the Company; provided, however, that no event, change or effect to the extent arising out of, resulting from or attributable to any of the following shall be deemed to
constitute, nor be taken into account in determining whether any event or series of events shall have occurred that has had or would reasonably be expected to have a Material Adverse Effect with respect to the Company: (A) changes in the
Company’s industry or the overall economy, the securities markets, financial markets or capital markets of the United States or worldwide generally; (B) general worldwide economic, business or political conditions; (C) any act of war
(whether or not declared), sabotage, terrorism, military action or the escalation thereof; (D) any change in accounting requirements or principles or any change in applicable laws, rules or regulations, provided such change is not
applicable solely to the Company; (E) any event, change or effect resulting from the announcement of this Agreement in compliance with the terms of this Agreement, and/or pendency of the transactions contemplated by this Agreement;
(F) earthquakes, hurricanes, floods or other natural disasters; (G) any failure, in and of itself, by the Company to meet any internal or published financial projections, predictions, estimates or expectations for any period ending on or
after the date of this Agreement; (H) actions taken or the failure to take action as a result of the covenants or restrictions set forth in this Agreement (I) continued losses from operations or decreases in cash balances of the Company,
in either case incurred in or resulting from the ordinary course of the Company’s business; (J) any decline in the trading price of the Common Stock; or (K) any event, change or effect relating to the review of the Commission or the
Trading Market of the transactions contemplated by this Agreement, including, without limitation, the Proxy Statement and the additional listing application relating to the Securities, except, in case of clause (A), (B), (C) or (D), to the
extent that such change, effect, event, matter, occurrence or state of facts has a materially disproportionate effect on the Company relative to similarly-situated companies in the industry in which the Company operates; 

  
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 (v) no stop order suspending the effectiveness of the Registration Statement shall have
been issued and no proceedings for that purpose shall have been initiated or threatened by the Commission; 
 (vi) the Common
Stock shall be registered under the Exchange Act and, as of the Closing Date, the Common Stock shall be listed and admitted and authorized for trading on the Trading Market, and, upon request, reasonably satisfactory evidence of such actions shall
have been provided to counsel to the Purchasers; 
 (vii) the Company shall have taken no action designed to, or reasonably
likely to have the effect of terminating the registration of the Common Stock under the Exchange Act or delisting or suspending from trading the Common Stock from the Trading Market, nor shall the Company have received any written information from
the Commission or the Trading Market, as applicable, suggesting that the Commission or the Trading Market, as applicable, is contemplating terminating such registration or listing; 

(viii) from the date hereof to the Closing Date, trading in the Common Stock shall not have been suspended by the Commission or the
Trading Market (except for (A) any suspension of trading of limited duration agreed to by the Company, which suspension shall be terminated prior to the Closing and (B) any suspension of trading in securities generally as reported by
Bloomberg L.P.); 
 (ix) no action shall have been taken and no statute, rule, regulation, executive order, decree, ruling or
injunction shall have been enacted, entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction that prohibits the consummation of any of the transactions contemplated by the Transaction Documents; and

 (x) approval of ILUVIEN shall not have been revoked in any jurisdiction in which such drug was, as of the date hereof,
approved and authorized by the proper governmental authority for sale and distribution. 
 (c) Company Stockholder
Approval. The approval by the Company’s stockholders of the transactions contemplated by this Agreement (the “Stockholder Approval”) shall have been obtained by the Company. 

(d) Board of Directors. The Board of Directors shall have appointed, effective as of the Closing, Garheng Kong (or such other
individual designated by the Second Lead Purchaser, which other individual is acceptable to the Company) to the Board of Directors of the Company, to serve as a Class II Director. 

  
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 ARTICLE III. 
 REPRESENTATIONS AND WARRANTIES 
 3.1 Representations and Warranties of
the Company. The Company hereby makes the following representations and warranties to each Purchaser: 
 (a) Organization
and Qualification. The Company is duly incorporated, validly existing and in good standing under the laws of the State of Delaware, with full corporate power and authority to own or lease and use its properties and assets and to carry on its
business as currently conducted. The Company is not in violation or default of any of the provisions of its Restated Certificate of Incorporation. The Company is duly qualified to do business and is in good standing as a foreign corporation in each
jurisdiction in which its ownership or lease of property or the conduct of its business requires such qualification, except where the failure to be so qualified or in good standing would not have or reasonably be expected to result in a Material
Adverse Effect. The Company does not have any direct or indirect subsidiaries. 
 (b) Authorization; Enforcement. Subject
to obtaining Stockholder Approval, the Company has all requisite corporate power and corporate authority to enter into and to perform its obligations under the Transaction Documents, to consummate the transactions contemplated by this Agreement and
each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder, and to issue (or reserve for issuance) the Securities in accordance with the terms thereof. Subject to obtaining Stockholder Approval, the
execution, delivery and performance of this Agreement and the other Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby in accordance with the terms hereof and thereof (including the
issuance of the Securities) have been duly authorized by all necessary corporate action on the part of the Company, and no further action is required by the Company or the Board of Directors. This Agreement and each of the other Transaction
Documents has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the terms hereof and thereof, will constitute the legal, valid and binding obligation of the Company enforceable against the
Company in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, or moratorium or similar laws affecting creditors’ and contracting parties’ rights generally and except as
enforceability may be subject to general principles of equity and except as rights to indemnity and contribution may be limited by applicable laws or public policy underlying such laws (collectively, the “Enforceability
Exceptions”). 
 (c) No Conflicts. The execution, delivery and performance of this Agreement and the other
Transaction Documents by the Company, and after obtaining Stockholder Approval, the issuance of the Securities and the consummation by the Company of the transactions contemplated thereby do not and will not: (i) conflict with or violate any
provision of the Company’s Restated Certificate of Incorporation or bylaws, (ii) conflict with, violate, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, result in the creation
of any Lien upon any of the properties or assets of the Company, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other
instrument (evidencing a Company debt or otherwise) or other understanding to which the Company is a party or by which any property or asset of the Company is bound or affected or (iii) conflict with or result in a violation of any law, rule,
regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company is subject (including federal and state securities laws and regulations) or by which any property or asset of the
Company is bound or affected; except in the case of clauses (ii) and (iii) above, for such conflicts, defaults, rights or violations which would not individually or in the aggregate, reasonably be expected to result in a Material Adverse
Effect. 

  
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 (d) Filings, Consents and Approvals. The Company is not required to obtain any
consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery and
performance by the Company of the Transaction Documents (including the issuance of the Securities), other than: (i) the filings required pursuant to Sections 4.2 and 4.10, (ii) the filing with the Commission of the Prospectus Supplement,
(iii) a Notification Form: Listing of Additional Shares and Notification Form: Change in the Number of Shares Outstanding to the Trading Market for the listing of the Conversion Shares for trading thereon (iv) such filings as are required
to be made under applicable state securities laws, and (v) the Stockholder Approval. 
 (e) Issuance of the Securities;
Registration. The Shares are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the
Company. The Warrants are duly authorized, and when duly executed and delivered by the Company in accordance with the applicable Transaction Documents, will constitute the valid and binding obligation of the Company enforceable against the Company
in accordance with their terms, except as limited by the Enforceability Exceptions. The Warrant Shares, when issued in accordance with the terms of the Warrants, will be validly issued, fully paid and nonassessable, free and clear of all Liens
imposed by the Company. The Conversion Shares, when issued in accordance with the Company’s Certificate of Incorporation, will be validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company. The Company has
reserved from its duly authorized capital stock the maximum number of shares of Preferred Stock issuable pursuant to this Agreement and the Warrants as of the date hereof and the maximum number of Conversion Shares issuable upon conversion of the
Shares and the Warrant Shares as of the date hereof. The Units, Shares, Warrants and Common Stock conform as to legal matters in all material respects to the respective descriptions thereof contained in the Registration Statement, Prospectus and
Prospectus Supplement and such descriptions conform to the rights set forth in the instruments defining the same. The Company has prepared and filed the Registration Statement in conformity with the requirements of the Securities Act, which became
effective on June 17, 2011, including the Prospectus, and such amendments and supplements thereto as may have been required to the date of this Agreement. The Registration Statement is effective under the Securities Act and no stop order
preventing or suspending the effectiveness of the Registration Statement or suspending or preventing the use of the Prospectus has been issued by the Commission and no proceedings for that purpose have been instituted or, to the Knowledge of the
Company, are threatened by the Commission. At the time the Registration Statement and any amendments thereto became effective, at the date of this Agreement and at the Closing Date, the Registration Statement and any amendments thereto

  
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conformed and will conform in all material respects to the requirements of the Securities Act and did not and will not contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements therein not misleading; and as of the date of the Prospectus Supplement and at the Closing Date, the Prospectus Supplement, when taken together with the Prospectus, and
any amendments or supplements thereto, when taken together with the Prospectus and Prospectus Supplement and any amendments and supplements thereto prior to such date, conformed and will conform in all material respects to the requirements of the
Securities Act and did not and will not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.
The documents incorporated or deemed to be incorporated by reference in the Registration Statement and the Prospectus, when they became effective or at the time they were or hereafter are filed with the Commission, complied and will comply in all
material respects with the requirements of the Exchange Act, and the rules and regulations of the Commission thereunder. 
 (f)
SEC Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a)
or 15(d) thereof, for the twelve (12) months preceding the date hereof (all of the foregoing and all exhibits included therein and financial statements and schedules thereto and documents incorporated by reference therein being hereinafter
referred to as the “SEC Reports”) on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC
Reports complied in all material respects with the requirements of the Exchange Act or the Securities Act, as the case may be, and the rules and regulations of the Commission promulgated thereunder applicable to the SEC Reports. To the Knowledge of
the Company, none of the SEC Reports, at the time they were filed with the Commission, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. The Company has never been an issuer subject to, or identified in, Rule 144(i) under the Securities Act. The financial statements of the Company included in the
SEC Reports, the Prospectus and the Prospectus Supplement complied in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such
financial statements have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”), except as may be otherwise specified in such
financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly presented in all material respects the financial position of the Company as of and for the dates
thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments. 

  
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 (g) Material Changes; Undisclosed Events, Liabilities or Developments. Since the date
of the latest audited financial statements included within the SEC Reports, except as specifically disclosed in a subsequent SEC Report filed prior to the date hereof, (i) there has been no event, occurrence or development that has had or that
would reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business
consistent with past practice, (B) liabilities not required to be reflected in the Company’s financial statements pursuant to GAAP or disclosed in filings made with the Commission and (C) additional fees paid or payable in connection
with the pursuit of approval of ILUVIEN with the FDA to the consultant referenced in filings made with the Commission, (iii) the Company has not altered its method of accounting (other than in accordance with pronouncements under GAAP),
(iv) the Company has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock and (v) the Company
has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company stock option plans. The Company does not have pending before the Commission any request for confidential treatment of information other
than with respect to Exhibit 10.35 to the Company’s Quarterly Report on Form 10-Q filed with the Commission on May 11, 2012. 
 (h) Litigation. There is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the Knowledge of the Company, threatened against the Company or any of its
properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign) which (i) challenges the legality, validity or enforceability of any of the Transaction
Documents or the Securities or (ii) would, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. 
 (i) Intellectual Property. The Company owns, or has rights to use, all patents, patent applications, trademarks, trademark applications, service marks, trade names, trade secrets, inventions,
copyrights, licenses and other intellectual property rights and similar rights sufficient for the operation of its business as described in the SEC Reports and which the failure to so have would reasonably be expected to have a Material Adverse
Effect (collectively, the “Intellectual Property Rights”). The Company has not received a notice (written or otherwise) within the two (2) year period prior to the date of this Agreement that any of the Intellectual Property
Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned within two (2) years after the date of this Agreement. Except as otherwise described in the SEC Reports, the licenses relating to
Intellectual Property Rights described in the SEC Reports, the Prospectus and the Prospectus Supplement (the “Intellectual Property Licenses”) are valid, binding upon and enforceable against the Company, and to the Knowledge of the
Company, against the parties thereto, in accordance with their terms. The Company has complied in all material respects with, and is not in breach nor has received any written claim of breach of, any Intellectual Property License, and the Company
has no Knowledge of any breach or anticipated breach by any other Person to any Intellectual Property License. The Company is not in breach of that certain Amended and Restated Collaboration Agreement by and between pSivida, Inc. (f/k/a/Control
Delivery Systems, Inc.) and the Company, dated as of March 14, 2008. The Company has not received, since the date of the latest audited financial statements included within the SEC Reports, a written notice of a claim or otherwise does not have
any Knowledge that the Intellectual Property Rights violate or infringe upon the rights of any Person, except as would not have or reasonably be expected to result in a Material Adverse Effect. To the Knowledge of the Company, all such Intellectual
Property Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual Property Rights. The Company has taken reasonable security measures to protect the secrecy, confidentiality and value of all of its
intellectual properties, except where failure to do so would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  
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 (j) Sarbanes-Oxley; Internal Accounting Controls. The Company is in material
compliance with any and all applicable requirements of the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof, and any and all applicable rules and regulations promulgated by the Commission thereunder that are effective as of the
date hereof and as of the Closing Date. Since the end of the period covered by the most recently filed periodic report under the Exchange Act, there have been no changes in the internal control over financial reporting (as such term is defined in
the Exchange Act) of the Company that have materially affected, or is reasonably likely to materially affect, the internal control over financial reporting of the Company. 
 (k) Certain Fees. Except as set forth in the Prospectus Supplement, no brokerage or finder’s fees or commissions are or will be payable by the Company to any broker, financial advisor or
consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents. The Purchasers shall have no obligation with respect to any fees or with respect to any claims
made by or on behalf of other Persons for fees of a type contemplated in this Section 3.1(k) that may be due in connection with the transactions contemplated by the Transaction Documents. 

(l) Investment Company. The Company is not and immediately after receipt of payment for the Securities will not be an
“investment company” within the meaning of the Investment Company Act of 1940, as amended. 
 (m) Disclosure.
All of the disclosure furnished by or on behalf of the Company to the Purchasers regarding the Company, its business and the transactions contemplated hereby is true and correct and does not contain any untrue statement of a material fact or omit to
state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. The Company acknowledges and agrees that no Purchaser makes or has made any representations
or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 3.2. 

(n) Acknowledgment Regarding Purchasers’ Purchase of Securities. The Company acknowledges and agrees that each of the
Purchasers is acting solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or
fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given by any Purchaser or any of their respective representatives or agents in connection with
the Transaction Documents and the transactions contemplated thereby is merely incidental to the Purchasers’ purchase of the Securities. The Company further represents to each Purchaser that the Company’s decision to enter into this
Agreement and the other Transaction Documents has been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives. 

  
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 (o) Regulatory Permits; FDA. The Company possesses all certificates, authorizations
and permits issued by the appropriate federal, state, local or foreign regulatory authorities (including, without limitation, those from the FDA and any other federal, state, local or foreign regulatory authorities performing functions similar to
those performed by the FDA) necessary to conduct its business as described in the SEC Reports, except where the failure to possess such permits would not reasonably be expected to result in a Material Adverse Effect. There is no pending, completed
or, to the Knowledge of the Company, threatened, action (including any lawsuit, arbitration, or legal or administrative or regulatory proceeding, charge, complaint, or investigation) against the Company, and the Company has not received any notice,
warning letter or other communication from the FDA or any other governmental entity, which (i) imposes a clinical hold on any clinical investigation by the Company, (ii) enjoins production at any facility of the Company, (iii) enters
or proposes to enter into a consent decree of permanent injunction with the Company, or (iv) otherwise alleges any violation of any laws, rules or regulations by the Company, and which, either individually or in the aggregate, would reasonably
be expected to have a Material Adverse Effect. The properties, business and operations of the Company have been and are being conducted in all material respects in accordance with all applicable laws, rules and regulations of the FDA. 

(p) Clinical Trials. All studies, tests and preclinical and clinical trials conducted by or on behalf of the Company were and, if
still pending, are being, conducted in accordance with experimental protocols, procedures and controls pursuant to accepted professional scientific standards and applicable local, state and federal laws, rules, regulations and guidances, including,
but not limited to the applicable requirements of Good Laboratory Practices or Good Clinical Practices, as applicable, except as, either individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. The
descriptions of the results of such studies, tests and trials (including adverse events) contained in the SEC Reports, if any, are not inconsistent with the description made to governmental authorities of such results in any material respects.
Except as described in the SEC Reports, no results of any other studies or tests have come to the attention of the Company that have caused the Company to believe that such results call into question the results described in the SEC Reports of the
clinical trials. The Company has not received any notices or correspondence from the FDA or any other governmental authority requiring the termination, suspension or modification of any clinical trials currently conducted by, or on behalf of, the
Company or in which the Company has participated that are described in the SEC Reports, if any, or the results of which are referred to in the SEC Reports. 

  
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 (q) Foreign Corrupt Practices; Anti-Bribery; Office of Foreign Assets Control; Money
Laundering. Neither the Company, nor to the Knowledge of the Company, any agent or other person acting on behalf of the Company, (i) has directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other
unlawful expenses related to foreign or domestic political activity, (ii) has made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds,
(iii) has failed to disclose fully any contribution made by the Company which is in violation of law, (iv) has violated in any material respect any provision of the Foreign Corrupt Practices Act of 1977, as amended, (v) has taken or
proposed to take any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment or giving of money, property, gifts or anything else of value, directly or indirectly, to any government official (including
any officer or employee of a government or government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party
official or candidate for political office) to improperly influence official action or secure an improper advantage or (vi) is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury
Department. To the Knowledge of the Company, the operations of the Company are and have been conducted at all times in compliance with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting
Act of 1970, as amended, applicable money laundering statutes and anti-corruption laws and applicable rules and regulations thereunder (collectively, the “Money Laundering Laws”), and no action, suit or proceeding by or before any
court or governmental agency, authority or body or any arbitrator involving the Company with respect to the Money Laundering Laws is pending or, to the Knowledge of the Company, threatened. The Company has instituted policies and procedures designed
to promote and achieve material compliance with such laws and with the representation and warranty contained herein. 
 (r)
Waiver of Section 203. The Company’s Board of Directors has waived the provisions of Section 203 of the Delaware General Corporation Law with respect to the issuance of the Shares and Warrants to the Purchasers. 

(s) Capitalization. (i) The authorized capital stock of the Company consists of 100,000,000 shares of Common Stock and
10,000,000 shares of Preferred Stock, $0.01 par value per share, of the Company. As of the date hereof, there were (i) 31,432,355 shares of Common Stock outstanding; (ii) no shares of Preferred Stock outstanding; (iii) an aggregate of
3,698,019 shares of Common Stock subject to outstanding stock options of the company; (iv) an aggregate of 85,437 shares of Common Stock subject to outstanding restricted stock units and (v) an aggregate of 152,714 shares of Company Stock
subject to outstanding warrants of the Company. All outstanding shares of capital stock of the Company have been, and all shares that may be issued pursuant to any stock option plan of the Company will be, when issued in accordance with the
respective terms thereof, duly authorized, validly issued and fully paid. 
 (ii) Except as set forth in
Section 3.1(s)(i) and for issuance of equity awards to officers, directors, employees, consultants, advisors or contractors of the Company pursuant to stock option, stock purchase plans or other equity incentive plans on terms approved by
the Company’s Board of Directors, there are no issued, reserved for issuance or outstanding (A) shares of capital stock or other voting securities of or ownership interests in the Company, (B) securities of the Company convertible
into or exchangeable for shares of capital stock or other voting securities of or ownership interests in the Company, (C) warrants, calls, options or other rights to acquire from the Company, or other obligation of the Company to issue, any
capital stock, voting securities or securities convertible into or exchangeable for capital stock or voting securities of the Company or (D) restricted shares, stock appreciation rights, performance units, contingent value rights,
“phantom” stock or similar securities or rights that are derivative of, or provide economic benefits based, directly or indirectly, on the value or price of, any capital stock of or voting securities of the Company. 

  
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 3.2 Representations and Warranties of the Purchasers. Each Purchaser, for itself and
for no other Purchaser, hereby represents and warrants as of the execution of this Agreement on the date hereof to the Company as follows (unless as of a specific date therein): 

(a) Organization; Authority. Such Purchaser is duly incorporated or formed, validly existing and in good standing under the laws
of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by this Agreement and the Warrant
and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement and performance by such Purchaser of the transactions contemplated by this Agreement have been duly authorized by all necessary
corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in
accordance with the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance with its terms, except as limited by the Enforceability Exceptions. 

(b) No Conflicts. The execution, delivery and performance of the Transaction Documents to which it is a party by such Purchaser
and the consummation by such Purchaser of the transactions contemplated thereby do not and will not: (i) conflict with or violate any provision of the Purchaser’s certificate or articles of incorporation, bylaws or other organizational or
charter documents, (ii) violate, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation (with or
without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument to which such Purchaser is a party or (iii) result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other
restriction of any court or governmental authority to which such Purchaser is subject (including federal and state securities laws and regulations) or by which any property or asset of such Purchaser is bound or affected; except in the case of
clauses (ii) and (iii) above, for such conflicts, defaults, rights or violations which would not individually or in the aggregate, reasonably be expected to have a material adverse effect on the transactions contemplated hereby or in the
other Transaction Documents or the authority or ability of such Purchaser to perform it obligations under the Transaction Documents. 
 (c) Understandings or Arrangements. Such Purchaser is acquiring the Securities as principal for its own account and has no direct or indirect arrangement or understandings with any other persons to
distribute or regarding the distribution of such Securities (this representation and warranty not limiting such Purchaser’s right to sell the Securities pursuant to the Registration Statement or otherwise in compliance with applicable federal
and state securities laws). Such Purchaser is acquiring the Securities hereunder in the ordinary course of its business. 

  
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 (d) Certain Transactions and Confidentiality. Other than consummating the
transactions contemplated hereunder, such Purchaser has not, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed any purchases or sales, including Short Sales, of the
securities of the Company during the period commencing as of the time that such Purchaser first entered into a confidentiality or non-disclosure agreement with the Company regarding this transaction (each such agreement a “CDA”) and
ending immediately prior to the execution hereof. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s assets and
the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser’s assets, the representation set forth above shall only apply with respect to the portion of
assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement. Other than to other Persons party to this Agreement, such Purchaser has maintained the confidentiality of all disclosures
made to it in connection with this transaction (including the existence and terms of this transaction). Notwithstanding the foregoing, for avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any
actions, with respect to the identification of the availability of, or securing of, available shares to borrow in order to effect Short Sales or similar transactions in the future. Each Purchaser acknowledges that it has had the opportunity to read
the SEC Reports. 
 (e) Disclosure. Such Purchaser acknowledges and agrees that the Company is not making any
representation or warranty and has not made any representation or warranty other than those set forth in the Transaction Documents. In addition, such Purchaser and its advisors, if any, have been furnished with all materials relating to the
business, finances and operations of the Company and relating to the offer and sale of the Securities that have been requested by such Purchaser. The Company acknowledges and agrees that the representations contained in Section 3.2 shall not
modify, amend or affect such Purchaser’s right to rely on the Company’s representations and warranties contained in this Agreement or any representations and warranties contained in any other Transaction Document or any other document or
instrument executed and/or delivered in connection with this Agreement or the consummation of the transactions contemplated by this Agreement. 
 ARTICLE IV. 
 OTHER AGREEMENTS OF THE PARTIES 

4.1 Furnishing of Information. Until the earliest of the time that (a) no Purchaser (or any investment fund that is an
Affiliate of a Purchaser) owns Securities or (b) the Warrants have expired, the Company shall use commercially reasonable efforts to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports
required to be filed by the Company after the date hereof pursuant to the Exchange Act. 
 4.2 Securities
Laws Disclosure; Publicity. The Company (a) may, on or after the date hereof, issue a press release reasonably acceptable to the Lead Purchaser and Second Lead Purchaser disclosing the material terms of the transactions contemplated by this
Agreement (the “Press Release”) and may, on or after the date hereof file a Current Report on Form 8-K describing the terms of the Transaction Documents and including the Press Release and the forms of the Transaction Documents, as
exhibits thereto, with the Commission (the “Press Release 8-K”), and (b) shall file a Current Report on Form 8-K describing the terms of the Transaction Documents and including the Transaction Documents as exhibits thereto,
with the Commission, no later than 9:00 A.M. Eastern time on the first (1st) Trading Day immediately following the Closing (the “Closing 8-K”). From and after the Closing, no Purchaser shall 

  
 17 

 
be in possession of any material, non-public information received from the Company or any of its officers, directors, employees or agents with respect to the material terms and conditions of the
transactions contemplated by the Transaction Documents, except for any material, non-public information provided to the Lead Purchaser and Second Lead Purchaser pursuant to the Management Rights Letter, as a result of a representative of the Lead
Purchaser or the Second Lead Purchaser serving on the Board of Directors, or pursuant to a written confidentiality agreement entered into with such Purchaser after the date hereof. The Company and each Purchaser shall consult with each other in
issuing any other press releases with respect to the transactions contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release nor otherwise make any such public statement without the prior consent of the
Company, with respect to any press release of any Purchaser, or without the prior written consent of such Purchaser, with respect to any press release of the Company, which consent shall not unreasonably be withheld or delayed, except if such
disclosure is required by law, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication. Notwithstanding the foregoing, the Company shall not publicly disclose the name of
any Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory agency or Trading Market, without the prior written consent of such Purchaser, except (a) the filing of the Press Release and form of
Transaction Documents, (b) as required by federal securities law in connection with the filing of the Closing 8-K and final Transaction Documents (including signature pages thereto) with the Commission after the Closing Date and (c) to the
extent such disclosure is required by law or Trading Market regulations, in which case the Company shall provide the Purchasers with prior notice of such disclosure permitted under this clause (c). 

4.3 Use of Proceeds. The Company shall use the net proceeds to fund development and commercialization of the Company’s
existing and pipeline drugs, maintenance of the Company’s credit facility with Silicon Valley Bank and MidCap Financial, as the same may be amended, refinanced or resyndicated from time to time, up to $35,000,000 in the aggregate and corporate
purposes substantially related to the commercialization of the Company’s existing and pipeline drugs (including without limitation, general and administrative and research and development expenses, in each case, primarily related to such
business and the maintenance of the Company’s infrastructure to continue such business). 
 4.4 Indemnification of
Purchasers. Subject to the provisions of this Section 4.4, the Company will indemnify and hold each Purchaser and its directors, officers, stockholders, members, partners and employees (and any other Persons with a functionally equivalent
role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the
directors, officers, stockholders, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each,
a “Purchaser Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys’
fees and costs of investigation that any such Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the
other Transaction Documents or (b) any action instituted against a Purchaser in any capacity, or any of them 

  
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or their respective Affiliates, by any stockholder of the Company who is not an Affiliate of such Purchaser, with respect to any of the transactions contemplated by the Transaction Documents
(unless such action is based upon (i) a breach of such Purchaser’s representations, warranties or covenants under the Transaction Documents or any agreements or understandings such Purchaser may have with any such stockholder,
(ii) any violations by such Purchaser of state or federal securities laws or (iii) any conduct by such Purchaser which constitutes fraud, gross negligence, willful misconduct or malfeasance). If any action shall be brought against any
Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own
choosing reasonably acceptable to the Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense
of such Purchaser Party except to the extent that (A) the employment thereof has been specifically authorized by the Company in writing, (B) the Company has failed after a reasonable period of time to assume such defense and to employ
counsel or (C) in such action there is, in the reasonable opinion of counsel, a material conflict on any material issue between the position of the Company and the position of such Purchaser Party, in which case the Company shall be responsible
for the reasonable fees and expenses of no more than one such separate counsel. The Company will not be liable to any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected without the Company’s prior
written consent, which shall not be unreasonably withheld, conditioned or delayed; or (z) to the extent, but only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party’s breach of any of the
representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other Transaction Documents. The indemnification required by this Section 4.4 shall be made by periodic payments of the amount thereof
during the course of the investigation or defense, as and when bills are received or are incurred. The indemnity agreements contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or
others, and any liabilities the Company may be subject to pursuant to law. 
 4.5 Equal Treatment of Purchasers. No
consideration (including any modification of any Transaction Document) shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of any of the Transaction Documents unless the same consideration is also
offered to all of the parties to the Transaction Documents. For clarification purposes, this provision constitutes a separate right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company
to treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect to the purchase, disposition or voting of Securities or otherwise. 

4.6 Non-Public Information. Except with respect to the material terms and conditions of the transactions contemplated by the
Transaction Documents, the Company covenants and agrees that neither it, nor any other Person acting on its behalf will provide any Purchaser or its agents or counsel with any information that the Company believes constitutes material, non-public
information unless such material non-public information is provided by the Company to the Lead Purchaser or the Second Lead Purchaser pursuant to the Management Rights Letter, as a result of a representative of the Lead Purchaser or Second Lead
Purchaser serving on the Board of Directors, or pursuant to a written confidentiality agreement entered into with such Purchaser after the date hereof. The Company understands and confirms that each Purchaser shall be relying on the foregoing
covenant in effecting transactions in securities of the Company. 

  
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 4.7 Reservation of Preferred Stock and Common Stock. As of the date hereof, the
Company has reserved and the Company shall continue to reserve and keep available at all times, free of preemptive rights, a sufficient number of shares of Preferred Stock and Conversion Shares for the purpose of enabling the Company to issue Shares
pursuant to this Agreement and Warrant Shares pursuant to any exercise of the Warrants. 
 4.8 Listing of Common Stock.
The Company hereby agrees to use its commercially reasonable efforts to maintain the listing or quotation of the Common Stock on the Trading Market on which it is currently listed, and concurrently with or prior to the Closing, the Company shall
file a Notification Form: Listing of Additional Shares to apply to list or quote all of the Conversion Shares on such Trading Market, file a Notification Form: Change in the Number of Shares Outstanding with such Trading Market and promptly secure
the listing of all of the Conversion Shares on such Trading Market. The Company further agrees, if the Company applies to have the Common Stock traded on any other Trading Market, it will then include in such application all of the Conversion
Shares, and will take such other action as is necessary to cause all of the Conversion Shares to be listed or quoted on such other Trading Market as promptly as possible. The Company will then take all action reasonably necessary to continue the
listing and trading of its Common Stock on a Trading Market and will comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules of the Trading Market. 

4.9 Compliance with Securities Laws.  
 (a) At all times prior to Closing, the Company shall comply with the requirements of Rule 430B, and will promptly notify the Lead Purchaser and the Second Lead Purchaser (i) when any amendment
or supplement to the Registration Statement, Prospectus or Prospectus Supplement shall have been filed, (ii) of the receipt of any written comments from the Commission, (iii) of any written request by the Commission for any amendment or
supplement to the Registration Statement, Prospectus or any document incorporated by reference therein or otherwise deemed to be a part thereof or for additional information, (iv) of the issuance by the Commission of any stop order suspending
the effectiveness of the Registration Statement or of any order preventing or suspending the use of any Prospectus, or of the suspension of the qualification of the Securities for offering or sale in any jurisdiction, or of the initiation or
threatening of any proceedings for any of such purposes or of any examination pursuant to Section 8(e) of the Securities Act concerning the Registration Statement and (v) if the Company becomes the subject of a proceeding under
Section 8A of the Securities Act in connection with the offering of the Units. The Company will effect the filings required under Rule 424(b), in the manner and within the time period required by Rule 424(b) (without reliance on
Rule 424(b)(8)), and will take such steps as it deems necessary to ascertain promptly whether the form of prospectus transmitted for filing under Rule 424(b) was received for filing by the Commission and, in the event that it was not, it will
promptly file such prospectus. The Company will use commercially reasonable efforts to prevent the issuance of any stop order and, if any stop order is issued, to obtain the lifting thereof at the earliest possible moment. 

  
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 (b) The Company shall comply with the Securities Act, Exchange Act and the rules and
regulations thereunder so as to permit the completion of the distribution of the Shares, Warrants, Warrant Shares and Conversion Shares as contemplated by the Transaction Documents and the Prospectus Supplement. If at any time prior to the issuance
of the Shares, Warrants, Warrant Shares and Conversion Shares, any event shall occur or condition shall exist as a result of which it is necessary to amend the Registration Statement or amend or supplement the Prospectus Supplement in order that the
Prospectus Supplement will not include any untrue statements of a material fact or omit to state a material fact necessary in order to make the statements therein not misleading in the light of the circumstances existing at such time, or if it shall
be necessary to amend the Registration Statement or amend or supplement the Prospectus Supplement in order to comply with the requirements of the Securities Act, the Company will promptly prepare and file with the Commission such amendment or
supplement as may be necessary to correct such statement or omission or to make the Registration Statement or the Prospectus Supplement comply with such requirements. 
 4.10 Preparation of the Proxy Statement and Company’s Stockholders Meeting. 
 (a) The Company shall use its reasonable best efforts to call, hold and convene a special meeting of its stockholders to vote on the approval of transactions contemplated by this Agreement, as required
under the rules of the Trading Market, as soon as reasonable practicable after the date hereof but in any event not later than September 28, 2012 (the “Company Stockholders Meeting”). The board of directors of the Company shall
recommend to the Company stockholders that the Company stockholders vote to approve the transactions contemplated by this Agreement, as required under the rules of the Trading Market (the “Recommendation”) and shall include such
Recommendation in the proxy statement to be issued in connection with this Agreement (the “Proxy Statement”). In connection with the Company’s Stockholders Meeting, the Company shall prepare and file with the SEC as soon as
reasonably practicable, but in any event, not later than ten (10) days after the date hereof the Proxy Statement in preliminary form, and the Company shall use its reasonable best efforts to respond as promptly as practicable to any comments of
the SEC with respect thereto. The Company shall use its reasonable best efforts to prepare and file with the SEC the definitive Proxy Statement and to cause the definitive Proxy Statement to be mailed to the Company’s stockholders as promptly
as practicable after the filing of the definitive Proxy Statement with the SEC. The Company shall take any action required to be taken under any applicable state securities laws in connection with this Agreement. The Company shall notify the Lead
Investor and the Second Lead Investor promptly of the receipt of any written comments from the SEC or its staff and of any request by the SEC or its staff for amendments or supplements to the Proxy Statement or for additional information and shall
supply the Lead Investor and the Second Lead Investor with copies of all correspondence between the Company or any of its representatives, on the one hand, and the SEC or its staff, on the other hand, with respect to the Proxy Statement. Prior to
filing or mailing the preliminary or definitive Proxy Statement (or any amendment or supplement thereto) or responding to the comments of the SEC with respect thereto, the Company (i) shall provide the Lead Investor and the Second Lead Investor
a reasonable opportunity to review such document or response and (ii) shall consider in good faith comments proposed by the Lead Investor and the Second Lead Investor on such document or response. 

  
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 (b) Until the Closing, the Company shall not, and shall instruct its directors, officers,
managers, partners, financial advisors and other Representatives not to, directly or indirectly, knowingly encourage, solicit, initiate or continue any inquiries or proposals from, discuss or negotiate with, or provide any non-public information to,
any person or entity concerning any merger, sale of any material portion of the assets, sale of more than 2% of the outstanding shares of capital stock or similar transaction involving the Company or enter into any agreement with respect thereto,
and each of them shall terminate and cease any existing activities, discussions or negotiations with respect to the foregoing. 

4.11 Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants that such Purchaser will
maintain the confidentiality of any confidential or material non-public information of the Company provided to it by or on behalf of the Company prior to or after the date of this Agreement, whether pursuant to a written confidentiality agreement, a
Management Rights Letter or as a result of such Purchaser having a representative on the Board of Directors; provided, however, each Purchaser may disclose such confidential and material non-public information of the Company to such Purchaser’s
employees, agents, and representatives who need to know such information for the purposes of this Agreement and such Purchaser advises such employees, agents and representatives of the confidentiality restrictions contained herein, and in accordance
with its reporting obligations to its limited partners. Each Purchaser’s obligations under this Section 4.11 shall not apply to confidential information that (a) without any breach by such Purchaser of this Section 4.11 was in
the public domain at or subsequent to the time communicated to such Purchaser by the Company; (b) was rightfully in such Purchaser’s possession free of any obligation of confidentiality to the Company at the time communicated to such
Purchaser by the Company; (c) was received from a third party who rightfully disclosed it to such Party without an obligation of confidentiality to the Company on its subsequent disclosure; or (d) was developed by employees or agents of
such Purchaser independently of and without reference to any confidential information. In addition, any disclosure of any portion of confidential or material non-public information of the Company either (i) in response to a valid order by a
court or other governmental body, or (ii) otherwise required by law, shall not be considered to be a breach of this Section 4.11 or a waiver of confidentiality for other purposes; provided, however, that such Purchaser shall provide prompt
prior written notice thereof to the Company to enable the Company to seek a protective order or otherwise prevent such disclosure. 
 4.12 Board of Director Seat for Second Lead Purchaser. The Board of Directors shall appoint, effective as of the Closing, a designee of the Second Lead Purchaser, which designee shall initially be
Garheng Kong, to the Board of Directors as a Class II Director (as such term is defined in the Company’s Restated Certificate of Incorporation as filed with the Secretary of State of Delaware) with such designee’s initial term expiring at
the Company’s 2015 annual meeting of stockholders; provided that if the Company shall amend the Company’s Restated Certificate of Incorporation to de-classify the Board of Directors and provide that the members of the Board of
Directors shall be subject to annual election, the Board of Directors shall nominate a designee of the Second Lead Purchaser for inclusion as a nominee for election to the Board of Directors in each of the Company’s proxy statements for its
annual meetings of stockholders; provided the Second Lead Purchaser holds at least 50% of the Conversion Shares it originally purchased. Immediately following the appointment of the Second Lead Purchaser’s designee to the Board of Directors,
the Company shall (a) add such designee as a covered party under the Company’s current director and officer insurance policy, and (b) deliver to such designee an indemnification agreement, duly executed by the Company and in the same
form entered into by the Company with each of the Company’s other directors. 

  
 22 

 4.13 Absence of Certain Changes or Events. From the date of this Agreement to the
Closing Date, except with respect to actions taken by the Company with respect to the commercialization of ILUVIEN in Europe, the Company shall conduct its business in the ordinary course of business consistent with past practices, and during such
period the Company shall not cause or permit: 
 (a) any redemption or repurchase, directly or indirectly, of any shares of any
capital stock of the Company or other equity security or declaration, setting aside or payment of any dividends or making of any other distributions (whether in cash or kind) with respect to any shares of the Company’s capital stock or other
equity security of any subsidiary of the Company, provided, however, that this Section 4.13(a) shall not apply to the repurchases of stock from former employees, officers, directors or consultants who performed services for the Company in
connection with the cessation of such employment or service pursuant to the terms of existing agreements with such individuals; 

(b) any split, combination or reclassification of any capital stock of the Company or any capital stock or other equity securities of any
subsidiary of the Company or any issuance, sale or transfer of any equity securities, any securities convertible, exchangeable or exercisable into shares of the capital stock of the Company or other equity securities, or warrants, options or other
rights to acquire shares of the Company’s capital stock or other equity security of any subsidiary of the Company or any issuance or incurrence of indebtedness (other than trade payables incurred in the ordinary course of business and
operating, capital and equipment leases entered into in the ordinary course of business), provided, however, the foregoing shall not apply to (i) issuances of Common Stock or rights to purchase Common Stock issued to employees, directors,
consultants or other service providers pursuant to an equity incentive plan of the Company maintained in the ordinary course of business and approved by its Board of Directors or (ii) incurrence of secured indebtedness up to an aggregate of
$35,000,000 pursuant to the Corporation’s credit facility with Silicon Valley Bank and/or MidCap Financial, as the same may be amended, refinanced or resyndicated from time to time; 

(c) any material change in accounting methods or principles, except insofar as may have been required by a change in GAAP or applicable
Law; 
 (d) any disposal of any of the properties or assets of the Company or any subsidiary of the Company, other than in the
ordinary course of business, including, but not limited to, any sale, assignment or transfer of any material tangible assets or any material Intellectual Property or any merger, consolidation or liquidation of the Company; and 

(e) any contract, whether or not in writing, to take any action described in this Section 4.13. 

  
 23 

 4.14 Conversion to Common Stock. In order to facilitate a timely conversion of the
Preferred Stock into Common Stock, at the election of a Purchaser, the Company and the Purchasers shall execute an election of conversion notice in substantially the same form as Exhibit D-1 attached hereto and the Company shall provide the
transfer agent of the Company with an opinion in substantially the same form as Exhibit D-2 attached hereto. The Company represents and warrants that the foregoing documents are the only documents that the Company’s transfer agent
requires in order to convert the Preferred Stock into Common Stock within 2 business days of a request to so convert. 

ARTICLE V. 

MISCELLANEOUS 
 5.1 Termination. This Agreement shall automatically terminate if the Closing has not been consummated on or before November 30, 2012; provided, however, that no such termination
will affect the right of any party to sue for any breach by any other party (or parties). Notwithstanding the foregoing, the Company and each Purchaser, with respect to such Purchaser only and without any effect whatsoever on the obligations between
the Company and any other Purchaser, may, by mutual written agreement, extend the term of this Agreement beyond November 30, 2012. 
 5.2 Fees and Expenses. Except as expressly set forth in this Section 5.2 to the contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if
any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of the Transaction Documents. The Company shall pay all Transfer Agent fees (including, without limitation, any fees
required for same-day processing of any instruction letter delivered by the Company and any exercise notice delivered by a Purchaser), stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to the Purchasers.
Notwithstanding the foregoing, the Company shall reimburse (a) the Lead Purchaser for its reasonable and documented fees and disbursements of O’Melveny & Myers LLP, in an amount not to exceed $150,000 in the aggregate and
(b) the Second Lead Purchaser for its reasonable and documented consultant fees, in an amount not to exceed $15,000 in the aggregate; provided that in the event either such Purchaser fails to consummate the transaction contemplated hereby when
the Company has satisfied each of the conditions to Closing set forth in Section 2.3(b) and complied with Sections 2.3(c) and 2.3(d), the Company shall have no obligation to reimburse the fees of such Purchaser. 

5.3 Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire
understanding of the parties solely with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, solely with respect to such matters, which the parties acknowledge have been merged
into such documents, exhibits and schedules. For the avoidance of doubt, the parties acknowledge and agree that each of the confidentiality agreements entered into prior to the date hereof between any Purchaser and the Company is superseded by entry
into this Agreement and the parties hereby agree that each such agreement shall be deemed terminated in its entirety and of no further force or effect, in each case effective as of the execution of this Agreement by the Company and the applicable
Purchaser who is a counterparty to such agreement (or an Affiliate of such Purchaser). 

  
 24 

 5.4 Notices. Any and all notices or other communications or
deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered via facsimile or e-mail at the
facsimile number or e-mail address set forth on the signature pages attached hereto prior to 5:30 p.m. (Eastern time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via
facsimile or e-mail at the facsimile number or e-mail address set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (Eastern time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S.
nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto.

 5.5 Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a
written instrument signed by the Company and the Purchasers purchasing at least 70% of the Units at Closing; provided, however, that (a) if any amendment or waiver of this Agreement adversely and directly affects the rights of any
Purchaser in a materially adverse and different manner than the other Purchasers, such amendment or waiver shall also require the written consent of such adversely affected Purchaser, and (b) with respect to any amendment or waiver of
Section 5.1, or that changes the Per Share Purchase Price or Subscription Amount of any Purchaser, such amendment or waiver shall require the written consent of a Purchaser in order to bind such Purchaser. No waiver of any default with respect
to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or
omission of any party to exercise any right hereunder in any manner impair the exercise of any such right. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each Purchaser and the Company. Notwithstanding the
foregoing, additional Persons purchasing Units under this Agreement may become parties as Purchasers under this Agreement, by executing a counterpart of this Agreement, without any amendment of this Agreement pursuant to this Section 5.5 or any
consent or approval of any other Purchaser other than the Lead Purchaser. 
 5.6 Headings. The headings herein are for
convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. 
 5.7 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Company may not assign this Agreement or any
rights or obligations hereunder without the prior written consent of each Purchaser (other than by merger). Prior to the Closing Date, no Purchaser may assign any or all of its rights under this Agreement to any Person without the prior written
consent of the Company. If, after the Closing Date, any Purchaser is permitted to assign any or all of its rights under this Agreement to any Person to whom such Purchaser assigns or transfers any Securities, such transferee shall agree in writing
to be bound, with respect to the transferred Securities, by the provisions of the Transaction Documents that apply to the “Purchasers.” 

  
 25 

 5.8 No Third-Party Beneficiaries. This Agreement is intended for the benefit of the
parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.4. 

5.9 Governing Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction
Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of Delaware, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the
interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective Affiliates) shall be commenced exclusively in the state and
federal courts sitting in the State of Delaware. Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the State of Delaware for the adjudication of any dispute hereunder or in
connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action or
proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of
process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it
under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by
law. 
 5.10 Survival. The representations and warranties contained herein shall survive the Closing and the delivery of
the Securities, provided, however, that the representations and warranties of the Company contained herein shall terminate with respect to a Purchaser when such Purchaser no longer holds any Securities. 

5.11 Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood that the parties need not sign the same counterpart. In the event that any signature is
delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force
and effect as if such facsimile or “.pdf” signature page were an original thereof. 
 5.12 Severability. If any
term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain
in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as
that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including
any of such that may be hereafter declared invalid, illegal, void or unenforceable. 

  
 26 

 5.13 Replacement of Securities. If any certificate or instrument evidencing any
Securities is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate
or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also execute a customary affidavit and pay
any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Securities. 

5.14 Remedies. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of
damages, each of the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of
obligations contained in the Transaction Documents and hereby agree to waive and not to assert in any action for specific performance of any such obligation the defense that a remedy at law would be adequate. 

5.15 Independent Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction
Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing
contained herein or in any other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or
create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Each Purchaser shall be entitled to independently protect and
enforce its rights including, without limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for
such purpose. Each Purchaser has been represented by its own separate legal counsel in its review and negotiation of the Transaction Documents. It is expressly understood and agreed that each provision contained in this Agreement and in each other
Transaction Document is between the Company and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between and among the Purchasers. 
 5.16 Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such
action may be taken or such right may be exercised on the next succeeding Business Day. 

  
 27 

 5.17 Construction. The parties agree that each of them and/or their respective
counsel have reviewed and had an opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the
interpretation of the Transaction Documents or any amendments thereto. In addition, each and every reference to share prices and shares of Preferred Stock or Common Stock in any Transaction Document shall be subject to adjustment for reverse and
forward stock splits, stock dividends, stock combinations and other similar transactions of the Preferred Stock or Common Stock that occur after the date of this Agreement. 
 5.18 WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST
EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY. 
 5.19 Exercise Procedures. The form of Notice of Exercise included in the Warrants sets forth the totality of the procedures required of each of the Purchasers in order to exercise their respective
Warrants. No legal opinion or additional other information or instructions shall be required of any of the Purchasers to exercise their respective Warrants. The Company shall honor exercises of the Warrants and shall deliver Warrant Shares in
accordance with the terms, conditions and time periods set forth in the Warrants. 
 (Signature Pages Follow) 

  
 28 

 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be
duly executed by their respective authorized signatories as of the date first indicated above. 
  

					
	ALIMERA SCIENCES, INC.	  	Address for Notice:
			
	By:	 	 /s/ C. Daniel Myers
	  	6120 Windward Parkway, Suite 290
	  	 	Name: C. Daniel Myers	  	Alpharetta, GA 30005
	  	 	Title: Chief Executive Officer	  	Facsimile:
	With a copy to (which shall not constitute notice):	  	Email:

 [REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK 
 SIGNATURE PAGE FOR PURCHASER FOLLOWS] 

  
 29 

 [PURCHASER SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT] 

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above. 
  

			
	 Name of Purchaser:
	  	PALO ALTO INVESTORS, LLC
		
	Signature of Authorized Signatory of Purchaser:	  	 /s/ Scott R. Smith

		
	Name of Authorized Signatory:	  	 Scott R. Smith

		
	Title of Authorized Signatory:	  	 VP, Chief Compliance Officer

		
	Email Address of Authorized Signatory:	  	 ssmith@pa-investors.com

		
	Facsimile Number of Authorized Signatory:	  	 (650) 325-5028

		
	Address for Notice to Purchaser:	  	 Palo Alto Investors, LLC

Attn: Scott Smith
 470 University
Avenue
 Palo Alto, California 94301

		
		  	With a copy to:
		
		  	 O’Melveny & Myers LLP
 Two Embarcadero Center, 28th Floor
 San Francisco, CA 94111

Attention: Paul Scrivano, Esq.
 Fax: (415)
984-8701

  

					
	Address for Delivery of Warrants to Purchaser (if not same as address for notice):
		
	  
	  	
		
	  
	  	
		
	  
	  	
			
	Subscription Amount:  $	 	 24,000,000
	  	

  

					
			
	Shares*:	  	 600,000
	  	(DWAC Information Below)

  

							
			
	Name and Contact for Broker:	 	  
	  	
			
		 	  
	  	

  

					
	Broker No.:	  	  
	  	
			
	Account No.:	  	  
	  	

					
			
	Account Holder:	  	  
	  	
			
	Warrant Shares*:	  	 180,000
	  	

  

					
	EIN Number:	  	  
	  	

  

	*	To be completed at Closing 

 [PURCHASER SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT] 

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above. 
  

			
		
	 Name of Purchaser:
	  	SOFINNOVA VENTURE PARTNERS VIII, L.P.
		
		  	By: Sofinnova Management VIII, L.L.C., its General Partner
		
	Signature of Authorized Signatory of Purchaser:	  	 /s/ Garheng Kong

		
	Name of Authorized Signatory:	  	 Garheng Kong

		
	Title of Authorized Signatory:	  	 Managing Member

		
	Email Address of Authorized Signatory:	  	 garheng@sofinnova.com

		
	Facsimile Number of Authorized Signatory:	  	 (650) 322-2037

		
	Address for Notice to Purchaser:	  	 Sofinnova Venture Partners VIII, L.P.
 2800 Sand Hill Road, Suite 150
 Menlo Park, CA 94025

Attention: Hooman Shahlavi
 Fax: (650)
322-2037

		
		  	With a copy to:
		
		  	 O’Melveny & Myers LLP
 Two Embarcadero Center, 28th Floor
 San Francisco, CA 94111

Attention: Paul Scrivano, Esq.
 Fax: (415)
984-8701

  

					
	Address for Delivery of Warrants to Purchaser (if not same as address for notice):
		
	  
	  	
		
	  
	  	
		
	  
	  	
			
	Subscription Amount:  $	 	 10,000,000
	  	

  

					
	Shares*:	  	 250,000
	  	(DWAC Information Below)

  

							
			
	Name and Contact for Broker:	 	  
	 	

   
  

			
		
	Broker No.:                           
                                         
                    	  	
		
	Account No.:                           
                                         
                  	  	
		
	Account Holder:                          
                                         
             	  	
		
	Warrant Shares*:75,000                         
                                         
  	  	
		
	EIN Number:                           
                                         
                   	  	

  

	*	To be completed at Closing 

  

 [PURCHASER SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT] 

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above. 
  

			
	Name of Purchaser:	  	 GROWTH EQUITY OPPORTUNITIES FUND III, LLC
  

By: New Enterprise Associates 14, L.P., its
 sole
member
 By: NEA Partners 14, L.P., its general partner
 By: NEA 14 GP, LTD, its general partner

		
	Signature of Authorized Signatory of Purchaser:	  	 /s/ Jake R. Nunn

		
	Name of Authorized Signatory:	  	 Jake R. Nunn

		
	Title of Authorized Signatory:	  	 Assistant Vice President

		
	Email Address of Authorized Signatory:	  	 jnunn@nea.com

		
	Facsimile Number of Authorized Signatory:	  	  

		
	Address for Notice to Purchaser:	  	 New Enterprise Associates 14, L.P.
 New Enterprise Associates
 2855 Sand Hill Road

Menlo Park, CA 94025
 Ph: 650-854-9499

Attention: Frank M. Torti, MD
 Email:
ftorti@nea.com
  
 With a copy to:

 
 New Enterprise Associates
 1954 Greenspring Drive, Suite 600
 Timonium, MD 21093

Attention: Louis S. Citron, Chief Legal Officer

Email: lcitron@nea.com
 Fax:
410-842-4100

  
 34 

 and 

Proskauer Rose LLP 
  

One International Place 
 Boston, MA 02110 
 Attention: Ori Solomon 

email: osolomon@proskauer.com 
 Fax: 617-526-9899 
  

			
	
	Address for Delivery of Warrants to Purchaser (if not same as address for notice):
		
	  
	 	
		
	  
	 	
		
	  
	 	
		
	Subscription Amount:
$6,000,000                                       
                               	 	
		
	Shares*:
150,000                                        
     (DWAC Information Below)	 	

  

					
			
	Name and Contact for Broker: 	 	 	 	
			
		 	 	 	

  

			
		
	Broker No.:                          
                                         
                     	 	
		
	Account No.:                         
                                         
                    	 	
		
	Account
Holder:                                        
                                         
	 	
		
	Warrant
Shares*:45,000                                      
                              	 	
		
	EIN
Number:                                        
                                         
     	 	

  

	*	To be completed at Closing 

  
 35 

 EXHIBIT A 
 PREFERRED STOCK PURCHASE WARRANT 

 EXHIBIT B 
 MANAGEMENT RIGHTS LETTER 

 EXHIBIT C 
 COMPANY COUNSEL OPINION 

 EXHIBIT D-1 
 ELECTION OF CONVERSION NOTICE 

 EXHIBIT D-2 
 OPINIONExhibit 4.1

 Exhibit 4.1 
 EXECUTION COPY 
  

 
  

SALE AND SERVICING AGREEMENT 
 among 
 WORLD OMNI AUTO RECEIVABLES TRUST 2012-A 

Issuing Entity, 

WORLD OMNI AUTO RECEIVABLES LLC, 
 Depositor, 
 and 

WORLD OMNI FINANCIAL CORP., 
 Servicer 
 Series 2012-A 

Dated as of July 18, 2012 
  

 
  

 TABLE OF CONTENTS 

 

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

  
 i 

							
	 Section 5.04
	  	Advances	  	 	20	  
	 Section 5.05
	  	Additional Deposits	  	 	20	  
	 Section 5.06
	  	Distributions	  	 	21	  
	 Section 5.07
	  	Reserve Account	  	 	23	  
	 Section 5.08
	  	Statements to Noteholders and Certificateholders	  	 	23	  
	 Section 5.09
	  	Net Deposits	  	 	25	  
	 Section 5.10
	  	Transfer of Certificates	  	 	25	  
		
	 ARTICLE VI THE DEPOSITOR
	  	 	26	  
	 Section 6.01
	  	Representations of Depositor	  	 	26	  
	 Section 6.02
	  	Limited Liability Company Existence	  	 	27	  
	 Section 6.03
	  	Liability of Depositor; Indemnities	  	 	28	  
	 Section 6.04
	  	Merger or Consolidation of, or Assumption of Obligations of Depositor	  	 	29	  
	 Section 6.05
	  	Limitation on Liability of Depositor and Others	  	 	30	  
	 Section 6.06
	  	Depositor May Own Notes	  	 	30	  
	 Section 6.07
	  	Security Interest	  	 	30	  
		
	 ARTICLE VII THE SERVICER
	  	 	30	  
	 Section 7.01
	  	Representations of Servicer	  	 	30	  
	 Section 7.02
	  	Indemnities of Servicer	  	 	32	  
	 Section 7.03
	  	Merger or Consolidation of, or Assumption of Obligations of, Servicer	  	 	33	  
	 Section 7.04
	  	Limitation on Liability of Servicer and Others	  	 	33	  
	 Section 7.05
	  	World Omni Not To Resign as Servicer	  	 	33	  
		
	 ARTICLE VIII DEFAULT
	  	 	34	  
	 Section 8.01
	  	Servicer Default	  	 	34	  
	 Section 8.02
	  	Appointment of Successor	  	 	35	  
	 Section 8.03
	  	Notification to Noteholders and Certificateholders	  	 	36	  
	 Section 8.04
	  	Waiver of Past Defaults	  	 	36	  
	 Section 8.05
	  	Payment of Servicing Fees; Repayment of Advances	  	 	36	  
		
	 ARTICLE IX TERMINATION
	  	 	36	  
	 Section 9.01
	  	Optional Purchase of All Receivables	  	 	36	  
		
	 ARTICLE X MISCELLANEOUS
	  	 	37	  
	 Section 10.01
	  	Amendment	  	 	37	  
	 Section 10.02
	  	Protection of Title to Trust	  	 	38	  
	 Section 10.03
	  	Notices	  	 	40	  
	 Section 10.04
	  	Assignment by the Depositor or the Servicer	  	 	40	  
	 Section 10.05
	  	Limitations on Rights of Others	  	 	41	  
	 Section 10.06
	  	Severability	  	 	41	  
	 Section 10.07
	  	Separate Counterparts	  	 	41	  
	 Section 10.08
	  	Headings	  	 	41	  
	 Section 10.09
	  	Governing Law	  	 	41	  
	 Section 10.10
	  	Assignment by Issuing Entity	  	 	41	  

  
 ii 

							
	 Section 10.11
	  	Nonpetition Covenants	  	 	41	  
	 Section 10.12
	  	Limitation of Liability of Owner Trustee and Indenture Trustee	  	 	42	  
	 Section 10.13
	  	Regulation AB	  	 	42	  
	 Section 10.14
	  	Notices to the Rating Agencies	  	 	43	  

  

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

  
 iii

 SALE AND SERVICING AGREEMENT 

This SALE AND SERVICING AGREEMENT is dated as of July 18, 2012, among WORLD OMNI AUTO RECEIVABLES TRUST 2012-A, a Delaware statutory
trust, WORLD OMNI AUTO RECEIVABLES LLC, a Delaware limited liability company, as depositor, and WORLD OMNI FINANCIAL CORP., a Florida corporation. 
 WHEREAS, World Omni Financial Corp. has sold the Initial Receivables, and has agreed to sell Subsequent Receivables, if any, to World Omni Auto Receivables LLC pursuant to the Receivables Purchase
Agreement; 
 WHEREAS, World Omni Auto Receivables LLC, as depositor, desires to sell the Initial Receivables and Subsequent
Receivables, if any, to the Issuing Entity and the Issuing Entity desires to purchase such receivables; and 
 WHEREAS, the
Servicer is willing to service, to make representations and warranties and to make certain repurchase representations with respect to such Receivables; 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 

Section 1.01 Definitions. Certain capitalized terms used in the above recitals and in this Agreement are defined in and shall
have the respective meanings assigned them in Part I of Appendix A to this Agreement. All references herein to “the Agreement” or “this Agreement” are to this Sale and Servicing Agreement as it may be
amended, supplemented (whether by Subsequent Transfer SSA Assignment, if any, or otherwise) or modified from time to time, the exhibits hereto and the capitalized terms used herein which are defined in such Appendix A, and all references
herein to Articles, Sections and subsections are to Articles, Sections or subsections of this Agreement unless otherwise specified. The rules of construction set forth in Part II of such Appendix A shall be applicable to this
Agreement. 
 ARTICLE II 
 CONVEYANCE OF RECEIVABLES 
 Section 2.01 Conveyance of Initial
Receivables. In consideration of the Issuing Entity’s delivery to or upon the order of the Depositor of the Notes and the Certificates, on the Closing Date the Depositor does hereby sell, transfer, assign, set over and otherwise convey to
the Issuing Entity, without recourse (subject to the obligations of the Depositor set forth herein), pursuant to an assignment in the form attached hereto as Exhibit C (the “Initial SSA Assignment”) all right, title and
interest of the Depositor, whether now or hereafter acquired, and wherever located, in and to the following: 
 (a) the Initial
Receivables identified in the Schedule of Receivables to the Initial SSA Assignment delivered to the Issuing Entity (all of which are identified in World Omni’s computer files by a code indicating the Initial Receivables are owned by the Trust
and pledged to the Indenture Trustee) and all monies received thereon and in respect thereof after the Initial Cutoff Date; 

 (b) the security interests in, and the liens on, the Financed Vehicles granted by Obligors
in connection with the Initial Receivables and any other interest of the Depositor in such Financed Vehicles; 
 (c) any
proceeds with respect to the Initial Receivables from claims on any physical damage, credit life or disability insurance policies covering such Financed Vehicles or Obligors; 
 (d) any Financed Vehicle that shall have secured an Initial Receivable and shall have been acquired by or on behalf of the Depositor, the Servicer or the Trust; 

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

(f) the Receivables Purchase Agreement; 
 (g) all “accounts,” “chattel paper,” “general intangibles” and “promissory notes” (as such terms are defined in the Uniform Commercial Code as from time to time in
effect) constituting or relating to the foregoing; and 
 (h) the proceeds of any and all of the foregoing (including
Liquidation Proceeds); provided, however, that the foregoing items (a) through (h) shall not include the Notes and Certificates. 
 Section 2.02 Intention of Parties. It is the intention of the Depositor and the Issuing Entity that the assignment and transfer contemplated herein constitute (and shall be construed and
treated for all purposes, other than for tax purposes, as) a true and complete sale of the Initial Receivables and the other property of the Depositor specified in Section 2.01 hereof, conveying good title thereto free and clear of any
liens and encumbrances, from the Depositor to the Issuing Entity. However, in the event that such conveyance is deemed to be a pledge to secure a loan (in spite of the express intent of the parties hereto that this conveyance constitutes, and shall
be construed and treated for all purposes, other than for tax purposes, as a true and complete sale), the Depositor hereby grants to the Issuing Entity, for the benefit of the Noteholders, a first priority perfected security interest in all of the
Depositor’s right, title and interest in, to and under the Initial Receivables and the other property of the Depositor specified in Section 2.01 hereof whether now existing or hereafter created and all proceeds of the foregoing to
secure the loan deemed to be made in connection with such pledge and, in such event, this Agreement shall constitute a security agreement under applicable law. 

  
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 Section 2.03 Conveyance of Subsequent Receivables. 

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

 

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

 

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

  

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

  

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

  

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

  

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

 It is the intention of the Depositor and the Issuing Entity that
the assignment and transfer contemplated by this Section 2.03 constitute (and shall be construed and treated for all purposes, other than for tax purposes, as) a true and complete sale of such Subsequent Receivables, if any, and the
other property of the Depositor specified in Section 2.03(a) hereof, conveying good title thereto free and clear of any liens and encumbrances, from the Depositor to the Issuing Entity. However, in the event that such conveyance is
deemed to be a pledge to secure a loan (in spite of the express intent of the parties hereto that this conveyance constitutes, and shall be construed and treated for all purposes, other than for tax purposes, as a true and complete sale), the

  
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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. 

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

 

	 	(i)	the Funding Period shall not have terminated; 

  

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

 

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

  

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

  

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

  

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

  

	 	(vii)	 the Receivables in the Trust (after giving effect to the conveyance of the Subsequent Receivables to the Trust on such Subsequent Transfer Date) shall
meet the following criteria: (A) the weighted average Annual Percentage Rate of the Receivables in the Trust shall not be less than [RESERVED]%, (B) not less than [RESERVED]% of the Aggregate Starting Principal Balance of the Receivables
shall represent financings of new Financed Vehicles, (C) no Subsequent Receivable shall have a 

  
 4 

	 	
remaining term in excess of [RESERVED] months, (D) the weighted average original term to maturity of the Receivables in the Trust shall not be greater than [RESERVED] months, (E) not
less than [RESERVED]% of Aggregate Starting Principal Balance of the Receivables shall represent financings of Toyota vehicles, (F) the weighted average FICO score of the Receivables in the Trust shall not be less than [RESERVED] and
(G) such other criteria as may be required by the Rating Agencies; 

  

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

  

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

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

Section 3.01 Representations and Warranties of World Omni with Respect to the Receivables. On the Closing Date and each
Subsequent Transfer Date, if any, World Omni, which sold the Receivables specified in the related SSA Assignment on such date, hereby makes the representations and warranties set forth in Appendix B hereto and hereby represents and warrants
to the other parties hereto and to the Noteholders, with respect to such Receivables as of the applicable Cutoff Date: 
 (a)
Characteristics of Receivables. Each Receivable (1) (A) was originated in the United States of America by a Dealer for the retail sale of a Financed Vehicle in the ordinary course of such Dealer’s business, was fully and
properly executed by the parties thereto, was purchased by World Omni from such Dealer under an existing dealer agreement, (B) was originated by World Omni, or (C) was originated by an independent third party and acquired by World Omni,
(2) contains customary and enforceable provisions such that the rights and remedies of the holder thereof are adequate for realization against the collateral of the benefits of the security, and (3) provides for level monthly payments
(provided, that the payment in the first or last month in the life of the Receivable may be minimally different from the level payments and that certain of the Receivables did not require a payment to be made for up to six months from the
date of execution of the contract) that fully amortize the Amount Financed by maturity and yield interest at the Annual Percentage Rate. 

  
 5 

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

(c) Compliance with Law. To the best of World Omni’s knowledge, each Receivable, the sale of the Financed Vehicle and the
sale of any related insurance policies thereon financed by the Receivables complied at the time it was originated or made and, at the execution of this Agreement, complies in all material respects with all requirements of applicable federal, state
and local laws and regulations thereunder, including usury laws, the federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the
Magnuson-Moss Warranty Act, the Federal Reserve Board’s Regulations B and Z, and State adaptations of the National Consumer Act and of the Uniform Consumer Credit Code, and other consumer credit laws and equal credit opportunity and disclosure
laws. 
 (d) Binding Obligation. Each Receivable represents the genuine, legal, valid and binding payment obligation in
writing of the Obligor, enforceable by the holder thereof in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws, now or hereafter in effect,
affecting the enforcement of creditors’ rights in general, and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity). 

(e) No Government Obligor. None of the Receivables are due from the United States of America or any State or from any agency,
department or instrumentality of the United States of America or any State. 
 (f) Security Interest in Financed Vehicle.
Immediately prior to the sale, assignment and transfer thereof, each Receivable shall be secured by a validly perfected first priority security interest in the Financed Vehicle in favor of World Omni as secured party or all necessary and appropriate
actions have been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the Depositor as secured party and is assignable by World Omni to the Depositor, by the Depositor to the
Issuing Entity and by the Issuing Entity to the Indenture Trustee. 
 (g) Receivables in Force. No Receivable has been
satisfied, subordinated or rescinded, nor has any Financed Vehicle been released from the lien granted by the related Receivable in whole or in part. 
 (h) No Amendments. No Receivable has been amended such that the amount of the Obligor’s scheduled payments has been increased. 

  
 6 

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

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

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

 (m) Insurance. World Omni, in accordance with its customary servicing procedures, has determined that, at the
origination of the Receivable, the Obligor had obtained physical damage insurance covering the Financed Vehicle. Under the terms of the Receivable the Obligor is required to maintain physical damage insurance covering the Financed Vehicle and having
World Omni named as the loss payee. 
 (n) Title. It is the intention of World Omni that the transfer and assignment
contemplated in the Receivables Purchase Agreement constitute a sale of the Receivables from World Omni to World Omni Auto Receivables LLC and that the beneficial interest in and title to the Receivables not be part of the debtor’s estate in
the event of the filing of a bankruptcy petition by or against World Omni under any bankruptcy law. No Receivable has been sold, transferred, assigned or pledged by World Omni to any Person other than the Depositor. Immediately prior to the transfer
and assignment contemplated in the Receivables Purchase Agreement, World Omni had good and marketable title to each Receivable free and clear of all Liens, encumbrances, security interests and rights of others and, immediately upon the transfer
thereof, the Depositor shall have good and marketable title to each Receivable, free and clear of all Liens, encumbrances, security interests and rights of others; and the transfer has been perfected under the UCC except, in each case, for liens and
encumbrances that will be released concurrent with the transfer of Receivables pursuant to the Receivables Purchase Agreement. It is the intention of the Depositor that the transfer and assignment herein contemplated constitute a sale of the
Receivables from the Depositor to the Issuing Entity and that the beneficial interest in and title to the Receivables not be part of the debtor’s estate in the event of the filing of a bankruptcy petition by or against the Depositor under any
bankruptcy law. No Receivable has been sold, transferred, assigned or pledged by the Depositor to any Person other than the Issuing Entity. Immediately prior to the transfer and assignment herein contemplated, the Depositor had good and marketable
title to each Receivable free and clear of all Liens, encumbrances, security 

  
 7 

 
interests and rights of others and, immediately upon the transfer thereof, the Issuing Entity shall have good and marketable title to each Receivable, free and clear of all Liens, encumbrances,
security interests and rights of others; and the transfer has been perfected under the UCC. 
 (o) Lawful Assignment. No
Receivable has been originated in, or is subject to the laws of, any jurisdiction under which the sale, transfer and assignment of such Receivable under this Agreement or the Indenture is unlawful, void or voidable. 

(p) All Filings Made. All filings (including UCC filings) necessary in any jurisdiction to give the Issuing Entity a first
perfected ownership interest in the Receivables, and to give the Indenture Trustee a first perfected security interest therein, shall have been made. 
 (q) One Original. There is only one executed original of each Receivable. 

(r) Maturity of Receivables. In the case of Initial Receivables, each such Receivable has a final maturity date not later than
October 19, 2018. In the case of Subsequent Receivables, if any, each such Receivable has a final maturity date not later than [RESERVED]. 
 (s) Scheduled Payments. As of the Initial Cutoff Date, each Receivable being purchased on the Closing Date had a first scheduled due date on or prior to the end of the third month immediately
following such Initial Cutoff Date. As of the applicable Subsequent Cutoff Date, if any, each Subsequent Receivable being purchased during the Funding Period had or will have a first scheduled due date on or prior to the end of the third month
immediately following the applicable Subsequent Cutoff Date. 
 (t) Location of Receivable Files. The Receivable Files
are, and will be, kept at the locations listed in Schedule B or at such other office or location as shall be specified to the Issuing Entity and the Indenture Trustee by written notice prior to any change in location together with the Opinion
of Counsel required by Section 10.02(j). 
 (u) Outstanding Principal Balance. Each Receivable has an
outstanding principal balance of at least $500. 
 (v) No Bankruptcies. No Obligor on any Receivable was noted in the
Servicer’s computer system as having filed for bankruptcy. 
 (w) No Repossessions. No Receivable was secured by a
Financed Vehicle that had been repossessed without reinstatement of the related contract. 
 (x) Chattel Paper. Each
Receivable constitutes “tangible chattel paper” as defined in the UCC. 
 (y) Computer Records. World Omni and
the Depositor will cause their accounting and computer records to be marked to indicate the sale and assignment of the Receivables from World Omni to the Depositor and from the Depositor to the Trust. 

  
 8 

 (z) Code. Each of the Receivables is identified on World Omni’s computer files
by a code indicating the Receivables are owned by the Trust and pledged to the Indenture Trustee. The Receivables are the only Contracts listed on the Schedule of Receivables, are the only Contracts identified on World Omni’s computer files by
such code, and are not identified on World Omni’s computer files by any other code. 
 (aa) Prepayment. Each
Receivable provides that a prepayment by the related Obligor will fully pay the principal balance and accrued interest through the date of prepayment based on such Receivable’s Annual Percentage Rate. 

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

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

(b) the credit application fully executed by the Obligor or such other information as the Servicer may keep on file in accordance with
its customary servicing procedures; 
 (c) the original certificate of title or such documents that the Servicer or the
Depositor shall keep on file, in accordance with its customary procedures, evidencing the security interest of World Omni in the Financed Vehicle; and 

  
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 (d) any and all other documents that the Servicer or the Depositor shall keep on file, in
accordance with its customary procedures, relating to a Receivable, an Obligor or a Financed Vehicle. 
 Section 3.04
Duties of Servicer as Custodian. 
 (a) Safekeeping. The Servicer shall hold the Receivable Files as custodian for
the benefit of the Issuing Entity and maintain such accurate and complete accounts, records and computer systems pertaining to each Receivable File as shall enable the Issuing Entity to comply with this Agreement. In performing its duties as
custodian the Servicer shall act with reasonable care, using that degree of skill and attention that the Servicer exercises with respect to the receivable files relating to all comparable automotive receivables that the Servicer services for itself.
The Servicer shall promptly report to the Issuing Entity and the Indenture Trustee any failure on its part to hold the Receivable Files and maintain its accounts, records and computer systems as herein provided and shall promptly take appropriate
action to remedy any such failure. Nothing herein shall be deemed to require an initial review or any periodic review by the Issuing Entity or the Indenture Trustee of the Receivable Files. 

(b) Maintenance of and Access to Records. The Servicer shall maintain each Receivable File at one of its offices, or at such other
location, in each case as specified in Schedule B or at such other office or location as shall be specified to the Issuing Entity and the Indenture Trustee by written notice prior to any change in location together with the Opinion of Counsel
required by Section 10.02(j). 
 The Servicer shall provide to the Indenture Trustee access to any and all
documentation regarding the Receivables in such cases where the Indenture Trustee is required in connection with the enforcement of the rights of the Noteholders, or by applicable statutes or regulations to review such documentation, such access
being afforded without charge but only (a) upon reasonable request, (b) during normal business hours, (c) subject to the Servicer’s normal security and confidentiality procedures and (d) at offices designated by the
Servicer. Nothing in this Section 3.04(b) shall derogate from the obligation of the Servicer or the Indenture Trustee to observe any applicable law prohibiting disclosure of information regarding the Obligors and the failure of the
Servicer to provide access as provided in this Section 3.04(b) as a result of such obligation shall not constitute a breach of this Section 3.04(b). 
 (c) Release of Documents. Upon instruction from the Indenture Trustee, the Servicer shall release any Receivable File to the Indenture Trustee, the Indenture Trustee’s agent or the Indenture
Trustee’s designee, as the case may be, at such place or places as the Indenture Trustee may designate, as soon as practicable. 
 Section 3.05 Instructions; Authority To Act. The Servicer shall be deemed to have received proper instructions with respect to the Receivable Files upon its receipt of written instructions
signed by a Trust Officer of the Indenture Trustee. 
 Section 3.06 Custodian’s Indemnification. The Servicer
as custodian shall indemnify the Trust, the Owner Trustee, and the Indenture Trustee and each of their respective officers, directors, employees and agents for any and all liabilities, obligations, losses, compensatory

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

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

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

  
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Receivable on the ground that it shall not be a real party in interest or a holder entitled to enforce such Receivable, the Owner Trustee shall, at the Servicer’s expense and direction, take
steps to enforce such Receivable, including bringing suit in its name or the name of the Owner Trustee, the Indenture Trustee, the Certificateholders or the Noteholders. The Owner Trustee shall upon the written request of the Servicer furnish the
Servicer with any powers of attorney and other documents, in forms provided to it, reasonably necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties hereunder. 

Section 4.02 Collection and Allocation of Receivable Payments. The Servicer shall make reasonable efforts to collect all
payments called for under the terms and provisions of the Receivables as and when the same shall become due and shall follow such collection procedures as it follows with respect to all comparable automotive receivables that it services for itself
or others. The Servicer shall allocate collections as set forth in Section 5.03. The Servicer may grant extensions (although not more than six for the life of any Receivable (excluding the Servicer’s Payment Extension Program)),
rebates or adjustments on a Receivable, which shall not, for the purposes of this Agreement, modify the day of the month on which payment is due (except in connection with a limited number of accommodations for Obligors of occasional requests in
accordance with the Servicer’s customary servicing procedures) or change the method under which scheduled payments of interest are computed on such Receivable (other than with respect to the Servicer’s Payment Extension Program);
provided, however, that if the Servicer extends the date for final payment by the Obligor of any Receivable beyond the Final Scheduled Maturity Date, it shall promptly repurchase the Receivable from the Issuing Entity in accordance
with the terms of Section 4.07. The Servicer shall not retain any fees in connection with any extension of a Receivable but shall instead deposit such fees into the Collection Account within two Business Days of receipt (including
receipt of proper instructions regarding where to allocate such payment). The Servicer may in its discretion waive any late payment charge or any other fees that may be collected in the ordinary course of servicing a Receivable. The Servicer shall
not agree to any alteration of the interest rate or the originally scheduled payments on any Receivable, other than as provided herein or as required by law. 
 Section 4.03 Realization upon Receivables. On behalf of the Issuing Entity, the Servicer shall use commercially reasonable efforts, consistent with its customary servicing procedures, to
repossess or otherwise convert the ownership of the Financed Vehicle securing any Receivable as to which the Servicer shall have determined eventual payment in full is unlikely. The Servicer shall follow such customary and usual practices and
procedures as it shall deem necessary or advisable in its servicing of automotive receivables, which may include selling the Financed Vehicle at public or private sale. The Servicer is hereby authorized to exercise its discretion, consistent with
its customary servicing procedures and the terms of this Agreement, in servicing Defaulted Receivables so as to maximize the realization of those Defaulted Receivables, including the discretion to choose to sell or not to sell any of the Defaulted
Receivables. The Servicer shall not be liable for any such exercise of its discretion made in good faith. 
 Section 4.04
Physical Damage Insurance. To the extent applicable, the Servicer shall not take any action that would result in noncoverage under such physical damage insurance policy which, but for the actions of the Servicer, would have been covered
thereunder. Any amounts collected by the Servicer under any physical damage insurance policy shall be deposited in the Collection Account pursuant to Section 5.02. The parties hereto acknowledge that the Servicer shall not force place
any insurance coverage. 

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

Section 4.06 Covenants of Servicer. The Servicer shall not release the Financed Vehicle securing any Receivable from the
security interest granted by such Receivable in whole or in part except in the event of (i) payment by the Obligor (a) in full or (b) in part with a remaining total payment shortage amount which, according to the Servicer’s
customary procedures, does not exceed the amount of total payment shortage that would permit the Servicer to release the related Financed Vehicle from the security interest or (ii) repossession, nor shall the Servicer impair the rights of the
Issuing Entity, the Indenture Trustee, the Certificateholders or the Noteholders in such Receivable. 
 Section 4.07
Purchase of Receivables upon Breach. The Servicer or the Owner Trustee, on behalf of the Trust, shall inform the other party and the Indenture Trustee and the Depositor promptly, in writing, upon the discovery of any breach pursuant to
Section 4.02, 4.05, 4.06 or 7.01. Unless the breach shall have been cured by the last day of the second Collection Period following such discovery or written notice (or, at the Servicer’s election, the last day
of the first following Collection Period), the Servicer shall purchase any Receivable materially and adversely affected by such breach as of such last day and the Servicer shall deliver a revised Schedule of Receivables to the Depositor and the
Trust, which shall reflect the repurchase of such Receivables. In consideration of the purchase of any such Receivable pursuant to the preceding sentence, the Servicer shall remit the Purchase Amount in the manner specified in
Section 5.05. Subject to Section 7.02, the sole remedy of the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Certificateholders or the Noteholders with respect to a breach pursuant to Section 4.02,
4.05, 4.06 or 7.01 shall be to require the Servicer to purchase Receivables pursuant to this Section. The Owner Trustee shall have no duty to conduct any affirmative investigation as to the occurrence of any condition requiring
the repurchase of any Receivable pursuant to this Section. 
 Section 4.08 Servicing Fee. The Servicing Fee for a
Payment Date shall equal the product of (a) one-twelfth, (b) the Servicing Fee Rate and (c) the aggregate Principal Balance of the Receivables as of the first day of the related Collection Period; provided, however,
that the Servicing Fee on the initial Payment Date shall be prorated to compensate for the length of the initial Collection Period not equaling one month and will be equal to $1,541,291.95. The Servicer shall also be entitled to all
reimbursements for Advances as set forth in Section 5.04, Supplemental Servicing Fees collected (from whatever source) on the Receivables, the amount of any Servicing Fee due but not distributed to the Servicer on a prior Payment Date
(including any amounts previously deferred by the Servicer as provided in this Section 4.08) plus any reimbursement pursuant to the last paragraph of Section 7.02. The Servicer may, as long as it believes that sufficient
collections will be available from interest collections on one or more 

  
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future Payment Dates to pay the Servicing Fee, by notice to the Indenture Trustee on or before a Payment Date, elect to defer all or a portion of the Servicing Fee with respect to the related
Collection Period, without interest. If the Servicer defers all of the Servicing Fee, the Servicing Fee for such related Collection Period will be deemed to equal zero. 
 Section 4.09 Servicer’s Certificate. On or prior to 11:00 a.m. New York City time on each Payment Determination Date, the Servicer shall deliver a Servicer’s Certificate pursuant to
Section 5.08. Receivables to be purchased by the Servicer or to be repurchased by World Omni or the Depositor shall be identified by the Servicer by account number with respect to such Receivable (as specified in the Schedule of
Receivables). 
 Section 4.10 Annual Statement as to Compliance; Item 1122 Servicing Criteria Assessment; Notice of
Default. 
 (a) To the extent required by Regulation AB, the Servicer shall deliver (and shall cause each of its Reporting
Subcontractors, if any, to deliver) to the Owner Trustee, the Indenture Trustee and the Swap Counterparty, if any, on or before the date that is 90 days after the end of each calendar year, commencing with the calendar year ended December 31,
2012, an Officer’s Certificate as required under Item 1123 of Regulation AB, dated as of December 31 of the preceding year, stating that (i) a review of the activities of the Servicer during the preceding calendar year (or such
shorter period as shall have elapsed since the Closing Date) and of its performance under this Agreement has been made under such officer’s supervision and (ii) to the best of such officer’s knowledge, based on such review, the
Servicer has fulfilled all its obligations under this Agreement in all material respects throughout such reporting period, or, if there has been a failure to fulfill any such obligation in any material respect, specifying each such failure known to
such officer and the nature and status thereof. The Servicer shall send a copy of such certificate and the report referred to in Section 4.11 to the Rating Agencies. A copy of such certificate and the report referred to in
Section 4.11 may be obtained by any Certificateholder or Noteholder by a request in writing to the Owner Trustee addressed to the Corporate Trust Office. Upon the request of the Owner Trustee, the Indenture Trustee will promptly furnish
the Owner Trustee a list of Noteholders as of the date specified by the Owner Trustee. 
 (b) The Servicer shall deliver to the
Owner Trustee and the Indenture Trustee, on or before the date that is 90 days after the end of each calendar year, commencing with the calendar year ended December 31, 2012, 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
required under 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) If the Issuing Entity is not required to file periodic reports under the Exchange Act or any other law, the reports referred to in
this section may be delivered on or before the date that is 120 days after the end of each calendar year, commencing with the calendar year ended December 31, 2013. Deliveries pursuant to this Section 4.10(c) may be delivered by
electronic mail. 

  
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 (d) 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. 
 (a) The Servicer shall cause a firm of independent certified public accountants, who may also render other services to the Servicer or to its Affiliates, to deliver to the Servicer (who shall promptly
provide the assessment described in this Section 4.11(a) to the Rating Agencies), the Indenture Trustee, the Owner Trustee and the Swap Counterparty, if any, on or before the date that is 90 days after the end of the Servicer’s
fiscal year, commencing with the fiscal year ended December 31, 2012, 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 required by Rule 13a-18 or Rule 15d-18 under the Exchange Act and Item 1122(b) of Regulation AB. Such attestation shall be
in accordance with Rule 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act. Deliveries pursuant to this Section 4.11(a) may be delivered by electronic mail. 

(b) If the Issuing Entity is not required to file periodic reports under the Exchange Act or any other law, the reports referred to in
this section may be delivered on or before the date that is 120 days after the end of each calendar year, commencing with the calendar year ended December 31, 2013. Deliveries pursuant to this Section 4.11(b) may be delivered by
electronic mail. 
 Section 4.12 Access to Certain Documentation and Information Regarding Receivables. The Servicer
shall provide to the Certificateholders and Noteholders access to the Receivable Files in such cases where the Certificateholders or Noteholders shall be required by applicable statutes or regulations to review such documentation. Access shall be
afforded without charge, but only upon reasonable request and during the normal business hours at the offices of the Servicer. Nothing in this Section shall affect the obligation of the Servicer to observe any applicable law prohibiting disclosure
of information regarding the Obligors and the failure of the Servicer to provide access to information as a result of such obligation shall not constitute a breach of this Section. 

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

Section 4.14 Appointment of Subservicer. The Servicer may at any time appoint a subservicer to perform all or any portion of
its obligations as Servicer hereunder; provided, however, that the Rating Agency Condition shall have been satisfied in connection therewith; and provided, further, that the Servicer shall remain obligated
and be liable to the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Certificateholders and the Noteholders for the 

  
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servicing and administering of the Receivables in accordance with the provisions hereof without diminution of such obligation and liability by virtue of the appointment of such subservicer and to
the same extent and under the same terms and conditions as if the Servicer alone were servicing and administering the Receivables. The fees and expenses of the subservicer shall be as agreed between the Servicer and its subservicer from time to
time, and none of the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Certificateholders or the Noteholders shall have any responsibility therefor. The Servicer shall give the Indenture Trustee written notice of any subservicer
appointed hereunder, 
 Section 4.15 [Reserved]. 

Section 4.16 Exchange Act Certifications. To the extent permitted by Exchange Act Rules, the Servicer shall prepare, execute,
file and deliver on behalf of the Issuing Entity any certification or other instrument as required by Exchange Act Rules 13a-14 and 15d-14. 
 ARTICLE V 
 TRUST ACCOUNTS; DISTRIBUTIONS; STATEMENTS TO
CERTIFICATEHOLDERS 
 AND NOTEHOLDERS 
 Section 5.01 Establishment of Trust Accounts. 
 (a) (i) The Servicer,
for the benefit of the Noteholders and the Certificateholders, shall cause to be established and maintained with and in the name of the Indenture Trustee an Eligible Deposit Account (the “Collection Account”), bearing a designation
clearly indicating that the funds deposited therein are held for the benefit of the Noteholders and the Certificateholders. 
 (ii) The Servicer, for the benefit of the Noteholders, shall cause to be established and maintained with and in the name of the Indenture Trustee an Eligible Deposit Account (the “Note
Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders. 
 (iii) The Servicer, for the benefit of the Noteholders, the Certificateholders and the Swap Counterparty, if any, shall cause to be established and maintained with and in the name of the Indenture Trustee
an Eligible Deposit Account (the “Reserve Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders, the Certificateholders and the Swap Counterparty, if any.

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

  
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 (b) Funds on deposit in the Collection Account, the Note Distribution Account, the Reserve
Account, the Pre-Funding Account, if any, and the Negative Carry Account, if any, (collectively the “Trust Accounts”) shall be invested by the Indenture Trustee in Eligible Investments selected by the Servicer. In absence of written
direction from the Servicer, such funds shall be invested in Eligible Investments specified in clause (i) of the definition thereof. All such Eligible Investments shall be held by the Indenture Trustee for the benefit of the Noteholders,
the Certificateholders and the Swap Counterparty, if any, as applicable; provided, that on each Payment Determination Date all interest and other Investment Earnings on funds on deposit in the Trust Accounts shall be deposited into the
Collection Account and shall be deemed to constitute a portion of Available Funds for the related Payment Date. Other than as permitted by the Rating Agencies, funds on deposit in the Collection Account, the Reserve Account, the Note Distribution
Account, the Pre-Funding Account, if any, and the Negative Carry Account, if any, shall be invested in Eligible Investments that will mature (A) not later than the Business Day immediately preceding the next Payment Date or (B) on or
before 10:00 a.m. on such next Payment Date if such investment is held in the corporate trust department of the institution with which the Collection Account, the Reserve Account, the Note Distribution Account, the Pre-Funding Account, if any, and
the Negative Carry Account, if any, as applicable, is then maintained and is invested either (i) in a time deposit of the Indenture Trustee rated at least A-1 by Standard & Poor’s and Prime-1 by Moody’s (such account being
maintained within the corporate trust department of the Indenture Trustee), (ii) in the Indenture Trustee’s common trust fund so long as such fund is rated in the highest applicable rating category by Standard & Poor’s and
Moody’s or (iii) in Eligible Investments specified in clauses (g) or (i) of the definition thereof; and provided that Eligible Investments shall be available for redemption and use by the Indenture Trustee on the
relevant Payment Date. In no event shall the Indenture Trustee be held liable for investment losses in Eligible Investments pursuant to this Section 5.01, except in its capacity as obligor thereunder. 

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

  
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 (ii) With respect to the Trust Account Property, the Securities Intermediary
agrees, by its acceptance hereof, that: 
 (A) The Trust Accounts are accounts to which Financial Assets will be
credited. 
 (B) All securities or other property underlying any Financial Assets credited to the Trust Accounts
shall be registered in the name of the Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any Financial
Asset credited to any of the Trust Accounts be registered in the name of the Trust, the Servicer or the Depositor, payable to the order of the Trust, the Servicer or the Depositor or specially indorsed to the Owner Trustee, the Servicer or the
Depositor except to the extent the foregoing have been specially indorsed to the Securities Intermediary or in blank. 
 (C) All property delivered to the Securities Intermediary pursuant to this Agreement will be promptly credited to the appropriate Trust Account. 

(D) Each item of property (whether investment property, Financial Asset, security, instrument or cash) credited to a Trust
Account shall be treated as a “financial asset” within the meaning of Section 8-102(a)(9) of the New York UCC. 
 (E) If at any time the Securities Intermediary shall receive any order from the Indenture Trustee directing transfer or redemption of any Financial Asset relating to the Trust Accounts, the Securities
Intermediary shall comply with such entitlement order without further consent by the Trust, the Servicer, the Depositor or any other Person. 
 (F) The Trust Accounts shall be governed by the laws of the State of New York, regardless of any provision in any other agreement. For purposes of the UCC, New York shall be deemed to be the Securities
Intermediary’s jurisdiction and the Trust Accounts (as well as the securities entitlements (as defined in Section 8-102(a)(17) of the UCC) related thereto) shall be governed by the laws of the State of New York. 

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

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

(iii) The Servicer shall have the power, revocable by the Indenture Trustee or by the Owner Trustee with the consent of
the Indenture Trustee, to instruct the Indenture Trustee to make withdrawals and payments from the Trust Accounts for the purpose of permitting the Servicer or the Owner Trustee to carry out its respective duties hereunder or permitting the
Indenture Trustee to carry out its duties under the Indenture. 
 (d) Pre-Funding Account. On the Closing Date, the
Depositor shall deposit in the Pre-Funding Account $0.00 (the “Pre-Funding Account Initial Deposit”) from the net proceeds of the sale of the Notes. On each Subsequent Transfer Date, if any, upon satisfaction of the conditions set
forth in Section 2.03(b) with respect to such transfer, the Servicer shall instruct the Indenture Trustee to withdraw from the Pre-Funding Account (i) an amount equal to [RESERVED]% of the result of the aggregate Starting Principal
Balance of the Subsequent Receivables transferred to the Trust on such Subsequent Transfer Date less the Yield Supplement Overcollateralization Amount with respect to such Subsequent Receivables as of the related Cutoff Date and (ii), on behalf of
the Depositor, deposit into the Reserve Account a portion of such funds equal to the Reserve Account Subsequent Transfer Deposit with respect to such Subsequent Transfer Date and distribute the remainder to or upon the order of the Depositor as
payment for such Subsequent Receivables. 
 If the Pre-Funded Amount has not been reduced to zero on the Payment Date
immediately following the calendar month in which the Funding Period, if any, ends, the Servicer shall instruct the Indenture Trustee to transfer from the Pre-Funding Account on such Payment Date any amount then remaining in the Pre-Funding Account
to the Note Distribution Account for distribution in accordance with Section 8.02(g) of the Indenture. 
 (e)
Negative Carry Account. On the Closing Date, the Depositor shall deposit in the Negative Carry Account $0.00 (the “Negative Carry Account Initial Deposit”) from the net proceeds of the sale of the Notes. 

On each Payment Date during the Funding Period, if any, the Servicer will instruct the Indenture Trustee to withdraw from the Negative
Carry Account (i) an amount equal to the Negative Carry Amount and deposit it into the Collection Account for application as Total 

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

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

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

Section 5.04 Advances. On each Payment Date, the Servicer shall deposit into the Collection Account an amount (such amount,
an “Advance”), if positive, equal to (1) the Total Required Advances with respect to such Payment Date minus (2) the Outstanding Advance immediately following the preceding Payment Date. On each Payment Date, the Servicer
shall be reimbursed for Outstanding Advances in an amount, if positive, equal to (1) the Outstanding Advances immediately following the preceding Payment Date minus (2) the Total Required Advances with respect to such Payment Date. The
Servicer shall not make any advance in respect of principal on the Receivables. 
 Section 5.05 Additional Deposits.
The Servicer and the Depositor shall deposit or cause to be deposited in the Collection Account the aggregate Purchase Amount with respect to Purchased Receivables and the Servicer shall deposit therein all amounts to be paid under
Section 9.01. The Servicer will deposit the aggregate Purchase Amount with respect to Purchased Receivables when such obligations are due. The Servicer shall, if necessary, deposit all Advances required to be made pursuant to
Section 5.04 in the Collection Account on each Payment Date. All such other deposits shall be made on the Payment Determination Date for the related Collection Period. 

  
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 Section 5.06 Distributions. 

(i) On or before 11:00 a.m. New York City time on each Payment Determination Date, the Servicer shall calculate
(A) all amounts required to be deposited in the Note Distribution Account, (B) all amounts required to be distributed to the Certificateholders, (C) all amounts required to be transferred from the Pre-Funding Account and the Negative
Carry Account, if any, and (D) the net amount payable by or to the Trust under the Interest Rate Swaps, if any. 
 (ii) Except as otherwise provided in clause (iii) below, on each Payment Date, the Servicer shall instruct the Indenture Trustee (based on the information contained in the Servicer’s
Certificate delivered on the related Payment Determination Date pursuant to Section 4.09) to make the following deposits and distributions in the following order of priority, in each case, to the extent of Total Available Funds, if any,
remaining after application thereof pursuant to prior clauses: 
 (A) pro rated to the applicable Swap
Counterparty, the applicable Monthly Swap Payment Amount, if any; 
 (B) pro rata (a) to the Note
Distribution Account, the Class A Noteholders’ Interest Distributable Amount and (b) to the applicable Swap Counterparty, any Senior Swap Termination Payment Amount owed to such Swap Counterparty by the Trust, if any; 

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

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

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

(F) to the Reserve Account, the amount necessary to reinstate the balance in the Reserve Account up to the Required
Reserve Amount; 
 (G) to the Note Distribution Account, an amount equal to the Noteholders’ Principal
Distributable Amount minus any amounts allocated to the Note Distribution Account pursuant to clauses (C) and (E) above; 
 (H) pro rated to the applicable Swap Counterparty, any Subordinate Swap Termination Payment Amount together with any other amount due and payable by the Trust to such Swap Counterparty pursuant to the
Interest Rate Swap, if any; and 

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

 The Holders of 100% Percentage Interest of the Certificates will have the right, but not the obligation, in their sole discretion, to
instruct the Indenture Trustee in writing on or before 11:00 a.m. New York City time on the related Payment Determination Date to retain in the Collection Account all or a portion of distributions otherwise payable to them pursuant to clause
(I) above. If the Certificateholders make this election, these amounts will be treated as collections during the then current Collection Period and the Certificateholders will have no claim to such amounts (unless distributed on a
subsequent Payment Date pursuant to clause (I) above). 
 (iii) In the event Notes are declared to be
due and payable following the occurrence of an Event of Default under the Indenture, Available Funds will be distributed in the following order or priority: 
 (A) pro rated to the applicable Swap Counterparty, the applicable Monthly Swap Payment Amount, if any; 
 (B) pro rata (a) to the Holders of the Class A Notes, the aggregate accrued and unpaid interest on each class of the Class A Notes and (b) to the applicable Swap Counterparty, any
Senior Swap Termination Payment Amount owed to such Swap Counterparty by the Trust, if any; 
 (C) if the Notes
have been declared to be due and payable as a result of occurrence of an Event of Default under Section 5.01(a)(i) or (ii) of the Indenture, to the Holders of the Class A-1 Notes, the aggregate Outstanding Amount of such
Notes, and then to the Holders of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, pro rata, the aggregate Outstanding Amount of such Notes; 

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

(E) if the Notes have been declared to be due and payable as a result of occurrence of an Event of Default under the
Indenture other than as a result of default in payment of any interest on or principal of any Note in accordance with the Indenture, to the Holders of the Class A-1 Notes, the aggregate Outstanding Amount of such Notes, and then to the Holders
of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, pro rata, the aggregate Outstanding Amount of such Notes; 
 (F) to the Holders of the Class B Notes, the Outstanding Amount of the Class B Notes; 
 (G) pro rated to the applicable Swap Counterparty, any Subordinate Swap Termination Payment Amount together with any other amount due and payable by the Trust to such Swap Counterparty pursuant to the
Interest Rate Swaps, if any; and 

  
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 (H) to the Certificateholders, any remaining amounts. 

Section 5.07 Reserve Account. 
 (a) On the Closing Date, the Indenture Trustee will deposit, on behalf of the Depositor, the Reserve Account Initial Deposit into the Reserve Account. 

(b) If the amount on deposit in the Reserve Account on any Payment Date (after giving effect to all deposits thereto or withdrawals
therefrom on such Payment Date) is greater than the Required Reserve Amount for such Payment Date, the Servicer shall instruct the Indenture Trustee to withdraw such amount from the Reserve Account and apply it as Total Available Funds for such
Payment Date. 
 (c) In the event that the Total Available Funds for a Payment Date are not sufficient to make the full amount of
the payments and deposits required pursuant to Sections 5.06(ii)(A), (B), (C), (D) and (E) on such Payment Date, the Servicer shall instruct the Indenture Trustee to withdraw from the Reserve Account on
such Payment Date an amount equal to such shortfall, to the extent of funds available therein, and pay or deposit such amount according to the priorities set forth in Section 5.06(ii). In addition, amounts will be withdrawn from the
Reserve Account as provided in Section 8.02(c) and (d) of the Indenture. 
 (d) Subject to
Section 9.01, amounts will continue to be applied pursuant to Section 5.06 following payment in full of the Outstanding Amount of the Notes until the Pool Balance is reduced to zero. Following the payment in full of the
aggregate Outstanding Amount of the Notes and of all other amounts owing or to be distributed hereunder or under the Indenture or the Trust Agreement to Noteholders, any amount remaining on deposit in the Reserve Account shall be distributed to the
Certificateholders. 
 Section 5.08 Statements to Noteholders and Certificateholders. On or prior to 11:00 a.m. New
York City time on each Payment Determination Date, the Servicer shall provide to the Indenture Trustee (with a copy to the Rating Agencies and the Swap Counterparty, if any) for the Indenture Trustee to post on its internet website pursuant to
Section 6.06 of the Indenture, a statement substantially in the form of Exhibit B, setting forth at least the following information as to the Notes, to the extent applicable: 

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

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

(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; 

  
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 (d) the amount of the Servicing Fee paid to the Servicer with respect to the related
Collection Period, the amount of any unpaid Servicing Fee and the change in such amount from the prior Payment Date; 
 (e) the
balance of the Reserve Account on such Payment Determination Date after giving effect to deposits and withdrawals to be made on the immediate following Payment Date, if any; 
 (f) the amount, if any, distributed to Noteholders and Certificateholders from amounts on deposit in the Reserve Account or from other forms of credit enhancement; 

(g) the Pool Balance as of the close of business on the last day of the related Collection Period, after giving effect to payments
allocated to principal reported under clause (a) above; 
 (h) the Class A Noteholders’ Interest Carryover
Shortfall; 
 (i) the Class B Noteholders’ Interest Carryover Shortfall; 

(j) the number of Receivables purchased by, and the aggregate Purchase Amount paid by, World Omni or the Servicer with respect to the
related Collection Period; 
 (k) delinquency information relating to the Receivables which has a payment of $40 or more that is
more than 30, 60 or 90 days delinquent; 
 (l) the aggregate amount of Receivables which have become Defaulted Receivables
during the preceding Collection Period; 
 (m) the amount, if any, distributed to the Certificateholders and the balance of the
Certificates after giving effect to all distributions reported under this clause (n); 
 (n) the Noteholders’ First
Priority Principal Distributable Amount; 
 (o) the Noteholders’ Second Priority Principal Distributable Amount;

 (p) the Noteholders’ Principal Distributable Amount; 

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

(r) the Negative Carry Amount, if any, and the balance, if any, of the Negative Carry Account on such date, after giving effect to
deposits and withdrawals to be made on the immediately following Payment Date, if any; 
 (s) for Payment Dates during the
Funding Period, if any, the Starting Principal Balance for all Subsequent Receivables transferred to the Trust since the preceding Payment Date, the remaining Pre-Funded Amount and the Investment Earnings on amounts on deposit in the Pre-Funding
Account, if any, for the related Collection Period; 

  
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 (t) for the Payment Date immediately following the calendar month in which the Funding
Period, if any, ends, the amount of any remaining Pre-Funded Amount that has not been used to fund the purchase of Subsequent Receivables; 
 (u) the amount of outstanding Advances on such date; 
 (v) the number and dollar
amount of Receivables at the beginning and end of the applicable Collection Period, and the weighted average coupon and weighted average remaining term of the Receivables held by the Trust; 

(w) delinquency and loss information for the applicable Collection Period and any material changes in determining or defining
delinquencies, charge-offs and uncollectible accounts; 
 (x) material breaches of pool asset representations and warranties or
transaction covenants; 
 (y) any material modifications, extensions or waivers relating to the terms of or fees, penalties or
payments on, pool assets during the distribution period or that, cumulatively, have become material over time; 
 (z) the Yield
Supplement Overcollateralization Amount for the related Payment Date; 
 (aa) the Interest Rate for each Class of Notes for the
next Payment Date; and 
 (bb) the Monthly Swap Payment Amount, the Senior Swap Termination Payment Amount and the Subordinate
Swap Termination Payment Amount, if any. 
 Each amount set forth on the Payment Date statement under clauses (a), (b),
(h) and (i) above shall be expressed as a dollar amount per $1,000 of original principal amount of a Note. Deliveries pursuant to this Section 5.08 may be delivered by electronic mail. 

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

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

  
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 ARTICLE VI 
 THE DEPOSITOR 
 Section 6.01 Representations of Depositor. The
Depositor makes the following representations on which the Issuing Entity is deemed to have relied in acquiring the Receivables. The representations speak as of the Closing Date and each Subsequent Transfer Date, if any, and shall survive the sale
of the Receivables to the Issuing Entity and the pledge thereof to the Indenture Trustee pursuant to the Indenture. 
 (a)
Organization and Good Standing. The Depositor is duly organized and validly existing as a limited liability company in good standing under the laws of the State of Delaware, with the requisite power and authority to own its properties and to
conduct its business as such properties are currently owned and such business is presently conducted, and had at all relevant times, and has, the requisite power, authority and legal right to acquire and own the Receivables. 

(b) Due Qualification. The Depositor is duly qualified to do business as a foreign limited liability company in good standing, and
has obtained all necessary material licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such qualifications, except where the failure to be so qualified or to have
obtained such licenses or approvals would not have a material adverse effect on the Depositor’s earnings, business affairs or business prospects. 
 (c) Power and Authority. The Depositor has the requisite power and authority to execute and deliver this Agreement and to carry out its terms; the Depositor has full power and authority to sell and
assign the property to be sold and assigned to and deposited with the Issuing Entity, and the Depositor shall have duly authorized such sale and assignment to the Issuing Entity by all necessary action; and the execution, delivery and performance of
this Agreement has been duly authorized by the Depositor by all necessary action. 
 (d) Binding Obligation. This
Agreement constitutes a legal, valid and binding obligation of the Depositor enforceable against the Depositor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws, now or hereafter in effect, affecting the enforcement of creditors’ rights in general, and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in
equity). 
 (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 

  
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any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties except, in the case of
clauses (ii), (iii) and (iv), for such breaches, defaults, conflicts, liens or violations that would not have a material adverse effect on the Depositor’s earnings, business affairs or business prospects. 

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

(g) All Consents. All authorizations, licenses, consents, orders or approvals of, or registrations or declarations with, any
court, regulatory body, administrative agency or other government instrumentality required to be obtained, effected or given by the Depositor in connection with the execution and delivery by the Depositor of this Agreement or any of the Basic
Documents to which it is a party and the performance by the Depositor of the transactions contemplated by this Agreement or any of the Basic Documents to which it is a party, have been duly obtained, effected or given and are in full force and
effect, except where failure to obtain the same would not have a material adverse effect upon the rights of the Trust, the Noteholders or the Certificateholders. 
 Section 6.02 Limited Liability Company Existence. 
 (a) During the term
of this Agreement, the Depositor will keep in full force and effect its existence, rights and franchises as a limited liability company under the laws of the jurisdiction of its formation and will obtain and preserve its qualification to do business
in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement, the Basic Documents and each other instrument or agreement necessary or appropriate to the proper administration
of this Agreement and the transactions contemplated hereby. In addition, all transactions and dealings between the Depositor and its Affiliates will be conducted on an arm’s-length basis. 

(b) During the term of this Agreement, the Depositor shall observe the applicable legal requirements for the recognition of the Depositor
as a legal entity separate and apart from its affiliates, including the following: 
 (i) the Depositor shall
maintain limited liability company records and books of account separate from those of its affiliates; 

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

(iv) the Depositor shall at all times hold itself out to the public under the Depositor’s own name as a legal entity
separate and distinct from its affiliates. 
 Section 6.03 Liability of Depositor; Indemnities. The Depositor shall
be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Depositor under this Agreement: 
 (a) The Depositor shall indemnify, defend and hold harmless the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Servicer and the Swap Counterparty, if any, and any of the officers,
directors, employees and agents of the Issuing Entity, the Owner Trustee and the Indenture Trustee from and against any taxes that may at any time be asserted against any such Person with respect to the transactions contemplated herein and in the
Basic Documents, including any sales, gross receipts, general corporation, tangible personal property, privilege or license taxes (but, in the case of the Issuing Entity, not including any taxes asserted with respect to, and as of the date of, the
sale of the Receivables to the Issuing Entity or the issuance and original sale of the Certificates and the Notes, or asserted with respect to ownership of the Receivables, or federal or other income taxes arising out of distributions on the
Certificates or the Notes) and costs and expenses in defending against the same. 
 (b) The Depositor shall indemnify, defend
and hold harmless the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Certificateholders, the Noteholders and the Swap Counterparty, if any, and any of the officers, directors, employees and agents of the Issuing Entity, the Owner
Trustee and the Indenture Trustee from and against any loss, liability or reasonable and documented expense incurred by reason of the Depositor’s willful misfeasance, bad faith or negligence (except for errors in judgment) in the performance of
its duties under this Agreement, or by reason of reckless disregard of its obligations and duties under this Agreement. 
 (c)
The Depositor shall indemnify, defend and hold harmless the Owner Trustee and the Indenture Trustee and their respective officers, directors, employees and agents from and against all reasonable and documented cost and expense, and all other losses,
claims, damages and liabilities arising out of or incurred in connection with the acceptance or performance of the trusts and duties herein and in the Trust Agreement, in the case of the Owner Trustee, and in the Indenture, in the case of the
Indenture Trustee, except to the extent that such cost, expense, loss, claim, damage or liability: (i) in the case of the Owner Trustee, shall be due to the willful misfeasance, bad faith or negligence (except for errors in judgment) of the
Owner 

  
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Trustee or, in the case of the Indenture Trustee, shall be due to the willful misfeasance, bad faith or negligence (except for errors in judgment) of the Indenture Trustee or (ii) in the
case of the Owner Trustee, shall arise from the breach by the Owner Trustee of any of its representations or warranties set forth in Section 7.03 of the Trust Agreement. 

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

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

Notwithstanding anything to the contrary contained in this Agreement or any other document, the obligations of the Depositor under this
Section 6.03 and Section 7.5 of the Depositor’s Limited Liability Company Agreement are solely the company obligations of the Depositor and shall be payable by it (x) solely from funds distributed to it in its
capacity as Certificateholder available pursuant to, and in accordance with, the payment priorities set forth in Section 5.06 of this Agreement and (z) only to the extent that it receives additional funds designated for such
purposes or to the extent it has additional funds available (other than funds described in preceding clause (x)). In addition, no amount owing by the Depositor hereunder or under Section 7.5 of its Limited Liability Company
Agreement in excess of the liabilities that it is required to pay in accordance with the preceding sentence shall constitute a “claim” (as defined in Section 101(5) of the Bankruptcy Code) against it. No recourse shall be had
for the payment of any amount owing hereunder or under Section 7.5 of the Depositor’s Limited Liability Company Agreement or any other obligation of, or claim against, the Depositor, arising out of or based upon this
Section 6.03 or under Section 7.5 of its Limited Liability Company Agreement against any employee, officer, agent, directed or authorized person of the Depositor; provided, however, that the foregoing shall not
relieve any such person or entity of any liability they might otherwise have as a result of fraudulent actions or omissions taken by them. 
 Section 6.04 Merger or Consolidation of, or Assumption of Obligations of Depositor. Any Person (a) into which the Depositor may be merged or consolidated, (b) which may result from
any merger or consolidation to which the Depositor shall be a party or (c) which may succeed to the properties and assets of the Depositor substantially as a whole, which person in any of the foregoing cases executes an agreement of assumption
to perform every obligation of the Depositor under this Agreement, shall be the successor to the Depositor hereunder without the execution or filing of any document or any further act by any of the parties to this Agreement; provided,
however, that (i) immediately after giving effect to such transaction, no representation or warranty made pursuant to Section 3.01 shall have been breached and no Servicer Default in respect of the Depositor under
Section 8.01(b) or (c) shall have occurred and be continuing, and no event that, after notice or lapse of time, or both, would become a Servicer Default in respect of the Depositor under Section 8.01(b) or
(c) shall have occurred and be continuing, (ii) the Depositor shall have delivered to the Owner Trustee and the Indenture 

  
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Trustee an Officers’ Certificate stating that such consolidation, merger or succession and such agreement of assumption comply with this Section and that all conditions precedent, if any,
provided for in this Agreement relating to such transaction have been complied with, (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction and (iv) the Depositor shall have delivered to the Owner
Trustee and the Indenture Trustee an Opinion of Counsel either (A) stating that, in the opinion of such counsel, all financing statements and continuation statements and amendments thereto have been filed that are necessary fully to preserve
and protect the interest of the Owner Trustee and Indenture Trustee, respectively, in the Receivables and reciting the details of such filings, or (B) stating that, in the opinion of such counsel, no such action shall be necessary to preserve
and protect such interests. Notwithstanding anything herein to the contrary, (a) the execution of the foregoing agreement of assumption and compliance with clauses (i), (ii), (iii) and (iv) above shall be
conditions to the consummation of the transactions referred to in clause (a), (b) or (c) above and (b) the Depositor may transfer its rights under this Agreement in accordance with Section 4.15 hereof.

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

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

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

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

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

  
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 (b) Due Qualification. The Servicer is duly qualified to do business as a foreign
corporation in good standing, and has obtained all necessary material licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business (including the servicing of the Receivables as required by
this Agreement) shall require such qualifications, except where the failure to be so qualified or to have obtained such licenses or approvals would not have a material adverse effect on the Servicer’s earnings, business affairs or business
prospects. 
 (c) Power and Authority. The Servicer has the corporate power and authority to execute and deliver this
Agreement and to carry out its terms; and the execution, delivery and performance of this Agreement have been duly authorized by the Servicer by all necessary corporate action. 

(d) Binding Obligation. This Agreement constitutes a legal, valid and binding obligation of the Servicer enforceable against the
Servicer in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws, now or hereafter in effect, affecting the enforcement of creditors’
rights in general, and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity). 
 (e) No Violation. The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not (i) conflict with, result in any breach of any of the terms
and provisions of, or constitute (with or without notice or lapse of time) a default under, the articles of incorporation or bylaws of the Servicer; (ii) breach, conflict with or violate any of the material terms or provisions of, or constitute
(with or without notice or lapse of time) a default under, any indenture, agreement or other instrument to which the Servicer is a party or by which it is bound; (iii) result in the creation or imposition of any Lien upon any of its properties
pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant to this Agreement and the Basic Documents); or, (iv) to the best of the Servicer’s knowledge, violate any order, rule or regulation applicable
to the Servicer of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Servicer or its properties except, in the case of clauses (ii),
(iii) and (iv), for such breaches, defaults, conflicts, liens or violations that would not have a material adverse effect on the Servicer’s earnings, business affairs or business prospects. 

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

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

Section 7.02 Indemnities of Servicer. The Servicer shall be liable in accordance herewith only to the extent of the
obligations specifically undertaken by the Servicer under this Agreement: 
 (a) The Servicer shall indemnify, defend and hold
harmless the Issuing Entity, the Owner Trustee, the Swap Counterparty, if any, the Indenture Trustee, the Noteholders, the Certificateholders and the Depositor and any of the officers, directors, employees and agents of the Issuing Entity, the Owner
Trustee and the Indenture Trustee from and against any and all reasonable and documented costs and expenses, and all other losses, damages, claims and liabilities arising out of or resulting from the use, ownership or operation by the Servicer or
any Affiliate thereof of a Financed Vehicle. 
 (b) The Servicer shall indemnify, defend and hold harmless the Issuing Entity,
the Owner Trustee, the Indenture Trustee, the Swap Counterparty, if any, the Depositor, the Certificateholders and the Noteholders and any of the officers, directors, employees and agents of the Issuing Entity, the Owner Trustee and the Indenture
Trustee from and against any and all costs, expenses, losses, claims, damages and liabilities to the extent that such cost, expense, loss, claim, damage or liability arose out of, or was imposed upon any such Person through, the willful misfeasance,
bad faith or negligence (except for errors in judgment) of the Servicer in the performance of its duties under this Agreement or by reason of reckless disregard of its obligations and duties under this Agreement. 

For purposes of this Section, in the event of the termination of the rights and obligations of World Omni (or any successor thereto
pursuant to Section 7.03) as Servicer pursuant to Section 8.01, or a resignation by such Servicer pursuant to this Agreement, such Servicer shall be deemed to be the Servicer pending appointment of a successor Servicer (other
than the Indenture Trustee) pursuant to Section 8.02. 
 Indemnification under this Section shall survive the
resignation or removal of the Owner Trustee or the Indenture Trustee or the termination of this Agreement and the Trust Agreement and shall include reasonable fees and expenses of counsel and expenses of litigation. If the Servicer shall have made
any indemnity payments pursuant to this Section and the Person to or on behalf of whom such payments are made thereafter collects any of such amounts from others, such Person shall promptly repay such amounts to the Servicer, without interest.

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

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

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

The Servicer shall provide notice of any merger, consolidation or succession pursuant to this Section 7.03 to the Rating
Agencies, the Owner Trustee, the Depositor and the Indenture Trustee. 
 Section 7.04 Limitation on Liability of
Servicer and Others. Neither the Servicer nor any of the directors, officers, employees or agents of the Servicer shall be under any liability to the Issuing Entity, the Noteholders or the Certificateholders, except as provided under this
Agreement, for any action taken or for refraining from the taking of any action pursuant to this Agreement or for errors in judgment; provided, however, that this provision shall not protect the Servicer or any such person
against any liability that would otherwise be imposed by reason of willful misfeasance, bad faith or negligence in the performance of duties or by reason of reckless disregard of obligations and duties under this Agreement. The Servicer and any
director, officer, employee or agent of the Servicer may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising under this Agreement. 

Except as provided in this Agreement, the Servicer shall not be under any obligation to appear in, prosecute or defend any legal action
that shall not be incidental to its duties to service the Receivables in accordance with this Agreement and that in its opinion may involve it in any expense or liability; provided, however, that the Servicer may undertake any
reasonable action that it may deem necessary or desirable in respect of this Agreement and the Basic Documents and the rights and duties of the parties to this Agreement and the Basic Documents and the interests of the Certificateholders under this
Agreement and the Noteholders under the Indenture. 
 Section 7.05 World Omni Not To Resign as Servicer. Subject to
the provisions of Section 7.03, World Omni shall not resign from the obligations and duties hereby imposed on it as Servicer under this Agreement except upon a determination that the performance of its duties under this Agreement shall
no longer be permissible under applicable law and cannot be cured. Notice of any such determination permitting the resignation of World Omni shall be communicated to the Owner Trustee and the Indenture Trustee at the earliest practicable time (and,
if such communication is not in writing, shall be confirmed in writing at the earliest practicable time) and any such determination shall be evidenced by an Opinion of Counsel to such effect delivered to the Owner Trustee and the Indenture Trustee
concurrently with or promptly after such notice. No such resignation shall become effective until the Indenture Trustee or a successor Servicer shall have assumed the responsibilities and obligations of World Omni in accordance with
Section 8.02. 

  
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 ARTICLE VIII 
 DEFAULT 
 Section 8.01 Servicer Default. Any one of the
following events shall constitute a default by the Servicer (a “Servicer Default”): 
 (a) any failure by the
Servicer to deliver to the Indenture Trustee for deposit in any of the Trust Accounts or distribution to the Certificateholders any required payment or to direct the Indenture Trustee to make any required distributions therefrom, which failure
continues unremedied for a period of five Business Days after written notice of such failure is received by the Servicer from the Owner Trustee or the Indenture Trustee or after discovery of such failure by an officer of the Servicer; or 

(b) failure by the Servicer or, if the Servicer is an affiliate of the Depositor, the Depositor, as the case may be, duly to observe or
to perform in any material respect any other covenants or agreements of the Servicer or the Depositor (as the case may be) set forth in this Agreement or any other Basic Document, which failure shall (i) materially and adversely affect the
rights of Certificateholders or Noteholders and (ii) continue unremedied for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given (A) to the Servicer or the
Depositor (as the case may be) by the Owner Trustee or the Indenture Trustee or (B) to the Servicer or the Depositor (as the case may be), and to the Owner Trustee and the Indenture Trustee by the Holders of the Notes evidencing not less than
50% of the Outstanding Amount of the Controlling Securities and the Holders (as defined in the Trust Agreement) of Certificates evidencing not less than 50% of the percentage interest of the Certificates; or 

(c) the occurrence of an Insolvency Event with respect to the Servicer or, if the Servicer is an affiliate of the Depositor, the
Depositor. 
 Notwithstanding the foregoing, a delay in or failure of performance referred to under clause (a) above
for a period of ten Business Days or referred to under clause (b) for a period of 90 Business Days, shall not constitute a Servicer Default if such delay or failure could not be prevented by the exercise of reasonable diligence by the
Servicer and was caused by an act of God or other similar occurrence. Upon the occurrence of any such event, the Servicer shall not be relieved from using its best efforts to perform its obligations in a timely manner in accordance with the terms of
this Agreement and the Servicer shall provide the Indenture Trustee, the Owner Trustee, the Noteholders and the Certificateholders prompt notice of such failure or delay by it, together with a description of its efforts to so perform its
obligations. 
 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 not less than 50% of the Outstanding Amount of the Controlling Securities, by notice then given in writing to the Servicer (and to the Indenture Trustee and the Owner
Trustee if 

  
 34 

 
given by the Noteholders) may terminate all the rights and obligations (other than the obligations set forth in Section 7.02 hereof) of the Servicer under this Agreement. On or after
the receipt by the Servicer of such written notice, all authority and power of the Servicer under this Agreement, whether with respect to the Notes, the Certificates or the Receivables or otherwise, shall, without further action, pass to and be
vested in the Indenture Trustee or such successor Servicer as may be appointed under Section 8.02; and, without limitation, the Indenture Trustee and the Owner Trustee are hereby authorized and empowered to execute and deliver, for the
benefit of the predecessor Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination,
whether to complete the transfer and endorsement of the Receivables and related documents, or otherwise. The predecessor Servicer shall cooperate with the successor Servicer, the Indenture Trustee and the Owner Trustee in effecting the termination
of the responsibilities and rights of the predecessor Servicer under this Agreement, including the transfer to the successor Servicer for administration by it of all cash amounts that shall at the time be held by the predecessor Servicer for
deposit, or shall thereafter be received by it with respect to any Receivable. Further, in such event, the Servicer shall use commercially reasonable efforts to effect the orderly and efficient transfer of the servicing of the Receivables to the
successor Servicer, and as promptly as practicable, the Servicer shall provide to the successor Servicer a current computer tape containing all information from the Receivables Files required for the proper servicing of the Receivables, together
with the documentation containing any and all information necessary for the use of the tape. All reasonable and documented costs and expenses (including attorneys’ fees) incurred in connection with transferring the Receivable Files to the
successor Servicer and amending this Agreement to reflect such succession as Servicer pursuant to this section shall be paid by the predecessor Servicer upon presentation of reasonable documentation of such costs and expenses. Upon receipt of notice
of the occurrence of a Servicer Default, the Owner Trustee shall give notice thereof to the Depositor who promptly shall provide such notice to the Rating Agencies. 
 Section 8.02 Appointment of Successor. 
 (a) Upon the Servicer’s
receipt of notice of termination pursuant to Section 8.01 or the Servicer’s resignation in accordance with the terms of this Agreement, the predecessor Servicer shall continue to perform its functions as Servicer under this
Agreement, in the case of termination, only until the date specified in such termination notice or, if no such date is specified in a notice of termination, until receipt of such notice and, in the case of resignation, until the later of
(i) the date 45 days from the delivery to the Owner Trustee and the Indenture Trustee of written notice of such resignation (or written confirmation of such notice) in accordance with the terms of this Agreement and (ii) the date upon
which the predecessor Servicer shall become unable to act as Servicer, as specified in the notice of resignation and accompanying Opinion of Counsel. In the event of the Servicer’s termination hereunder, the Indenture Trustee shall appoint a
successor Servicer, and the successor Servicer shall accept its appointment by a written assumption in form acceptable to the Owner Trustee and the Indenture Trustee. In the event that a successor Servicer has not been appointed at the time when the
predecessor Servicer has ceased to act as Servicer in accordance with this Section, the Indenture Trustee without further action shall automatically be appointed the successor Servicer and the Indenture Trustee shall be entitled to the Servicing
Fee. Notwithstanding the above, the Indenture Trustee shall, if it shall be legally unable so to act, appoint or petition a court of competent jurisdiction to appoint any established institution, having a net worth of not less than $100,000,000 and
whose regular business shall include the servicing of automotive receivables, as the successor to the Servicer under this Agreement. 

  
 35 

 (b) Upon appointment, the successor Servicer (including the Indenture Trustee acting as
successor Servicer) shall be the successor in all respects to the predecessor Servicer and shall be subject to all the responsibilities, duties and liabilities arising thereafter relating thereto placed on the predecessor Servicer and shall be
entitled to the Servicing Fee and all the rights granted to the predecessor Servicer by the terms and provisions of this Agreement. 
 (c) The successor Servicer may not resign unless it is prohibited from serving as such by law. 
 Section 8.03 Notification to Noteholders and Certificateholders. Upon any termination of, or appointment of a successor to, the Servicer pursuant to this Article VIII, the Indenture
Trustee shall give prompt written notice thereof to Noteholders, the Certificateholders and the Depositor who promptly shall provide such notice to the Rating Agencies. 
 Section 8.04 Waiver of Past Defaults. The Holders of Notes evidencing not less than 50% of the Outstanding Amount of the Controlling Securities may, on behalf of all Noteholders, waive in
writing any default by the Servicer in the performance of its obligations hereunder and its consequences, except a default in making any required deposits to or payments from any of the Trust Accounts or to the Certificateholders in accordance with
this Agreement. Upon any such waiver of a past default, such default shall cease to exist, and any Servicer Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any
subsequent or other default or impair any right consequent thereto. 
 Section 8.05 Payment of Servicing Fees; Repayment
of Advances. If the Servicer shall change, the predecessor Servicer shall be entitled to (i) receive any accrued and unpaid Servicing Fees through the date of such Successor Servicer’s acceptance hereunder in accordance with
Section 4.08 and (ii) reimbursement for Outstanding Advances pursuant to Section 5.08 with respect to all Advances made by the predecessor Servicer. 

ARTICLE IX 

TERMINATION 
 Section 9.01 Optional Purchase of All Receivables. 
 (a) On the Payment
Date immediately following (and on each Payment Date thereafter) the last day of any Collection Period as of which the then outstanding Pool Balance is 10% or less of the Aggregate Starting Principal Balance, the Servicer shall have the option to
purchase the Owner Trust Estate, other than the Trust Accounts. To exercise such option, the Servicer shall deposit pursuant to Section 5.05 in the Collection Account an amount equal to the aggregate Purchase Amount for the Receivables
(including Defaulted Receivables), and shall succeed to all interests in and to the Trust. Notwithstanding the foregoing, the Servicer shall not be permitted to exercise such option unless the amount to be deposited in the Collection Account
pursuant to the preceding sentence is greater than or equal to the sum of the Outstanding Amount of the Notes, all accrued but unpaid interest (including any overdue interest and premium) thereon and all amounts owing to the Swap Counterparty under
the Interest Rate Swaps, if any. 

  
 36 

 (b) As described in Article IX of the Trust Agreement, notice of any termination of
the Trust shall be given by the Servicer to the Owner Trustee and the Indenture Trustee as soon as practicable after the Servicer has received notice thereof. 
 (c) Following the satisfaction and discharge of the Indenture and the payment in full of the principal of and interest on the Notes, the Certificateholders will succeed to the rights of the Noteholders
hereunder other than Section 5.07(b) and the Owner Trustee will succeed to the rights of, and assume the obligations of, the Indenture Trustee pursuant to this Agreement. 

ARTICLE X 

MISCELLANEOUS 
 Section 10.01 Amendment. 
 (a) This Agreement may be amended by the
Depositor, the Servicer and the Issuing Entity, with the consent of the Indenture Trustee, but without the consent of any of the Noteholders or the Certificateholders, to cure any ambiguity or to correct or supplement any provisions in this
Agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided that
such amendments require: (i) satisfaction of the Rating Agency Condition and (ii) an Officer’s Certificate of the Servicer stating that the amendment will not materially and adversely affect the interest of any Noteholder or
Certificateholder. 
 (b) This Agreement may also be amended from time to time by the Depositor, the Servicer and the Issuing
Entity, with the consent of the Indenture Trustee, the consent of Holders of Notes evidencing not less than 50% of the Outstanding Amount of the Controlling Securities (unless (i) the interests of the Noteholders are not affected materially and
adversely, (ii) an Officer’s Certificate of the Servicer to that effect is delivered to the Indenture Trustee by the Depositor and (iii) satisfaction of the Rating Agency Condition) and the consent of the Holders (as defined in the
Trust Agreement) of Certificates evidencing not less than 50% of the percentage interest of the Certificates (unless (i) the interests of the Certificateholders are not affected materially and adversely and (ii) an Officer’s
Certificate of the Servicer to that effect is delivered to the Owner Trustee by the Depositor) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner
the rights of the Noteholders or the Certificateholders; provided, however, that no such amendment shall (a) change the date of payment of any installment of principal of or interest on any Note, or reduce the principal amount thereof,
(b) change the provisions of this Sale and Servicing Agreement relating to the application of collections on, or the proceeds of the sale of, the Trust Estate to payment of principal of or interest on the Notes or (c) reduce the consent
percentages in this sentence, without the consent of the Holders of all outstanding Notes and the Holders (as defined in the Trust Agreement) of all the outstanding Certificates affected thereby. 

  
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 (c) Promptly after the execution of any such amendment or consent, the Servicer shall
furnish written notification of the substance of such amendment or consent to each Certificateholder, the Indenture Trustee, the Owner Trustee and each of the Rating Agencies. 
 (d) It shall not be necessary for the consent of Certificateholders or Noteholders pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient
if such consent shall approve the substance thereof. 
 (e) Prior to the execution of any amendment to this Agreement, the Owner
Trustee, on behalf of the Issuing Entity, and the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all
conditions precedent thereto have been satisfied, and the Opinion of Counsel referred to in Section 10.02(h)(A). The Owner Trustee and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment which affects
the Owner Trustee’s or the Indenture Trustee’s, as applicable, own rights, duties or immunities under this Agreement or otherwise. 
 (f) Notwithstanding any other provision of this Agreement, no amendment to this Agreement shall be effective unless the Swap Counterparty, if any, consents in writing to such amendment or such amendment
will, as evidenced by a Materiality Opinion, have no material adverse effect on the interests of the Swap Counterparty, if any; provided, however, that if an amendment is entered into pursuant to Section 10.01(a), in lieu
of providing a Materiality Opinion, the Servicer may provide an Officers’ Certificate stating that such amendment will have no material adverse effect on the interests of the Swap Counterparty, if any. 

Section 10.02 Protection of Title to Trust. 
 (a) The Depositor shall file such financing statements and cause to be filed such continuation statements, all in such manner and in such places as may be required by law fully to preserve, maintain and
protect the interest of the Issuing Entity and of the Indenture Trustee in the Receivables and in the proceeds thereof. The Depositor hereby authorizes the filing of such financing statements and hereby ratifies any such financing statements filed
prior to the date hereof. The Depositor shall deliver (or cause to be delivered) to the Owner Trustee and the Indenture Trustee file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such
filing. 
 (b) Neither the Depositor nor the Servicer shall change its name, identity or corporate structure in any manner that
could reasonably be expected to make any financing statement or continuation statement filed in accordance with paragraph (a) above seriously misleading within the meaning of Section 9-506 of the UCC, unless it shall have given the
Owner Trustee and the Indenture Trustee at least five days’ prior written notice thereof and shall have promptly filed appropriate amendments to all previously filed financing statements or continuation statements. 

(c) Each of the Depositor and the Servicer shall have an obligation to give the Owner Trustee and the Indenture Trustee at least 60
days’ prior written notice of any relocation of its principal executive office or a change in its jurisdiction of organization if, as a result of 

  
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such relocation or change in its jurisdiction of organization, the applicable provisions of the UCC would require the filing of any amendment of any previously filed financing or continuation
statement or of any new financing statement and shall promptly file any such amendment or new financing statement. The Servicer shall at all times maintain each office from which it shall service Receivables, and its principal executive office,
within the United States of America. 
 (d) The Servicer shall maintain accounts and records as to each Receivable accurately
and in sufficient detail to permit (i) the reader thereof to know at any time the status of such Receivable, including payments and recoveries made and payments owing (and the nature of each) and (ii) reconciliation between payments or
recoveries on (or with respect to) each Receivable and the amounts from time to time deposited in the Collection Account in respect of such Receivable. 
 (e) The Servicer shall maintain its computer systems so that, within five (5) Business Days from and after the time of sale under this Agreement of the Receivables, the Servicer’s master
computer records (including any backup archives) that refer to a Receivable shall indicate clearly that such Receivable has been sold to the Issuing Entity. 
 (f) If at any time the Depositor or the Servicer shall propose to sell, grant a security interest in, or otherwise transfer any interest in automotive receivables to any prospective purchaser, lender or
other transferee, the Servicer shall give to such prospective purchaser, lender or other transferee computer tapes, records or printouts (including any restored from backup archives) that, if they shall refer in any manner whatsoever to any
Receivable, shall indicate clearly that such Receivable has been sold and is owned by the Issuing Entity and has been pledged to the Indenture Trustee. 
 (g) Upon request, the Servicer shall furnish to the Owner Trustee or to the Indenture Trustee, within five Business Days, a list of all Receivables (by contract number and name of Obligor) then held as
part of the Trust. 
 (h) The Servicer shall deliver to the Owner Trustee and the Indenture Trustee: 

(A) promptly after the execution and delivery of this Agreement, an Opinion of Counsel stating that, in the opinion of
such counsel, either (1) all financing statements and continuation statements have been filed that are necessary fully to preserve and protect the interest of the Trust and the Indenture Trustee in the Receivables, and reciting the details of
such filings or referring to prior Opinions of Counsel in which such details are given, or (2) no such action shall be necessary to preserve and protect such interest other than any action necessary (as of the date of such opinion) to be taken
in the following year to preserve and protect such interest; and 
 (B) on or before March 31, in each
calendar year, beginning in 2013, an Opinion of Counsel, dated as of a date during such 90-day period, stating that, in the opinion of such counsel, either (1) all financing statements and continuation statements have been filed that are
necessary fully to preserve and protect the interest of the Trust and the Indenture Trustee in the Receivables, and reciting the 

  
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details of such filings or referring to prior Opinions of Counsel in which such details are given, or (2) no such action shall be necessary to preserve and protect such interest other than
any action necessary (as of the date of such opinion) to be taken in the following year to preserve and protect such interest. 

Each Opinion of Counsel referred to in clause (A)(2) or (B)(2) above shall specify any action necessary (as of the date of
such opinion) to be taken in the following year to preserve and protect such interest. 
 (i) The Depositor shall, to the extent
required by applicable law, cause the Notes to be registered with the Commission pursuant to Section 12(b) or Section 12(g) of the Exchange Act within the time periods specified in such sections. 

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

 Section 10.03 Notices. All demands, deliveries, notices, communications and instructions upon or to the
Depositor, the Servicer, the Owner Trustee, the Swap Counterparty, if any, the Indenture Trustee or the Rating Agencies under this Agreement shall be by facsimile, in writing, personally delivered or mailed by certified mail, return receipt
requested, and shall be deemed to have been duly given upon receipt, or, in the case of deliveries pursuant to Sections 4.10(b) and (c), 4.11(a) and (b) or 5.08, to the Swap Counterparty, if any, the Owner
Trustee, the Indenture Trustee or the Rating Agencies, by electronic mail (a) in the case of the Depositor, to World Omni Auto Receivables LLC, 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: (954) 429-2685, Attention:
Treasurer, (b) in the case of the Servicer, World Omni Financial Corp., 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: (954) 429-2685, Attention: Treasurer, (c) in the case of the Issuing Entity or the Owner
Trustee, at its Corporate Trust Office, Email: patricia.child@usbank.com, Telecopy: (312) 332-7996, (d) in the case of the Indenture Trustee, at its Corporate Trust Office, (e) in the case of the Rating Agencies, to the Depositor who
promptly shall post such notice to the website maintained by the Depositor for notifications to nationally recognized statistical rating organizations, and (f) in the case of the Swap Counterparty, if any, to [RESERVED]; or, as to each of the
foregoing, at such other address as shall be designated by written notice to the other parties. 
 Section 10.04
Assignment by the Depositor or the Servicer. Notwithstanding anything to the contrary contained herein, except as provided in the remainder of this Section, as provided in Sections 6.04 and 7.03 herein and as provided in the
provisions of this Agreement concerning the resignation of the Servicer, this Agreement may not be assigned by the Depositor or the Servicer. 

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

Section 10.06 Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. 
 Section 10.07 Separate Counterparts. This Agreement may
be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 

Section 10.08 Headings. The headings of the various Articles and Sections herein are for convenience of reference only and
shall not define or limit any of the terms or provisions hereof. 
 Section 10.09 Governing Law. This Agreement
shall be construed in accordance with the laws of the State of New York, without regard to any otherwise applicable conflict of law provisions, and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with
such laws. 
 Section 10.10 Assignment by Issuing Entity. Each of World Omni and the Depositor hereby acknowledges
and consents to any mortgage, pledge, assignment and grant of a security interest by the Issuing Entity to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders of all right, title and interest of the Issuing Entity in,
to and under the Receivables and/or the assignment of any or all of the Issuing Entity’s rights and obligations hereunder to the Indenture Trustee. 
 Section 10.11 Nonpetition Covenants. 
 (a) Notwithstanding any prior
termination of this Agreement, the Servicer and the Depositor shall not, prior to the date which is one year and one day after the termination of this Agreement with respect to the Issuing Entity, acquiesce, petition or otherwise invoke or cause the
Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Issuing Entity under any federal or state bankruptcy, insolvency or similar law, or appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuing Entity or any substantial part of their property, or ordering the winding up or liquidation of the affairs of the Issuing Entity. 

(b) Notwithstanding any prior termination of this Agreement, the Servicer, solely in its capacity as a creditor of the Depositor, shall
not, prior to the date which is one year and one day after the termination of this Agreement with respect to the Depositor, acquiesce, 

  
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petition or otherwise invoke the process of any court or government authority for the purpose of commencing or sustaining an involuntary case against the Depositor under any federal or state
bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor or any substantial part of its property, or ordering the winding up or liquidation of
the affairs of the Depositor. 
 (c) In the event that any Person (other than the Depositor) is deemed, under applicable law by
any court or other authority of competent jurisdiction, to have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the beneficial interest in the Trust (“other assets”), the parties to this
Agreement acknowledge and agree that: (i) such Person’s claim is against the assets of the Trust and the Trust Estate only, (ii) such Person’s claim against any other assets shall be, and hereby is, subject and subordinate in all
respects to the rights of other Persons to whom rights in the other assets have been expressly granted (“entitled Persons”), including to the payment in full of all amounts owing to such entitled Persons, and (iii) the covenant
set forth in the preceding clause (ii) constitutes a “subordination agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code. 

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

(a) It is expressly understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by the Trustee
Bank, not individually or personally but solely as Owner Trustee, in the exercise of the powers and authority conferred and vested in it under the Trust Agreement, (ii) each of the representations, undertakings and agreements herein made on the
part of the Issuing Entity is made and intended not as personal representations, undertakings and agreements by the Trustee Bank, but is made and intended for the purpose of binding only the Issuing Entity, (iii) nothing herein contained shall
be construed as creating any liability on the Trustee Bank, individually or personally, to perform any covenant of the Issuing Entity, either expressed or implied, contained herein, all such liability of the Trustee Bank in its individual or
personal capacity, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto and (iv) 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. For all purposes of this Agreement, in the performance of its duties or obligations hereunder or in the performance of any duties or obligations of
the Issuing Entity hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust Agreement and the Administration Agreement. 

(b) Notwithstanding anything contained herein to the contrary, this Agreement has been accepted by The Bank of New York Mellon, not in
its individual capacity but solely as Indenture Trustee and in no event shall The Bank of New York Mellon have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuing Entity hereunder or in any of
the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuing Entity. 
 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 

  
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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. 

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

			
	 WORLD OMNI AUTO RECEIVABLES
 TRUST 2012-A

	
	 by:  U.S. BANK TRUST NATIONAL
 ASSOCIATION,

	 not in its individual capacity
 but solely as Owner Trustee

		
	By:	 	 /s/ Patricia M. Child

	Name:	 	Patricia M. Child
	Title:	 	Vice President
	
	 WORLD OMNI AUTO RECEIVABLES LLC,
 as Depositor

		
	By:	 	 /s/ Charles M. Einhorn

	Name:	 	Charles M. Einhorn
	Title:	 	Assistant Treasurer
	
	WORLD OMNI FINANCIAL CORP., as Servicer
		
	By:	 	 /s/ Charles M. Einhorn

	Name:	 	Charles M. Einhorn
	Title:	 	Assistant Treasurer

  

			
	 Acknowledged and agreed to as of the day
 and year first above written:

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

		
	By:	 	 /s/ Esther D. Antoine

	Name:	 	Esther D. Antoine
	Title:	 	Senior Associate

 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, Alabama 36609 
 and 

RecordMax LLC 

2051 West I-65 Service Rd. N. 
 Mobile, AL 36618 

  
 Sch. B

 EXHIBIT A  
 Form of Distribution Statement to Noteholders 
 World Omni Financial Corp. 

World Omni Auto Receivables Trust 2012-A Payment Date Statement to Noteholders 
 Total Available Funds 
  

			
	 Class A-1 Notes:
	  	
        ($             per $1,000
original principal amount)

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

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

	 Class B Notes:
	  	
        ($             per $1,000
original principal amount)

 Outstanding Amount 
 Class A-1 Notes 
 Class A-2 Notes 

Class A-3 Notes 
 Class A-4 Notes

 Class B Notes 
 Note Pool Factor

 Class A-1 Notes 
 Class A-2
Notes 
 Class A-3 Notes 

Class A-4 Notes 
 Class B Notes 

Servicing Fee 
 Servicing Fee Per $1,000 Note

 Reserve Account Balance 

  
 Ex. A

 EXHIBIT B  
 Form of Servicer’s Certificate 
 World Omni Financial Corp.

 World Omni Auto Receivables Trust 2012-A Monthly Servicer’s Certificate 

World Omni Auto Receivables Trust 2012-A 

Monthly Servicer Certificate 

mm/dd/yyyy 
  

					
			
	 Dates Covered
	  	 	  	 
	 Collections Period
	  		  	
	 Interest Accrual Period
	  		  	
	 30/360 Days
	  		  	
	 Actual/360 Days
	  		  	
	 Distribution Date
	  		  	
			
	 Collateral Pool Balance Data
	  	 $ Amount
	  	# of Accounts
	 Pool Balance at mm/dd/yy
	  		  	
	 Yield Supplement Overcollateralization Amount at mm/dd/yy
	  		  	
	 Receivables Balance at mm/dd/yy
	  		  	
	 Principal Payments
	  		  	
	 Defaulted Receivables
	  		  	
	 Repurchased Accounts
	  		  	
	 Yield Supplement Overcollateralization Amount at mm/dd/yy
	  		  	
		  	  
	  	  

	 Pool Balance at mm/dd/yy
	  		  	
		  	  
	  	  

			
	 Pool Statistics
	  	 $ Amount
	  	# of Accounts
	 Initial Receivables Balance
	  		  	
	 Pre-Funding Contracts added mm/dd/yy
	  		  	
			
	 Delinquent Receivables:
	  		  	
	 Past Due 31-60 days
	  		  	
	 Past Due 61-90 days
	  		  	
	 Past Due 91 + days
	  		  	
		  	  
	  	  

	 Total
	  		  	
		  	  
	  	  

	 Total 31+ Delinquent as % Ending Pool Balance
	  		  	

  
 Ex. B-1

			
	 Recoveries
	  	
		
	 Aggregate Net Losses - mm/yyyy
	  	
		
	 Overcollateralization Target Amount
	  	
	 Actual Overcollateralization
	  	
	 Weighted Average APR
	  	
	 Weighted Average APR, Yield Adjusted
	  	
	 Weighted Average Remaining Term
	  	
		
	 Flow of Funds
	  	 $ Amount

	 Collections
	  	
	 Advances
	  	
	 Investment Earnings on Cash Accounts
	  	
	 Servicing Fee
	  	
	 Interest Rate Swap Receipt (if any)
	  	
		  	  

	 Available Funds
	  	
		  	  

	 Distributions of Available Funds
	  	
	 (1) Monthly Swap Payment Amount (if any)
	  	
	 (2) Class A Interest
	  	
	 (3) Noteholders’ First Priority Principal Distributable Amount
	  	
	 (4) Class B Interest
	  	
	 (5) Noteholders’ Second Priority Principal Distributable Amount
	  	
	 (6) Required Reserve Account
	  	
	 (7) Noteholders’ Principal Distributable Amount
	  	
	 (8) Distribution to Certificateholders
	  	
		
	 Total Distributions of Available Funds
	  	
		
	 Servicing Fee
	  	
	 Unpaid Servicing Fee
	  	
		
	 Note Balances & Note Factors
	  	 $ Amount

	 Original Class A
	  	
	 Original Class B
	  	

  
 Ex. B-2

	
	Total Class A & B
	 Note Balance @ mm/dd/yy

	 Principal Paid

	 Note Balance @ mm/dd/yy

	
	Class A-1
	 Note Balance @ mm/dd/yy

	 Principal Paid

	 Note Balance @ mm/dd/yy

	 Note Factor @ mm/dd/yy

	
	Class A-2
	 Note Balance @ mm/dd/yy

	 Principal Paid

	 Note Balance @ mm/dd/yy

	 Note Factor @ mm/dd/yy

	
	Class A-3
	 Note Balance @ mm/dd/yy

	 Principal Paid

	 Note Balance @ mm/dd/yy

	 Note Factor @ mm/dd/yy

	
	Class A-4
	 Note Balance @ mm/dd/yy

	 Principal Paid

	 Note Balance @ mm/dd/yy

	 Note Factor @ mm/dd/yy

	
	Class B
	 Note Balance @ mm/dd/yy

	 Principal Paid

	 Note Balance @ mm/dd/yy

	 Note Factor @ mm/dd/yy

  
 Ex. B-3

			
	 Interest & Principal Payments
	  	  $ Amount 

	 Total Interest Paid
	  	
	 Total Principal Paid
	  	
		  	  

	 Total Paid
	  	
		  	  

		
	Class A-1	  	
	 Coupon
	  	
	 Interest Paid
	  	
	 Principal Paid
	  	
		  	  

	 Total Paid to A-1 Holders
	  	
		  	  

		
	Class A-2	  	
	 Coupon
	  	
	 Interest Paid
	  	
	 Principal Paid
	  	
		  	  

	 Total Paid to A-2 Holders
	  	
		  	  

		
	Class A-3	  	
	 Coupon
	  	
	 Interest Paid
	  	
	 Principal Paid
	  	
		  	  

	 Total Paid to A-3 Holders
	  	
		  	  

		
	Class A-4	  	
	 Coupon
	  	
	 Interest Paid
	  	
	 Principal Paid
	  	
		  	  

	 Total Paid to A-4 Holders
	  	
		  	  

		
	Class B	  	
	 Coupon
	  	
	 Interest Paid
	  	
	 Principal Paid
	  	
		  	  

	 Total Paid to B Holders
	  	
		  	  

  
 Ex. B-4

			
	 Distribution per $1,000 of Notes
	  	  Total 

	 Total Interest Distribution Amount
	  	
	 Total Interest Carryover Shortfall
	  	
	 Total Principal Distribution Amount
	  	
		  	  

	 Total Distribution Amount
	  	
		  	  

	 A-1 Interest Distribution Amount
	  	
	 A-1 Interest Carryover Shortfall
	  	
	 A-1 Principal Distribution Amount
	  	
		  	  

	 Total A-1 Distribution Amount
	  	
		  	  

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

	 Total A-2 Distribution Amount
	  	
		  	  

	 A-3 Interest Distribution Amount
	  	
	 A-3 Interest Carryover Shortfall
	  	
	 A-3 Principal Distribution Amount
	  	
		  	  

	 Total A-3 Distribution Amount
	  	
		  	  

	 A-4 Interest Distribution Amount
	  	
	 A-4 Interest Carryover Shortfall
	  	
	 A-4 Principal Distribution Amount
	  	
		  	  

	 Total A-4 Distribution Amount
	  	
		  	  

	 B Interest Distribution Amount
	  	
	 B Interest Carryover Shortfall
	  	
	 B Principal Distribution Amount
	  	
		  	  

	 Total B Distribution Amount
	  	
		  	  

 Noteholders’
First Priority Principal Distributable Amount 
 Noteholders’ Second Priority Principal Distributable Amount 

Noteholders’ Principal Distributable Amount 

  
 Ex. B-5

			
	 Account Balances
	  	 $ Amount

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

  
 Ex. B-6

 EXHIBIT C 
 Form of Initial SSA Assignment 
 As of July 18, 2012, for value
received, in accordance with the Sale and Servicing Agreement, dated as of the date hereof (the “Sale and Servicing Agreement”), among World Omni Auto Receivables LLC, a Delaware limited liability company (the
“Depositor”), World Omni Auto Receivables Trust 2012-A (the “Issuing Entity”) and World Omni Financial Corp., a Florida corporation, (the “Servicer”), as acknowledged and accepted by The Bank of New
York Mellon, as Indenture Trustee, the Depositor does hereby sell, assign, transfer and otherwise convey unto the Issuing Entity, without recourse, all right, title and interest of the Depositor in, to and under (a) the Initial
Receivables identified on the Schedule of Receivables attached hereto having an aggregate Starting Principal Balance of $940,449,326.13 and all monies received thereon and in respect thereof after the Initial Cutoff Date; (b) the security
interests in, and the liens on, the Financed Vehicles granted by Obligors in connection with the Initial Receivables and any other interest of the Depositor in such Financed Vehicles; (c) any proceeds with respect to the Initial Receivables
from claims on any physical damage, credit life or disability insurance policies covering such Financed Vehicles or Obligors; (d) any Financed Vehicle that shall have secured an Initial Receivable and shall have been acquired by or on behalf of
the Depositor, the Servicer or the Trust; (e) all funds on deposit in, and “financial assets” (as such term is defined in the Uniform Commercial Code as from time to time in effect) credited to, the Trust Accounts, including the
Reserve Account, the Negative Carry Account, if any, and the Pre-Funding Account, if any, from time to time, including the Reserve Account Initial Deposit, any Reserve Account Subsequent Transfer Deposit, the Negative Carry Account Initial Deposit,
if any, and the Pre-Funding Account Initial Deposit, if applicable, and in all investments and proceeds thereof (including all income thereon); (f) the Receivables Purchase Agreement; (g) all “accounts,” “chattel
paper,” “general intangibles” and “promissory notes” (as such terms are defined in the Uniform Commercial Code as from time to time in effect) constituting or relating to the foregoing; and (h) the proceeds of any and
all of the foregoing (including Liquidation Proceeds); provided, however, that the foregoing items (a) through (h) shall not include the Notes and Certificates. 

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

This Initial SSA Assignment is made pursuant to and upon the representations, warranties and agreements on the part of the undersigned
contained in the Sale and Servicing Agreement and is to be governed by the Sale and Servicing Agreement. 
 Capitalized terms
used herein and not otherwise defined shall have the meaning assigned to them in the Sale and Servicing Agreement. 
 * * * * *

  
 Ex. C-1

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

			
	WORLD OMNI AUTO RECEIVABLES LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Ex. C-2

 EXHIBIT D 
 Form of Subsequent Transfer SSA Assignment 
 As of
                    , for value received, in accordance with the Sale and Servicing Agreement, dated as of July 18, 2012 (the
“Sale and Servicing Agreement”), among World Omni Auto Receivables LLC, a Delaware limited liability company (the “Depositor”), World Omni Auto Receivables Trust 2012-A (the “Issuing Entity”) and
World Omni Financial Corp., a Florida corporation, (the “Servicer”), as acknowledged and accepted by The Bank of New York Mellon, as Indenture Trustee, the Depositor does hereby sell, assign, transfer and otherwise convey unto the
Issuing Entity, without recourse, all right, title and interest of the Depositor in, to and under (a) the Subsequent Receivables identified on the Schedule of Receivables attached hereto having an aggregate Starting Principal Balance of
$             and all monies received thereon and in respect thereof after the close of business on             ,
20    ; (b) the security interests in, and the liens on, the Financed Vehicles granted by Obligors in connection with such Subsequent Receivables and any other interest of the Depositor in such Financed Vehicles;
(c) any proceeds with respect to the Subsequent Receivables from claims on any physical damage, credit life or disability insurance policies covering such Financed Vehicles or Obligors; (d) any Financed Vehicle that shall have secured such
Subsequent Receivable and shall have been acquired by or on behalf of the Depositor, the Servicer or the Trust; (e) all “accounts,” “chattel paper,” “general intangibles” and “promissory notes” (as such
terms are defined in the Uniform Commercial Code as from time to time in effect) constituting or relating to the foregoing; and (f) the proceeds of any and all of the foregoing (including Liquidation Proceeds); provided, however,
that the foregoing items (a) through (f) shall not include the Notes and Certificates. 
 The
foregoing sale does not constitute and is not intended to result in any assumption by the Issuing Entity of any obligation of the undersigned to the Obligors, Dealers, insurers or any other Person in connection with such Subsequent Receivables, the
agreements with Dealers, any insurance policies or any agreement or instrument relating to any of them. 
 This Subsequent
Transfer SSA Assignment is made pursuant to and upon the representations, warranties and agreements on the part of the undersigned contained in the Sale and Servicing Agreement and is to be governed by the Sale and Servicing Agreement. 

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

 * * * * * 

  
 Ex. D-1

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

			
	WORLD OMNI AUTO RECEIVABLES LLC
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  
 Ex. D-2

 APPENDIX A 
 PART I - DEFINITIONS 
 All terms used in this Appendix shall have the defined meanings set
forth in this Part I when used in the Basic Documents, unless otherwise defined therein. 
 “Accredited
Investor” has the meaning assigned in Section 2.04(e) of the Indenture. 
 “Act of the
Noteholders” has the meaning specified in Section 11.03(a) of the Indenture. 
 “Administration
Agreement” means the Administration Agreement, dated as of the Closing Date, among the Administrator, the Issuing Entity, the Depositor and the Indenture Trustee, as amended from time to time. 

“Administrator” means World Omni Financial Corp., a Florida corporation, or any successor Administrator under the
Administration Agreement. 
 “Advance” has the meaning assigned in Section 5.04 of the Sale and
Servicing Agreement. 
 “Affiliate” means, with respect to any specified Person, any other Person controlling
or controlled by or under common control with such specified Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Aggregate Starting Principal Balance” means as of any date of determination, the aggregate of the Starting Principal
Balances of the Initial Receivables as of the Initial Cutoff Date, which is equal to the Initial Aggregate Starting Principal Balance, plus the aggregate of the Starting Principal Balances, as of each of the related Subsequent Cutoff Dates, for all
Subsequent Receivables, if any, sold to the Issuing Entity on or prior to such date of determination. 
 “Amount
Financed” means, with respect to a Receivable, the amount advanced under the Receivable toward the purchase price of the Financed Vehicle, warranty or insurance premium and any related costs. 

“Annual Percentage Rate” or “APR” of a Receivable means the annual rate of finance charges stated in
the related Contract. 
 “Assignment” shall mean any RPA Assignment or SSA Assignment. 

“Authorized Officer” means, with respect to the Owner Trustee, any officer of the Owner Trustee or other Person who is
authorized to act for the Owner Trustee in matters relating to the Issuing Entity and, with respect to the Issuing Entity, any Authorized Officer of the Owner Trustee or, so long as the Administration Agreement is in effect, the president, any vice
president, treasurer, assistant treasurer, secretary or assistant secretary of the Administrator who 

  
 App. A-1

 
is authorized to act for the Administrator in matters relating to the Issuing Entity and to be acted upon by the Administrator pursuant to the Administration Agreement and who is identified on
the list of Authorized Officers delivered by the Administrator to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter). 

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

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

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

“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 

  
 App. A-2

 
State of Delaware, the states in which the servicing offices of the Servicer are located or the state in which the Corporate Trust Office is located are required or authorized by law, regulation
or executive order to be closed. 
 “Certificate of Trust” shall mean the Certificate of Trust in the form of
Exhibit B to the Trust Agreement filed for the Trust pursuant to Section 3810(a) of the Delaware Statutory Trust Act. 
 “Certificateholder” shall mean a Person in whose name a Trust Certificate is registered in the Certificate Register. 

“Certificate Register” and “Certificate Registrar” shall mean the register mentioned in and the
registrar appointed pursuant to Section 3.04 of the Trust Agreement. 
 “Certificates” means the
Trust Certificates issued by the Issuing Entity pursuant to the Trust Agreement in form and substance attached as Exhibit A thereto. 
 “Class” means any one of the classes of Notes. 
 “Class A
Noteholders’ Interest Carryover Shortfall” means, with respect to any Payment Date, the excess of the Class A Noteholders’ Interest Distributable Amount for the preceding Payment Date, over the amount in respect of interest
that was actually paid on the Class A Notes on such preceding Payment Date, plus interest on the amount of interest due but not paid to holders of the Class A Notes on the preceding Payment Date, to the extent permitted by law, at the
respective interest rates borne by each Class of the Class A Notes for the related Interest Accrual Period. 

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

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

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

 

	 	•	 	 the related Interest Rate; and 

  

	 	•	 	 30 (or, in the case of the initial Payment Date, 27) divided by 360. 

  
 App. A-3

 Interest due on the initial Payment Date will be $120,822.00 for the Class A-2 Notes,
$123,360.00 for the Class A-3 Notes and $81,389.63 for the Class A-4 Notes. 
 Interest with respect to the
Class A-1 Notes shall be computed on the basis of the actual number of days in the related Interest Accrual Period and a 360-day year. The interest due on these classes of notes on each Payment Date will be the product of: 

 

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

 

	 	•	 	 the related Interest Rate; and 

  

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

 Interest due on the initial Payment Date will be $43,637.30 for the Class A-1 Notes. 

“Class A Notes” means the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the
Class A-4 Notes. 
 “Class A-1 Final Scheduled Payment Date” means the July 2013 Payment Date.

 “Class A-1 Interest Rate” means 0.29529% per annum computed on the basis of the actual number of
days elapsed and on a 360 day year. 
 “Class A-1 Noteholder” means the Person in whose name a
Class A-1 Note is registered in the Note Register. 
 “Class A-1 Notes” means the Class A-1
0.29529% Asset-Backed Notes, substantially in the form of Exhibit A-1 to the Indenture. 
 “Class A-2
Final Scheduled Payment Date” means the June 2015 Payment Date. 
 “Class A-2 Interest Rate”
means 0.52% per annum computed on the basis of a 360 day year of twelve 30 day months. 
 “Class A-2
Noteholder” means the Person in whose name a Class A-2 Note is registered in the Note Register. 
 “Class
A-2 Notes” means the Class A-2 0.52% Asset-Backed Notes, substantially in the form of Exhibit A-2 to the Indenture. 
 “Class A-3 Final Scheduled Payment Date” means the February 2017 Payment Date. 
 “Class A-3 Interest Rate” means 0.64% per annum computed on the basis of a 360 day year of twelve 30 day months. 

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

  
 App. A-4

 “Class A-3 Notes” means the Class A-3 0.64% Asset-Backed Notes,
substantially in the form of Exhibit A-3 to the Indenture. 
 “Class A-4 Final Scheduled Payment
Date” means the August 2018 Payment Date. 
 “Class A-4 Interest Rate” means 0.85% per annum
computed on the basis of a 360 day year of twelve 30 day months. 
 “Class A-4 Noteholder” means the
Person in whose name a Class A-4 Note is registered in the Note Register. 
 “Class A-4 Notes” means the
Class A-4 0.85% Asset-Backed Notes, substantially in the form of Exhibit A-4 to the Indenture. 

“Class B Final Scheduled Payment Date” means the May 2019 Payment Date. 

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

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

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

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

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

 

	 	•	 	 the related Interest Rate; and 

  
 App. A-5

	 	•	 	 30 (or, in the case of the initial Payment Date, 27) divided by 360. 

Interest due on the initial Payment Date will be $21,165.45 for the Class B Notes. 

“Class B Notes” means the Class B 1.49% Asset-Backed Notes substantially in the form of Exhibit B to the
Indenture. 
 “Clearing Agency” means an organization registered as a “clearing agency” pursuant to
Section 17A of the Exchange Act. 
 “Clearing Agency Participant” means a broker, dealer, bank, other
financial institution or other Person for whom from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency. 
 “Closing Date” shall mean July 18, 2012. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and Treasury Regulations promulgated
thereunder. 
 “Collateral” has the meaning specified in the Granting Clause of the Indenture. 

“Collection Account” means the account designated as such, established and maintained pursuant to
Section 5.01(a)(i) of the Sale and Servicing Agreement. 
 “Collection Account Redeposits” means,
with respect to any Payment Date, amounts that would have been distributed to the Certificateholders on the prior Payment Date but for the direction of the Certificateholders causing such amounts to remain on deposit in the Collection Account.

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

“Collections” shall mean all amounts collected by the Servicer (from whatever source) on or with respect to the
Receivables. 
 “Commission” means the U.S. Securities and Exchange Commission. 

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

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

  
 App. A-6

 “Corporate Trust Office” means: 

(a) with respect to the Indenture Trustee, the principal office of the Indenture Trustee at which at any particular time the Indenture
shall be administered, which office at the date of execution of the Indenture is located at The Bank of New York Mellon, 101 Barclay Street, 4W, New York, New York 10286, Attention: Asset Backed Securities Unit, Telecopy: (212) 815-8091, or at
such other 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 designated by such successor
Indenture Trustee by notice to the Noteholders and the Issuing Entity; and 
 (b) with respect to the Owner
Trustee, the corporate trust office of the Owner Trustee located at U.S. Bank Trust National Association, Mail Code MK-12-SL7R, 190 S. LaSalle Street, 7th Floor, Chicago, Illinois 60603, Attention: Patricia Child, VP, Telecopy: (312) 332-7996, or at such other address
as the Owner Trustee may designate by notice to the Certificateholders and the Depositor, or the principal corporate trust office of any successor Owner Trustee at the address designated by such successor Owner Trustee by notice to the
Certificateholders and the Depositor. 
 “Cutoff Date” means with respect to an Initial Receivable, the Initial
Cutoff Date, and with respect to a Subsequent Receivable, the related Subsequent Cutoff Date. 
 “Dealer” means
the dealer who sold a Financed Vehicle and who originated and assigned the related Receivable to World Omni under an existing agreement between such dealer and World Omni. 
 “Default” means any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default. 

“Defaulted Receivable” means a Receivable as to which (a) $40 or more of a monthly payment is 120 or more days past
due and the Servicer has not repossessed the related Financed Vehicle or (b) the Servicer has, in accordance with its customary servicing procedures, determined that eventual payment in full is unlikely and has either repossessed and liquidated
the related Financed Vehicle or repossessed and held the related Financed Vehicle in its repossession inventory for 45 days, whichever occurs first. The Principal Balance of any Receivable that becomes a Defaulted Receivable will be deemed to be
zero as of the date it becomes a Defaulted Receivable. 
 “Definitive Notes” has the meaning specified in
Section 2.11 of the Indenture. 
 “Delivery” when used with respect to Trust Account Property
means: 
 (a) with respect to bankers’ acceptances, commercial paper, negotiable certificates of deposit and
other obligations that constitute “instruments” within the meaning of Section 9-102(a)(47) of the UCC and are susceptible of physical delivery, transfer thereof to the Indenture Trustee or its nominee or custodian by physical delivery
to the Indenture Trustee or its nominee or custodian endorsed to, or registered in the name of, the Indenture Trustee or its nominee or custodian or endorsed in blank, and, 

  
 App. A-7

 
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; 

(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 

  
 App. A-8

 (c) with respect to any item of Trust Account Property that is an
uncertificated security under Article 8 of the UCC and that is not governed by clause (b) above, registration on the books and records of the issuer thereof in the name of the financial intermediary, the sending of a confirmation by the
financial intermediary of the purchase by the Indenture Trustee or its nominee or custodian of such uncertificated security, the making by such financial intermediary of entries on its books and records identifying such uncertificated certificates
as belonging to the Indenture Trustee or its nominee or custodian. 
 “Depositor” means World Omni Auto
Receivables LLC in its capacity as Depositor under certain of the Basic Documents. 
 “Early Termination Date”
has the meaning specified in Section 14 of the applicable Interest Rate Swap, if any. 
 “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 from each Rating Agency in one of its generic rating categories that signifies investment grade. 
 “Eligible Institution” means 
 (a) the corporate trust department
of the Indenture Trustee or 
 (b) a depository institution or trust company organized under the laws of the United States of
America or any one of the states thereof, or the District of Columbia (or any domestic branch of a foreign bank), which at all times (i) has either (A) a long-term unsecured debt rating of Aa2 or better by Moody’s, AA or better by
Standard & Poor’s, or such other rating that is acceptable to each Rating Agency, as evidenced by a letter from such Rating Agency to the Indenture Trustee or (B) a certificate of deposit rating of Prime-1 by Moody’s, A-1+ by
Standard & Poor’s, or such other rating that is acceptable to each Rating Agency, as evidenced by a letter from such Rating Agency to the Indenture Trustee and (ii) whose deposits are insured by the FDIC. 

“Eligible Investments” shall mean any of the following in each case with a required maturity date as set forth in
Section 5.01(b) of the Sale and Servicing Agreement: 
 (a) (i) direct obligations of, and
obligations guaranteed as to full and timely payment of principal and interest by, the United States or any agency or instrumentality of the United States the obligations of which are backed by the full faith and credit of the United States (other
than the Government National Mortgage Association), and (ii) direct obligations of, or obligations fully guaranteed by, Fannie Mae or any State then rated 

  
 App. A-9

 
with the highest available credit rating of Moody’s and Standard & Poor’s, or such obligations, which obligations are, at the time of investment, otherwise acceptable to each
Rating Agency for securities having a rating at least equivalent to the rating of the Notes; 
 (b) money market
deposit accounts, certificates of deposit, demand or time deposits, savings deposits, bankers acceptances, or federal funds, in each case as defined in Regulation D of the Board of Governors of the Federal Reserve System and issued by or sold by or
offered by, any domestic office of any commercial bank or any depository institution or trust company (including the Indenture Trustee or the Owner Trustee or their successors) incorporated or organized under the laws of the United States or any
State thereof which has a combined capital and surplus and undivided profits of not less than $250,000,000 and the deposits of which are fully insured by the FDIC and which has from Moody’s a short-term rating of not lower than Prime-1 or
long-term rating of not lower than A2; 
 (c) repurchase obligations held by the Indenture Trustee that are
acceptable to 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 Moody’s and Standard & Poor’s, or the Rating Agency Condition has been satisfied, or
commercial paper or other short-term debt having the Required Rating; provided, however, that any such commercial paper or other short-term debt may have a remaining term to maturity of no longer than 30 days after the date of such
investment or contractual commitment providing for such investment, and that the securities issued by any particular corporation will not be Eligible Investments to the extent that investment therein will cause the then outstanding principal amount
or face amount, as the case may be, of securities issued by such corporation and held by the Indenture Trustee on behalf of the Trust to exceed 10% of either the Pool Balance or the aggregate unpaid principal balance or face amount, as the case may
be, of all Eligible Investments held by the Indenture Trustee on behalf of the Trust; 

  
 App. A-10

 (e) interest in any open-end or closed-end management type investment
company or investment trust (i) registered under the Investment Company Act of 1940, as amended, the portfolio of which is limited to the obligations of, or guaranteed by, the United States and to agreements to repurchase such obligations,
which agreements, with respect to principal and interest, are at least 100% collateralized by such obligations marked to market on a daily basis and the investment company or investment trust shall take delivery of such obligations either directly
or through an independent custodian designated in accordance with the Investment Company Act and (ii) acceptable to each Rating Agency (as approved in writing by each Rating Agency) as collateral for securities having ratings equivalent to the
ratings of the Notes; 
 (f) guaranteed reinvestment agreements issued by any bank, insurance company or other
corporation for which the Rating Agency Condition has been satisfied; 
 (g) investments in Eligible Investments
maintained in “sweep accounts,” short-term asset management accounts and the like utilized for the investment, on an overnight basis, of residual balances in investment accounts maintained at the Indenture Trustee or any other depository
institution or trust company organized under the laws of the United States or any state that is a member of the FDIC, the short-term debt of which has the highest available credit rating of Moody’s and Standard & Poor’s;

 (h) guaranteed investment contracts entered into with any financial institution having a final maturity of not
more than one month from the date of acquisition, the short-term debt securities of which institution have the Required Rating; 
 (i) funds classified as money market funds; provided, however, that the fund shall be rated with the highest available credit rating of Moody’s and Standard &
Poor’s, and redemptions shall be permitted on a daily or next business day basis; 
 (j) auction rate
securities issued with a rate reset mechanism and a maximum term of 30 days; provided that investment will be limited to those issuers having the AAA credit rating of Moody’s and Standard & Poor’s; and 

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

Notwithstanding anything to the contrary contained in the foregoing definition: 

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

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

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

  
 App. A-11

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

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

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

 (e) any of the foregoing shall not constitute an Eligible Investment unless the Indenture Trustee (A) has
given value, and (B) does not have notice of an adverse claim; and 
 (f) for the purposes of funds held in
the Collection Account only, investments which would otherwise qualify as Eligible Investments but for the fact that such investments are rated A-1 by Standard & Poor’s shall be Eligible Investments, so long as the aggregate amount of
such investments does not exceed 10% of the Outstanding Amount of the Notes. 
 “ERISA” shall have the meaning
assigned thereto in Section 3.04 of the Trust Agreement. 
 “Event of Default” has the meaning
specified in Section 5.01 of the Indenture. 
 “Exchange Act” means the Securities Exchange Act of
1934, as amended. 
 “Executive Officer” means, with respect to any company, the Chief Executive Officer, Chief
Operating Officer, Chief Financial Officer, President, any Executive Vice President, Vice President, Secretary, Assistant Secretary, Treasurer or Assistant Treasurer of such company; and with respect to any partnership, any general partner thereof.

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

  
 App. A-12

 “FDIC” means the Federal Deposit Insurance Corporation. 

“Final Prospectus” shall mean the prospectus dated July 9, 2012, as supplemented by the prospectus supplement dated
July 11, 2012, relating to the Notes. 
 “Final Scheduled Maturity Date” means in the case of an Initial
Receivable, October 19, 2018 or, in the case of a Subsequent Receivable, [RESERVED]. 
 “Final Scheduled Payment
Date” means (i) with respect to the Class A-1 Notes, the Class A-1 Final Scheduled Payment Date, (ii) with respect to the Class A-2 Notes, the Class A-2 Final Scheduled Payment Date, (iii) with respect to
the Class A-3 Notes, the Class A-3 Final Scheduled Payment Date, (iv) with respect to the Class A-4 Notes, the Class A-4 Final Scheduled Payment Date, and (v) with respect to the Class B Notes, the Class B Final
Scheduled Payment Date. 
 “Financed Vehicle” means an automobile or light-duty truck, together with all
accessions thereto, securing an Obligor’s indebtedness under the respective Receivable. 
 “Financial
Asset” has the meaning given such term in Revised Article 8. As used herein, the Financial Asset “related to” a security entitlement is the Financial Asset in which the entitlement holder (as defined in the New York UCC) holding
such Security Entitlement has the rights and property interest specified in the New York UCC. 
 “Funding
Period” means, if the Pre-Funding Account Initial Deposit is greater than zero, the period beginning on and including the Closing Date and ending on the first to occur of (a) the date on which the amount on deposit in the Pre-Funding
Account (after giving effect to any transfers therefrom in connection with the transfer of Subsequent Receivables to the Issuing Entity on such Payment Date) is not greater than $100,000, (b) the date on which an Event of Default or a Servicer
Default occurs, (c) the date on which an Insolvency Event occurs with respect to WOAR or World Omni or (d) the last Business Day of [RESERVED]. If the Pre-Funding Account Initial Deposit is zero, there will be no Funding Period.

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

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

  
 App. A-13

 “Indemnified Parties” shall have the meaning assigned to such term in
Section 8.02 of the Trust Agreement. 
 “Indenture” shall mean the Indenture, dated as of the
Closing Date, between the Trust and the Indenture Trustee, as the same may be amended and supplemented from time to time. 

“Indenture Trustee” means The Bank of New York Mellon, not in its individual capacity but solely as Indenture Trustee
under the Indenture, or any successor Indenture Trustee under the Indenture. 
 “Independent” means, when used
with respect to any specified Person, that the Person (a) is in fact independent of the Issuing Entity, any other obligor on the Notes, the Depositor and any Affiliate of any of the foregoing Persons, (b) does not have any direct financial
interest or any material indirect financial interest in the Issuing Entity, any such other obligor, the Depositor or any Affiliate of any of the foregoing Persons and (c) is not connected with the Issuing Entity, any such other obligor, the
Depositor or any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions. 
 “Independent Certificate” means a certificate or opinion to be delivered to the Indenture Trustee under the circumstances described in, and otherwise complying with, the applicable
requirements of Section 11.01 of the Indenture, made by an Independent appraiser or other expert appointed by an Issuing Entity Order and approved by the Indenture Trustee in the exercise of reasonable care, and such opinion or
certificate shall state that the signer has read the definition of “Independent” in the Indenture and that the signer is Independent within the meaning thereof. 
 “Initial Aggregate Starting Principal Balance” means $940,449,326.13. 
 “Initial Cutoff Date” means June 1, 2012. 
 “Initial
RPA Assignment” has the meaning assigned in Section 2.01 of the Receivables Purchase Agreement. 

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

 “Initial Receivables” means the Receivables transferred to the Trust on the Closing Date as set forth on the
Schedule of Receivables attached to the Initial SSA Assignment. 
 “Initial Trust Agreement” shall have the
meaning assigned to such term in Section 2.12 of the Trust Agreement. 
 “Insolvency Event” means,
with respect to a specified Person, (a) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable
federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any

  
 App. A-14

 
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, 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. 
 “Interest Rate” means the Class A-1 Interest Rate, the Class A-2 Interest Rate, the Class A-3 Interest Rate, the Class A-4 Interest Rate or the Class B Interest Rate,
as applicable. 
 “Interest Rate Swaps” means the interest rate swap agreements, if any, including all
schedules and confirmations related thereto, between the Trust and the Swap Counterparty, if any, in effect on the Closing Date (as may be amended, supplemented, replaced or otherwise modified and in effect from time to time). 

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

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

“Issuing Entity” means World Omni Auto Receivables Trust 2012-A until a successor replaces it and, thereafter, means the
successor and, for purposes of any provision contained in the Indenture and required by the TIA, each other obligor on the Notes. 
 “Issuing Entity Order” or “Issuing Entity Request” means a written order or request signed in the name of the Issuing Entity by any one of its Authorized Officers and
delivered to the Indenture Trustee. 
 “Lien” means a security interest, lien, charge, pledge, equity or
encumbrance of any kind, other than tax liens, mechanics’ liens and any liens that attach to the respective Receivable by operation of law as a result of any act or omission by the related Obligor. 

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

  
 App. A-15

 “Materiality Opinion” has the meaning set forth in the Swap Counterparty
Rights Agreement, if any. 
 “Maximum Negative Carry Amount” means, if there is a Funding Period, with respect
to the Closing Date and any Payment Date, the product of (i) the excess of (a) the weighted average of the Interest Rates on the Notes, as of such date over (b) [RESERVED]% multiplied by (ii) the amount on deposit in the
Pre-Funding Account on such date multiplied by (iii) the fraction of a year represented by the number of days from such date until, but excluding, the Payment Date immediately following the calendar month in which the last day of the Funding
Period occurs (calculated on the basis of a 360-day year of twelve 30-day months). 
 “Monthly Swap Payment
Amount” means, with respect to any Payment Date, the amount payable by the Trust under the Interest Rate Swaps other than Swap Termination Payment Amounts, if any. 
 “Moody’s” means Moody’s Investors Service, Inc. or its successor. 
 “Negative Carry Account” means the account, if any, designated as such, established and maintained pursuant to Section 5.01(a)(v) of the Sale and Servicing Agreement.

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

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

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

“Note Depository Agreement” means the letter of representations, dated as of the Closing Date, between the Issuing
Entity and The Depository Trust Company, as the initial Clearing Agency. 
 “Note Distribution Account” means
the account designated as such, established and maintained pursuant to Section 5.01(a)(ii) of the Sale and Servicing Agreement. 

  
 App. A-16

 “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. 
 “Noteholders” shall mean the holders of the Notes.

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

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

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

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

  
 App. A-17

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

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

“Outstanding” means, as of the date of determination, all Notes theretofore authenticated and delivered under this
Indenture except: 
 (a) Notes theretofore cancelled by the Note Registrar or delivered to the Note Registrar for
cancellation; 
 (b) Notes or portions thereof the payment for which money in the necessary amount has been
theretofore deposited with the Indenture Trustee or any Paying Agent in trust for the Holders of such Notes (provided, however, that if such Notes are to be redeemed, notice of such redemption has been duly given or waived pursuant to
this Indenture or provision for such notice or waiver has been made which is satisfactory to the Indenture Trustee); and 
 (c) Notes in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture unless proof satisfactory to the Indenture Trustee is presented that any such
Notes are held by a protected purchaser; 
 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-18

 “Outstanding Advances” means all Advances by the Servicer minus all
reimbursements of Advances to the Servicer pursuant to Section 4.08 and Section 5.04 of the Sale and Servicing Agreement. 
 “Outstanding Amount” means the aggregate principal amount of all Notes, or Class of Notes, as applicable, Outstanding at the date of determination. 

“Overcollateralization Target Amount” means, with respect to any Payment Date, an amount equal to 4.50% of the aggregate
Principal Balance of the Receivables as of the end of the related Collection Period less the Yield Supplement Overcollateralization Amount of those Receivables as of the last day of the related Collection Period, but not less than the result of
1.00% of the Aggregate Starting Principal Balance of the Receivables as of the Closing Date minus the Yield Supplement Overcollateralization Amount as of the Closing Date. 
 “Owner Trust Estate” shall mean all right, title and interest of the Trust in and to the property and rights assigned to the Trust pursuant to Article II of the Sale and
Servicing Agreement, all funds on deposit from time to time in the Trust Accounts and all other property of the Trust from time to time, including any rights of the Trust pursuant to the Sale and Servicing Agreement and the Administration Agreement.

 “Owner Trustee” shall mean U.S. Bank Trust National Association, not in its individual capacity but solely
as owner trustee under the Trust Agreement, and any successor Owner Trustee thereunder. 
 “Paying Agent” means
the Indenture Trustee or any other Person that meets the eligibility standards for the Indenture Trustee specified in Section 6.11 of the Indenture and is authorized by the Issuing Entity to make payments to and distributions from the
Collection Account and the Note Distribution Account, including payments of principal of or interest on the Notes on behalf of the Issuing Entity. 
 “Payment Date” means, with respect to each Collection Period, the fifteenth day of the following month or, if such day is not a Business Day, the immediately following Business Day. The
initial Payment Date will be August 15, 2012. 
 “Payment Determination Date” means, with respect to any
Payment Date, the Business Day immediately preceding such Payment Date. 
 “Payment Extension Program” means a
program where one month’s payment of principal is deferred in return for the payment of an extension fee calculated generally at the APR of the contract for the month in which such payment is deferred (unless such fee is waived by the Servicer
in accordance with the Servicer’s customary servicing procedures). 
 “Percentage Interest” shall mean,
with respect to each Trust Certificate, the percentage beneficial interest in the Trust represented by such Trust Certificate. 

  
 App. A-19

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

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

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

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

“Predecessor Note” means, with respect to any particular Note, every previous Note evidencing all or a portion of the
same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 2.06 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed
to evidence the same debt as the mutilated, lost, destroyed or stolen Note. 
 “Pre-Funded Amount” means with
respect to any Payment Date, the amount on deposit in the Pre-Funding Account, if any. 
 “Pre-Funding Account”
means the account, if any, designated as such, established and maintained pursuant to Section 5.01(a)(iv) of the Sale and Servicing Agreement. 
 “Pre-Funding Account Initial Deposit” means Cash or Eligible Investments having a value of $0.00. 
 “Principal Balance” of a Receivable, as of the close of business on the last day of a Collection Period, means the Amount Financed minus the sum of (i) the portion of all payments
made by or on behalf of the related Obligor on or prior to such day and allocable to principal using the Simple Interest Method; (ii) refunds of any warranty or insurance financed on the original Contract; and (iii) any payment of the
Purchase Amount with respect to the Receivable allocable to principal. 
 “Principal Distribution Amount”
means, with respect to any Payment Date, the sum of the following amounts, without duplication, with respect to the Receivables with respect to the related Collection Period: (a) that portion of all collections on Receivables allocable to
principal, (b) the principal amount of Receivables that became Defaulted Receivables during such 

  
 App. A-20

 
Collection Period, (c) to the extent attributable to principal, the Purchase Amount of each Receivable that became a Purchased Receivable during such Collection Period, and (d) partial
prepayments received by the Servicer relating to refunds of any warranty or insurance, but only if such amounts were financed by the respective Obligors thereon as of the date of the original contract and only to the extent not included under
clause (a) above; provided, however, that in calculating the Principal Distribution Amount all payments on and proceeds (including Liquidation Proceeds) of any Purchased Receivables the Purchase Amount of which has
been included in the Principal Distribution Amount in a prior Collection Period will be excluded. 

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

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

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

 “Purchase Price” has the meaning assigned to such term in Section 2.02 of the Receivables
Purchase Agreement. 
 “Purchased Receivable” means a Receivable purchased as of the close of business on the
last day of a Collection Period by the Servicer pursuant to Section 4.07 or by World Omni pursuant to Section 3.02 of the Sale and Servicing Agreement. 
 “Rating Agencies” means, for so long as such organization is rating a Class of Notes, Moody’s and Standard & Poor’s or, if none of such organizations or successors is
any longer in existence, a nationally recognized statistical rating organization or other comparable Person designated by the Depositor, notice of which designation shall be given to the Indenture Trustee, the Owner Trustee and the Servicer.

 “Rating Agency Condition” means, with respect to any action, that each Rating Agency then rating a Class of
Notes shall have received prior written notice and shall not have notified the Depositor that such action will result in a downgrade of the then current rating on any Notes. 
 “Receivable” means any Contract listed on the Schedule of Receivables attached to an Assignment (which Schedule may be in the form of microfiche), as such Schedule may be amended from
time to time. 
 “Receivable Files” means the documents specified in Section 3.03 of the Sale and
Servicing Agreement. 
 “Receivables Purchase Agreement” shall mean the Receivables Purchase Agreement, dated
as of the Closing Date, between World Omni, as depositor and World Omni Auto Receivables LLC, as purchaser, as amended from time to time. 

  
 App. A-21

 “Record Date” means, with respect to a Payment Date or Redemption Date, the
close of business on the Business Day immediately preceding such Payment Date or Redemption Date or, if Definitive Notes have been issued pursuant to Section 2.13 of the Indenture, the Payment Date in the preceding month. 

“Recoveries” means, with respect to any Receivable that becomes a Liquidated Receivable, monies collected in respect
thereof, from whatever source, during any Collection Period following the Collection Period in which such Receivable became a Liquidated Receivable, net of any expenses of the Servicer in connection with such Receivable for which the Servicer has
not been previously reimbursed and any amounts required by law to be remitted to the Obligor. 
 “Redemption
Date” means, in the case of a redemption of the Notes pursuant to Section 10.01 of the Indenture, the Payment Date specified by the Depositor or the Issuing Entity pursuant to Section 10.01 of the Indenture.

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

“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.
§§229.1100-229.1123, 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 release (Asset-Backed Securities, Securities Act Release
No. 33-8518. 70 Fed. Reg. 1,506, 1,531 (January 7, 2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time. 
 “Reporting Officer” means, with respect to the Indenture Trustee, any officer within the Corporate Trust Office of the Indenture Trustee, including any Vice President, Assistant Vice
President, Assistant Treasurer, Assistant Secretary or any other officer, employee or other person of the Indenture Trustee customarily performing functions similar to those performed by any of the above designated officers and, with respect to
each, having direct responsibility for the administration of the Indenture and also, with respect to a particular matter, any other officer, employee or other person to whom such matter is referred because of such officer’s knowledge of and
familiarity with the particular subject, or, with respect to the Owner Trustee, any officer, employee or other person within the Corporate Trust Office of the Owner Trustee having direct responsibility for the administration of the Trust Agreement.

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

  
 App. A-22

 “Repurchase Event” shall have the meaning specified in
Section 6.02 of the Receivables Purchase Agreement. 
 “Repurchase Rules and Regulations” shall
have the meaning specified in Section 6.14 of the Indenture. 
 “Required Rate” means
3.10% per annum, or such other rate as shall be approved by the Rating Agencies. 
 “Required Rating”
means a rating on commercial paper or other short term unsecured debt obligations of Prime-1 by Moody’s so long as Moody’s is a Rating Agency and A-1+ by Standard & Poor’s so long as Standard & Poor’s is a
Rating Agency; and any requirement that deposits or debt obligations have the “Required Rating” shall mean that such deposits or debt obligations have the foregoing required ratings from Moody’s and Standard & Poor’s.

 “Required Negative Carry Account Balance” means, if applicable, as of any Payment Date, an amount equal to
the lesser of (a) the amount then on deposit in the Negative Carry Account, if any, and (b) the Maximum Negative Carry Amount as of such date. 
 “Required Reserve Amount” means, with respect to any Payment Date, the lesser of (a) 0.25% of the difference of the Aggregate Starting Principal Balance less the Yield Supplement
Overcollateralization Amount as of the applicable Cutoff Date of all Receivables transferred to the Trust and (b) the Outstanding Amount of the Notes. 
 “Reserve Account” means the account designated as such, established and maintained pursuant to Section 5.01(a)(iii) and Section 5.07 of the Sale and Servicing
Agreement. 
 “Reserve Account Initial Deposit” means cash or Eligible Investments having a value of
$2,310,518.58. 
 “Reserve Account Subsequent Transfer Deposit” means with respect to any Subsequent Transfer
Date, cash or Eligible Investments in an amount equal to [RESERVED]% of the aggregate Starting Principal Balance of the transferred Subsequent Receivables as of the applicable Subsequent Transfer Date less the Yield Supplement Overcollateralization
Amount as of the applicable Subsequent Transfer Date, which shall be deposited into the Reserve Account on such Subsequent Transfer Date pursuant to Section 5.01(d) of the Sale and Servicing Agreement. 

“Responsible Officer” means, with respect to the Indenture Trustee, any officer within the Corporate Trust Office of the
Indenture Trustee, including any Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary or any other officer of the Indenture Trustee customarily performing functions similar to those performed by any of the above
designated officers and, with respect to each, having direct responsibility for the administration of the Indenture and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject. 
 “RPA Assignment” has the meaning designated in
Section 2.01 of the Receivables Purchase Agreement 

  
 App. A-23

 “Sale and Servicing Agreement” means the Sale and Servicing Agreement,
dated as of the Closing Date, among the Issuing Entity, the Depositor and World Omni, as Servicer, as amended from time to time. 
 “Schedule of Receivables” shall mean each schedule attached to an RPA Assignment or an SSA Assignment specifying the Receivables being transferred, as such Schedule may be amended from
time to time. 
 “Secretary of State” shall mean the Secretary of State of the State of Delaware. 

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

“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. 

  
 App. A-24

 “Sponsor” means World Omni Financial Corp., a Florida corporation, or its
successors. 
 “SSA Assignment” means the Initial SSA Assignment and any Subsequent Transfer SSA Assignment.

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

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

“Statutory Trust Act” shall mean Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code
§ 3801 et seq., as the same may be amended from time to time. 
 “Subcontractor” shall mean
any vendor, subcontractor or other Person that is not responsible for the overall servicing (as “servicing” is commonly understood by participants in the mortgage-backed securities market) of Receivables but performs one or more discrete
functions identified in Item 1122(d) of Regulation AB with respect to the Receivables under the direction or authority of the Servicer or the Indenture Trustee. 
 “Subordinate Swap Termination Payment Amount” means any Swap Termination Payment Amount resulting from a termination where the Swap Counterparty is the Defaulting Party or the sole
Affected Party (each as defined in the applicable Interest Rate Swap) other than terminations arising from a Tax Event or Illegality (each as defined in the applicable Interest Rate Swap) , if any. 

“Subsequent Cutoff Date” means with respect to any Receivable transferred to the Trust after the Closing Date, if any,
the date specified by the Depositor in the month those Receivables are transferred to the Trust. 
 “Subsequent
Receivables” means the Receivables transferred from the Depositor to the Issuing Entity pursuant to Section 2.03 of the Sale and Servicing Agreement, which shall be listed on the schedules to the related Subsequent Transfer SSA
Assignment, if any. 
 “Subsequent Transfer Date” means any date during the Funding Period, if any, on which
Subsequent Receivables are to be transferred to the Issuing Entity and a related Subsequent Transfer SSA Assignment is executed and delivered to the Issuing Entity and the Indenture Trustee pursuant to Section 2.03 of the Sale and
Servicing Agreement. 
 “Subsequent Transfer RPA Assignment” has the meaning designated in
Section 2.01 of the Receivables Purchase Agreement. 

  
 App. A-25

 “Subsequent Transfer SSA Assignment” has the meaning assigned thereto in
Section 2.03(a) of the Sale and Servicing Agreement. 
 “Successor Servicer” has the meaning
specified in Section 3.07(e) of the Indenture. 
 “Supplemental Servicing Fees” means late fees,
any prepayment charges, phone pay fees and other administrative fees or similar charges allowed by applicable law with respect to the Receivables collected from Obligors during the related Collection Period. 

“Swap Counterparty” means [RESERVED], and any permitted successor pursuant to the terms of each applicable Interest Rate
Swap, if any. 
 “Swap Counterparty Rights Agreement” means the swap counterparty rights agreement, dated as of
the Closing Date, as amended, supplemented or otherwise modified and in effect from time to time, by and among the Trust, the Swap Counterparty, the Depositor and World Omni, if any. 

“Swap Termination Payment Amount” means any amount due to the Swap Counterparty from the Trust in respect of an Early
Termination Date of the applicable Interest Rate Swap, if any. 
 “Total Available Funds” means with respect to
any Payment Date, an amount equal to Available Funds and funds available from the Negative Carry Account, if any, up to the Negative Carry Amount. 
 “Total Required Advances” means, with respect to any Payment Date for each Receivable (other than a Non-Recoverable Advance Receivable) that is more than 30 days delinquent (determined as
of the close of business on the last day of the related Collection Period), an amount equal to the product of (A) one-twelfth, (B) the APR of such Receivable, (C) the Principal Balance of such Receivable and (D) the number of
payments (minus one) that such Receivable is delinquent as of the last day of the related Collection Period. 

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

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

“Trust” means World Omni Auto Receivables Trust 2012-A, a Delaware statutory trust. 

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

  
 App. A-26

 “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 this Indenture for the benefit of the Noteholders (including, without limitation, all property and interests Granted to the Indenture Trustee), including all proceeds thereof. 

“Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939 as in force as of the Closing
Date, unless otherwise specifically provided. 
 “Trust Officer” means, in the case of the Indenture Trustee,
any Officer within the Corporate Trust Office of the Indenture Trustee, including any Vice President, Assistant Vice President, Secretary, Assistant Secretary or any other officer of the Indenture Trustee customarily performing functions similar to
those performed by any of the above designated officers and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject and,
with respect to the Owner Trustee, any officer within the Corporate Trust Office of the Owner Trustee with direct responsibility for the administration of the Trust Agreement and the Basic Documents on behalf of the Owner Trustee. 

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

“UCC” means, unless the context otherwise requires, the Uniform Commercial Code, as in effect in the relevant
jurisdiction, as amended from time to time. 
 “WOAR” means World Omni Auto Receivables LLC, a Delaware limited
liability company, or its successors. 
 “World Omni” means World Omni Financial Corp., a Florida corporation,
or its successors. 
 “Yield Supplement Overcollateralization Amount” means, with respect to any calendar month
and the related Payment Date, or with respect to the Initial Cutoff Date or any Subsequent Cutoff Date, the aggregate amount by which the Principal Balance as of the last day of such calendar month or the respective Cutoff Date of each of the
related Receivables with an APR as 

  
 App. A-27

 
stated in the related Contract of less than the Required Rate, other than a Defaulted Receivables, exceeds the present value, calculated by using a discount rate equal to the Required Rate, of
each scheduled payment of each such Receivables assuming such scheduled payment is made on the last day of each month and each month has 30 days. 

  
 App. A-28

 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-29

 (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. 

(H) References to a Class of Notes. Unless otherwise specified, references to a class of Notes, includes all the tranches included
in such class of Notes. 

  
 App. A-30

 APPENDIX B 
 Additional Representations and Warranties 
  

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

  

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

 

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

 

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

  

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

  

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

 

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

  
 App. B

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