Document:

Facility Agreement dated as of June 23, 2009

 Exhibit 10.1 
  
  
  
  
  
  
  
  
  
 FACILITY AGREEMENT 
 among 
 PULTE HOMES, INC., 
 VARIOUS FINANCIAL
INSTITUTIONS, 
 and 
 DEUTSCHE
BANK AG, NEW YORK BRANCH, 
 as Issuing Bank and as Administrative Agent 
  
 Dated as of June 23, 2009 
  
  
  
  
  
  

 TABLE OF CONTENTS 

					
		  		  	Page No.
			
	 ARTICLE I.
	  	    DEFINITIONS AND INTERPRETATION	  	1
			
	 1.01    
	  	Certain Defined Terms	  	1
			
	 1.02    
	  	Computation of Time Periods; Other Definitional Provisions	  	7
			
	 1.03    
	  	Accounting Terms and Determinations	  	7
			
	 ARTICLE II.
	  	    AMOUNTS AND TERMS OF THE LETTERS OF CREDIT	  	8
			
	 2.01    
	  	The Letters of Credit	  	8
			
	 2.02    
	  	Issuance and Extensions and Drawings, Participations and Reimbursement with Respect to Letters of Credit.	  	9
			
	 2.03    
	  	Reimbursement Obligations.	  	11
			
	 2.04    
	  	Termination or Reduction of the Commitments	  	13
			
	 2.05    
	  	Fees	  	13
			
	 2.06    
	  	Increased Costs, Etc.	  	13
			
	 2.07    
	  	Payments and Computations.	  	14
			
	 2.08    
	  	Taxes.	  	15
			
	 2.09    
	  	Sharing of Payments, Etc.	  	17
			
	 2.10    
	  	Use of Letters of Credit	  	17
			
	 2.11    
	  	Replacement of Affected Bank or Nonconsenting Bank	  	18
			
	 2.12    
	  	Certain Provisions Relating to the Issuing Bank and LOCs.	  	18
			
	 ARTICLE III.
	  	    CONDITIONS	  	20
			
	 3.01    
	  	Conditions Precedent to Closing Date	  	20
			
	 3.02    
	  	Conditions Precedent to Each Issuance, Extension or Increase of an LOC	  	21
			
	 ARTICLE IV.
	  	    REPRESENTATIONS AND WARRANTIES	  	21
			
	 4.01    
	  	Existence, Etc.	  	21
			
	 4.02    
	  	Authority and Authorization	  	21
			
	 4.03    
	  	Approvals	  	22
			
	 4.04    
	  	Enforceability	  	22
			
	 4.05    
	  	Litigation	  	22
			
	 4.06    
	  	Financials	  	22
			
	 4.07    
	  	Accuracy of Information	  	22
			
	 4.08    
	  	Margin Stock	  	23
			
	 4.09    
	  	Compliance with Certain Acts	  	23
			
	 4.10    
	  	Investment Company Act	  	23
			
	 4.11    
	  	Solvency	  	23

  

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 TABLE OF CONTENTS 

					
		  		  	Page No.
			
	 4.12    
	  	Taxes	  	23
			
	 4.13    
	  	Pari Passu Ranking	  	23
			
	 ARTICLE V.
	  	    COVENANTS	  	23
			
	 5.01    
	  	Restriction on Creation of Secured Debt	  	23
			
	 5.02    
	  	Restriction on Sale and Leaseback Transactions	  	25
			
	 5.03    
	  	Pari Passu Ranking	  	26
			
	 5.04    
	  	Corporate Existence	  	26
			
	 5.05    
	  	Consolidation, Merger and Sale of Assets	  	26
			
	 ARTICLE VI.
	  	    EVENTS OF DEFAULT	  	27
			
	 6.01    
	  	Events of Default and Their Effect	  	27
			
	 6.02    
	  	Actions in Respect of the Letters of Credit upon Default	  	28
			
	 ARTICLE VII.
	  	    THE ADMINISTRATIVE AGENT	  	29
			
	 7.01    
	  	Authorization and Action	  	29
			
	 7.02    
	  	Administrative Agent’s Reliance, Etc.	  	29
			
	 7.03    
	  	The Administrative Agent and Affiliates	  	29
			
	 7.04    
	  	Bank Credit Decision	  	30
			
	 7.05    
	  	Successor Administrative Agent	  	30
			
	 ARTICLE VIII.
	  	    MISCELLANEOUS	  	31
			
	 8.01    
	  	Amendments, Etc.	  	31
			
	 8.02    
	  	Notices, Etc.	  	32
			
	 8.03    
	  	No Waiver; Remedies	  	32
			
	 8.04    
	  	Costs and Expenses.	  	32
			
	 8.05    
	  	Right of Set-off	  	33
			
	 8.06    
	  	Binding Effect	  	33
			
	 8.07    
	  	Assignments and Participations.	  	33
			
	 8.08    
	  	Execution in Counterparts	  	36
			
	 8.09    
	  	No Liability of the Issuing Bank	  	36
			
	 8.10    
	  	Confidentiality	  	37
			
	 8.11    
	  	Jurisdiction, Etc.	  	37
			
	 8.12    
	  	Governing Law	  	38
			
	 8.13    
	  	Waiver of Jury Trial	  	38
			
	 8.14    
	  	Disclosure of Information	  	38

  

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 TABLE OF CONTENTS 

			
		  	Page No.
		
	SCHEDULE I	  	1
		
	EXHIBIT A	  	2
		
	EXHIBIT B	  	5
		
	EXHIBIT C	  	8
		
	EXHIBIT D	  	10

  

 iii 

 FACILITY AGREEMENT 
 THIS FACILITY AGREEMENT (this “Agreement”) dated as of June 23, 2009 is among Pulte Homes, Inc., a Michigan corporation (“Pulte”), the financial institutions that from
time to time are parties hereto (the “Banks”) and Deutsche Bank AG, New York Branch (“DB”), as sole initial Bank, as the Issuing Bank (as defined below) and as administrative agent (together with any successor in
such capacity, the “Administrative Agent”). 
 As contemplated by the Pricing Agreement (as defined below), the parties
hereto have agreed to enter into this Agreement to provide for the issuance of letters of credit from time to time for the account of Pulte. 
 NOW, THEREFORE, the parties hereto agree as follows: 
 ARTICLE I. 
 DEFINITIONS AND INTERPRETATION 
 1.01      Certain Defined Terms.  As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms
of the terms defined): 
 “Administrative Agent” - see the Preamble. 
 “Advance” has the meaning specified in Section 2.02(g). 
 “Affected Bank” means any Bank other than the Issuing Bank that has made, or notified Pulte that an event or circumstance has occurred
that may give rise to, a demand for compensation under Section 2.06(a) or (b) or Section 2.08 (but only so long as the event or circumstance giving rise to such demand or notice is continuing). 
 “Affiliate” means, as to any Person, any other Person that, directly or indirectly, controls, is controlled by or is under common
control with such Person or is a director or officer of such Person. For purposes of this definition, the term “control” (including the terms “controlling”, “controlled by” and “under common control with”) of
a Person means the possession, direct or indirect, of the power to vote 5% or more of the equity interests of such Person or to direct or cause the direction of the management and policies of such Person, whether through the ownership of equity
interests, by contract or otherwise. 
 “Agreement” - see the Preamble. 
 “Assignment and Acceptance” means an assignment and acceptance entered into by a Bank and an Eligible Assignee, and accepted by the
Administrative Agent, in accordance with Section 8.07 and in substantially the form of Exhibit A. 
 “Attributable
Debt” means, in respect of a Sale and Leaseback Transaction, the present value (discounted at the rate prescribed in the Indenture) of the obligation of the lessee for rental payments during the remaining term of the lease entered into in
connection with such 

 
transaction, including any period for which such lease has been extended or may, at the option of the lessor, be extended or, if earlier, until the earliest
date on which the lessee may terminate such lease upon payment of a penalty (in which case for purposes of this definition the obligation of the lessee for rental payments shall include such penalty), after excluding all amounts required to be paid
on account of maintenance and repairs, insurance, taxes, assessments, water and utility rates and similar charges. 
 “Available
Amount” means, with respect to any LOC, the maximum amount available to be drawn under such LOC under any circumstance, including any amount that has been the subject of a drawing by the applicable beneficiary but has not yet been paid by
the Issuing Bank. 
 “Bankruptcy Law” means Title 11, U.S. Code, or any similar foreign, federal or state law for the relief
of debtors. 
 “Banks” - see the Preamble. For the avoidance of doubt, references herein to Banks shall include the
Issuing Bank unless otherwise specified. 
 “Base Rate” means a fluctuating interest rate per annum equal to at any time the
higher of (a) the sum of the Federal Funds Rate plus 0.5% and (b) the prime lending rate most recently announced by DB (or any U.S. Affiliate of DB if no such rate is announced by DB) as its prime lending rate, which rate is a reference
rate and does not necessarily represent the lowest or best rate actually charged to any customer. 
 “Business Day” means a
day of the year on which banks are not required or authorized by law to close in New York, New York or London, England. 
 “Closing Date” means the first date on which the conditions set forth in Article III shall have been satisfied. 
 “Commitment” means, with respect to any Bank, the commitment of such Bank to issue (in the case of the Issuing Bank) or participate in LOCs hereunder in an amount equal to its Commitment Amount. 
 “Commitment Amount” means, with respect to any Bank at any time, the amount set forth opposite such Bank’s name on Schedule
I under the caption “Commitment Amount” or, if such Bank has entered into one or more Assignment and Acceptances, the amount set forth for such Bank in the Register maintained by the Administrative Agent pursuant to
Section 8.07(d) as such Bank’s “Commitment Amount”, as such amount may be reduced at or prior to such time pursuant to Section 2.04. 
 “Confidential Information” means information that Pulte or any Affiliate thereof furnishes to the Administrative Agent or any Bank, but
does not include any such information that is or becomes generally available to the public other than as a result of a breach by the Administrative Agent or any Bank of its obligations hereunder or that is or becomes available to the Administrative
Agent or such Bank from a source other than Pulte or an Affiliate thereof that is not, to the best of the Administrative Agent’s or such Bank’s knowledge, acting in violation of a confidentiality agreement with Pulte or any Affiliate
thereof. 
  

 2 

 “Consolidated” refers to the consolidation of accounts in accordance with GAAP.

 “Consolidated Net Tangible Assets” means the total amount of assets which would be included on a combined balance sheet
of Pulte’s Subsidiaries (not including Pulte) together with the total amount of assets that would be included on Pulte’s balance sheet, not including its Subsidiaries, under GAAP (less applicable reserves and other properly deductible
items) after deducting therefrom: 
 (a)         all short-term liabilities and liability items,
except for (i) liabilities and liability items payable by their terms more than one year from the date of determination (or renewable or extendible at the option of the obligor for a period ending more than one year after such date) and
(ii) liabilities in respect of retiree benefits other than pensions for which the Subsidiaries are required to accrue pursuant to Statement of Financial Accounting Standards No. 106; 
 (b)         investments in Subsidiaries; and 
 (c)         all goodwill, trade names, trademarks, patents, unamortized debt discount, unamortized expense
incurred in the issuance of debt and other intangible assets. 
 “Credit Exposure” means at any time the sum at such time of
(a) the aggregate outstanding amount of all Advances, (b) the aggregate Available Amounts of all outstanding LOCs and (c) the aggregate Available Amounts of all LOCs that have been requested by Pulte to be issued hereunder but have
not yet been so issued. 
 “DB” - see the Preamble. 
 “Default” means any Event of Default or any event that would constitute an Event of Default but for the requirement that notice be given
or time elapse or both. 
 “Eligible Assignee” means (i) a Bank, (ii) an Affiliate of a Bank, or (iii) a
commercial bank, a savings bank or other financial institution that is approved by the Administrative Agent, the Issuing Bank and, so long as there then exists no Event of Default, Pulte (such approvals not to be unreasonably withheld or delayed);
provided that neither Pulte nor any Affiliate thereof shall qualify as an Eligible Assignee. 
 “Equity Interests”
means, with respect to any Person, shares of capital stock of (or other ownership or profit interests in) such Person, warrants, options or other rights for the purchase or other acquisition from such Person of shares of capital stock of (or other
ownership or profit interests in) such Person, securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or other acquisition
from such Person of such shares (or such other interests), and other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants,
options, rights or other interests are authorized or otherwise existing on any date of determination. 
 “Event of Default”
has the meaning specified in Section 6.01. 
  

 3 

 “Federal Funds Rate” means, for any period, a fluctuating interest rate per annum equal
for each day during such period to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published for such day (or, if such day is not a Business
Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for such day for such transactions received by the
Administrative Agent from three federal funds brokers of recognized standing selected by it. 
 “GAAP” has the meaning
specified in Section 1.03. 
 “Hedge Agreements” means interest rate swap, cap or collar agreements, interest
rate future or option contracts, currency swap agreements, currency future or option contracts and other hedging agreements. 
 “Indemnified Party” has the meaning specified in Section 8.04(b). 
 “Indenture” means
that certain Indenture dated as of October 24, 1995, as supplemented from time to time, by Pulte Homes, Inc. (formerly known as Pulte Corporation), Pulte Home Corporation and certain wholly-owned subsidiaries of Pulte Home Corporation and The
Bank of New York Mellon Trust Company, N.A., as Trustee. 
 “Internal Revenue Code” means the Internal Revenue Code of 1986.

 “Issuing Bank” means DB in its capacity as the issuer of LOCs hereunder. 
 “Lending Office” means, with respect to a Bank, the office of such Bank that is to make and receive payments hereunder as specified to
the Administrative Agent from time to time. 
 “Lien” means any lien, security interest or other charge or encumbrance of
any kind, or any other type of preferential arrangement, including the lien or retained security title of a conditional vendor and any easement, right of way or other encumbrance on title to real property. 
 “Loan Documents” means (i) this Agreement, (ii) the Pricing Agreement and (iii) each LOC Application. 
 “LOC” has the meaning specified in Section 2.01. 
 “LOC Application” has the meaning specified in Section 2.02(a). 
 “LOC Participating Interest” has the meaning specified in Section 2.02(e). 
 “LOC Related Documents” has the meaning specified in Section 2.03(b). 
 “Material Adverse Change” means any material adverse change in the business, financial condition, operations or properties of Pulte and
its Subsidiaries, taken as a whole. 
  

 4 

 “Material Adverse Effect” means a material adverse effect on (a) the business,
financial condition, operations or properties of Pulte and its Subsidiaries, taken as a whole, (b) the rights and remedies of the Administrative Agent or any Bank under any Loan Document or (c) the ability of Pulte to perform its
obligations under the Loan Documents. 
 “Material Financial Obligation” means a principal amount of debt under any loan
agreement, note, indenture or other financing agreement and/or payment obligations in respect of any Hedge Agreement of Pulte and/or one or more of its Subsidiaries arising in one or more related or unrelated transactions exceeding in the aggregate
$10,000,000; provided that Non-Recourse Land Financing shall not be deemed a Material Financial Obligation. 
 “Nonconsenting
Bank” means any Bank other than the Issuing Bank that does not approve a consent, waiver or amendment to any Loan Document requested by Pulte or the Administrative Agent and that requires the approval of all Banks under
Section 8.01 (or all Banks directly affected thereby) when the Super-Majority Banks have agreed to such consent, waiver or amendment. 
 “Non-Recourse Land Financing” means any debt of Pulte or any of its Subsidiaries for which the holder of such debt has no recourse, directly or indirectly, to Pulte or such Subsidiary for the principal of, premium, if any,
and interest on such debt, and for which Pulte or such Subsidiary is not, directly or indirectly, obligated or otherwise liable for the principal of, premium, if any, and interest on such debt, except pursuant to mortgages, deeds of trust or other
Liens or other recourse, obligations or liabilities in respect of specific land or other real property interests of Pulte or such Subsidiary; provided that recourse, obligations or liabilities of Pulte or such Subsidiary solely for indemnities,
covenants or breach of warranty, representation or covenant in respect of any debt will not prevent debt from being classified as Non-Recourse Land Financing. 
 “OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control, and any successor thereto. 
 “Other Taxes” has the meaning specified in Section 2.08(b). 
 “Patriot
Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001)). 
 “Person” means an individual, partnership, corporation (including a business trust), limited liability company, joint stock company,
trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof. 
 “Pricing Agreement” means the Fee Pricing Agreement dated as of June 2, 2009 between Pulte and DB. 
 “Pro Rata Share” means, for any Bank, the percentage share that its Commitment Amount is of the aggregate Commitment Amount of all Banks (or, if the Commitments have terminated, that the amount of such Bank’s
participating interest in the Advances and LOCs is of the Credit Exposure). 
  

 5 

 “Pulte” - see the Preamble. 
 “Register” has the meaning specified in Section 8.07(d). 
 “Required Banks” means, at any time, Banks with aggregate Pro Rata Shares of more than 50%. 
 “Responsible Officer” means the Chairman, Chief Executive Officer, President, Chief Financial Officer, Chief Accounting Officer,
Treasurer or General Counsel of Pulte. 
 “Restricted Subsidiary” means any Subsidiary as of the date of this Agreement and
any successor to such Subsidiary other than (i) Pulte Financial Companies, Inc., Pulte Mortgage LLC, Pulte Diversified Companies, Inc. or North American Builders Indemnity Corporation; (ii) any other Subsidiary acquired by Pulte (directly
or indirectly) whose business primarily involves mortgage banking, insurance or other financial services; and (iii) any Subsidiary that is a successor to any of the Subsidiaries described in clauses (i) and (ii). 
 “Sale and Leaseback Transaction” means any sale or transfer made by Pulte or one of its Subsidiaries (except a sale or transfer made to
Pulte or one or more Subsidiaries) of any property which is either (i) a manufacturing plant, warehouse or office building whose book value constitutes 1% or more of Consolidated Net Tangible Assets as of the date of determination, or
(ii) any property which is a parcel of real property other than a manufacturing plant, warehouse, office building, or model home whose book value constitutes 5% or more of Consolidated Net Tangible Assets as of the date of determination, if
such sale or transfer is made with the intention of leasing, or as part of an arrangement involving the lease, of such property to Pulte or a Subsidiary. 
 “Secured Debt” means any debt which is secured by (i) a Lien on any property of Pulte or any of its Restricted Subsidiaries or a portion thereof or (ii) a Lien on any Equity Interests owned
directly or indirectly by Pulte or any of its Restricted Subsidiaries or in the rights of Pulte or any of its Restricted Subsidiaries in respect of debt of a corporation, partnership or other entity in which Pulte or a Restricted Subsidiary has an
Equity Interest; provided, that “Secured Debt” shall not include Non-Recourse Land Financing that consists exclusively of “land under development,” “land held for future development” or “improved lots and
parcels,” as such categories of assets are determined in accordance with GAAP. The securing in the foregoing manner of any debt which immediately prior thereto was not Secured Debt shall be deemed to be the creation of Secured Debt at the time
such security is given. 
 “Significant Subsidiary” means any Subsidiary (i) whose revenues exceed 10% of the total
revenues of Pulte, in each case for the most recent fiscal year, or (ii) whose net worth exceeds 10% of the total stockholders’ equity of Pulte, in each case as of the end of the most recent fiscal year. 
 “Solvent” and “Solvency” mean, with respect to any Person on a particular date, that on such date (a) the fair
value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair salable value of the assets of such Person is not less than the amount that will be
required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend 

  

 6 

 
to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature and
(d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s property would constitute an unreasonably small capital. The amount of contingent liabilities at
any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 
 “Subsidiary” of any Person means any corporation, partnership, joint venture, limited liability company, trust or estate of which (or in
which) more than 50% of (a) the issued and outstanding capital stock having ordinary voting power to elect a majority of the Board of Directors of such corporation (irrespective of whether at the time capital stock of any other class or classes
of such corporation shall or might have voting power upon the occurrence of any contingency), (b) the interest in the capital or profits of such partnership, joint venture or limited liability company or (c) the beneficial interest in such
trust or estate is at the time directly or indirectly owned or controlled by such Person, by such Person and one or more of its other Subsidiaries or by one or more of such Person’s other Subsidiaries. 
 “Super-Majority Banks” means Banks with aggregate Pro Rata Shares of 66 2/3% or more. 
 “Taxes” has the meaning
specified in Section 2.08(a). 
 “Termination Date” means March 20, 2015. 
 “Voting Interests” means shares of capital stock issued by a corporation, or equivalent Equity Interests in any other Person, the
holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even if the right so to vote has been suspended by the happening of such a
contingency. 
 1.02      Computation of Time Periods; Other Definitional Provisions.  In this
Agreement and the other Loan Documents in the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each mean
“to but excluding”. Except as otherwise expressly provided herein, any reference to (a) an agreement or contract shall mean such agreement or contract as amended, amended and restated, supplemented or otherwise modified from time to
time; (b) a law shall mean such law as amended, supplemented or otherwise modified from time to time (including any successor thereto) and all rules, regulations, guidelines and decisions interpreting or implementing such law; (c) an
Article, a Section, an Exhibit or a Schedule shall mean an Article or a Section hereof or an Exhibit or a Schedule hereto, and (d) a time of day shall mean such time in New York, New York. The term
“including” means “including without limitation” and derivatives of such term have a corresponding meaning. 
 1.03      Accounting Terms and Determinations.  Unless otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall be made,
and all financial statements required to be delivered hereunder shall be prepared in accordance with generally accepted accounting principles as in effect from time to time in the 

  

 7 

 
United States of America (“GAAP”), applied on a basis consistent (except for changes concurred in by Pulte’s independent public
accountants) with the most recent audited consolidated financial statements of Pulte and its Subsidiaries delivered to the Banks; provided that, if Pulte notifies the Administrative Agent that Pulte wishes to amend any covenant in Article
V to eliminate the effect of any change in generally accepted accounting principles on the operation of such covenant (or if the Administrative Agent notifies Pulte that the Required Banks wish to amend Article V for such purpose), then
Pulte’s compliance with such covenant shall be determined on the basis of generally accepted accounting principles in effect immediately before the relevant change in generally accepted accounting principles became effective (and, concurrently
with the delivery of any financial statements required to be delivered hereunder, Pulte shall provide a statement of reconciliation conforming such financial information to such generally accepted accounting principles as previously in effect),
until either such notice is withdrawn or such covenant is amended in a manner satisfactory to Pulte and the Required Banks. 
 ARTICLE II.

 AMOUNTS AND TERMS OF 
 THE LETTERS OF CREDIT 
 2.01      The Letters of Credit.  The Issuing Bank
agrees, on the terms and subject to the conditions herein set forth, to issue standby letters of credit substantially in the form of Exhibit B, or in such other form as the Issuing Bank may approve (such approval not to be unreasonably
withheld or delayed so long as such form complies with the following provisions of this Section 2.01) (each an “LOC” and collectively the “LOCs”), and extend or increase the amount of LOCs, for the account of
Pulte on any Business Day from time to time during the period from the Closing Date to the Termination Date; provided that (a) the Issuing Bank shall not have any obligation to issue, extend or increase the amount of any LOC if
(i) the aggregate Credit Exposure (after giving effect to such issuance, extension or increase) would exceed the LOC Availability Amount (as defined in the Pricing Agreement) scheduled to be outstanding at any time during the period from the
date of such issuance, extension or increase to the stated expiration date of such LOC; or (ii) such issuance, extension or increase would conflict with or cause the Issuing Bank to exceed any limit imposed by applicable law or any applicable
requirement thereof; (b) each LOC shall be denominated in U.S. dollars and shall be in a face amount not less than $50,000 (or such lesser amount as the Issuing Bank may agree); (c) each LOC shall be payable only against sight drafts (and
not time drafts); (d) no LOC shall have a scheduled expiration date (including all rights of Pulte or the beneficiary to require extension thereof) later than the tenth (10th) Business Day prior to the date on which the aggregate Credit Exposure (including the subject LOC) would exceed the aggregate
LOC Availability Amount scheduled to be outstanding at any time during such period if such subject LOC remained outstanding on such date; and (e) each LOC shall provide that such LOC shall expire on the tenth (10th) Business Day following written notice by the Issuing Lender to the beneficiary of the
occurrence of a “Credit Event” with respect to Pulte consisting of a “Failure to Pay” or a “Bankruptcy” (as each such term is defined in the 2003 ISDA Credit Derivatives Definitions published by the International Swaps
and Derivatives Association, Inc.). Such written notification by the Issuing Lender to the beneficiary of a Credit Event (which may be in electronic form) shall initially be substantially in the form of Exhibit A to the form of Letter of Credit
attached hereto as Exhibit B delivered to not fewer than two persons designated by the 

  

 8 

 
beneficiary to receive such notification at such address (which may include an email address) as specified by the beneficiary, and shall be followed by not
fewer than two subsequent written reminder notices delivered by the Issuing Lender to the beneficiary (which may be in electronic form) of such initial notification prior to such expiry, absent prior written response from the beneficiary to request
payment by the Issuing Bank under such LOC. An LOC may by its terms be automatically extendible annually; provided, that the Issuing Bank shall not permit any such automatic extension if it has determined that such extension would not be
permitted, or the Issuing Bank would have no obligation, at such time to issue such LOC as extended under the terms hereof, in which case the Issuing Bank shall notify the beneficiary thereof of its election not to extend such LOC (which the Issuing
Bank agrees to do on and subject to the terms of Section 2.02(c)). LOCs may be issued for the benefit of any Subsidiary of Pulte; provided that Pulte shall be the account party with respect to any such LOC. 
 2.02      Issuance and Extensions and Drawings, Participations and Reimbursement with Respect to Letters of Credit.

 (a)        Request for Issuance.  Pulte may from time to time request, upon at
least three Business Days’ notice (given not later than 11:00 A.M.), that the Issuing Bank issue an LOC by delivering to the Issuing Bank (i) a written request substantially in the form of Exhibit C (an “LOC
Application”) specifying the date on which such LOC is to be issued (which shall be a Business Day), the expiration date thereof, the Available Amount thereof and the name and address of the beneficiary thereof; and (ii) such other
documents as may be required pursuant to the Issuing Bank’s customary practices for the issuance of letters of credit. 
 If the requirements set forth
in the proviso to the first sentence of Section 2.01 and in Article III are satisfied, the Issuing Bank shall issue the applicable LOC on the date requested in such LOC Application. Upon the issuance of an LOC, the Issuing Bank
shall (A) deliver the original of such LOC to the beneficiary thereof or as Pulte shall otherwise direct and (B) promptly notify the Administrative Agent thereof and furnish a copy thereof to the Administrative Agent. The Issuing Bank may
issue LOCs through any of its branches or Affiliates (whether domestic or foreign) that issue letters of credit. 
 (b)        Request for Extension or Increase.  Pulte may from time to time request, upon at least three Business Days’ notice (given not later than 11:00 A.M.), that the Issuing
Bank extend the expiration date of an outstanding LOC or increase (or, with the consent of the beneficiary, decrease) the Available Amount of an outstanding LOC by delivering to the Issuing Bank a written request therefor. Any such request for an
extension or increase shall for all purposes hereof (including for purposes of Section 2.02(a)) be treated as though Pulte had requested issuance of a replacement LOC (except that the Issuing Bank may, if it elects, issue a notice of
extension or increase in lieu of issuing a new LOC in substitution for the outstanding LOC). 
 (c)        Automatic Extensions.  If any LOC shall provide for the automatic extension of the expiry date thereof unless the Issuing Bank gives notice that such expiry date shall not
be extended, then the Issuing Bank shall allow such LOC to be extended unless it shall have received, at least five days prior to the date on which such notice of non-extension must be delivered under such LOC (or such shorter period acceptable to
the Issuing Bank), (i) notice from the Required Banks (or the Administrative Agent on their behalf) stating that the conditions 

  

 9 

 
precedent to the extension of such LOC have not been satisfied or (ii) notice from Pulte directing the Issuing Bank not to permit the extension of such
LOC (and the Issuing Bank shall not permit any LOC to be automatically extended if it has received a timely notice of the type described in the foregoing clause (i) or (ii)). 
 (d)        Limitations on Issuance, Extension and Increase of LOCs.  As between the Issuing
Bank, on the one hand, and the Administrative Agent and the other Banks, on the other hand, the Issuing Bank shall be justified and fully protected in issuing a proposed LOC, extending the expiration date or increasing the Available Amount of an
outstanding LOC or permitting an outstanding LOC to be automatically extended if the Issuing Bank has not received notice that it is not authorized to issue, increase the Available Amount of or extend such LOC as described in the foregoing
provisions of this Section 2.02, in each case notwithstanding any subsequent notice to the Issuing Bank, any knowledge the Issuing Bank may have of a Default or of the failure of any condition specified the proviso to the first sentence
of Section 2.01 or in Article III to be satisfied, or any other event, condition or circumstance whatsoever. The Issuing Bank may amend, modify or supplement LOCs or LOC Applications, or waive compliance with any condition of
issuance, extension or payment, without the consent of, and without liability to, the Administrative Agent or any Bank, provided that any such amendment, modification or supplement that extends the expiration date or increases the Available
Amount of or the amount available to be drawn on an outstanding LOC shall be subject to Section 2.01. 
 (e)        Letter of Credit Participating Interests.  Concurrently with the issuance of each LOC, the Issuing Bank automatically shall be deemed, irrevocably and unconditionally, to
have sold, assigned, transferred and conveyed to each other Bank, and each other Bank automatically shall be deemed, irrevocably and unconditionally, severally to have purchased, acquired, accepted and assumed from the Issuing Bank, without recourse
to, or representation or warranty by, the Issuing Bank, an undivided interest, in a proportion equal to such Bank’s Pro Rata Share, in all of the Issuing Bank’s rights and obligations in, to or under such LOC, the related LOC Application,
all reimbursement obligations with respect to such LOC, and all collateral, guarantees and other rights from time to time directly or indirectly securing or supporting the foregoing (such interest of each Bank being referred to herein as an
“LOC Participating Interest”, it being understood that the LOC Participating Interest of the Issuing Bank is the interest not otherwise attributable to the LOC Participating Interests of the other Banks). On the date that any
assignee becomes a party to this Agreement in accordance with Section 8.07, LOC Participating Interests in all outstanding LOCs held by the Bank from which such assignee acquired its interest hereunder shall be proportionately
reallocated between such assignee and such assignor Bank. Notwithstanding any other provision hereof, each Bank hereby agrees that its obligation to participate in each LOC, its obligation to make the payments specified in
Section 2.02(f) and the right of the Issuing Bank to receive such payments in the manner specified therein are each absolute, irrevocable and unconditional and shall not be affected by any event, condition or circumstance whatever. The
failure of any Bank to make any such payment shall not relieve any other Bank of its funding obligation hereunder on the date due, but no Bank shall be responsible for the failure of any other Bank to meet its funding obligations hereunder.

 (f)        Payment by Banks on Account of Unreimbursed Draws.  If the Issuing
Bank makes a payment under an LOC and is not reimbursed in full therefor in accordance with 

  

 10 

 
Section 2.03, the Issuing Bank may notify the Administrative Agent thereof (which notice may be by telephone), and the Administrative Agent shall
forthwith notify each Bank thereof (which notice may be by telephone promptly confirmed in writing). No later than the Administrative Agent’s close of business on the date such notice is given (if notice is given by 2:00 P.M. on a Business Day)
or 10:00 A.M. on the following Business Day (if notice is given after 2:00 P.M. on a Business Day), each Bank will pay to the Administrative Agent, for the account of the Issuing Bank, in immediately available funds, an amount equal to such
Bank’s Pro Rata Share of the unreimbursed portion of such payment by the Issuing Bank. Amounts received by the Administrative Agent for the account of the Issuing Bank shall be forthwith transferred, in immediately available funds, to the
Issuing Bank. To the extent that any Bank fails to make such payment to the Administrative Agent for the account of the Issuing Bank on such date, such Bank shall pay such amount on demand, together with interest, for the Issuing Bank’s own
account, from the date such payment is due from such Bank to the Issuing Bank to the date of payment to the Issuing Bank (before and after judgment) at a rate per annum for each day (i) from the date such payment is due from such Bank to the
Issuing Bank to the third Business Day thereafter equal to the Federal Funds Rate and (ii) thereafter equal to the Base Rate. 
 (g)         Advances.  The term “Advance” is used in this Agreement in accordance with the meanings set forth in this Section 2.02(g). The making of
any payment by the Issuing Bank under an LOC is sometimes referred to herein as the making of an Advance by the Issuing Bank in the amount of such payment. The making of any payment by a Bank for the account of the Issuing Bank under
Section 2.02(f) on account of an unreimbursed drawing on an LOC is sometimes referred to as the making of an Advance by such Bank. The making of an Advance by a Bank with respect to an unreimbursed drawing on an LOC shall reduce, by a
like amount, the outstanding Advance of the Issuing Bank with respect to such unreimbursed drawing. 
 (h)         LOC Reports.  The Issuing Bank will furnish to the Administrative Agent prompt written notice of each issuance or extension, or increase in the amount, of an LOC
(including the Available Amount and expiration date thereof), amendment to an LOC, cancellation of an LOC and payment on an LOC. The Administrative Agent will furnish to each Bank prior to the fifteenth Business Day of each calendar quarter a
written report summarizing issuance, extension and expiration dates of LOCs issued or extended during the preceding calendar quarter and payments and reductions in Available Amounts during such calendar quarter on all LOCs. 
 2.03      Reimbursement Obligations. 
 (a)         Pulte agrees to reimburse the Issuing Bank (by making payment to the Administrative Agent for the account of the Issuing Bank in accordance with
Section 2.07) in the amount of each Advance made by the Issuing Bank, such reimbursement to be made on the date such Advance is made by the Issuing Bank (but not earlier than one Business Day after notice of the drawing giving rise to
such Advance is given to Pulte). Such reimbursement obligation shall be payable without further notice, protest or demand, all of which are hereby waived, and an action therefor shall immediately accrue. To the extent such payment by Pulte is not
timely made, such unpaid reimbursement obligation shall be treated as a matured loan extended to Pulte under this Agreement in respect of which interest shall accrue and be payable. Pulte agrees to pay to the Administrative Agent, for the respective
accounts of the Issuing Bank and the Banks that have funded their respective shares of such amount remaining unpaid by Pulte, on demand, 

  

 11 

 
interest at a rate per annum equal to the Base Rate plus 2% for each day from the date on which Pulte is to reimburse the Issuing Bank to the date such
obligation is paid in full. For the avoidance of doubt, the payment by Pulte of interest pursuant to this Section 2.03(a) shall not affect the calculation of fees under the Loan Documents. 
 (b)         The obligation of Pulte to reimburse the Issuing Bank for any Advance made by the Issuing Bank,
and the obligation of each Bank under Section 2.02(f) with respect thereto, shall be unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement, the applicable LOC Application and any other
applicable agreement or instrument under all circumstances, including the following circumstances: 
 (i)        any lack of validity or enforceability of any Loan Document, any LOC Application, any LOC or any other agreement or instrument relating thereto (all of the foregoing, collectively, the
“LOC Related Documents”); 
 (ii)       any change in the time, manner or
place of payment of, or in any other term of, any obligation of Pulte or any other Person in respect of any LOC Related Document or any other amendment or waiver of or any consent to departure from any LOC Related Document; 
 (iii)       the existence of any claim, set-off, defense or other right that Pulte or any other Person
may have at any time against any beneficiary or any transferee of an LOC (or any Person for which any such beneficiary or any such transferee may be acting), the Issuing Bank or any other Person, whether in connection with the transactions
contemplated by the LOC Related Documents or any unrelated transaction; 
 (iv)      any
statement or any other document presented under an LOC proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; 
 (v)       payment by the Issuing Bank under an LOC against presentation of a draft or certificate that
does not strictly comply with the terms of such LOC; provided that such payment is not the result of the gross negligence or willful misconduct of the Issuing Bank; 
 (vi)      any exchange, release or non-perfection of any collateral granted to secure any obligation of
Pulte or any other Person in connection with any Loan Document; or 
 (vii)      any other
circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, Pulte. 
 (c)         If any amount received by the Issuing Bank on account of any Advance shall be avoided, rescinded
or otherwise returned or paid over by the Issuing Bank for any reason at any time, whether before or after the termination of this Agreement (or the Issuing Bank believes in good faith that such avoidance, rescission, return or payment is required,
whether or not such matter has been adjudicated), each Bank will (except to the extent a corresponding amount received by such Bank on account of its Advance relating to the same payment on an LOC has 

  

 12 

 
been avoided, rescinded or otherwise returned or paid over by such Bank), promptly upon notice from the Administrative Agent or the Issuing Bank, pay over to
the Administrative Agent for the account of the Issuing Bank its Pro Rata Share of such amount, together with its Pro Rata Share of any interest or penalties payable with respect thereto. 
 2.04      Termination or Reduction of the Commitments.  Subject to the Pricing Agreement, Pulte may at any
time, upon at least five Business Days’ notice to the Administrative Agent, terminate the Commitments in whole or reduce in part the unused portion of the Commitment Amounts; provided that each partial reduction (i) shall be in an
aggregate amount of $10,000,000 or a higher integral multiple of $1,000,000 and (ii) shall be made ratably among the Banks in accordance with their Commitment Amounts. 
 2.05      Fees.  Pulte agrees to pay the fees set forth in the Pricing Agreement. 
 2.06      Increased Costs, Etc. 
 (a)        If, due to either (i) the introduction of or any change in or in the interpretation of, in each case after the date hereof, any law or regulation or
(ii) compliance with any guideline or request issued after the date hereof from any central bank or other governmental authority (whether or not having the force of law), there shall be any increase in the cost to any Bank of agreeing to issue
or of issuing or maintaining or participating in LOCs or the making of Advances (excluding, for purposes of this Section 2.06, any such increased costs resulting from (x) Taxes or Other Taxes (as to which Section 2.08
shall govern) and (y) changes in the basis of taxation of overall net income or overall gross income by the United States or by the foreign jurisdiction or state under the laws of which such Bank is organized or has its Lending Office or any
political subdivision thereof), then Pulte agrees to pay, from time to time, within ten days after demand by such Bank (with a copy of such demand to the Administrative Agent), which demand shall include a statement of the basis for such demand and
a calculation in reasonable detail of the amount demanded, to the Administrative Agent for the account of such Bank additional amounts sufficient to compensate such Bank for such increased cost. A certificate as to the amount of such increased cost,
submitted to Pulte by such Bank, shall be conclusive and binding for all purposes, absent manifest error. 
 (b)        If, due to either (i) the introduction of or any change in or in the interpretation of any law or regulation, in each case after the date hereof, or (ii) compliance with any
guideline or request issued after the date hereof from any central bank or other governmental authority (whether or not having the force of law), there shall be any increase in the amount of capital required or expected to be maintained by any Bank
or any corporation controlling such Bank as a result of or based upon the existence of such Bank’s commitment to extend credit hereunder and other commitments of such type, then, within ten days after demand by such Bank or such corporation
(with a copy of such demand to the Administrative Agent), which demand shall include a statement of the basis for such demand and a calculation in reasonable detail of the amount demanded, Pulte agrees to pay to the Administrative Agent for the
account of such Bank, from time to time as specified by such Bank, additional amounts sufficient to compensate such Bank in the light of such circumstances, to the extent that such Bank reasonably determines such increase in capital to be allocable
to the existence of such Bank’s commitment to issue or participate in LOCs hereunder or to the issuance or maintenance of or participation in any LOC. 

  

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A certificate as to such amounts submitted to Pulte by such Bank shall be conclusive and binding for all purposes, absent manifest error. 
 (c)        Each Bank shall promptly notify Pulte and the Administrative Agent of any event of which it has actual
knowledge that will result in, and will use reasonable commercial efforts available to it (and not, in such Bank’s good faith judgment, otherwise disadvantageous to such Bank) to mitigate or avoid, any obligation of Pulte to pay any amount
pursuant to Section 2.06(a) or 2.06(b) above or pursuant to Section 2.08 (and, if any Bank has given notice of any such event and thereafter such event ceases to exist, such Bank shall promptly so notify Pulte and the
Administrative Agent). Without limiting the foregoing, each Bank will designate a different Lending Office if such designation will avoid (or reduce the cost to Pulte of) any event described in the preceding sentence and such designation will not,
in such Bank’s good faith judgment, be otherwise disadvantageous to such Bank. 
 (d)        Notwithstanding the provisions of Section 2.06(a), 2.06(b) or 2.08 (and without limiting Section 2.06(c) above), if any Bank fails to notify Pulte of
any event or circumstance that will entitle such Bank to compensation pursuant to Section 2.06(a), 2.06(b) or 2.08 within 90 days after such Bank obtains actual knowledge of such event or circumstance, then such Bank shall
not be entitled to compensation from Pulte for any amount arising prior to the date that is 90 days before the date on which such Bank notifies Pulte of such event or circumstance. 
 2.07      Payments and Computations. 
 (a)        Pulte shall make each payment hereunder irrespective of any right of counterclaim or set-off not later than 1:00 P.M. on the day when due, in U.S. dollars, to the
Administrative Agent at such account as the Administrative Agent shall reasonably direct in immediately available funds, with payments being received by the Administrative Agent after such time being deemed to have been received on the next
succeeding Business Day. The Administrative Agent will promptly thereafter distribute to each Bank its portion of such payment in accordance with the terms hereof. Upon its acceptance of an Assignment and Acceptance and recording of the information
contained therein in the Register, the Administrative Agent shall make all payments hereunder in respect of the interest assigned thereby to the Bank assignee thereunder, and the parties to such Assignment and Acceptance shall make all appropriate
adjustments in such payments for periods prior to such effective date directly between themselves. 
 (b)        All computations of interest on Advances when the Base Rate is determined by reference to DB’s prime rate shall be made by the Administrative Agent on the basis of a year of 365 or, if
applicable, 366 days; all other computations of interest shall be made by the Administrative Agent on the basis of a year of 360 days. All such computations shall be made for the actual number of days (including the first day but excluding the last
day) occurring in the period for which such interest is payable. Each determination by the Administrative Agent of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest error. 
 (c)        Whenever any payment hereunder shall be stated to be due on a day other than a Business Day, such
payment shall be made on the next succeeding Business Day, and such extension of time shall be included in the computation of any payment of interest or fees. 
  

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 2.08      Taxes. 
 (a)        All payments by Pulte hereunder shall be made, in accordance with Section 2.07, free and
clear of and without deduction for any present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding, in the case of each Bank and the Administrative Agent, taxes that are imposed
on its overall net income by the United States and taxes that are imposed on its overall net income (and franchise taxes imposed in lieu thereof) by the state or foreign jurisdiction under the laws of which such Bank or the Administrative Agent, as
the case may be, is organized or any political subdivision thereof and, in the case of each Bank, taxes that are imposed on its overall net income (and franchise taxes imposed in lieu thereof) by the state or foreign jurisdiction of such Bank’s
Lending Office or any political subdivision thereof (all such non-excluded taxes, levies, imposts, deductions, charges, withholdings and liabilities in respect of payments hereunder, “Taxes”). If Pulte shall be required by law to
deduct any Taxes from or in respect of any sum payable hereunder to any Bank or the Administrative Agent, (i) the sum payable by Pulte shall be increased as may be necessary so that after Pulte and the Administrative Agent have made all
required deductions (including deductions applicable to additional sums payable under this Section 2.08) such Bank or the Administrative Agent, as the case may be, receives an amount equal to the sum it would have received had no such
deductions been made, (ii) Pulte shall make all such deductions and (iii) Pulte shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable law. 
 (b)        In addition, Pulte shall pay any present or future stamp, documentary, excise, property or similar
taxes, charges or levies that arise from any payment made hereunder or from the execution, delivery or registration of, performance under, or otherwise with respect to, this Agreement or any other Loan Document (any of the foregoing, “Other
Taxes”). 
 (c)        Pulte shall indemnify each Bank and the Administrative Agent for and
hold each of them harmless against the full amount of Taxes and Other Taxes, and for the full amount of taxes of any kind imposed by any jurisdiction on amounts payable under this Section 2.08, imposed on or paid by such Bank or the
Administrative Agent (as the case may be) and any liability (including penalties, additions to tax, interest and expenses) arising therefrom or with respect thereto. Any such indemnification payment shall be made within 30 days from the date such
Bank or the Administrative Agent (as the case may be) makes written demand therefor. 
 (d)        Within 30 days after the date of any payment of Taxes, Pulte shall furnish to the Administrative Agent, at its address referred to in Section 8.02, the original or a certified
copy of a receipt evidencing such payment. In the case of any payment hereunder by or on behalf of Pulte through an account or branch outside the United States or by or on behalf of Pulte by a payor that is not a United States person, if Pulte
determines that no Taxes are payable in respect thereof, Pulte shall furnish, or shall cause such payor to furnish, to the Administrative Agent, at such address, an opinion of counsel reasonably acceptable to the Administrative Agent stating that
such payment is exempt from Taxes. For purposes of this Section 2.08(d) and Section 2.08(e), the terms “United States” and “United States person” shall have the meanings specified in Sections 7701(a)(9)
and 7701(a)(10) of the Internal Revenue Code, respectively. 
  

 15 

 (e)        Each Bank organized under the laws of a jurisdiction
outside the United States shall, on or prior to the date of its execution and delivery of this Agreement in the case of each initial Bank, and on the date of the Assignment and Acceptance pursuant to which it becomes a Bank in the case of each other
Bank, and from time to time thereafter as requested in writing by Pulte (but only so long as such Bank remains lawfully able to do so), provide each of the Administrative Agent and Pulte with two original Internal Revenue Service forms W-8BEN or
W-8ECI or (in the case of a Bank that has certified in writing to the Administrative Agent that it is not a “bank” as defined in Section 881(c)(3)(A) of the Internal Revenue Code) form W-8 (and, if such Bank delivers a form W-8, a
certificate representing that such Bank is not a “bank” for purposes of Section 881(c)(3)(A) of the Internal Revenue Code, is not a 10-percent shareholder (within the meaning of Section 871(h)(3)(B) of the Internal Revenue Code)
of Pulte and is not a controlled foreign corporation related to Pulte (within the meaning of Section 864(d)(4) of the Internal Revenue Code)), as appropriate, or any successor or other form prescribed by the Internal Revenue Service, certifying
that such Bank is exempt from or entitled to a reduced rate of United States withholding tax on payments pursuant to this Agreement or, in the case of a Bank providing a form W-8, certifying that such Bank is a foreign corporation, partnership,
estate or trust. If the forms provided by a Bank at the time such Bank first becomes a party to this Agreement indicate a United States interest withholding tax rate in excess of zero, withholding tax at such rate shall be considered excluded from
Taxes unless and until such Bank provides the appropriate forms certifying that a lesser rate applies, whereupon withholding tax at such lesser rate shall be considered excluded from Taxes only for periods governed by such forms; provided
that if, at the effective date of the Assignment and Acceptance pursuant to which a Bank becomes a party to this Agreement, the Bank assignor was entitled to payments under Section 2.08(a) in respect of United States withholding tax with
respect to interest paid at such date, then, to such extent, the term Taxes shall include (in addition to withholding taxes that may be imposed in the future or other amounts otherwise includable in Taxes) United States withholding tax, if any,
applicable with respect to the Bank assignee on such date. If any form or document referred to in this Section 2.08(e) requires the disclosure of information, other than information necessary to compute the tax payable and information
required on the date hereof by Internal Revenue Service form W-8BEN, W-8ECI or W-8 (and the related certificate described above), that the Bank reasonably considers to be confidential, the Bank shall give notice thereof to Pulte and shall not be
obligated to include in such form or document such confidential information. 
 (f)        For any
period with respect to which a Bank which may lawfully do so has failed to provide Pulte with the appropriate form described in Section 2.08(e) above (other than if such failure is due to a change in law occurring after the date
on which a form originally was required to be provided or if such form otherwise is not required under Section 2.08(e) above), such Bank shall not be entitled to indemnification under Sections 2.08(a) or 2.08(c) with
respect to Taxes imposed by the United States by reason of such failure; provided that should a Bank become subject to Taxes because of its failure to deliver a form required hereunder, Pulte shall take such steps as such Bank shall
reasonably request to assist such Bank to recover such Taxes. 
 (g)        Each Bank represents and
warrants to Pulte that, as of the date such Bank becomes a party to this Agreement, such Bank is entitled to receive payments hereunder from Pulte without deduction or withholding for or on account of any Taxes. 
  

 16 

 (h)        If the Administrative Agent or a Bank determines, in
its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by Pulte or with respect to which Pulte has paid additional amounts pursuant to this Section 2.08, it shall pay over such
refund to Pulte (but only to the extent of indemnity payments made, or additional amounts paid, by Pulte under this Section 2.08 with respect to the Taxes and Other Taxes giving rise to such refund), net of all out-of-pocket expenses of
the Administrative Agent or such Bank and without interest (other than any interest paid by the relevant governmental authority with respect to such refund); provided that Pulte, upon the request of the Administrative Agent or such Bank,
agrees to repay the amount paid over to Pulte (plus any penalties, interest or other charges imposed by the relevant governmental authority) to the Administrative Agent or such Bank in the event the Administrative Agent or such Bank is required to
repay such refund to such governmental authority. This Section 2.08(h) shall not be construed to require the Administrative Agent or any Bank to make available its tax returns (or any other information relating to its taxes which it
deems confidential) to Pulte or any other Person. 
 2.09      Sharing of Payments, Etc.  If
any Bank shall obtain at any time any payment (whether voluntary, involuntary, through the exercise of any right of set-off, or otherwise, other than as a result of an assignment pursuant to Section 8.07) (a) on account of
obligations due and payable to such Bank hereunder at such time in excess of its ratable share (according to the proportion of (i) the amount of such obligations due and payable to such Bank at such time to (ii) the aggregate amount of the
obligations due and payable to all Banks hereunder at such time) of payments on account of the obligations due and payable to all Banks hereunder at such time obtained by all the Banks at such time or (b) on account of obligations owing (but
not due and payable) to such Bank hereunder at such time in excess of its ratable share (according to the proportion of (i) the amount of such obligations owing to such Bank at such time to (ii) the aggregate amount of the obligations
owing (but not due and payable) to all Banks hereunder at such time) of payments on account of the obligations owing (but not due and payable) to all Banks hereunder at such time obtained by all of the Banks at such time, such Bank shall forthwith
purchase from the other Banks such interests or participating interests in the obligations due and payable or owing to them, as the case may be, as shall be necessary to cause such purchasing Bank to share the excess payment ratably with each of
them; provided that if all or any portion of such excess payment is thereafter recovered from such purchasing Bank, such purchase from each other Bank shall be rescinded and such other Bank shall repay to the purchasing Bank the purchase
price to the extent of such Bank’s ratable share (according to the proportion of (i) the purchase price paid to such Bank to (ii) the aggregate purchase price paid to all Banks) of such recovery together with an amount equal to such
Bank’s ratable share (according to the proportion of (i) the amount of such other Bank’s required repayment to (ii) the total amount so recovered from the purchasing Bank) of any interest or other amount paid or payable by the
purchasing Bank in respect of the total amount so recovered. Pulte agrees that any Bank so purchasing an interest or participating interest from another Bank pursuant to this Section 2.09 may, to the fullest extent permitted by law,
exercise all its rights of payment (including the right of set-off) with respect to such interest or participating interest, as the case may be, as fully as if such Bank were the direct creditor of Pulte in the amount of such interest or
participating interest, as the case may be. 
 2.10        Use of Letters of
Credit.  The LOCs shall be used for general corporate purposes of Pulte and its Subsidiaries. 
  

 17 

 2.11      Replacement of Affected Bank or Nonconsenting
Bank.  At any time any Bank other than the Issuing Bank is an Affected Bank or a Nonconsenting Bank, Pulte may, at its sole expense (including the assignment fee specified in Section 8.07(a)) and effort, replace such
Affected Bank or Nonconsenting Bank as a party to this Agreement with one or more other Banks and/or Eligible Assignees, and upon notice from Pulte such Affected Bank or Nonconsenting Bank shall assign pursuant to an Assignment and Acceptance, and
without recourse or warranty, its Commitment Amount, its LOC Participating Interests, its Advances and all of its other rights and obligations hereunder to such other Banks and/or Eligible Assignees for a purchase price equal to the sum of the
principal amount of the Advances so assigned, all accrued and unpaid interest thereon, such Affected Bank’s or Nonconsenting Bank’s ratable share of all accrued and unpaid fees payable pursuant to Section 2.05 and all other
obligations owed to such Affected Bank or Nonconsenting Bank hereunder and under the other Loan Documents. Notwithstanding the foregoing, (i) no Affected Bank or Nonconsenting Bank shall be required to make any such assignment if, prior to its
receipt of the notice from Pulte referred to in the foregoing sentence, as a result of a waiver or otherwise, the circumstances entitling Pulte to require such assignment cease to apply, and (ii) no Nonconsenting Bank shall be required to make
any such assignment if at the time of any such proposed assignment, any Default under this Agreement has occurred and is continuing. 
 2.12      Certain Provisions Relating to the Issuing Bank and LOCs. 
 (a)         LOC Applications.  The representations, warranties and covenants by Pulte under, and the rights and remedies of the Issuing Bank under, any LOC Application relating
to any LOC are in addition to, and not in limitation or derogation of, representations, warranties and covenants by Pulte under, and rights and remedies of the Issuing Bank and the other Banks under, this Agreement and applicable law. Pulte
acknowledges and agrees that all rights of the Issuing Bank under any LOC Application shall inure to the benefit of each Bank to the extent of its LOC Participating Interest in and Advances in connection with the applicable LOC as fully as if such
Bank were a party to such LOC Application. In the event of any inconsistency between the terms of this Agreement and any LOC Application, this Agreement shall prevail. 
 (b)        Certain Provisions.  The Issuing Bank shall have no duties or responsibilities to the Administrative Agent or any Bank except those expressly set
forth in this Agreement, and no implied duties or responsibilities on the part of the Issuing Bank shall be read into this Agreement or shall otherwise exist. The duties and responsibilities of the Issuing Bank to the Banks and the Administrative
Agent under this Agreement and the other Loan Documents shall be mechanical and administrative in nature, and the Issuing Bank shall not have a fiduciary relationship in respect of the Administrative Agent, any Bank or any other Person. The Issuing
Bank shall not be liable for any action taken or omitted to be taken by it under or in connection with this Agreement or any Loan Document or LOC, except to the extent resulting from its gross negligence or willful misconduct. The Issuing Bank shall
not be under any obligation to ascertain, inquire or give any notice to the Administrative Agent or any Bank relating to (i) the performance or observance of any of the terms or conditions of this Agreement or any other Loan Document on the
part of Pulte, (ii) the business, operations, condition (financial or otherwise) or prospects of Pulte or any other Person, or (iii) the existence of any Default. The Issuing Bank shall not be under any obligation, either initially or on a
continuing basis, to provide the Administrative Agent or any Bank with any notices, reports or information of any 

  

 18 

 
nature, whether in its possession now or hereafter, except for such notices, reports and other information expressly required by this Agreement to be so
furnished. The Issuing Bank shall not be responsible for the execution, delivery, effectiveness, enforceability, genuineness, validity or adequacy of this Agreement or any Loan Document. 
 (c)        Administration.  The Issuing Bank may rely upon any notice or other communication of
any nature (written, electronic or oral, including telephone conversations and transmissions through the Issuing Bank’s remote access system, whether or not such notice or other communication is made in a manner permitted or required by this
Agreement or any other Loan Document) purportedly made by or on behalf of the proper party or parties, and the Issuing Bank shall not have any duty to verify the identity or authority of any Person giving such notice or other communication. The
Issuing Bank may consult with legal counsel (including its in-house counsel or in-house or other counsel for Pulte), independent public accountants and any other experts selected by it from time to time, and the Issuing Bank shall not be liable for
any action taken or omitted to be taken in good faith in accordance with the advice of such counsel, accountants or experts. Whenever the Issuing Bank shall deem it necessary or desirable that a matter be proved or established with respect to Pulte,
the Administrative Agent or any Bank, such matter may be established by a certificate of Pulte, the Administrative Agent or such Bank, as the case may be, and the Issuing Bank may conclusively rely upon such certificate. The Issuing Bank shall not
be deemed to have any knowledge or notice of the occurrence of any Default unless the Issuing Bank has received notice from a Bank, the Administrative Agent or Pulte referring to this Agreement, describing such Default, and stating that such notice
is a “notice of default”. 
 (d)        Indemnification of Issuing Bank by
Banks.  Each Bank hereby agrees to reimburse and indemnify the Issuing Bank and each of its directors, officers, employees and agents (to the extent not reimbursed by Pulte and without limitation of the obligations of Pulte to do so),
in accordance with its Pro Rata Share, from and against any and all amounts, losses, liabilities, claims, damages, expenses, obligations, penalties, actions, judgments, suits, costs or disbursements of any kind or nature (including the reasonable
fees and disbursements of counsel (other than in-house counsel) for the Issuing Bank or such other Person in connection with any investigative, administrative or judicial proceeding commenced or threatened, whether or not the Issuing Bank or such
other Person shall be designated a party thereto) that may at any time be imposed on, incurred by or asserted against the Issuing Bank, in its capacity as such, or such other Person, as a result of, or arising out of, or in any way related to or by
reason of, this Agreement, any other Loan Document or any LOC, any transaction from time to time contemplated hereby or thereby, or any transaction financed in whole or in part or directly or indirectly with the proceeds of any LOC, provided
that no Bank shall be liable for any portion of such amounts, losses, liabilities, claims, damages, expenses, obligations, penalties, actions, judgments, suits, costs or disbursements to the extent resulting from the gross negligence or willful
misconduct of the Issuing Bank or such other Person, as finally determined by a court of competent jurisdiction. 
 (e)        Issuing Bank in its Individual Capacity.  With respect to its commitments and the obligations owing to it, the Issuing Bank shall have the same rights and powers under this
Agreement and each other Loan Document as any other Bank and may exercise the same as though it were not the Issuing Bank, and the term “Banks” and like terms shall include the 

  

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Issuing Bank in its individual capacity as such. The Issuing Bank and its Affiliates may, without liability to account to any Person, make loans to, accept
deposits from, acquire debt or equity interests in, act as trustee under indentures of, act as agent under other credit facilities for, and engage in any other business with, Pulte and any stockholder, Subsidiary or Affiliate of Pulte, as though the
Issuing Bank were not the Issuing Bank hereunder. 
 ARTICLE III. 
 CONDITIONS 
 3.01      Conditions Precedent to
Closing Date.  The occurrence of the Closing Date, and the obligation of the Issuing Bank to issue any LOC, is subject to the satisfaction of the following conditions precedent: 
 (a)         The Administrative Agent shall have received the following, each dated the Closing Date (unless
otherwise specified), in form and substance reasonably satisfactory to the Administrative Agent (unless otherwise specified) and in sufficient copies for each Bank: 
     (i)      Certified copies of the resolutions of the Board of Directors of Pulte
approving the transactions contemplated by the Loan Documents. 
     (ii)      A certificate of Pulte, signed by a Responsible Officer and by the Secretary or any Assistant Secretary of Pulte, certifying as to (1) the truth in all material respects
of the representations and warranties contained in the Loan Documents as though made on and as of the Closing Date and (2) the absence of any Default. 
     (iii)      A certificate of the Secretary or an Assistant Secretary of Pulte
certifying the names and true signatures of the officers of Pulte that are authorized to sign the Loan Documents and the other documents to be delivered hereunder. 
     (iv)      Favorable opinions of Honigman Miller Schwartz and Cohn LLP, counsel for
Pulte, in substantially the form of Exhibit D. 
 (b)         There shall exist no
action, suit, investigation, litigation or proceeding affecting Pulte or any of its Subsidiaries pending or threatened in writing before any court, governmental agency or arbitrator that (x) would be reasonably expected to have a Material
Adverse Effect or (y) would reasonably be expected to materially adversely affect the legality, validity or enforceability of any Loan Document or the transactions contemplated thereby. 
 (c)         No development or change shall have occurred after March 31, 2009, and no information shall
have become known after such date, that has had or would reasonably be expected to have a Material Adverse Effect. 
 (d)         Pulte shall have paid all fees of the Administrative Agent and the Banks and all expenses of the Administrative Agent (including the fees and expenses of counsel to the Administrative
Agent), in each case to the extent then due and payable. 
  

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 3.02      Conditions Precedent to Each Issuance, Extension or Increase
of an LOC.  In addition to the conditions to issuance, extension or increase set forth in Section 2.01, the obligation of the Issuing Bank to issue, extend or increase the amount of an LOC (including any issuance on the
Closing Date) shall be subject to the further conditions precedent that on the date of such issuance, extension or increase (a) the following statements shall be true (and each request for issuance, extension or increase of an LOC and each
automatic extension of an LOC shall constitute a representation and warranty by Pulte that both on the date of such notice and on the date of such issuance, extension or increase such statements are true): 
     (i)      the representations and warranties contained in each Loan Document are
correct in all material respects on and as of such date, before and after giving effect to such issuance, extension or increase, as though made on and as of such date, other than any such representation or warranty that, by its terms, refers to a
specific date other than the date of such issuance, extension or increase, in which case as of such specific date; and 
     (ii)      no Default has occurred and is continuing or would result from such issuance, extension or increase; and 
 (b)        the Administrative Agent shall have received such other approvals, opinions or documents as any Bank
through the Administrative Agent may reasonably request. 
 ARTICLE IV. 
 REPRESENTATIONS AND WARRANTIES 
 Pulte represents and warrants as follows: 
 4.01      Existence, Etc.  Pulte and each of its Significant Subsidiaries (i) is duly organized or
formed, validly existing and, to the extent such concept applies, in good standing under the laws of the jurisdiction of its incorporation or formation, except, in the case of any Significant Subsidiary, where the failure to do so would not be
reasonably likely to have a Material Adverse Effect, (ii) is duly qualified and in good standing as a foreign corporation or other entity in each other jurisdiction in which it owns or leases property or in which the conduct of its business
requires it to so qualify or be licensed except where the failure to so qualify or be licensed would not be reasonably likely to have a Material Adverse Effect and (iii) has all requisite power and authority (including all governmental
licenses, permits and other approvals) to own or lease and operate its properties and to carry on its business as now conducted and as proposed to be conducted, except where the failure to have any license, permit or other approval would not be
reasonably likely to have a Material Adverse Effect. 
 4.02      Authority and
Authorization.  The execution, delivery and performance by Pulte of each Loan Document, and the consummation of the transactions contemplated thereby, are within the organizational powers of Pulte, have been duly authorized by all
necessary organizational action, and do not (i) contravene the articles of incorporation or bylaws of Pulte, (ii) violate any law, rule, regulation (including Regulation X of the Board of Governors of the Federal Reserve System), order,
writ, judgment, injunction, decree, determination or award, (iii)

  

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conflict with or result in the breach of, or constitute a default under, any contract, loan agreement, indenture, mortgage, deed of trust, lease or other
instrument binding on or affecting Pulte or any of its Subsidiaries or any of their respective properties or (iv) result in or require the creation or imposition of any Lien upon or with respect to any of the properties of Pulte or any of its
Subsidiaries, which, in the case of any violation, conflict, breach or default under clause (ii) or (iii) would be reasonably likely to have a Material Adverse Effect. Neither Pulte nor any of its Subsidiaries is in violation of any such
law, rule, regulation, order, writ, judgment, injunction, decree, determination or award or in breach of any such contract, loan agreement, indenture, mortgage, deed of trust, lease or other instrument, the violation or breach of which would be
reasonably likely to have a Material Adverse Effect. 
 4.03      Approvals.  No authorization
or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body or any other third party is required for the due execution, delivery or performance by Pulte of any Loan Document or the consummation of
the transactions contemplated thereby. 
 4.04      Enforceability.  This Agreement has been,
and each other Loan Document has been or when delivered hereunder will have been, duly executed and delivered by Pulte. This Agreement is, and each other Loan Document is or when delivered hereunder will be, the legal, valid and binding obligation
of Pulte, enforceable against Pulte in accordance with its terms, subject to bankruptcy, insolvency and similar laws of general application relating to creditors’ rights and to general principles of equity. 
 4.05      Litigation.  There is no action, suit, investigation, litigation or proceeding affecting Pulte
or any of its Subsidiaries pending or, to the knowledge of Pulte, threatened in writing before any court, governmental agency or arbitrator that (i) would be reasonably likely to have a Material Adverse Effect or (ii) would reasonably be
expected to affect the legality, validity or enforceability of any Loan Document or the transactions contemplated by the Loan Documents. 
 4.06      Financials.  The Consolidated balance sheet of Pulte and its Subsidiaries as at December 31, 2008, and the related Consolidated statements of income and of cash flows of Pulte
and its Subsidiaries for the fiscal year then ended, accompanied by an unqualified opinion of Ernst & Young LLP, independent public accountants, and the Consolidated balance sheet of Pulte and its Subsidiaries as at March 31, 2009, and
the related Consolidated statements of income and cash flows of Pulte and its Subsidiaries for the three months then ended, duly certified by the Chief Financial Officer of Pulte, copies of which have been furnished to each Bank, fairly present,
subject, in the case of said balance sheet as at March 31, 2009, and said statements of income and cash flows for the three months then ended, to year-end audit adjustments, the Consolidated financial condition of Pulte and its Subsidiaries as
at such dates, and the Consolidated results of operations of Pulte and its Subsidiaries for the periods ended on such dates, all in accordance with GAAP applied on a consistent basis (subject in the case of the March 31, 2009 balance sheet and
statements of income and cash flows, to the absence of footnotes). Since March 31, 2009, there has been no Material Adverse Change. 
 4.07      Accuracy of Information.  No written information, exhibit or report furnished by or on behalf of Pulte to the Administrative Agent or any Bank in connection with the negotiation

  

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of the Loan Documents or pursuant to the terms of the Loan Documents contained any untrue statement of a material fact or omitted to state a material fact
necessary to make the statements made therein not misleading as at the date it was dated (or if not dated, so delivered). 
 4.08      Margin Stock.  Margin stock (as defined in Regulation U of the Board of Governors of the Federal Reserve System) constitutes less than 25% of the value of those assets of Pulte that
are subject to any limitation on sale, pledge or other disposition hereunder. 
 4.09      Compliance with
Certain Acts.  Pulte and each of its Subsidiaries is in compliance in all material respects with the Patriot Act. No part of any payment under any LOC will be used, directly or indirectly, for any payments to any governmental official
or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United
States Foreign Corrupt Practices Act of 1977. 
 4.10      Investment Company Act.  Neither
Pulte nor any of its Subsidiaries is an “investment company”, or an “affiliated person” of, or “promoter” or “principal underwriter” for, an “investment company”, as such terms are defined in the
Investment Company Act of 1940. Neither the making of any Advances, nor the issuance of any LOC, nor the application of the proceeds or repayment thereof, nor the consummation of the other transactions contemplated by the Loan Documents, will
violate any provision of such Act or any rule, regulation or order of the Securities and Exchange Commission thereunder. 
 4.11      Solvency.  Pulte is, individually and together with its Subsidiaries, Solvent. 
 4.12      Taxes.  Pulte and each of its Subsidiaries has filed, has caused to be filed or has been included in all material federal tax returns and all other material tax returns required to be
filed and has paid all taxes shown thereon to be due, together with applicable interest and penalties, except to the extent contested in good faith and by appropriate proceedings (in which case adequate reserves have been established therefor in
accordance with GAAP). 
 4.13      Pari Passu Ranking.  Pulte’s obligations under or in
respect of each Loan Document rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for claims that are preferred by any bankruptcy, insolvency, liquidation or other similar laws of general
application. 
 ARTICLE V. 
 COVENANTS 
 So long as any Advance or any other obligation of Pulte under any Loan Document shall remain unpaid, any LOC
shall be outstanding or the Issuing Bank shall have any commitment to issue any LOC: 
 5.01      Restriction on Creation of Secured Debt.  Pulte will not at any time create, incur, assume or guarantee, and will not cause or permit any of its Restricted Subsidiaries to create,
incur, assume or guarantee, any Secured Debt (including the creation of Secured Debt by the securing of existing debt) without first making effective provision (and Pulte covenants that in 

  

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such case it and its Restricted Subsidiaries will first make or cause to be made effective provision) whereby the indebtedness and obligations of Pulte to
the Banks and the Issuing Bank under this Agreement shall be secured equally and ratably with (or prior to) any and all other debt thereby secured, for so long as any such other obligations and debt shall be so secured; provided, however, that the
foregoing covenants shall not be applicable to Secured Debt secured solely by one or more of the following Liens: 
 (a)         Any Liens on model homes, homes held for sale, homes that are under contract for sale, contracts for the sale of homes, land (improved or unimproved), manufacturing plants, warehouses
or office buildings and fixtures and equipment located thereat or thereon; 
 (b)         Any
Lien on property existing at the time of the acquisition thereof by Pulte or a Subsidiary, which Lien secures obligations assumed by Pulte or a Subsidiary; 
 (c)         Any Lien existing on the property of a corporation or firm at the time such corporation or firm is merged into or consolidated with Pulte or a Subsidiary;

 (d)         Any conditional sales agreement or other title retention agreement with respect
to any property acquired by Pulte or a Subsidiary; 
 (e)         Any Lien to secure debt of a
Subsidiary to Pulte or to another Subsidiary wholly-owned, directly or indirectly, by Pulte; or 
 (f)         Any amendment, restatement, supplement, renewal, replacement, extension or refunding (or successive amendments, restatements, supplements, renewals, replacements, extensions, or
refundings) in whole or in part of any Secured Debt secured by any Lien referred to in the foregoing subparagraphs (b) through (e), inclusive; provided, however, that the principal amount of the Secured Debt secured thereby shall not exceed the
principal amount outstanding immediately prior to such amendment, restatement, supplement, renewal, replacement or refunding and that the Lien securing such Secured Debt shall be limited to the property which, immediately prior to such amendment,
restatement, supplement, renewal, replacement or refunding secured such Secured Debt and conditions to such property. 
 Notwithstanding
subparagraphs (b) and (c) above, the creation, incurrence, assumption or guarantee of any Secured Debt described therein shall not be permitted (i) if such Secured Debt was created, incurred, assumed or guaranteed in contemplation of
the event or transaction referred to in such subparagraphs or (ii) if the Lien securing such Secured Debt attaches to or affects property owned by Pulte or a Restricted Subsidiary prior to the event or transaction referred to in said
subparagraphs. 
 Notwithstanding anything to the contrary in this Section 5.01, Pulte and any one or more of its Restricted
Subsidiaries may create, incur, assume or guarantee Secured Debt if immediately thereafter the sum of (i) the aggregate principal amount of all Secured Debt created, incurred, assumed or guaranteed by Pulte or any Restricted Subsidiary
outstanding as of the date of determination (calculated without duplication and excluding Secured Debt permitted to be created, incurred, assumed or guaranteed pursuant to subparagraph (a) through (f), inclusive, above and any Secured Debt in
relation to which the securities issued pursuant to the Indenture have been equally and ratably secured) and (ii) all Attributable Debt in respect of Sale and 

  

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Leaseback Transactions as of the date of determination would not exceed 20% of Consolidated Net Tangible Assets (excluding Attributable Debt in respect of a
Sale and Lease Transaction as to which the net proceeds of the property sold or transferred are applied as provided in clause (iii) of Section 5.02). 
 5.02      Restriction on Sale and Leaseback Transactions.  Pulte will not, and will not permit any Subsidiary to, enter into any Sale or Leaseback Transaction, unless
each of the following conditions is satisfied: (i) Pulte shall promptly give notice of such sale or transfer to the Administrative Agent; (ii) the net proceeds of such sale or transfer are at least equal to the fair value (as determined in
good faith by a Board resolution, a copy of which has been delivered by Pulte to the Administrative Agent) of the property which is the subject of such sale or transfer; and (iii) Pulte or such Subsidiary shall apply, within 365 days after the
effective date of such sale or transfer, or shall have committed within one year after such effective date to apply, an amount at least equal to the net proceeds of the sale or transfer of the property which is the subject of such sale or transfer
to (A) the retirement or optional redemption of the securities issued pursuant to the Indenture, (B) the repayment of other Senior Debt (as defined in the Indenture) owing by Pulte or any Guarantor (as defined in the Indenture), or
(C) the purchase of property by Pulte or such Subsidiary substantially similar to the property that was the subject of such sale or transfer or (D) in part to such redemption, in part to such repayment and in part to such purchase of
property; provided, however, that if Pulte commits to apply an amount at least equal to the net proceeds of a sale or transfer to the retirement or redemption of the securities issued pursuant to the Indenture, the repayment of other
debt or the purchase of property, such commitment shall be made in a written instrument delivered by Pulte to the Administrative Agent and shall require Pulte to so apply said amount within 18 months after the effective date of such sale or
transfer, and it shall constitute a breach of the provisions of this Section 5.02 if Pulte shall fail so to apply said amount in satisfaction of such commitment; and, provided, further, that in lieu of applying an amount equal to
all or part of such net proceeds to such retirement, redemption, repayment or purchase of property, Pulte may, within one year after such sale or transfer, deliver securities (other than securities made the basis of a reduction in any mandatory
sinking fund payment under the terms of the securities of any series issued pursuant to that Indenture) for cancellation and thereby reduce the amount to be applied to the redemption of securities pursuant to clause (A) above by an amount equal
to the aggregate principal amount of securities so delivered. 
 Notwithstanding anything to the contrary in this Section 5.02, Pulte
and any one or more of its Subsidiaries may enter into a Sale and Leaseback Transaction if immediately thereafter the sum of (i) the aggregate principal amount of all Secured Debt outstanding as of the date of the determination (excluding
Secured Debt permitted to be created, incurred, assumed or guaranteed pursuant to subparagraph (a) through (f), inclusive, of Section 5.01, and any Secured Debt in relation to which the securities issued pursuant to the Indenture have been
equally and ratably secured) and (ii) all Attributable Debt in respect of Sale and Leaseback Transactions (excluding Attributable Debt in respect of a Sale and Leaseback Transaction as to which the net proceeds of the property sold or
transferred are applied as provided in clause (iii) of the first paragraph of this Section 5.02) as of the date of determination would not exceed 20% of Consolidated Net Tangible Assets. 
  

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 5.03    Pari Passu Ranking.  Pulte will ensure that at all times the
claims of the Banks, the Issuing Bank and the Administrative Agent against it under the Loan Documents will rank at least pari passu with the claims of all of its other unsecured and unsubordinated creditors, except for claims that are
preferred by any bankruptcy, insolvency, liquidation or other similar laws of general application. 
 5.04    Corporate Existence.  Pulte will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and the rights (charter and statutory) and
franchises of Pulte and each Subsidiary; provided, however, that Pulte shall not be required to preserve any such right or franchise if Pulte shall determine that the preservation thereof is no longer desirable in the conduct of the
business of Pulte and its Subsidiaries as a whole and that the loss thereof is not disadvantageous in any material respect to the Issuing Bank, the Banks or the Administrative Agent hereunder. 
 5.05    Consolidation, Merger and Sale of Assets.  None of Pulte and any Restricted Subsidiaries shall consolidate
or merge into, or sell, assign, convey, transfer or lease or otherwise dispose of all or substantially all of its assets to, any Person unless: 
 (1)      the Person is a corporation, limited liability company, limited partnership or similar entity organized and existing under the laws of the United States of America or any State thereof or the District
of Columbia; 
 (2)      if the transaction is with Pulte, the Person assumes all the obligations of Pulte
under this Agreement; 
 (3)      immediately after the transaction no Event of Default shall exist, provided,
that this clause 5.05(3) shall not restrict or be applicable to a consolidation or merger into, or liquidation, sale, assignment, conveyance, transfer or lease or other disposition of all or substantially all of the assets of Pulte or any Restricted
Subsidiary with or into another Subsidiary that is, or concurrent with the completion of the transaction becomes, wholly-owned, directly or indirectly, by Pulte; and 
 (4)      an Officers’ Certificate and Opinion of Counsel have been delivered to the Administrative Agent to the effect that the conditions set forth in the preceding clauses
(1) through (3) above have been met. 
 If, upon any such consolidation of Pulte with or merger of Pulte into any other
corporation, or upon any sale, assignment, conveyance, lease, transfer or other disposition of the property of Pulte substantially as an entirety to any other Person in accordance with Section 5.05, any property or assets of Pulte would
thereupon become subject to any Lien, then unless such Lien could be created pursuant to Section 5.01 without equally and ratably securing the indebtedness under this Agreement, Pulte, prior to or simultaneously with such consolidation, merger,
sale, assignment, conveyance, lease, transfer or other disposition, will, as to such property or assets, secure the indebtedness under this Agreement equally and ratably with (or prior to) the obligation or liability which upon such consolidation,
merger, sale, assignment, conveyance, lease, transfer or other disposition is to become secured as to such property or assets by such Lien. 
  

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 ARTICLE VI. 
 EVENTS OF DEFAULT 
 6.01      Events of Default and Their
Effect.  If any of the following events (each an “Event of Default”) shall occur and be continuing: 
 (a)        Pulte shall fail to pay any reimbursement obligation in respect of any Advance made by the Issuing Bank pursuant to an LOC when and as the same shall become due and payable; or Pulte shall
fail to pay any other amount payable by Pulte under any Loan Document within five Business Days after the same becomes due and payable; 
 (b)        Any representation or warranty made by Pulte (or any of its officers) under or in connection with any Loan Document shall prove to have been incorrect in any material respect when made;

 (c)        Pulte shall fail to perform or observe any term, covenant or agreement contained herein
or contained in any Loan Document on its part to be performed or observed if such failure shall remain unremedied for 60 days after written notice thereof shall have been given to Pulte by the Administrative Agent or any Bank; 
 (d)        Pulte or any of its Subsidiaries shall fail to pay any Material Financial Obligation of Pulte or such
Subsidiary (as the case may be), when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in
the agreement or instrument relating to such Material Financial Obligation; or any other event shall occur or condition shall exist under any agreement or instrument relating to any such Material Financial Obligation and shall continue after the
applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or to permit the acceleration of, the maturity of such Material Financial Obligation or otherwise to cause, or to
permit the holder thereof to cause, such Material Financial Obligation to mature; or any such Material Financial Obligation shall be declared to be due and payable or required to be prepaid or redeemed (other than by a regularly scheduled required
prepayment or redemption), purchased or defeased, or an offer to prepay, redeem, purchase or defease such Material Financial Obligation shall be required to be made, in each case prior to the stated maturity thereof; or 
 (e)        the entry by a court having jurisdiction in the premises of (i) a decree or order for relief in
respect of Pulte or any Significant Subsidiary in an involuntary case or proceeding under any applicable Federal or Sate bankruptcy, insolvency, reorganization or other similar law or (ii) a decree or order adjudging Pulte or any Significant
Subsidiary bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of Pulte or any Significant Subsidiary under any applicable Federal or State law, or
appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of Pulte or any Significant Subsidiary or of any substantial part of the property, or ordering the winding up or liquidation of the affairs of
Pulte or any Significant Subsidiary, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive days; or 
  

 27 

 (f)         the commencement by Pulte or any Significant
Subsidiary of a voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by Pulte or
any Significant Subsidiary to the entry of a decree or order for relief in respect of Pulte or any Significant Subsidiary in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other
similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by Pulte or any Significant Subsidiary of a petition or answer or consent seeking reorganization or relief under any applicable Federal
or State law, or the consent by Pulte or any Significant Subsidiary to the filing of such petition or the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of Pulte or any
Significant Subsidiary or of any substantial part of the property of, or the making by Pulte or any Significant Subsidiary of an assignment for the benefit of creditors, or the admission by Pulte or any Significant Subsidiary in writing of its
inability to pay its debts generally as they become due, or the taking of corporate action by Pulte or any Significant Subsidiary in furtherance of any such action. 
 then, and in any such event, the Administrative Agent (i) shall at the request, or may with the consent, of the Required Banks, by notice to Pulte, declare the obligation of the Issuing Bank to issue, extend or
increase the amount of any LOC to be terminated, whereupon the same shall forthwith terminate, and/or (ii) shall at the request, or may with the consent, of the Required Banks, by notice to Pulte, declare all amounts payable under this
Agreement and the other Loan Documents to be forthwith due and payable, whereupon all such amounts shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly
waived by Pulte, and/or (iii) may require the beneficiary of any LOC to draw the entire amount available to be drawn under such LOC in accordance with (and to the extent permitted by) such LOC; provided that in the event of an actual or
deemed entry of an order for relief with respect to Pulte under the Bankruptcy Law, (x) the obligation of the Issuing Bank to issue, extend or increase the amount of any LOC shall automatically terminate, (y) all such amounts shall
automatically become due and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by Pulte and (z) the obligation of Pulte to provide cash collateral under Section 6.02
shall automatically become effective. 
 6.02      Actions in Respect of the Letters of Credit upon
Default. If any Event of Default shall have occurred and be continuing, the Administrative Agent may, or shall at the request of the Required Banks, whether before or after taking any of the actions described in Section 6.01, demand
that Pulte, and forthwith upon such demand Pulte will, remit to the Administrative Agent on behalf of the Banks in immediately available funds an amount not less than the aggregate Available Amount of all LOCs then outstanding as cash collateral. If
at any time during the continuance of an Event of Default the Administrative Agent determines that such funds are subject to any right or claim of any Person other than the Administrative Agent and the Banks or that the total amount of such funds is
less than the aggregate Available Amount of all LOCs, Pulte will, forthwith upon demand by the Administrative Agent, remit to the Administrative Agent, as additional cash collateral, an amount equal to the excess of (a) such aggregate Available
Amount over (b) the total amount of funds, if any, that the Administrative Agent determines to be free and clear of any such right and claim. Upon the drawing of any 

  

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LOC, such funds shall be applied to reimburse the Issuing Bank, to the extent permitted by applicable law. 
 ARTICLE VII. 
 THE ADMINISTRATIVE
AGENT 
 7.01      Authorization and Action.  Each Bank (in its capacity as a Bank) hereby
appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under this Agreement and the other Loan Documents as are delegated to the Administrative Agent by the terms hereof
and thereof, together with such powers and discretion as are reasonably incidental thereto. As to any matters not expressly provided for by the Loan Documents, the Administrative Agent shall not be required to exercise any discretion or take any
action, but shall be required to act or to refrain from acting (and shall be fully protected in acting or refraining from acting) upon the instructions of the Required Banks (or all Banks where unanimity is required), and such instructions shall be
binding upon all Banks; provided that the Administrative Agent shall not be required to take any action that exposes the Administrative Agent to personal liability or that is contrary to this Agreement or applicable law. The Administrative
Agent agrees to give each Bank prompt notice of each notice given to it by Pulte pursuant to the terms of this Agreement. 
 7.02      Administrative Agent’s Reliance, Etc.  Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be liable for any action taken or omitted to
be taken by it or them under or in connection with the Loan Documents, except for its or their own gross negligence or willful misconduct. Without limitation of the generality of the foregoing, the Administrative Agent: (a) may consult with
legal counsel (including counsel for Pulte), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel,
accountants or experts; (b) makes no warranty or representation to any Bank and shall not be responsible to any Bank for any statement, warranty or representation (whether written or oral) made in or in connection with the Loan Documents
(except for statements, warranties and representations made to Pulte in the Pricing Agreement); (c) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of any Loan
Document on the part of Pulte or to inspect the property (including the books and records) of Pulte; (d) shall not be responsible to any Bank for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of, or
the perfection or priority of any Lien created or purported to be created under or in connection with, any Loan Document or any other instrument or document furnished pursuant thereto; and (e) shall incur no liability under or in respect of any
Loan Document by acting upon any notice, consent, certificate or other instrument or writing (which may be by facsimile) reasonably believed by it to be genuine and signed or sent by the proper party or parties. 
 7.03      The Administrative Agent and Affiliates.  With respect to its Commitment, its LOC Participating
Interests (as contemplated under Section 2.02) and its Advances, the Administrative Agent shall have the same rights and powers under the Loan Documents as any other Bank and may exercise the same as though it were not the Administrative Agent;
and the term “Bank” or “Banks” shall, unless otherwise expressly indicated, include the Administrative 

  

 29 

 
Agent in its individual capacity. The Administrative Agent and its Affiliates may accept deposits from, lend money to, act as trustee under indentures of,
accept investment banking engagements from and generally engage in any kind of business with, Pulte, any of its Subsidiaries and any Person that may do business with or own securities of Pulte or any such Subsidiary, all as if the Administrative
Agent were not the Administrative Agent and without any duty to account therefor to the Banks. 
 7.04      Bank Credit Decision.  Each Bank acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Bank and based on the financial statements and
such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Bank also acknowledges that it will, independently and without reliance upon the Administrative Agent or
any other Bank and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement. 
 (a)        Indemnification.  Each Bank severally agrees to indemnify the
Administrative Agent and its officers, directors, employees, agents, advisors and Affiliates (to the extent not promptly reimbursed by Pulte) from and against such Bank’s Pro Rata Share of all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever that may be imposed on, incurred by, or asserted against the Administrative Agent or any such other Person in any way relating to or arising out
of the Loan Documents or any action taken or omitted by the Administrative Agent under the Loan Documents; provided that no Bank shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements resulting from the Administrative Agent’s or such other Person’s gross negligence or willful misconduct. Without limitation of the foregoing, each Bank agrees to reimburse the Administrative Agent
promptly upon demand for its Pro Rata Share of any costs and expenses (including fees and expenses of counsel) payable by Pulte under Section 8.04, to the extent that the Administrative Agent is not promptly reimbursed for such costs and
expenses by Pulte. The failure of any Bank to reimburse the Administrative Agent promptly upon demand for its Pro Rata Share of any amount required to be paid by the Banks to the Administrative Agent as provided herein shall not relieve any other
Bank of its obligation hereunder to reimburse the Administrative Agent for its Pro Rata Share of such amount, but no Bank shall be responsible for the failure of any other Bank to reimburse the Administrative Agent for such other Bank’s Pro
Rata Share of such amount. Without prejudice to the survival of any other agreement of any Bank hereunder, the agreement and obligations of each Bank contained in this Section 7.04(a) shall survive the payment in full of principal,
interest and all other amounts payable hereunder and under the other Loan Documents. 
 7.05      Successor
Administrative Agent.  The Administrative Agent may resign at any time by giving written notice thereof to the Banks and Pulte. Upon any such resignation, the Required Banks shall have the right to appoint, with the prior written
approval of Pulte (which approval shall not be unreasonably withheld or delayed) so long as there then exists no Event of Default, a successor Administrative Agent. If no successor Administrative Agent shall have been so appointed by the Required
Banks, and shall have accepted such appointment, within 30 days after the retiring Administrative Agent’s giving of notice of resignation, then the retiring Administrative Agent may, on behalf of the Banks, appoint a successor Administrative
Agent, 

  

 30 

 
which shall be a commercial bank organized under the laws of the United States or of any State thereof and having a combined capital and surplus of at least
$250,000,000. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent such successor Administrative Agent shall succeed to and become vested with all the rights, powers, discretion, privileges and
duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations under the Loan Documents. If within 45 days after written notice is given of the retiring Administrative
Agent’s resignation under this Section 7.05 no successor Administrative Agent shall have been appointed and shall have accepted such appointment, then on such 45th day (i) the retiring Administrative Agent’s resignation shall become effective, (ii) the retiring Administrative
Agent shall thereupon be discharged from its duties and obligations under the Loan Documents and (iii) the Required Banks shall thereafter perform all duties of the retiring Administrative Agent under the Loan Documents until such time, if any,
as the Required Banks appoint a successor Administrative Agent as provided above. After any retiring Administrative Agent’s resignation hereunder as Administrative Agent shall have become effective, the provisions of this Article VII
shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement. 
 ARTICLE VIII. 
 MISCELLANEOUS 
 8.01      Amendments, Etc.  No amendment or waiver of any provision of this Agreement or any other Loan Document, nor consent to any departure by Pulte therefrom, shall
in any event be effective unless the same shall be in writing and signed by the Required Banks (and, in the case of an amendment, Pulte), and then any such waiver or consent shall be effective only in the specific instance and for the specific
purpose for which given; provided that no amendment, waiver or consent shall: 
 (a)        unless in writing and signed by all of the Banks, do any of the following at any time: (i) waive any of the conditions specified in Section 2.01, 3.01 or
3.02, (ii) change the number of Banks or the percentage of (x) the Commitment Amounts, (y) the aggregate unpaid principal amount of the Advances or (z) the aggregate Available Amount of outstanding LOCs that, in each case,
shall be required for the Banks or any of them to take any action hereunder, (iii) release Pulte or otherwise limit Pulte’s liability with respect to the obligations owing to the Administrative Agent and the Banks, (iv) amend this
Section 8.01 or any of the definitions herein that would have such effect, (v) extend the Termination Date, (vi) limit the liability of Pulte under any of the Loan Documents or (vii) change or waive any provision of
Section 2.07(a) or any other provision of this Agreement requiring the ratable treatment of the Banks; 
 (b)        unless in writing and signed by each affected Bank, do any of the following at any time: (i) subject such Bank to any additional obligation, (ii) reduce the principal of, or
interest on, any reimbursement obligation or any fee or other amount payable to such Bank hereunder, or increase such Bank’s Commitment Amount, or (iii) postpone any date fixed for any payment of principal of, or interest on, any
reimbursement obligation, fee or other amount payable to such Bank hereunder; 
  

 31 

 provided, further, that (x) no amendment, waiver or consent shall, unless in writing and signed by the
Administrative Agent in addition to the Banks required above to take such action, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document and (y) no amendment, waiver or consent shall, unless in
writing and signed by the Issuing Bank in addition to the Banks required above to take such action, affect the rights or duties of the Issuing Bank under this Agreement or any other Loan Document. 
 8.02      Notices, Etc. All notices and other communications provided for hereunder shall be in writing (including
facsimile or e-mail) and mailed or sent to the applicable party at its address set forth below its signature hereto (or, in the case of any Bank that is not a party hereto on the Closing Date, at its address specified in the Assignment and
Acceptance pursuant to which it becomes a Bank) or at such other address as shall be designated by such party in a written notice to the other parties. All such notices and communications shall be effective (a) if mailed, three Business Days
after the date deposited in the mail, (b) if sent by messenger or courier, when delivered, or (c) if sent by facsimile or e-mail, when the sender receives electronic confirmation of receipt, except that (i) notices and communications
to the Administrative Agent pursuant to Article II, shall not be effective until received by the Administrative Agent; and (ii) any notice or other communication received at a time when the recipient is not open for its regular business
shall be deemed received one hour after such recipient is again open for its regular business. 
 8.03      No Waiver; Remedies. No failure on the part of any Bank or the Administrative Agent to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any
single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 
 8.04    Costs and Expenses. 
 (a)       Pulte agrees to pay on demand (i) all reasonable and documented costs and expenses of the Administrative Agent and the Issuing Bank (including the reasonable and
documented fees and expenses of counsel for the Administrative Agent and the Issuing Bank) in connection with the preparation, execution, delivery, administration, modification and amendment of the Loan Documents; and (ii) all reasonable and
documented costs and expenses of the Administrative Agent and each Bank in connection with the enforcement of the Loan Documents, whether in any action, suit or litigation, or any bankruptcy, insolvency or other similar proceeding affecting
creditors’ rights generally (including the reasonable and documented fees and expenses of counsel for the Administrative Agent and each Bank with respect thereto). 
 (b)       Pulte agrees to indemnify and hold harmless the Administrative Agent and each Bank and each of their respective Affiliates and the officers, directors, employees, agents
and advisors of any of the foregoing (each an “Indemnified Party”) from and against all claims, damages, losses, liabilities and expenses (including reasonable and documented fees and expenses of counsel) that may be incurred by or
asserted or awarded against any Indemnified Party arising out of or in connection with or by reason of (including in connection with any investigation, litigation or proceeding or preparation of a defense in connection therewith) this 

  

 32 

 
Agreement, the actual or proposed use of the proceeds of the Advances, the other Loan Documents or any transaction contemplated hereby or thereby, except to
the extent such claim, damage, loss, liability or expense shall have resulted from the gross negligence or willful misconduct of such Indemnified Party or any of its Affiliates. In the case of any investigation, litigation or other proceeding to
which the indemnity in this Section 8.04(b) applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by Pulte, its directors, shareholders or creditors or an Indemnified Party or
any Indemnified Party is otherwise a party thereto and whether or not the transactions contemplated by the Loan Documents are consummated. Pulte also agrees not to assert any claim against any Indemnified Party, on any theory of liability, for
special, indirect, consequential or punitive damages arising out of or otherwise relating to this Agreement, any other Loan Document, any transaction contemplated hereby or thereby or the actual or proposed use of the Advances or any LOC.

 (c)        Without prejudice to the survival of any other agreement of Pulte hereunder or under
any other Loan Document, the agreements and obligations of Pulte contained in Section 2.06 and this Section 8.04 shall survive the payment in full of principal, interest and all other amounts payable hereunder and under any
other Loan Document. 
 8.05      Right of Set-off. Upon (a) the occurrence and during the
continuance of any Event of Default and (b) the making of the request or the granting of the consent specified by Section 6.01 to authorize the Administrative Agent to declare amounts owing hereunder to be due and payable pursuant
to the provisions of Section 6.01, the Administrative Agent and each Bank and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and otherwise
apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by the Administrative Agent, such Bank or such Affiliate to or for the credit or the account of Pulte
against any obligations of Pulte now or hereafter existing under the Loan Documents, irrespective of whether the Administrative Agent or such Bank shall have made any demand under this Agreement and although such obligations may be unmatured. The
Administrative Agent and each Bank agree promptly to notify Pulte after any such set-off and application; provided that the failure to give such notice shall not affect the validity of such set-off and application. The rights of the
Administrative Agent and each Bank and their respective Affiliates under this Section 8.05 are in addition to other rights and remedies (including other rights of set-off) that the Administrative Agent, such Bank and their respective
Affiliates may have. 
 8.06      Binding Effect. This Agreement shall become effective when it shall
have been executed by Pulte, each Bank and the Administrative Agent and thereafter shall be binding upon and inure to the benefit of Pulte, each Bank and the Administrative Agent and their respective successors and assigns, except that Pulte shall
not have the right to assign its rights hereunder or any interest herein without the prior written consent of the Banks. 
 8.07      Assignments and Participations. 
 (a)        Each Bank may, and so long as no Default shall have occurred and be continuing, if demanded by Pulte (following a demand by such Bank pursuant to Section 2.11) upon at least
five Business Days’ notice to such Bank and the Administrative Agent, will, assign to one or 

  

 33 

 
more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment, its LOC
Participating Interests and the Advances owing to it); provided that (i) each such assignment shall be of a uniform, and not a varying, percentage of all rights and obligations of such Bank hereunder, (ii) except in the case of an
assignment to a Person that, immediately prior to such assignment, was (x) a Bank or an Affiliate of a Bank, the aggregate amount of the Commitment being assigned to such Eligible Assignee pursuant to such assignment (determined as of the date
of the Assignment and Acceptance with respect to such assignment) shall in no event be less than $1,000,000 unless it is an assignment of the entire amount of such assignor’s Commitment, or (y) not a Bank or an Affiliate of any Bank, the
aggregate amount of the Commitment being assigned to such Eligible Assignee pursuant to such assignment (determined as of the date of the Assignment and Acceptance with respect to such assignment) shall in no event be less than $5,000,000 unless it
is an assignment of the entire amount of such assignor’s Commitment, (iii) each such assignment shall be to an Eligible Assignee and such assignment is consented to and approved by the Administrative Agent, the Issuing Bank and, so long as
these then exists no Event of Default, Pulte (such approvals not to be unreasonably withheld or delayed), (iv) each assignment made as a result of a demand by Pulte pursuant to Section 2.11 shall be arranged by Pulte after
consultation with the Administrative Agent, and shall be either an assignment of all of the rights and obligations of the assigning Bank under this Agreement or an assignment of a portion of such rights and obligations made concurrently with another
such assignment or other such assignments that together cover all of the rights and obligations of the assigning Bank under this Agreement, (v) no Bank shall be obligated to make any such assignment as a result of a demand by Pulte pursuant to
Section 2.11 unless and until such Bank shall have received one or more payments from either Pulte or other Eligible Assignees in an aggregate amount at least equal to the aggregate outstanding principal amount of the Advances made by
such Bank, together with accrued interest thereon to the date of payment of such principal amount and all other amounts payable to such Bank under this Agreement, (vi) as a result of such assignment, Pulte shall not be subject to additional
amounts under Section 2.06 or 2.08 and (vii) the parties to each such assignment shall execute and deliver to the Administrative Agent, for its acceptance and recording in the Register, an Assignment and Acceptance,
together with a processing and recordation fee of $3,500. 
 (b)        Upon such execution,
delivery, acceptance and recording, from and after the effective date specified in such Assignment and Acceptance, (i) the assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned
to it pursuant to such Assignment and Acceptance, have the rights and obligations of a Bank, hereunder and (ii) the Bank assignor thereunder shall, to the extent that rights and obligations hereunder have been assigned by it pursuant to such
Assignment and Acceptance, relinquish its rights (other than its rights under Sections 2.06, 2.08 and 8.04 to the extent any claim thereunder relates to an event arising prior to such assignment and any other rights that are
expressly provided hereunder to survive) and be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the remaining portion of an assigning Bank’s rights and obligations under this
Agreement, such Bank shall cease to be a party hereto). 
 (c)        By executing and delivering an
Assignment and Acceptance, each Bank assignor thereunder and each assignee thereunder confirm to and agree with each other and the other 

  

 34 

 
parties thereto and hereto as follows: (i) other than as provided in such Assignment and Acceptance, such assigning Bank makes no representation or
warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with any Loan Document or the execution, legality, validity, enforceability, genuineness, sufficiency or value of, or the
perfection or priority of any Lien created or purported to be created under or in connection with, any Loan Document or any other instrument or document furnished pursuant thereto; (ii) such assigning Bank makes no representation or warranty
and assumes no responsibility with respect to the financial condition of Pulte or the performance or observance by Pulte of any of its obligations under any Loan Document or any other instrument or document furnished pursuant thereto;
(iii) such assignee confirms that it has received a copy of this Agreement, together with copies of the financial statements and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to
enter into such Assignment and Acceptance; (iv) such assignee will, independently and without reliance upon the Administrative Agent, such assigning Bank or any other Bank and based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (v) such assignee confirms that it is an Eligible Assignee; (vi) such assignee appoints and authorizes the Administrative Agent to
take such action as agent on its behalf and to exercise such powers and discretion under the Loan Documents as are delegated to the Administrative Agent by the terms hereof and thereof, together with such powers and discretion as are reasonably
incidental thereto; and (vii) such assignee agrees that it will perform in accordance with their terms all of the obligations that by the terms of this Agreement are required to be performed by it as a Bank. 
 (d)        The Administrative Agent, acting for this purpose (but only for this purpose) as the agent of Pulte,
shall maintain at its address referred to in Section 8.02 a copy of each Assignment and Acceptance delivered to and accepted by it and a register for the recordation of the names and addresses of the Banks and the Commitment Amount of,
and principal amount of the Advances owing to, each Bank from time to time (the “Register”). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and Pulte, the
Administrative Agent and the Banks shall treat each Person whose name is recorded in the Register as a Bank hereunder for all purposes of this Agreement. The Register shall be available for inspection by Pulte or any Bank at any reasonable time and
from time to time upon reasonable prior notice. 
 (e)        Upon its receipt of a completed
Assignment and Acceptance executed by an assigning Bank and an assignee, the Administrative Agent shall (i) accept such Assignment and Acceptance, (ii) record the information contained therein in the Register and (iii) give prompt
notice thereof to Pulte and to the parties to such Assignment and Acceptance. 
 (f)        Each Bank
may sell participations to one or more Persons (other than Pulte or any of its Affiliates) in or to all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment, its LOC Participating Interests
and the Advances owing to it; provided that (i) such Bank’s obligations under this Agreement (including its Commitment and its LOC Participating Interests) shall remain unchanged, (ii) such Bank shall remain solely responsible
to the other parties hereto for the performance of such obligations, (iii) Pulte, the Administrative Agent and the other Banks shall continue to deal solely and directly 

  

 35 

 
with such Bank in connection with such Bank’s rights and obligations under this Agreement and (iv) no participant under any such participation
shall have any right to approve any amendment or waiver of any provision of any Loan Document, or any consent to any departure by Pulte therefrom, except to the extent that such amendment, waiver or consent would reduce the principal of, or interest
on, reimbursement obligations or any fees or other amounts payable hereunder, in each case to the extent subject to such participation, postpone any date fixed for any payment of principal of, or interest on, the reimbursement obligations or any
fees or other amounts payable hereunder, in each case to the extent subject to such participation. Each Bank shall, as agent of Pulte solely for the purposes of this Section 8.07, record in book entries maintained by such Bank, the name
and amount of the participating interest of each Person entitled to receive payments in respect of any participating interests sold pursuant to this Section 8.07. 
 (g)        Any Bank may, in connection with any assignment or participation or proposed assignment or
participation pursuant to this Section 8.07, disclose to the assignee or participant or proposed assignee or participant any information relating to Pulte or any of its Subsidiaries furnished to such Bank by or on behalf of Pulte or any
such Subsidiary; provided that, prior to any such disclosure, the assignee or participant or proposed assignee or participant shall agree to preserve the confidentiality of any Confidential Information received by it from such Bank.

 (h)        Notwithstanding any other provision set forth in this Agreement, any Bank may at any
time create a security interest in all or any portion of its rights under this Agreement (including the Advances owing to it) in favor of any Federal Reserve Bank in accordance with Regulation A of the Board of Governors of the Federal Reserve
System. 
 8.08      Execution in Counterparts. This Agreement may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart
of a signature page to this Agreement (or any related agreement, including any amendment hereto or waiver hereunder) by facsimile or e-mail (in a pdf or similar file) shall be effective as delivery of an original executed counterpart of this
Agreement (or such related agreement). 
 8.09      No Liability of the Issuing Bank. Pulte assumes all
risks of the acts or omissions of any beneficiary or transferee of any LOC with respect to its use of such LOC. Neither the Issuing Bank nor any of its officers, directors, employees or agents shall be liable or responsible for: (a) the use
that may be made of any LOC or any acts or omissions of any beneficiary or transferee in connection therewith; (b) the validity, sufficiency or genuineness of documents, or of any endorsement thereon, even if such documents should prove to be
in any or all respects invalid, insufficient, fraudulent or forged; (c) payment by the Issuing Bank against presentation of documents that do not strictly comply with the terms of an LOC, including failure of any documents to bear any reference
or adequate reference to the LOC; or (d) any other circumstances whatsoever in making or failing to make payment under any LOC, except that Pulte shall have a claim against the Issuing Bank, and the Issuing Bank shall be liable to Pulte, to the
extent of any direct, but not consequential, damages suffered by Pulte that were caused by (i) the Issuing Bank’s willful misconduct or gross negligence in determining whether documents presented under any LOC comply with the terms of the
LOC or (ii) the Issuing Bank’s willful 

  

 36 

 
failure to make lawful payment under an LOC after the presentation to it of a draft and certificates strictly complying with the terms and conditions of the
LOC. In furtherance and not in limitation of the foregoing, the Issuing Bank may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary.

 8.10      Confidentiality. Neither the Administrative Agent nor any Bank shall disclose any
Confidential Information to any Person without the consent of Pulte, other than (a) to the Administrative Agent’s or such Bank’s Affiliates and their officers, directors, employees, agents and advisors, to actual or prospective
Eligible Assignees and participants, and to any direct, indirect, actual or prospective counterparty (and its advisor) to any swap, derivative or securitization transaction related to the obligations under this Agreement, and in each case then only
on a confidential basis, (b) as required by any law, rule or regulation or judicial process, (c) as requested or required by any state, federal or foreign authority or examiner regulating such Bank or pursuant to any request of any
self-regulatory body having or claiming authority to regulate or oversee any aspect of a Bank’s business or that of any of its Affiliates and (d) to any rating agency when required by it, provided that, prior to any such disclosure,
such rating agency shall undertake to preserve the confidentiality of any Confidential Information relating to Pulte and its Subsidiaries received by it from such Bank. 
 8.11      Jurisdiction, Etc. Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New
York state court or federal court of the United States of America sitting in the Borough of Manhattan in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any of the
other Loan Documents to which it is a party, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and
determined in any such New York state court or, to the extent permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that any party may otherwise have to bring any action or proceeding relating to this Agreement or any of the other Loan
Documents in the courts of any jurisdiction. 
 (a)        Each of the parties hereto irrevocably and
unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any of the
other Loan Documents to which it is a party in any New York state or federal court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action
or proceeding in any such court sitting in the Borough of Manhattan in New York City. 
 (b)        Pulte hereby agrees that service of process in any such action or proceeding may be made on Pulte by the mailing of copies thereof by express or overnight mail or courier, postage prepaid,
to Pulte at its address set forth opposite its signature below. 
  

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 8.12      Governing Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York. 
 8.13      WAIVER OF JURY TRIAL. EACH
PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO ANY OF THE LOAN DOCUMENTS, THE ADVANCES OR THE ACTIONS OF THE
ADMINISTRATIVE AGENT OR ANY BANK IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF. 
 8.14      Disclosure of Information. Pulte agrees and consents to the Administrative Agent’s disclosure of information relating to this transaction to Gold Sheets and other similar bank trade
publications. Such information will consist of deal terms and other information customarily found in such publications. Pulte shall have the right to review and approve any such disclosure made by the Administrative Agent before such disclosure is
made (such approval not to be unreasonably withheld). 
 [Remainder of page intentionally left blank] 
  

 38 

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

			
	PULTE HOMES, INC.
	
	   /s/ Bruce E. Robinson

	By:	 	 Bruce E. Robinson
 Vice President and
Treasurer

 Signature Page to Facility Agreement 

			
	 DEUTSCHE BANK AG, NEW YORK
 BRANCH, as Administrative Agent, as Issuing Bank and as the sole initial Bank

		
	By:	 	   /s/ Evan Morris

		 	Name: Evan Morris
		 	Title: Managing Director
		
	By:	 	   /s/ Suzanne Greenberg

		 	Name: Suzanne Greenberg
		 	Title: Director

 Signature Page to Facility Agreement 

 SCHEDULE I 
 COMMITMENT AMOUNTS 
  

			
	 Deutsche Bank AG New York Branch
	  	$200,000,000
		
	 Total
	  	$200,000,000

 EXHIBIT A 
 FORM OF ASSIGNMENT AND ACCEPTANCE 
 ASSIGNMENT AND ACCEPTANCE dated as of
                , 20     between
                             (the “Assignor”) and
                         (the “Assignee”), and accepted by Deutsche Bank AG, New York Branch, as
administrative agent (the “Administrative Agent”). 
 W I T N E S S E T H 
 WHEREAS, this Assignment and Acceptance (the “Agreement”) relates to the Facility Agreement dated as of June 23, 2009 among Pulte Homes, Inc. (“Pulte”), the Assignor and the other Banks party thereto,
and the Administrative Agent, providing for an unsecured letter of credit facility for the benefit of Pulte (as amended or otherwise modified from time to time, the “Facility Agreement”); 
 WHEREAS, as provided under the Facility Agreement, the Assignor has a commitment to participate in LOCs and make Advances to Pulte in an aggregate
principal amount at any time outstanding not to exceed $                    ; 
 WHEREAS, LOCs with a total amount available for drawing thereunder of
$                     are outstanding at the date hereof; 
 WHEREAS, Advances made to Pulte by the Assignor under the Facility Agreement in the aggregate principal amount of
$                     are outstanding at the date hereof; and 
 WHEREAS, the Assignor proposes to assign to the Assignee all of the rights of the Assignor under the Facility Agreement and the other Loan Documents in respect of a portion of its Commitment thereunder in an amount
equal to $                     (the “Assigned Amount”), together with a corresponding portion of its outstanding LOC
Participating Interests, and Advances, if any, and the Assignee proposes to accept assignment of such rights and assume the corresponding obligations from the Assignor on such terms. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual agreements contained herein, the parties hereto agree as follows: 
 1.        Definitions.  All capitalized terms not otherwise defined herein shall have the
respective meanings set forth in the Facility Agreement. 
 2.        Assignment.  The Assignor hereby assigns and sells to the Assignee all of the rights of the Assignor under the Facility Agreement and the other Loan Documents to the extent
of the Assigned Amount, and the Assignee hereby accepts such assignment from the Assignor and assumes all of the obligations of the Assignor under the Facility Agreement to the extent of the Assigned Amount, including the outstanding LOC
Participating Interests and the amount of the Advances, if any, outstanding at the date hereof. Upon the execution and delivery hereof by the Assignor, the Assignee and the Administrative Agent and the payment of the amounts specified in
Section 3 required to be paid on the date hereof (i) the Assignee shall, as of the date 

 
hereof, succeed to the rights and be obligated to perform the obligations of a Bank under the Facility Agreement with an Commitment Amount (in addition to
any Commitment Amount theretofore held by it) equal to the Assigned Amount, and (ii) the Commitment Amount of the Assignor shall, as of the date hereof, be reduced by a like amount and the Assignor shall be released from its obligations under
the Facility Agreement to the extent such obligations have been assumed by the Assignee. The assignment provided for herein shall be without recourse to the Assignor. 
 3.        Payments.  As consideration for the assignment and sale contemplated in Section 2 hereof, the Assignee shall pay to the Assignor on the date
hereof the amount heretofore agreed between them.1 The parties hereto agree that
fees accrued to the date hereof in respect of the Assigned Amount are for the account of the Assignor and fees accruing from the date hereof are for the account of the Assignee. Each of the Assignor and the Assignee hereby agrees that if it receives
any amount under the Facility Agreement which is for the account of the other party hereto, it shall receive the same for the account of such other party to the extent of such other party’s interest therein and shall promptly pay the same to
such other party. 
 4.        Consent of the Administrative Agent and
Pulte.  Pursuant to the Facility Agreement, this Agreement is conditioned upon the consent of the Administrative Agent, the Issuing Bank and, so long as there then exists no Event of Default, Pulte. The execution of this Agreement by
the Administrative Agent is evidence of this consent. 
 5.        Non-Reliance on
Assignor.  The Assignor makes no representation or warranty in connection with, and shall have no responsibility with respect to, the solvency, financial condition or statements of Pulte or any of its Subsidiaries, or the validity and
enforceability of the obligations of Pulte or any of its Subsidiaries in respect of any Loan Document. The Assignee acknowledges that it has, independently and without reliance on the Assignor, and based on such documents and information as it has
deemed appropriate, made its own credit analysis and decision to enter into this Agreement and will continue to be responsible for making its own independent appraisal of the business, affairs and financial condition of Pulte and its Subsidiaries.

 6.        Governing Law.  This Agreement shall be governed by and construed in
accordance with the laws of the State of New York. 
 7.        Counterparts.  This
Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 
 [Remainder of page intentionally left blank.] 
  
  
 1      Amount should combine the principal amount of any Advances made by the Assignor
together with accrued interest and breakage compensation, if any, to be paid by the Assignee, net of any portion of any upfront fee to be paid by the Assignor to the Assignee. It may be preferable in an appropriate case to specify these amounts
generically or by formula rather than as a fixed sum. 
  

 3 

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

							
		 	[ASSIGNOR]	  	
				
		 	By:	 	                                      
                         	  	
				
		 	Title:  	 	                                      
                         	  	
			
		 	[ASSIGNEE]	  	
				
		 	By:	 	                                      
                         	  	
				
		 	Title:	 	                                      
                         	  	
			
		 	 DEUTSCHE BANK AG, NEW YORK BRANCH,
 as
Administrative Agent and Issuing Bank
	  	
				
		 	By:	 	                                      
                         	  	
				
		 	Title:	 	                                       
                      ]	  	
			
		 	PULTE HOMES, INC.	  	
				
		 	By:	 	                                      
                         	  	
				
		 	Title:	 	                                       
                      ]	  	

  

 4 

 EXHIBIT B 
 FORM OF LETTER OF CREDIT 
 IRREVOCABLE STANDBY LETTER OF CREDIT 
  

					
	For internal identification purposes only.
	[Beneficiary Information],	 		  	Effective Date:  [DATE OF ISSUANCE]        
	[ADDRESS]	 		  	
		 		  	Letter of Credit No.: DBS-                               
   

 At the request of Pulte Homes, Inc. on behalf, and for the benefit of [Beneficiary], for the account
of [Pulte Homes, Inc.], we, Deutsche Bank AG New York Branch, hereby issue this irrevocable Letter of Credit No. DBS-             in your favor as beneficiary available for an
aggregate amount up to the maximum amount of US$            
(                     United States Dollars), effective as of the date first set forth above and expiring at our office located at 60 Wall
Street, New York, New York 10005, Attention Global Loan Operations, Standby Letter of Credit Unit, MS NYC60-0629 or such other office in the United States as we shall notify you in writing, on the Expiration Date (as defined below). 
 Funds under this Letter of Credit are available to you on or prior to the Expiration Date as then in effect against your sight draft(s) drawn on us, signed by your duly
authorized officer, bearing the clause “Drawn under Letter of Credit No. DBS-        .” Partial and multiple drawings are permitted. All drafts must be presented to us at our address at 60
Wall Street, New York, New York 10005, Attention Global Loan Operations, Standby Letter of Credit Unit or such other office in the United States as we shall notify you in writing, in one lot along with this original Letter of Credit and amendments
hereto, if any. 
 This Letter of Credit sets forth in full the terms of our undertaking to you and, except as expressly set forth herein, is not subject to
any condition or qualifications. Such undertaking to you shall not in any way be modified, amended or amplified by reference to any document or instrument referred to herein or in which this Letter of Credit is referred to or to which this Letter of
Credit relates and any such reference shall not be deemed to incorporate herein by reference any document or instrument. Our obligations under this Letter of Credit are in no way contingent upon reimbursement of this Letter of Credit. 
 This Letter of Credit may expire or be extended from time to time as provided in the immediately succeeding paragraph. 
 [In the event that we notify you in writing no later than the thirtieth (30th) day prior to the Expiration Date then in effect that we elect not to extend this Letter of Credit, then] this Letter of
Credit shall expire on the Expiration Date [then in effect. In the event that we fail to notify you in writing prior to such thirtieth (30th) day preceding to the Expiration Date then in effect that we have elected not to extend the Letter of Credit, or such notice
fails to meet the requirements of this paragraph, this Letter of Credit shall be automatically extended for a period of one year from the Expiration Date then in effect.]2 Notwithstanding the foregoing, this Letter of Credit shall expire prior to the Expiration Date then in effect on the tenth
(10th) Business Day following the date on which Deutsche Bank AG, New York
Branch furnishes to you a written “Notice of Credit Event” (which may be in electronic form) substantially in form of Exhibit A hereto to you at the address provided above as Beneficiary or to such persons and at such address as designated
by you to the Issuing Bank.] 
 _________________ 
 2 Insert bracketed language in this paragraph if the LOC is to be
“yearly renewable”. Otherwise, delete bracketed language. 
  

 5 

 “Expiration Date” means the earlier of (i) [insert DATE not later than the
tenth (10th) Business Day prior to the date on which the aggregate Credit Exposure
(including this LOC) would exceed the aggregate LOC Availability Amount scheduled to be outstanding at any time during such period if this LOC remained outstanding on such date]3 [insert DATE that is 1 year from Effective Date, or, if this Letter
of Credit is extended from time to time as provided in the immediately preceding paragraph, the latest date to which this Letter of Credit is extended]4 or (ii) the tenth (10th) Business Day following the date on which Deutsche Bank AG, New York Branch furnishes to you a written “Notice of Credit
Event” (which may be in electronic form) substantially in form of Exhibit A hereto, if applicable, to you at the address provided above as Beneficiary or to such persons and at such address as designated by you to the Issuing Bank.

 This Letter of Credit is subject to the Uniform Customs and Practice for Documentary Credits (2007 Revision), International Chamber of Commerce
Publication No. 600 (“UCP 600”). If this Letter of Credit expires during an interruption of business as described in Article 36 of UCP 600, we hereby specifically agree to effect payment if this Letter of Credit is drawn upon within
three (3) business days after our resumption of business. 
 Except in the case of sight drafts presented under this Letter of Credit, all notices
provided for in this Letter of Credit shall be in writing and delivered by overnight courier service or certified mail, return receipt requested. All notices given hereunder shall be deemed to have been given on the date of receipt. 
 Yours faithfully, 
  

					
	Deutsche Bank AG New York Branch	  		  	
			
	                                        
 
 Authorized Signature
	  		  	                                        
 
 Authorized Signature

  
 _________________ 
 3 Insert bracketed language in this paragraph if the LOC is not to be “yearly renewable”. Otherwise, delete bracketed language. 
 4 Insert this clause to the extent such LOC is to be issued on a yearly-renewable basis. 
  

 6 

 Exhibit A 
 FORM OF NOTICE OF CREDIT EVENT 
 [DATE] 
 [Beneficiary Name] 
 [Address] 
 Attention: [    ] 
 Ladies, Gentlemen: 
 Reference is hereby made to that certain Letter of Credit No. [    ] (the “Applicable LOC”), with an Effective Date as of
    , 20    , issued by Deutsche Bank AG, New York Branch for the account of Pulte Homes, Inc.. 
 The undersigned, on behalf of Deutsche Bank AG, New York Branch, hereby certifies to you that the following statements are true and accurate: 
 1.
The undersigned is an Authorized Representative of Deutsche Bank AG, New York Branch and has full power and authority to execute and deliver this Notice of Credit Event. 
 2. A Credit Event which constitutes a “Failure to Pay” or a “Bankruptcy” event (as each such term is defined in the 2003 ISDA Credit Derivatives definitions or any applicable successor definitions)
has occurred and is presently continuing with respect to the senior unsecured obligations of Pulte Homes, Inc.. 
 You are hereby notified that,
pursuant to its terms, the Applicable LOC will expire as of [INSERT DATE 10 BUSINESS DAYS FOLLOWING NOTICE DATE], being the tenth (10th) Business Day following the date of this Notice of Credit Event. 
 IN WITNESS WHEREOF, Deutsche Bank AG, New York Branch has executed and delivered this Notice of Credit Event as of the        day of
                            , 20    . 
  

							
		 	Deutsche Bank AG, New York Branch	  		  	
				
		 	By:                                       
                                         
  	  		  	
				
		 	Name:                                      
                                     	  		  	
				
		 	Its:                                       
                                         
   	  		  	

  

 7 

 EXHIBIT C 
 FORM OF LOC APPLICATION 
  

	To:	Deutsche Bank AG, New York Branch 

 Loan Operations, Letter
of Credit 
 60 Wall Street, 9th Floor 
 New York, NY
10005 
 Attention:  Everadus (Joe) Rozing 
 Telephone:  (212) 250-1014 
 Facsimile:  (212) 797-0403: 
 Electronic Mail:  everardus.rozing@db.com 
  

	CC:	 Deutsche Bank Securities, Inc. 

     60 Wall Street 
     New York, NY 10005 
     Attention:  [—] 
     Facsimile:  [—] 
     Electronic Mail:  [—] 

 Please check one: 
  ̈ Use bank format 
  ̈
 Requested format attached 

  
 Ladies and Gentlemen: 
 This notice shall constitute a “Request for Issuance” of a Letter of Credit pursuant to
Section 2.02(a) of the U.S.$200,000,000 Facility Agreement dated as of [—], 2009 (as amended, modified or supplemented from time to time, the “Facility Agreement”) among Pulte Homes, Inc.,
as Borrower thereunder, the Banks from time to time named therein, and Deutsche Bank AG, New York Branch, as Issuing Bank and Administrative Agent thereunder. Capitalized terms defined in the Facility Agreement and not otherwise defined herein have,
as used herein, the respective meanings provided for therein. 
 The undersigned hereby requests that the Issuing Bank
issue a Letter of Credit in the form of Exhibit B to the Facility Agreement for the account of the Borrower on [—]5 in the aggregate Available Amount of [—]6. The beneficiary of the requested Letter of Credit will be [INSERT NAME AND ADDRESS OF BENEFICIARY]. Such Letter of Credit will be
in support of [—]7 and will have a stated
expiration date of [—]8 and will have a stated
effective date of [—]9. 
  ̈  This Letter of Credit shall be subject to automatic renewal, unless the beneficiary is notified 30 days prior to the expiration date that the Issuer elects not to renew this Letter of Credit.10 
 _________________

 5 Insert proposed date of issuance, which must be a Business Day and must be no earlier than the third (3rd) Business Day following receipt by the Issuing Bank of the Request for Issuance. 
 6 Insert Available Amount in USD of the Letter of Credit. 
 7 Insert brief description of obligation to be supported by the Letter of Credit. 
 8 Insert date which cannot be later than the 10th Business Day prior to the date on which the aggregate Credit Exposure (including the requested Letter of Credit) would exceed the aggregate LOC Availability Amount
scheduled to be outstanding at any time during such period if such subject Letter of Credit remained outstanding on such date. 
 9 Insert issuance date or, if different, the effective date. 
 10 If this box is not checked, the Letter of Credit should expire on the stated expiration date, unless amended for an extended period. 
  

 8 

					
		  	Pulte LIMITED	  	
			
		  	                                       
                                   	  	
		  	Name:	  	
		  	Title:	  	

  

 9 

 EXHIBIT D 
 FORM OF OPINION 
  
 (see attached)

  

 10 

 

 
  

 June 23, 2009 
 Deutsche Bank, AG, New York Branch 
   as Issuing Bank and Administrative Agent 
 270 Park Avenue, New York 10017 
 The Banks party to the Facility 

  Agreement defined below 
 Ladies and Gentlemen: 
 We have acted as counsel to Pulte Homes, Inc., a Michigan corporation (the “Company”), in connection with the Facility Agreement
(the “Facility Agreement”) dated as of June 23, 2009, among the Company, the Banks and Deutsche Bank AG, New York Branch, as the Issuing Bank and as Administrative Agent. This opinion letter is furnished to you at the
request of the Company pursuant to Section 3.01(a)(iv) of the Facility Agreement. Except as otherwise indicated, capitalized terms used in the opinion letter are defined as set forth in the Facility Agreement. 
 In so acting, we have examined the Facility Agreement and the Pricing Agreement (together, the “Facility Documents”), and we have
considered such matters of law and fact and relied upon such certificates and other information furnished to us as we have deemed appropriate as a basis for our opinions set forth below. We have also relied, as to matters involving facts, upon
representations made by the Company in the Facility Documents, certificates of officers of the Company and certificates of government officials. 
 The Law (as defined in paragraph (h) below) covered by the opinions expressed in this opinion letter is limited to the Federal Law of the United States and the Law of the State of Michigan. With your permission, we have assumed that
insofar as the laws of any jurisdiction, other than the laws described above, may be applicable to the matters addressed in this opinion, such laws are identical to the laws of the State of Michigan. No opinion is rendered as to whether a court will
give effect to the parties’ choice of New York law (or the law of any other specific jurisdiction) as the governing law of the Facility Documents. 
 Based upon the foregoing, we are of the opinion that: 
 1.        
The Company has been duly incorporated and is validly existing in good standing under the laws of the State of Michigan. 
 2.         The Company has all requisite corporate power to execute and deliver, and to perform its obligations under, each Facility Document. 
  

 

 

 

 
 June 23, 2009 
 Page 2

  

 3.         The execution, delivery and performance by the
Company of each Facility Document have been duly authorized by all necessary corporate action on the part of the Company. 
 4.         Each Facility Document has been duly executed and delivered by the Company. 
 5.         Each Facility Document constitutes the legal, valid and binding obligation of the Company and is enforceable against the Company in accordance with its terms, except as such enforceability
may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the enforcement of creditors’ rights generally and is subject to general principles of equity, regardless of
whether such enforceability is considered in a proceeding at law or in equity. 
 6.         No
authorization, approval or consent of, and no filing or registration with, any governmental or regulatory authority or agency of the United States of America or the State of Michigan is required on the part of the Company for the execution, delivery
or performance by the Company of the Facility Documents. 
 7.         The execution, delivery and
performance by the Company of the Facility Documents do not (a) violate any provision of the Restated Articles of Incorporation or By-Laws of the Company, (b) violate any Law which, to our Actual Knowledge (as defined below), is applicable
to the Company, (c) to our Actual Knowledge, based solely on a certificate of officers of the Company, violate any order, writ, injunction or decree of any court or governmental authority or agency or any arbitration award applicable to the
Company, or (d) breach or constitute a default under any agreement listed as an Exhibit to the Annual Report on Form 10-K for the fiscal year ended December 31, 2008, or any subsequently filed Quarterly Report on Form 10-Q or Current
Report on Form 8-K, of the Company. 
 8.         We hereby confirm to you that, to our Actual
Knowledge, based solely on a certificate of officers of the Company, there are no actions or proceedings against the Company, pending or overtly threatened in writing, before any court, governmental agency or arbitrator which (i) seek to affect
the enforceability of any Facility Document, or (ii) except as set forth in the Facility Documents or in the Company’s Form 10-K for the fiscal year ended December 31, 2008, or any subsequently filed Quarterly Report on Form 10-Q or
Current Report on Form 8-K, if adversely determined, would reasonably be expected to have a Material Adverse Effect. 
 9.         Based solely on a certificate of officers of the Company, and without any independent investigation or verification, the Company is not an “investment company” (as such term is
defined in the Investment Company Act of 1940, as amended). 
 The foregoing opinions are subject to the following (in addition to the
qualifications and other limitations set forth above): 
 (a)         The enforceability of the
Facility Documents, and the rights and remedies set forth in the Facility Documents and the compliance with law of the execution, delivery and 

  

 

 

 

 
 June 23, 2009 
 Page 3

  

 
performance of the Facility Documents are subject to established and evolving principles of equity, commercial reasonableness and conscionability, and to the
limitations imposed by applicable law on (i) the enforceability of purported waivers of rights and defenses, (ii) the granting of rights, remedies, covenants or security in excess of those available under applicable law, and (iii) the
exercise and availability of remedies and defenses generally, including the availability or non availability of the remedy of specific performance. 
 (b)         We express no opinion with respect to the legality, validity, binding nature, enforceability or compliance with laws or regulations of any terms in the Facility Documents with respect to
the rate of interest, late charges, increases in interest rates upon delinquency in payment or the occurrence of an Event of Default under the Facility Documents or when the Company is in default, prepayment premiums or matters governed by usury
laws in general or with respect to the effect of any laws relating to usury or permissible rates of interest in the event, and to the extent, that the interest rates specified under the Facility Documents calculated pursuant to Michigan usury laws
(and which include in such calculations all amounts that are deemed to be interest under Michigan law, regardless of how they are denominated in the Facility Documents) exceed (i) a simple annual interest rate of 25% (the Michigan criminal
usury limit) on the amounts actually advanced and from time to time outstanding, or (ii) a simple annual interest rate of 10% on delinquent installments of interest. In addition, we express no opinion with respect to the legality, validity,
binding nature or enforceability or compliance with laws or regulations of any terms in the Facility Documents with respect to compounding of interest or interest on interest except to the extent that payment of interest on due but unpaid
installments of interest would be permitted by MCLA § 438.101. 
 (c)         No
opinion is given with respect to any late charges, penalties, forfeitures, liquidated or other pre-measured damages or limitations thereon or any prepayment premiums. 
 (d)         We express no opinion as to the compliance with law or the enforceability of cumulative remedies of the Administrative Agent or the Banks to the extent they would
compensate the Administrative Agent or the Banks in excess of the obligations of the Company. 
 (e)         We express no opinion as to the enforceability of the indemnification provisions of the Facility Documents, or any provisions exculpating the Administrative Agent or any Bank or any of
their respective representatives from any liability, in each case insofar as such provisions might require indemnification or exculpation with respect to any violations of securities laws or relating to any litigation by any party determined
adversely to any party other than the Company. We express no opinion as to the enforceability of any provision exculpating the Administrative Agent or any Bank or any of their respective representatives as to any loss, cost or expense arising out of
any violation by any party other than the Company of any of that party’s duties, the Facility Documents, general principles of equity or public policy. 
 (f)         We express no opinion as to whether courts of any jurisdiction would enforce a waiver of objection to jurisdiction or venue or an objection based on forum non
conveniens or any other provisions relating to the operations of courts, court rules, service of process, witnesses at a trial, discovery, rules of evidence or the conduct of litigation in such court. 
  

 

 

 

 
 June 23, 2009 
 Page 4

  

 (g)         Notwithstanding anything contained in the
Facility Documents, the Administrative Agent and the Banks may be limited to recovering only reasonable expenses with respect to enforcement or collection of the obligations under the Facility Documents. 
 (h)         For purposes of this opinion letter, “Law” means the statutes, and the judicial and
administrative decisions, and the rules and regulations of the governmental agencies of the applicable jurisdiction, but excluding the statutes and ordinances, the administrative decisions, and the rules and regulations of counties, towns,
municipalities and special political subdivisions (whether created or enabled through legislative action at the federal, state or regional level), and judicial decisions to the extent that they deal with any of the foregoing. 
 (i)         We have only considered the applicability of Laws that a lawyer in the State of Michigan exercising
customary professional diligence would reasonably recognize as being directly applicable to the Company, the transactions described in the Facility Documents, or both. We disclaim any opinion with respect to specialized laws that are not customarily
covered in opinion letters of this kind, such as tax, securities (except with respect to the opinion given in paragraph 9 above), insolvency, antitrust, pension, employee benefit, environmental, intellectual property, bank regulatory, insurance,
labor, and health and safety laws. 
 (j)         The term “Actual Knowledge”
means the actual conscious awareness of Norman H. Beitner and Thomas E. Przybylski, who constitute the only attorneys in this firm who were involved in the transactions contemplated by the Facility Documents, without any independent inquiry or
search of public records, court dockets or files within this firm. 
 At the request of our client, this opinion letter is provided to you by
us in our capacity as counsel to the Company and may not be relied upon by any Person (other than you and such assignees of yours as are permitted under the Facility Agreement) for any purpose, or by you other than in connection with the
transactions contemplated by the Facility Agreement, without, in each instance, our prior written consent. 
 This opinion letter speaks only
as of its date. We do not undertake any obligation to advise you or any other party of changes of law or fact that occur after the date of this opinion letter — even though the change may affect the legal analysis, a legal conclusion or an
information confirmation in this opinion letter. 
 Very truly yours, 
 HONIGMAN MILLER SCHWARTZ AND COHN LLP 
 DF/NHB/TEP/RJK 
 DETROIT.3708708.2Form of Sale and Servicing Agreement

 Exhibit 4.1 
  
  
  
 SALE AND SERVICING AGREEMENT 
 among

 WORLD OMNI AUTO RECEIVABLES TRUST 20[    ]-[    ] 
 Issuing Entity, 
 WORLD OMNI AUTO RECEIVABLES
LLC, 
 Depositor, 
 and

 WORLD OMNI FINANCIAL CORP., 
 Servicer 
 Series 20[    ]-[    ] 
 Dated as of [            ] 
  
  
  

 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	  	32
	 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	  	40
	 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

  

			
	 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 [            ], among WORLD OMNI AUTO
RECEIVABLES TRUST 20[    ]-[    ], 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 on 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; 
  

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 (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, as a true and complete sale), the Depositor hereby grants to the Issuing Entity, for the benefit of 

  

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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 

  

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

  

	 	(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 [    ]% 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. 
  

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 (b) Schedule of Receivables. The information set forth in the Schedule of Receivables is true and
correct in all material respects as of the close of business on the applicable Cutoff Date, and no selection procedures believed by World Omni to be adverse to the Noteholders were utilized in selecting the Receivables. The computer tape or other
listing regarding the Receivables made available to the Issuing Entity and its assigns (which computer tape or other listing is required to be delivered as specified herein) is true and correct in all material respects. 
 (c) Compliance with Law. To the best of World Omni’s knowledge, each Receivable, the sale of the Financed Vehicle and the sale of any related
insurance policies thereon financed by the Receivables complied at the time it was originated or made and, at the execution of this Agreement, complies in all material respects with all requirements of applicable federal, state and local laws and
regulations thereunder, including usury laws, the federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty
Act, the 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. 
  

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 (i) No Waiver. No provision of a Receivable has been waived, other than a discretionary waiver of
a late payment charge or any other fees that may be collected in the ordinary course of servicing a Receivable or in connection with any extension which is reflected in the Servicer’s computer system. 
 (j) No Defenses. No right of rescission, setoff, counterclaim or defense has been asserted or, to World Omni’s knowledge, threatened with
respect to any Receivable. 
 (k) No Liens. To the best of World Omni’s knowledge, no liens or claims have been filed for work,
labor or materials relating to a Financed Vehicle that are liens prior to, or equal to or coordinate with, the security interest in the Financed Vehicle granted by any Receivable. 
 (l) No Default. No Receivable has a payment that 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 

  

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

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 (z) Code. Each of the Receivables is identified on World Omni’s computer files by a code
indicating the Receivables are owned by the Trust and pledged to the Indenture Trustee. The Receivables are the only Contracts listed on the Schedule of Receivables, are the only Contracts identified on World Omni’s computer files by such code,
and are not identified on World Omni’s computer files by any other code. 
 (aa) Prepayment. Each Receivable provides that a
prepayment by the related Obligor will fully pay the principal balance and accrued interest through the date of prepayment based on such Receivable’s Annual Percentage Rate. 
 Section 3.02 Repurchase upon Breach. The Depositor, the Servicer or the Owner Trustee (on behalf of the Trust), as the case may be, shall
inform the other parties to this Agreement and the Indenture Trustee promptly, in writing, upon the discovery of any breach of World Omni’s representations and warranties made pursuant to Section 3.01. Unless any such breach shall
have been cured by the last day of the second Collection Period following the discovery thereof by the Owner Trustee or receipt by the Owner Trustee of written notice from the Depositor or the Servicer of such breach, World Omni shall be obligated
to repurchase any Receivable materially and adversely affected by any such breach as of such last day (or, at World Omni’s option, the last day of the first Collection Period following the discovery) and World Omni shall deliver a revised
Schedule of Receivables to the Depositor and the Trust which shall reflect the repurchase of such Receivables). In consideration of the repurchase of any such Receivable, World Omni shall remit the Purchase Amount, in the manner specified in
Section 5.05. Subject to the provisions of Section 6.03, the sole remedy of the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Noteholders or the Certificateholders with respect to a breach of representations
and warranties pursuant to Section 3.01 and the agreement contained in this Section shall be to require World Omni to repurchase Receivables pursuant to this Section, subject to the conditions contained herein. 
 Section 3.03 Custody of Receivable Files. To assure uniform quality in servicing the Receivables and to reduce administrative costs, the
Issuing Entity hereby revocably appoints the Servicer, and the Servicer hereby accepts such appointment, to act for the benefit of the Issuing Entity and the Indenture Trustee as custodian of the following documents or instruments which are hereby
or will hereby be constructively delivered to the Indenture Trustee, as pledgee of the Issuing Entity, as of the Closing Date with respect to each Initial Receivable and as of the Subsequent Transfer Date with respect to each Subsequent Receivable,
if any: 
 (a) the fully executed original Contract of such Receivable; 
 (b) the credit application fully executed by the Obligor or such other information as the Servicer may keep on file in accordance with its customary
servicing procedures; 
 (c) the original certificate of title or such documents that the Servicer or the Depositor shall keep on file, in
accordance with its customary procedures, evidencing the security interest of World Omni in the Financed Vehicle; and 
  

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 (d) any and all other documents that the Servicer or the Depositor shall keep on file, in accordance with
its customary procedures, relating to a Receivable, an Obligor or a Financed Vehicle. 
 Section 3.04 Duties of Servicer as
Custodian. 
 (a) Safekeeping. The Servicer shall hold the Receivable Files as custodian for the benefit of the Issuing Entity and
maintain such accurate and complete accounts, records and computer systems pertaining to each Receivable File as shall enable the Issuing Entity to comply with this Agreement. In performing its duties as custodian the Servicer shall act with
reasonable care, using that degree of skill and attention that the Servicer exercises with respect to the receivable files relating to all comparable automotive receivables that the Servicer services for itself. The Servicer shall promptly report to
the Issuing Entity and the Indenture Trustee any failure on its part to hold the Receivable Files and maintain its accounts, records and computer systems as herein provided and shall promptly take appropriate action to remedy any such failure.
Nothing herein shall be deemed to require an initial review or any periodic review by the Issuing Entity or the Indenture Trustee of the Receivable Files. 
 (b) Maintenance of and Access to Records. The Servicer shall maintain each Receivable File at one of its offices, or at such other location, in each case as specified in Schedule B or at such other office or
location as shall be specified to the Issuing Entity and the Indenture Trustee by written notice prior to any change in location together with the Opinion of Counsel required by Section 10.02(j). 
 The Servicer shall provide to the Indenture Trustee access to any and all documentation regarding the Receivables in such cases where the Indenture
Trustee is required in connection with the enforcement of the rights of the Noteholders, or by applicable statutes or regulations to review such documentation, such access being afforded without charge but only (a) upon reasonable request,
(b) during normal business hours, (c) subject to the Servicer’s normal security and confidentiality procedures and (d) at offices designated by the Servicer. Nothing in this Section 3.04(b) shall derogate from the
obligation of the Servicer or the Indenture Trustee to observe any applicable law prohibiting disclosure of information regarding the Obligors and the failure of the Servicer to provide access as provided in this Section 3.04(b) as a
result of such obligation shall not constitute a breach of this Section 3.04(b). 
 (c) Release of Documents. Upon
instruction from the Indenture Trustee, the Servicer shall release any Receivable File to the Indenture Trustee, the Indenture Trustee’s agent or the Indenture Trustee’s designee, as the case may be, at such place or places as the
Indenture Trustee may designate, as soon as practicable. 
 Section 3.05 Instructions; Authority To Act. The Servicer shall be
deemed to have received proper instructions with respect to the Receivable Files upon its receipt of written instructions signed by a Trust Officer of the Indenture Trustee. 
 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, 

  

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compensatory damages, payments, costs or expenses of any kind whatsoever that may be imposed on, incurred by or asserted against the Trust, the Owner
Trustee, or the Indenture Trustee or any of their respective officers, directors, employees and agents as the result of any improper act or omission in any way relating to the maintenance and custody by the Servicer as custodian of the Receivable
Files; provided, however, that the Servicer shall not be liable to the Owner Trustee for any portion of any such amount resulting from the willful misfeasance, bad faith or negligence of the Owner Trustee, and the Servicer shall not be liable to the
Indenture Trustee for any portion of any such amount resulting from the willful misfeasance, bad faith or negligence of the Indenture Trustee. 
 Section 3.07 Effective Period and Termination. The Servicer’s appointment as custodian shall become effective as of the Initial Cutoff Date and shall continue in full force and effect until terminated pursuant to this
Section. If World Omni shall resign as Servicer in accordance with the provisions of this Agreement or if all of the rights and obligations of any Servicer shall have been terminated under Section 8.01, the appointment of such Servicer
as custodian may be terminated by the Indenture Trustee or by the Holders of the Controlling Securities evidencing not less than 25% of the Outstanding Amount of the Controlling Securities or, with the consent of Holders of the Controlling
Securities evidencing not less than 25% of the Outstanding Amount of the Controlling Securities, by the Owner Trustee, in the same manner as the Indenture Trustee or such Holders may terminate the rights and obligations of the Servicer under
Section 8.01. As soon as practicable after any termination of such appointment, the Servicer shall deliver the Receivable Files to the Indenture Trustee or the Indenture Trustee’s agent at such place or places as the Indenture
Trustee may reasonably designate. 
 ARTICLE IV 
 ADMINISTRATION AND SERVICING OF RECEIVABLES 
 Section 4.01 Duties of Servicer. The
Servicer, for the benefit of the Issuing Entity (to the extent provided herein), shall manage, service, administer and receive collections on the Receivables (other than Purchased Receivables) with reasonable care, using that degree of skill and
attention that the Servicer exercises with respect to all comparable automotive receivables that it services for itself or others. The Servicer’s duties shall include collection and posting of all payments, making Advances, responding to
inquiries of Obligors on such Receivables, investigating delinquencies, sending payment coupons 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 

  

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proceeding it shall be held that the Servicer may not enforce a Receivable on the ground that it shall not be a real party in interest or a holder entitled
to enforce such Receivable, the Owner Trustee shall, at the Servicer’s expense and direction, take steps to enforce such Receivable, including bringing suit in its name or the name of the Owner Trustee, the Indenture Trustee, the
Certificateholders or the Noteholders. The Owner Trustee shall upon the written request of the Servicer furnish the Servicer with any powers of attorney and other documents, in forms provided to it, reasonably necessary or appropriate to enable the
Servicer to carry out its servicing and administrative duties hereunder. 
 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 $[        ]. The Servicer shall also be entitled to all
reimbursements for Advances as set forth in Section 5.04, late fees, any prepayment charges, and other administrative fees or similar charges allowed by applicable law with respect to the Receivables, collected (from whatever source) on
the Receivables, plus any reimbursement pursuant to the last paragraph of Section 7.02. The Servicer may, as long as it believes that sufficient collections will be available from interest collections on one or more future Payment Dates
to pay the Servicing Fee, by notice to the Indenture Trustee on or before a 

  

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Payment Date, elect to defer all or a portion of the Servicing Fee with respect to the related Collection Period, without interest. If the Servicer defers
all of the Servicing Fee, the Servicing Fee for such related Collection Period will be deemed to equal zero. 
 Section 4.09
Servicer’s Certificate. On or prior to the close of business on each Payment Determination Date, the Servicer shall deliver a Servicer’s Certificate pursuant to Section 5.08. Receivables to be purchased by the Servicer
or to be repurchased by World Omni or the Depositor shall be identified by the Servicer by account number with respect to such Receivable (as specified in the Schedule of Receivables). 
 Section 4.10 Annual Statement as to Compliance; Item 1122 Servicing Criteria Assessment; Notice of Default. 
 (a) To the extent required by Regulation AB, the Servicer shall deliver (and shall cause each of its Reporting Subcontractors, if any, to delivery) 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,
[            ], 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 Indenture Trustee 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,
[            ], 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,
[            ]. 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 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, [            ], 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, [            ]. 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 servicing and administering of the
Receivables in accordance 

  

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

  

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application as Total Available Funds for such Payment Date, and (ii) the excess of the amount on deposit in the Negative Carry Account, if any, over the
Required Negative Carry Account Balance (after withdrawal of the Negative Carry Amount for such Payment Date) and deposit it into the Collection Account for application as Available Funds for such Payment Date. In addition, on the Payment Date
following the calendar month in which the last day of the Funding Period occurs, the Servicer will instruct the Indenture Trustee to withdraw from the Negative Carry Account the amount remaining on deposit in the Negative Carry Account (after giving
effect to all withdrawals from the Negative Carry Account on that Payment Date) and deposit it into the Collection Account for application as Available Funds for such Payment Date. 
 Section 5.02 Collections. The Servicer shall remit to the Collection Account (and post such amounts to its records) within two Business Days
of receipt of payment (including receipt of proper instructions regarding where to allocate such payment) all payments by or on behalf of the Obligors with respect to the Receivables (other than Purchased Receivables) and all Liquidation Proceeds,
both as collected during the Collection Period. Notwithstanding the foregoing, for so long as (i) World Omni remains the Servicer, (ii) no Servicer Default shall have occurred and be continuing and (iii) the Rating Agency Condition is
met, the Servicer shall remit such collections with respect to the preceding calendar month to the Collection Account on the Payment Determination Date immediately preceding the related Payment Date. For purposes of this Article V the phrase
“payments by or on behalf of Obligors” shall mean payments made with respect to the Receivables by Persons other than the Servicer or the Depositor. 
 Section 5.03 Application of Collections. With respect to each Receivable (other than a Purchased Receivable), payments by or on behalf of the Obligor shall be applied to interest and principal in
accordance with the Simple Interest Method. 
 Section 5.04 Advances. On each Payment Date, the Servicer shall deposit into the
Collection Account an amount (such amount, an “Advance”), if positive, equal to (1) the Total Required Advances with respect to such Payment Date minus (2) the Outstanding Advance immediately following the preceding
Payment Date. On each Payment Date, the Servicer shall be reimbursed for Outstanding Advances in an amount, if positive, equal to (1) the Outstanding Advances immediately following the preceding Payment Date minus (2) the Total Required
Advances with respect to such Payment Date. The Servicer shall not make any advance in respect of principal on the Receivables. 
 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 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 to retain in the Collection Account all or a portion of distributions otherwise payable to them pursuant to (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 (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, Class A-3 Notes and Class A-4 Notes, pro
rata, the aggregate Outstanding Amount of each 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, Class A-3 Notes and Class A-4 Notes, pro rata, the aggregate Outstanding Amount of each 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 
 (H) to the Certificateholders, any remaining amounts. 
  

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

 (b) If the amount on deposit in the Reserve Account on any Payment Date (after giving effect to all deposits thereto or withdrawals
therefrom on such Payment Date) is greater than the Required Reserve Amount for such Payment Date, the Servicer shall instruct the Indenture Trustee to withdraw such amount from the Reserve Account and apply it as Total Available Funds for such
Payment Date. 
 (c) In the event that the Total Available Funds for a Payment Date are not sufficient to make the full amount of the
payments and deposits required pursuant to Sections 5.06(ii)(A), (B), (C), (D) and (E) on such Payment Date, the Servicer shall instruct the Indenture Trustee to withdraw from the Reserve Account on such
Payment Date an amount equal to such shortfall, to the extent of funds available therein, and pay or deposit such amount according to the priorities set forth in Section 5.06(ii). In addition, amounts will be withdrawn from the Reserve
Account as provided in Section 8.02(c) and (d) of the Indenture. 
 (d) Subject to Section 9.01, amounts
will continue to be applied pursuant to Section 5.06 following payment in full of the Outstanding Amount of the Notes until the Pool Balance is reduced to zero. Following the payment in full of the aggregate Outstanding Amount of the
Notes and of all other amounts owing or to be distributed hereunder or under the Indenture or the Trust Agreement to Noteholders, any amount remaining on deposit in the Reserve Account shall be distributed to the Certificateholders. 
 Section 5.08 Statements to Noteholders and Certificateholders. On or prior to the close of business on each Payment Determination Date, the
Servicer shall provide to the Indenture Trustee (with a copy to the Rating Agencies, the Owner Trustee and the Swap Counterparty, if any) for the Indenture Trustee to forward to The Depository Trust Company (which shall supply such statement to
Noteholders in accordance with its procedures), a statement substantially in the form of Exhibit B, setting forth at least the following information as to the Notes, to the extent applicable: 
 (a) the amount of such distribution allocable to principal allocable to each Class of Notes; 
 (b) the amount of such distribution allocable to interest allocable to each Class of Notes; 
 (c) the Outstanding Amount of each Class of Notes and the Note Pool Factor for each such Class as of the close of business on the last day of the
preceding Collection Period; 
 (d) the amount of the Servicing Fee paid to the Servicer with respect to the related Collection Period, the
amount of any unpaid Servicing Fee and the change in such amount from the prior Payment Date; 
  

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 (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 are more than 30, 60
or 90 days delinquent; 
 (l) the aggregate amount of Receivables which have become Defaulted Receivables during the preceding Collection
Period; 
 (m) the amount, if any, distributed to the Certificateholders and the balance of the Certificates after giving effect to all
distributions reported under this clause (m); 
 (n) the Noteholders’ First Priority Principal Distributable Amount; 
 (o) the Noteholders’ Second Priority Principal Distributable Amount; 
 (p) the Noteholders’ Principal Distributable Amount; 
 (q) the Overcollateralization Target Amount for
the immediately following Payment Date; 
 (r) the Negative Carry Amount, if any, and the balance, if any, of the Negative Carry Account on
such date, after giving effect to deposits and withdrawals to be made on the immediately following Payment Date, if any; 
 (s) for Payment
Dates during the Funding Period, if any, the Starting Principal Balance for all Subsequent Receivables transferred to the Trust since the preceding Payment Date, the remaining Pre-Funded Amount and the Investment Earnings on amounts on deposit in
the Pre-Funding Account, if any, for the related Payment Period; 
 (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; 
  

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 (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 

  

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applicable to the Depositor of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having
jurisdiction over the Depositor or its properties except, in the case of clauses (ii), (iii) and (iv), for such breaches, defaults, conflicts, liens or violations that would not have a material adverse effect on the Depositor’s earnings,
business affairs or business prospects. 
 (f) No Proceedings. To the Depositor’s best knowledge, there are no proceedings or
investigations pending or threatened before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties: (i) asserting the invalidity of this Agreement, the
Indenture or any of the other Basic Documents, the Notes or the Certificates, (ii) seeking to prevent the issuance of the Notes or the Certificates or the consummation of any of the transactions contemplated by this Agreement, the Indenture or
any of the other Basic Documents, (iii) seeking any determination or ruling that could reasonably be expected to materially and adversely affect the performance by the Depositor of its obligations under, or the validity or enforceability of,
this Agreement, the Indenture, any of the other Basic Documents, the Notes or the Certificates or (iv) which could reasonably be expected to adversely affect the federal or state income tax attributes of the Notes or the Certificates.

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

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 (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 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. 
  

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 (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 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, 

  

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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. 
 (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 

  

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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. 
 (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 

  

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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. 
 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 corporation 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 a corporation 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, 

  

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such corporation 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 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 

  

 34 

 
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 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 Owner Trustee shall give prompt written notice thereof to Certificateholders, and the Indenture Trustee shall
give prompt written notice thereof to Noteholders and 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 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 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. 
 (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. 
  

 37 

 (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 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. 
  

 38 

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

 39 

 Each Opinion of Counsel referred to in clause (A) or (B) 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: [            ], (d) in the case of the Indenture Trustee, at its Corporate Trust Office, Email: [            ],
Telecopy: [            ], (e) in the case of [Moody’s, to Moody’s Investors Service, Inc., 7 World Trade Center at 250 Greenwich Street, New York, New York 10007, Telecopy:
212-553-4642, Email: ServicerReports@Moodys.com], (f) in the case of [Standard & Poor’s, to Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., 55 Water Street, New York, New York
10041, Telecopy: 212-438-2599, Attention: Asset Backed Surveillance Department, Email: felix_herrera@standardandpoors.com], and (g) 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. 
 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 

  

 40 

 
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, petition
or otherwise invoke the process of any court or government authority for the purpose of commencing or 

  

 41 

 
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
(a) 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, (b) each of the
representations, undertakings and agreements herein made on the part of the Issuing Entity is made and intended not as personal representations, undertakings and agreements by the Trustee Bank, but is made and intended for the purpose of binding
only the Issuing Entity, (c) nothing herein contained shall be construed as creating any liability on the Trustee Bank, individually or personally, to perform any covenant of the Issuing Entity, either expressed or implied, contained herein,
all such liability of the Trustee Bank in its individual or personal capacity, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto and (d) 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 [            ], not in its individual capacity but solely as Indenture Trustee and in no event shall [            ]
have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuing Entity hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be
had solely to the assets of the Issuing Entity. 
 Section 10.13 Regulation AB. The Depositor and the Servicer acknowledge and agree
that the purpose of this Section 10.13 is to facilitate compliance by the Depositor with the provisions of Regulation AB and the related rules and regulations of the Commission. The Depositor shall not exercise its right to request
delivery of information or other performance under these provisions other than in 

  

 42 

 
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. 
  

 43 

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

			
	 WORLD OMNI AUTO RECEIVABLES
 TRUST
20[    ]-[    ]

	
	 by: [            ],
 not in its individual capacity
 but solely as Owner
Trustee,

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	WORLD OMNI AUTO RECEIVABLES LLC,
	as Depositor
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 WORLD OMNI FINANCIAL CORP.,
 as
Servicer

		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	 Acknowledged and accepted as of the day
 and
year first above written:

	
	 [            ],
 not in its individual capacity but solely as
 Indenture Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

 SCHEDULE A 
 Schedule of Receivables 
 Bank Pool Elig. Cat. Elig. St. Type Account
Number APR Orig. Term Rem. Term Sched Rem. Term Mthly. Pmt. Inv. Bal. Dealer Res. 
 [Delivered to the Owner Trustee and Indenture Trustee at Closing] 
  

 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 20[    ]-[    ] 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. A1 

 EXHIBIT B  
 Form of Servicer’s Certificate 
 World Omni Financial Corp. 
 World Omni Auto Receivables Trust 20[    ]-[    ] Monthly Servicer’s Certificate 
 World Omni Auto Receivables Trust 20[    ]-[    ] 
 Monthly Servicer Certificate 
 mm/dd/yyyy 
  

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

  

	 	(4)	Class B Interest 

  

	 	(5)	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 
  

 Ex. B-2 

					
	 Note Balances & Note Factors
	  	$ Amount	  	 
	 Original Class A
	  		  	
	 Original Class B
	  		  	
			
	 Total Class A & B
	  		  	
	 Note Balance @ mm/dd/yy
	  		  	
	 Principal Paid
	  		  	
	 Note Balance @ mm/dd/yy
	  		  	
			
	 Class A-1
	  		  	
	 Note Balance @ mm/dd/yy
	  		  	
	 Principal Paid
	  		  	
	 Note Balance @ mm/dd/yy
	  		  	
	 Note Factor @ mm/dd/yy
	  		  	
			
	 Class A-2
	  		  	
	 Note Balance @ mm/dd/yy
	  		  	
	 Principal Paid
	  		  	
	 Note Balance @ mm/dd/yy
	  		  	
	 Note Factor @ mm/dd/yy
	  		  	
			
	 Class A-3
	  		  	
	 Note Balance @ mm/dd/yy
	  		  	
	 Principal Paid
	  		  	
	 Note Balance @ mm/dd/yy
	  		  	
	 Note Factor @ mm/dd/yy
	  		  	
			
	 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
	  		  	
			
	 Account Balances
	  	$ Amount	  	 
	 Advances
	  		  	
	 Balance as of mm/dd/yy
	  		  	
	 Balance as of mm/dd/yy
	  		  	
	 Change
	  		  	

  

 Ex. B-5 

	
	 Reserve Fund

	 Balance as of mm/dd/yy

	 Investment Earnings

	 Prior Month’s Investment Earnings paid

	 Withdrawal

	 Balance as of mm/dd/yy

	 Change

	
	 Reserve Fund Requirement

  

 Ex. B-6 

 EXHIBIT C 
 Form of Initial SSA Assignment 
 As of
[            ], for value received, in accordance with the Sale and Servicing Agreement, dated as of [            ] (the
“Sale and Servicing Agreement”), among World Omni Auto Receivables LLC, a Delaware limited liability company (the “Depositor”), World Omni Auto Receivables Trust
20[    ]-[    ] (the “Issuing Entity”) and World Omni Financial Corp., a Florida corporation, (the “Servicer”), as acknowledged and accepted by
[            ], as Indenture Trustee, the Depositor does hereby sell, assign, transfer and otherwise convey unto the Issuing Entity, without recourse, all right, title and interest
of the Depositor in, to and under (a) the Initial Receivables identified on the Schedule of Receivables attached hereto having an aggregate Starting Principal Balance of $[        ] and all monies
received thereon and in respect thereof after the Initial Cutoff Date; (b) the security interests in, and the liens on, the Financed Vehicles granted by Obligors in connection with the Initial Receivables and any other interest of the Depositor
in such Financed Vehicles; (c) any proceeds with respect to the Initial Receivables from claims on any physical damage, credit life or disability insurance policies covering such Financed Vehicles or Obligors; (d) any Financed Vehicle that
shall have secured an Initial Receivable and shall have been acquired by or on behalf of the Depositor, the Servicer or the Trust; (e) all funds on deposit in, and “financial assets” (as such term is defined in the Uniform Commercial
Code as from time to time in effect) credited to, the Trust Accounts, including the Reserve Account, the Negative Carry Account, 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 [            ] (the
“Sale and Servicing Agreement”), among World Omni Auto Receivables LLC, a Delaware limited liability company (the “Depositor”), World Omni Auto Receivables Trust
20[    ]-[    ] (the “Issuing Entity”) and World Omni Financial Corp., a Florida corporation, (the “Servicer”), as acknowledged and accepted by
[            ], as Indenture Trustee, the Depositor does hereby sell, assign, transfer and otherwise convey unto the Issuing Entity, without recourse, all right, title and interest
of the Depositor in, to and under (a) the Subsequent Receivables identified on the Schedule of Receivables attached hereto having an aggregate Starting Principal Balance of $        and all monies
received thereon and in respect thereof after the close of business on             , 200    ; (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. 
 “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
$[        ], 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 Issuing Entity or 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 or, so long as the Administration Agreement is in effect,
the president, any vice president, treasurer, assistant treasurer, secretary or assistant secretary of the Administrator who is authorized to act for the Administrator in matters relating to the Issuing Entity and to be acted upon by the
Administrator pursuant to the Administration Agreement and who is identified on the list of Authorized Officers delivered by the Administrator to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to
time thereafter). 
  

 App. A-1 

 “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 Purchase Amount” means as of any Subsequent Transfer Date, the excess, if any, of
$[        ] over the Aggregate Starting Principal Balance on (and before giving effect to any transfers of Receivables on) such Subsequent Transfer Date. 
 “Basic Documents” means the Indenture, the Certificate of Trust, the Trust Agreement, the Sale and Servicing Agreement, the Receivables
Purchase Agreement, the Administration Agreement, the Note Depository Agreement, the Interest Rate Swaps, if any, the Swap Counterparty Rights Agreement, if any, and other documents and certificates delivered in connection therewith. 
 “Book-Entry Notes” means a beneficial interest in the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and
Class A-4 Notes, ownership and transfers of which shall be made through book entries by a Clearing Agency as described in Section 2.11 of the Indenture. 
 “Business Day” means any day other than (i) a Saturday or a Sunday or (ii) a day on which banking institutions or trust companies in the State of Florida, the State of New York, the State of
Delaware, the states in which the servicing offices of the Servicer are located or the state in which the Corporate Trust Office is located are required or authorized by law, regulation or executive order to be closed. 
  

 App. A-2 

 “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, 31) divided by 360]. 

 Interest due on the initial Payment Date will be [$[        ] for the Class A-2 Notes,
$[        ] for the Class A-3 Notes and $[        ] for the Class A-4 Notes]. 
  

 App. A-3 

 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 [$[        ] 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
[            ] Payment Date. 
 “Class A-1 Interest Rate”
means [    ]% 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 [    ]% Asset-Backed Notes, substantially in the form of Exhibit A-1 to the Indenture. 
 “Class A-2 Final Scheduled Payment Date” means the [            ]
Payment Date. 
 “Class A-2 Noteholder” means the Person in whose name a Class A-2 Note is registered in the Note
Register. 
 “Class A-2 Interest Rate” means [    ]% 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 [    ]% Asset-Backed
Notes, substantially in the form of Exhibit A-2 to the Indenture. 
 “Class A-3 Final Scheduled Payment
Date” means the [            ] Payment Date. 
 “Class A-3
Noteholder” means the Person in whose name a Class A-3 Note is registered in the Note Register. 
 “Class A-3
Interest Rate” means [    ]% per annum computed on the basis of [a 360 day year of twelve 30 day months]. 
  

 App. A-4 

 “Class A-3 Noteholder” means the Person in whose name a Class A-3 Note is
registered in the Note Register. 
 “Class A-3 Notes” means the Class A-3 [    ]% Asset-Backed
Notes, substantially in the form of Exhibit A-4 to the Indenture. 
 “Class A-4 Final Scheduled Payment
Date” means the [            ] Payment Date. 
 “Class A-4
Noteholder” means the Person in whose name a Class A-4 Note is registered in the Note Register. 
 “Class A-4
Interest Rate” means [    ]% 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 [    ]% Asset-Backed Notes, substantially in the form of Exhibit A-6 to the Indenture. 
 “Class B Final Scheduled Payment Date” means the [            ] Payment
Date. 
 “Class B Interest Rate” means [    ]% 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; 

  

 App. A-5 

	 	•	 	 the related Interest Rate; and 

  

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

 Interest due on the initial Payment Date will be $[        ] for the Class B Notes. 
 “Class B Notes” means the Class B [    ]% 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 [            ]. 
 “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. 
  

 App. A-6 

 “Commission” means the U.S. Securities and Exchange Commission. 
 “Contract” means a motor vehicle retail installment sale contract. 
 “Controlling Securities” means the Class A Notes so long as the Class A Notes are outstanding, and after the Class A
Notes are no longer outstanding, the Class B Notes so long as the Class B Notes are outstanding. 
 “Corporate Trust Office”
means with respect to the Indenture Trustee, the principal office of the Indenture Trustee at which at any particular time its corporate trust business shall be administered, which office at the date of execution of this Indenture is located at
[            ], Telephone: [            ], Telecopy: [            ],
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 with respect to the Owner Trustee, the corporate trust office of the Owner Trustee located at
[            ], Telecopy: [            ], 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) all or any part 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, which shall initially include the Class B Notes. 
  

 App. A-7 

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

  

 App. A-8 

 
on its record being credited to the financial intermediary’s Participant’s securities account; the making by such financial intermediary of entries
in its books and records identifying such book-entry security held through the Federal Reserve System pursuant to Federal book-entry regulations as being credited to the Indenture Trustee’s securities account or custodian’s securities
account and indicating that such custodian holds such Trust Account Property solely as agent for the Indenture Trustee or its nominee or custodian; and such additional or alternative procedures as may hereafter become appropriate to effect complete
transfer of ownership of any such Trust Account Property to the Indenture Trustee or its nominee or custodian, consistent with changes in applicable law or regulations or the interpretation thereof; and 
 (c) with respect to any item of Trust Account Property that is an uncertificated security under Article 8 of the UCC and that is not
governed by clause (b) above, registration on the books and records of the issuer thereof in the name of the financial intermediary, the sending of a confirmation by the financial intermediary of the purchase by the Indenture Trustee or its
nominee or custodian of such uncertificated security, the making by such financial intermediary of entries on its books and records identifying such uncertificated certificates as belonging to the Indenture Trustee or its nominee or custodian.

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

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

 App. A-9 

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

  

 App. A-10 

 
issued by any particular corporation will not be Eligible Investments to the extent that investment therein will cause the then outstanding principal amount
or face amount, as the case may be, of securities issued by such corporation and held by the Indenture Trustee on behalf of the Trust to exceed 10% of either the Pool Balance or the aggregate unpaid principal balance or face amount, as the case may
be, of all Eligible Investments held by the Indenture Trustee on behalf of the Trust; 
 (e) interest in any open-end or
closed-end management type investment company or investment trust (i) registered under the Investment Company Act of 1940, as amended, the portfolio of which is limited to the obligations of, or guaranteed by, the United States and to
agreements to repurchase such obligations, which agreements, with respect to principal and interest, are at least 100% collateralized by such obligations marked to market on a daily basis and the investment company or investment trust shall take
delivery of such obligations either directly or through an independent custodian designated in accordance with the Investment Company Act and (ii) acceptable to each Rating Agency (as approved in writing by each Rating Agency) as collateral for
securities having ratings equivalent to the ratings of the Notes; 
 (f) guaranteed reinvestment agreements issued by any
bank, insurance company or other corporation for which the Rating Agency Condition has been satisfied; 
 (g) investments in
Eligible Investments maintained in “sweep accounts,” short-term asset management accounts and the like utilized for the investment, on an overnight basis, of residual balances in investment accounts maintained at the Indenture Trustee or
any other depository institution or trust company organized under the laws of the United States or any state that is a member of the FDIC, the short-term debt of which has the highest available credit rating of 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; 
  

 App. A-11 

 (b) any of the foregoing which constitutes a certificated security shall not be
considered an Eligible Investment unless: 
 (i) in the case of a certificated security that is in bearer form, (A) the
Indenture Trustee acquires physical possession of such certificated security, or (B) a person, other than a securities intermediary, acquires possession of such certificated security on behalf of the Indenture Trustee; and 
 (ii) in the case of a certificated security that is in registered form (A)(1) the Indenture Trustee acquires physical possession of such
certificated security, (2) a person, other than a securities intermediary, acquires possession of such certificated security on behalf of the Indenture Trustee, or (3) a securities intermediary acting on behalf of the Indenture Trustee
acquires possession of such certificated security and such certificated security has been specially endorsed to the Indenture Trustee, and (B) (1) such certificated security is endorsed to the Indenture Trustee or in blank by an effective
endorsement, or (2) such certificated security is registered in the name of the Indenture Trustee; 
 (c) any of the
foregoing that constitutes an uncertificated security shall not be considered an Eligible Investment unless (A) the Indenture Trustee is registered by the issuer as the owner thereof, (B) a person, other than a securities intermediary,
becomes the registered owner of such uncertificated security on behalf of the Indenture Trustee, or (C) the issuer of such uncertificated security agrees that it will comply with the instructions originated by the Indenture Trustee without
further consent by any registered owner of such uncertificated security; 
 (d) any of the foregoing that constitutes a
security entitlement shall not be considered an Eligible Investment unless (A) the Indenture Trustee becomes the entitlement holder thereof, or (B) the securities intermediary has agreed to comply with the entitlement orders originated by
the Indenture Trustee without further consent by the entitlement holder; 
 (e) any of the foregoing shall not constitute an
Eligible Investment unless the Indenture Trustee (A) has given value, and (B) does not have notice of an adverse claim; and 
 (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. 
  

 App. A-12 

 “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.

 “FDIC” means the Federal Deposit Insurance Corporation. 
 “Final Prospectus” shall mean the prospectus dated [            ], as
supplemented by the prospectus supplement dated [            ], relating to the Notes. 
 “Final Scheduled Maturity Date” means in the case of an Initial Receivable, [            ] or, in the case of a Subsequent Receivable, [RESERVED]. 
 “Final Scheduled Payment Date” with respect to a Class of Notes, the Payment Date in the month set forth below opposite such Class of
Notes: 
 Class A-1
Notes:                     [            ] 
 Class A-2 Notes:                    
[            ] 
 Class A-3
Notes:                     [            ] 
 Class A-4 Notes:                    
[            ] 
 Class
B Notes:                         [            ] 

“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 [            ]. 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 

  

 App. A-13 

 
interest payments in respect of the Collateral and all other monies payable thereunder, to give and receive notices and other communications, to make waivers
or other agreements, to exercise all rights and options, to bring Proceedings in the name of the granting party or otherwise, and generally to do and receive anything that the granting party is or may be entitled to do or receive thereunder or with
respect thereto. 
 “Holder” or “Noteholder” means the Person in whose name a Note is registered on the
Note Register. 
 “Indemnified Parties” shall have the meaning assigned to such term in Section 8.02 of the
Trust Agreement. 
 “Indenture” shall mean the Indenture, dated as of the Closing Date, between the Trust and the Indenture
Trustee, as the same may be amended and supplemented from time to time. 
 “Indenture Trustee” means
[            ], not in its individual capacity but solely as Indenture Trustee under the Indenture, or any successor Indenture Trustee under the Indenture. 
 “Independent” means, when used with respect to any specified Person, that the Person (a) is in fact independent of the Issuing
Entity, any other obligor on the Notes, the Depositor and any Affiliate of any of the foregoing Persons, (b) does not have any direct financial interest or any material indirect financial interest in the Issuing Entity, any such other obligor,
the Depositor or any Affiliate of any of the foregoing Persons and (c) is not connected with the Issuing Entity, any such other obligor, the Depositor or any Affiliate of any of the foregoing Persons as an officer, employee, promoter,
underwriter, trustee, partner, director or person performing similar functions. 
 “Independent Certificate” means a
certificate or opinion to be delivered to the Indenture Trustee under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.01 of the Indenture, made by an Independent appraiser or other
expert appointed by an Issuing Entity Order and approved by the Indenture Trustee in the exercise of reasonable care, and such opinion or certificate shall state that the signer has read the definition of “Independent” in the Indenture and
that the signer is Independent within the meaning thereof. 
 “Initial Aggregate Starting Principal Balance” means
$[        ]. 
 “Initial Cutoff Date” means
[            ]. 
 “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. 
  

 App. A-14 

 “Initial Trust Agreement” shall have the meaning assigned to such term in
Section 2.12 of the Trust Agreement. 
 “Insolvency Event” means, with respect to a specified Person,
(a) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable federal or state bankruptcy, insolvency
or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the winding-up or
liquidation of such Person’s affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or (b) the commencement by such Person of a voluntary case under any applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking
possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or
the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing. 
 “Interest Accrual Period” means, with respect to any Payment Date, 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. 
 “Issuing Entity” means World Omni Auto Receivables Trust
20[    ]-[    ] 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. 
  

 App. A-15 

 “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. 
 “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) [    ]% 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, 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 $[        ]. 
 “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. 
  

 App. A-16 

 “Note Depository Agreement” means the agreement, dated as of the Closing Date, among the
Issuing Entity, the Indenture Trustee and The Depository Trust Company, as the initial Clearing Agency, relating to the Class A Notes. 
 “Note Distribution Account” means the account designated as such, established and maintained pursuant to Section 5.01(a)(ii) of the Sale and Servicing Agreement. 
 “Note Owner” means, with respect to a Book-Entry Note, the Person who is the beneficial owner of such Book-Entry Note, as reflected on
the books of the Clearing Agency or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of such Clearing
Agency). 
 “Note Pool Factor” means, with respect to each Class of Notes as of the close of business on the last day of a
Collection Period, a seven-digit decimal figure equal to the Outstanding Amount of such Class of Notes (after giving effect to any reductions thereof to be made on the immediately following Payment Date) divided by the original Outstanding Amount of
such Class of Notes. The Note Pool Factor will be 1.0000000 as of the Closing Date; thereafter, the Note Pool Factor will decline to reflect reductions in the Outstanding Amount of such Class of Notes. 
 “Note Register” and “Note Registrar” have the respective meanings specified in Section 2.05 of the
Indenture. 
 “Noteholders” shall mean the holders of the Notes. 
 “Noteholders’ Distributable Amount” means, with respect to any Payment Date, the sum of the Noteholders’ Interest
Distributable Amount and the Noteholders’ Principal Distributable Amount for such Payment Date. 
 “Noteholders’ First
Priority Principal Distributable Amount” means, with respect to any Payment Date, an amount equal to the excess, if any, of (a) the Outstanding Amount of the Class A Notes as of the day immediately preceding such Payment Date over
(b) the Pool Balance for that Payment Date. 
 “Noteholders’ Interest Distributable Amount” means, with respect to
any Payment Date, the sum of the Class A Noteholders’ Interest Distributable Amount for such Payment Date and the Class B Noteholders’ Interest Distributable Amount for such Payment Date. 
 “Noteholders’ Principal Distributable Amount” means, with respect to any Payment Date, the excess, if any, of (a) the sum of
the Outstanding Amount of the Notes as of the day immediately preceding that Payment Date over (b) the Pool Balance for that Payment Date minus the Overcollateralization Target Amount for that Payment Date, provided that on the Final Scheduled
Payment Date of any Class of Notes, the Noteholders’ Principal Distributable Amount shall not be less than the amount necessary to reduce the aggregate Principal Balance of such Class of Notes to zero. 
  

 App. A-17 

 “Noteholders’ Second Priority Principal Distributable Amount” means, with respect
to any Payment Date, an amount equal to the excess, if any, of (a) the aggregate outstanding principal balance of the Notes as of the day immediately preceding such Payment Date over (b) the Pool Balance for that Payment Date less
(c) any amounts allocated to the Noteholders’ First Priority Principal Distributable Amount. 
 “Notes” means
Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes. 
 “Obligor” on a
Receivable means the purchaser or co-purchasers of the Financed Vehicle and any other Person who owes payments under the Receivable. 
 “Officer’s Certificate” means in the case of the Issuing Entity, a certificate signed by any Authorized Officer of the Issuing Entity, under the circumstances described in, and otherwise complying with, the applicable
requirements of Section 11.01 of the Indenture, and delivered to the Indenture Trustee (unless otherwise specified, any reference in the Indenture to an Officer’s Certificate shall be to an Officer’s Certificate of any
Authorized Officer of the Issuing Entity), and in the case of World Omni, the Depositor or the Servicer, a certificate signed by the president, a vice president, a treasurer, assistant treasurer, secretary or assistant secretary of World Omni, the
Depositor or the Servicer, as appropriate. 
 “Opinion of Counsel” means one or more written opinions of counsel who may,
except as otherwise expressly provided in the Indenture, be an employee of or counsel to the Issuing Entity and who shall be satisfactory to the addressees of such opinion, and which opinion or opinions if addressed to the Indenture Trustee, shall
comply with any applicable requirements of Section 11.01 of the Indenture and shall be in form and substance satisfactory to the Indenture Trustee. 
 “Outstanding” means, as of the date of determination, all Notes theretofore authenticated and delivered under this Indenture except: 
 (a) Notes theretofore cancelled by the Note Registrar or delivered to the Note Registrar for cancellation; 
 (b) Notes or portions thereof the payment for which money in the necessary amount has been theretofore deposited with the Indenture
Trustee or any Paying Agent in trust for the Holders of such Notes (provided, however, that if such Notes are to be redeemed, notice of such redemption has been duly given or waived pursuant to this Indenture or provision for such
notice or waiver has been made which is satisfactory to the Indenture Trustee); and 
 (c) Notes in exchange for or in lieu of
which other Notes have been authenticated and delivered pursuant to this Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Notes are held by a protected purchaser; 
 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 

  

 App. A-18 

 
Issuing Entity, any other obligor upon the Notes, the Depositor or any Affiliate of any of the foregoing Persons shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes that a Responsible Officer of the Indenture Trustee
has actual knowledge are so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Indenture Trustee the pledgee’s right so to act
with respect to such Notes and that the pledgee is not the Issuing Entity, any other obligor upon the Notes, the Depositor or any Affiliate of any of the foregoing Persons. 
 “Outstanding Advances” means all Advances by the Servicer minus all reimbursements of Advances to the Servicer pursuant to
Section 4.08 and Section 5.04 of the Sale and Servicing Agreement. 
 “Outstanding Amount” means the
aggregate principal amount of all Notes, or Class of Notes, as applicable, Outstanding at the date of determination. 
 “Overcollateralization Target Amount” means, with respect to any Payment Date, an amount equal to [    ]% 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 [    ]% 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 Owner Trustee and the Trust pursuant to the Sale and Servicing Agreement and the Administration Agreement. 
 “Owner Trustee” shall mean [            ], not in its individual capacity
but solely as owner trustee under the Trust Agreement, and any successor Owner Trustee thereunder. 
 “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
[            ]. 
 “Payment Determination Date” means, with
respect to any Payment Date, two Business Days immediately preceding such Payment Date. 
  

 App. A-19 

 “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. 
 “Percentage Interest” shall mean, with respect to each Trust Certificate, the percentage interest in the Trust represented by such Trust Certificate. 
 “Person” means any individual, corporation, limited liability company, estate, partnership, joint venture, association, joint stock
company, trust (including any beneficiary thereof), unincorporated organization or government or any agency or political subdivision thereof. 
 “Physical Property” has the meaning assigned to such term in the definition of “Delivery” above. 
 “Plan” shall have the meaning assigned to such term in Section 3.04 of the Trust Agreement. 
 “Pool Balance” means, as of any Payment Date, the aggregate Principal Balance of the Receivables as of the last day of the related Collection Period less the Yield Supplement Overcollateralization Amount as of such day of
the related Collection Period after giving effect to all payments of principal received from obligors and Purchase Amounts to be remitted by the Servicer or the Depositor, as the case may be, plus amounts, if any, on deposit in the Pre-Funding
Account, if any, as of the last day of the related Collection Period (after giving effect to any withdrawals therefrom on such date in connection with the purchase of Subsequent Receivables), for such Collection Period, and after reduction to zero
of the aggregate outstanding Principal Balance of any Receivable that became a Defaulted Receivable during the related Collection Period. 
 “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 $[        ]. 
 “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. 
  

 App. A-20 

 “Principal Distribution Amount” means, with respect to any Payment Date, the sum of the
following amounts, without duplication, with respect to the Receivables with respect to the related Collection Period: (a) that portion of all collections on Receivables allocable to principal, (b) the principal amount of Receivables that
became Defaulted Receivables during such Collection Period, (c) to the extent attributable to principal, the Purchase Amount of each Receivable that became a Purchased Receivable during such Collection Period, and (d) partial prepayments
received by the Servicer relating to refunds of any warranty or insurance, but only if such amounts were financed by the respective Obligors thereon as of the date of the original contract and only to the extent not included under clause
(a) above; provided, however, that in calculating the Principal Distribution Amount all payments on and proceeds (including Liquidation Proceeds) of any Purchased Receivables the Purchase Amount of which has been included in the Principal
Distribution Amount in a prior Collection Period will be excluded. 
 “Proceeding” means any suit in equity, action at law
or other judicial or administrative proceeding. 
 “Purchase Amount” means, with respect to a Receivable, the amount, as of
the close of business on the last day of the Collection Period as of which that Receivable is purchased, required to prepay in full that Receivable under the terms thereof including accrued and unpaid interest and 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 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 (other than Moody’s) shall have given its written approval that the contemplated action will not result in a
reduction or withdrawal of the rating of the then current rating of the Notes and, with respect to Moody’s, prior written notice to Moody’s and Moody’s 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. 
  

 App. A-21 

 “Receivable Files” means the documents specified in Section 3.03 of the Sale
and Servicing Agreement. 
 “Receivables Purchase Agreement” shall mean the Receivables Purchase Agreement, dated as of the
Closing Date, between World Omni, as depositor and World Omni Auto Receivables LLC, as purchaser, as amended from time to time. 
 “Record Date” means, with respect to a Payment Date or Redemption Date, 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 Subcontractor” shall mean with respect to any Person, any Subcontractor for such Person that is “participating in the
servicing function” within the meaning of Item 1122 of Regulation AB. References to a Reporting Subcontractor shall refer only to the Subcontractor of such Person and shall not refer to Subcontractors generally. 
 “Repurchase Event” shall have the meaning specified in Section 6.02 of the Receivables Purchase Agreement. 
 “Required Rate” means [    ]% per annum, or such other rate as shall be approved by the Rating Agencies. 

 

 App. A-22 

 “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) [    ]% 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
$[        ]. 
 “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 
 “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.

  

 App. A-23 

 “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 [    ]% per
annum. 
 “Similar Law” has the meaning assigned to such term in Section 3.04 of the Trust Agreement.

 “Simple Interest Method” means the method of allocating a fixed level payment to principal and interest, pursuant to
which the portion of such payment that is allocated to interest is equal to the product of the fixed rate of interest multiplied by the unpaid principal balance multiplied by the period of time elapsed since the preceding payment of interest was
made and the remainder of such payment is allocable to principal. 
 “Simple Interest Receivable” means any Receivable under
which the portion of a payment allocable to interest and the portion allocable to principal is determined in accordance with the Simple Interest Method. 
 “Sponsor” means World Omni Financial Corp., a Florida corporation, or its successors. 
 “SSA Assignment” means the Initial SSA Assignment and any Subsequent Transfer SSA Assignment. 
 “Standard & Poor’s” means Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., or its successor. 
  

 App. A-24 

 “Starting Principal Balance” means with respect to a Receivable, the aggregate principal
amount advanced under such Receivable toward the purchase price of the Financed Vehicle or Financed Vehicles, including insurance premiums, service and warranty contracts, federal excise and sales taxes and other items customarily financed as part
of a Receivable and related costs, less payments received from the Obligor prior to the Cutoff Date with respect to such Receivable allocable to principal. 
 “State” means any one of the 50 States of the United States of America or the District of Columbia. 
 “Statutory Trust Act” shall mean Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq., as the same may be amended from time to time.

 “Subcontractor” shall mean any vendor, subcontractor or other Person that is not responsible for the overall servicing
(as “servicing” is commonly understood by participants in the mortgage-backed securities market) of Receivables but performs one or more discrete functions identified in Item 1122(d) of Regulation AB with respect to the Receivables
under the direction or authority of the Servicer or the Indenture Trustee. 
 “Subordinate Swap Termination Payment Amount”
means any Swap Termination Payment Amount resulting from a termination where the Swap Counterparty is the Defaulting Party or the sole Affected Party (each as defined in the applicable Interest Rate Swap) other than terminations arising from a Tax
Event or Illegality (each as defined in the applicable Interest Rate Swap) , if any. 
 “Subsequent Cutoff Date” means with
respect to any Receivable transferred to the Trust after the Closing Date, if any, the date specified by the Depositor in the month those Receivables are transferred to the Trust. 
 “Subsequent Receivables” means the Receivables transferred from the Depositor to the Issuing Entity pursuant to Section 2.03
of the Sale and Servicing Agreement, which shall be listed on the schedules to the related Subsequent Transfer SSA Assignment, if any. 
 “Subsequent Transfer Date” means any date during the Funding Period, if any, on which Subsequent Receivables are to be transferred to the Issuing Entity and a related Subsequent Transfer SSA Assignment is executed and
delivered to the Issuing Entity and the Indenture Trustee pursuant to Section 2.03 of the Sale and Servicing Agreement. 
 “Subsequent Transfer RPA Assignment” has the meaning designated in Section 2.01 of the Receivables Purchase Agreement. 
 “Subsequent Transfer SSA Assignment” has the meaning assigned thereto in Section 2.03(a) of the Sale and Servicing Agreement. 
 “Successor Servicer” has the meaning specified in Section 3.07(e) of the Indenture. 
 “Swap Counterparty” means [RESERVED], and any permitted successor pursuant to the terms of each applicable Interest Rate Swap, if any.

  

 App. A-25 

 “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. 
 “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 the World Omni Auto Receivables Trust 20[    ]-[    ], a Delaware statutory trust.

 “Trust Account Property” means the Trust Accounts, all amounts and investments held from time to time in any Trust
Account (whether in the form of deposit accounts, Physical Property, book-entry securities, uncertificated securities or otherwise), including the Reserve Account, the Pre-Funding Account, if any, and the Negative Carry Account, if any, and all
proceeds of the foregoing. 
 “Trust Accounts” has the meaning assigned thereto in Section 5.01 of the Sale and
Servicing Agreement. 
 “Trust Agreement” means the Trust Agreement, dated as of the Closing Date, between the Depositor and
the Owner Trustee, as the same may be amended and supplemented from time to time; such agreement being the amended and restated Trust Agreement contemplated by the Initial Trust Agreement. 
 “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. 
  

 App. A-26 

 “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
[            ], 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 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, [            ] 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
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-27 

 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 Payment Period,” and the “related Record Date” will mean the Payment Determination Date, the Payment 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-28 

 (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-29 

 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-1

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