EX-10.6



 Exhibit 10.6 
  

 
  

ASSET REPRESENTATIONS REVIEW AGREEMENT 

VOLKSWAGEN AUTO LOAN ENHANCED TRUST 20[●]-[●] 

as Issuer 
 and 

VW CREDIT, INC., 
 as
Servicer 
 [INDENTURE TRUSTEE NAME], 

as Indenture Trustee 
 and 

[ASSET REPRESENTATIONS REVIEWER NAME], 

as Asset Representations Reviewer 
  

 
 Dated as of
[                    ] 
  

 
  

 
  







 TABLE OF CONTENTS 
  

							
	 ARTICLE I. USAGE AND DEFINITIONS
	  	 	3	  
			
	 Section 1.01
	 	 Usage and Definitions
	  	 	3	  
	 Section 1.02
	 	 Definitions
	  	 	3	  
		
	 ARTICLE II. ENGAGEMENT; ACCEPTANCE
	  	 	4	  
			
	 Section 2.01
	 	 Engagement; Acceptance
	  	 	4	  
	 Section 2.02
	 	 Confirmation of Status
	  	 	5	  
		
	 ARTICLE III. ASSET REPRESENTATIONS REVIEW PROCESS
	  	 	5	  
			
	 Section 3.01
	 	 Review Notices and Identification of Subject Receivables
	  	 	5	  
	 Section 3.02
	 	 Review Materials
	  	 	5	  
	 Section 3.03
	 	 Performance of Reviews
	  	 	6	  
	 Section 3.04
	 	 Review Report
	  	 	6	  
	 Section 3.05
	 	 Review Representatives
	  	 	7	  
	 Section 3.06
	 	 Dispute Resolution
	  	 	7	  
	 Section 3.07
	 	 Limitations on Review Obligations
	  	 	7	  
		
	 ARTICLE IV. ASSET REPRESENTATIONS REVIEWER
	  	 	8	  
			
	 Section 4.01
	 	 Representations and Warranties of the Asset Representations Reviewer
	  	 	8	  
	 Section 4.02
	 	 Covenants
	  	 	9	  
	 Section 4.03
	 	 Fees and Expenses
	  	 	9	  
	 Section 4.04
	 	 Limitation on Liability
	  	 	10	  
	 Section 4.05
	 	 Indemnification by Asset Representations Reviewer
	  	 	11	  
	 Section 4.06
	 	 Indemnification of Asset Representations Reviewer
	  	 	11	  
	 Section 4.07
	 	 Inspections of Asset Representations Reviewer
	  	 	12	  
	 Section 4.08
	 	 Delegation of Obligations
	  	 	12	  
	 Section 4.09
	 	 Confidential Information
	  	 	12	  
	 Section 4.10
	 	 Personally Identifiable Information
	  	 	14	  
		
	 ARTICLE V. REMOVAL, RESIGNATION
	  	 	15	  
			
	 Section 5.01
	 	 Eligibility of the Asset Representations Reviewer
	  	 	15	  
	 Section 5.02
	 	 Resignation and Removal of Asset Representations Reviewer
	  	 	16	  
	 Section 5.03
	 	 Successor Asset Representations Reviewer
	  	 	16	  
	 Section 5.04
	 	 Merger, Consolidation or Succession
	  	 	17	  
		
	 ARTICLE VI. OTHER AGREEMENTS
	  	 	17	  
			
	 Section 6.01
	 	 Independence of the Asset Representations Reviewer
	  	 	17	  
	 Section 6.02
	 	 No Petition
	  	 	17	  
	 Section 6.03
	 	 Limitation of Liability of Owner Trustee
	  	 	17	  
	 Section 6.04
	 	 Termination of Agreement
	  	 	18	  
		
	 ARTICLE VII. MISCELLANEOUS PROVISIONS
	  	 	18	  
			
	 Section 7.01
	 	 Amendments
	  	 	18	  
	 Section 7.02
	 	 Assignment; Benefit of Agreement; Third Party Beneficiaries
	  	 	18	  
	 Section 7.03
	 	 Notices
	  	 	18	  









							
	 Section 7.04
	 	 GOVERNING LAW
	  	 	19	  
	 Section 7.05
	 	 WAIVER OF JURY TRIAL
	  	 	19	  
	 Section 7.06
	 	 No Waiver; Remedies
	  	 	19	  
	 Section 7.07
	 	 Severability
	  	 	19	  
	 Section 7.08
	 	 Headings
	  	 	19	  
	 Section 7.09
	 	 Counterparts
	  	 	19	  

  

	
	Schedule A – Review Materials
	Schedule B – Representations, Warranties and Tests








 This ASSET REPRESENTATIONS REVIEW AGREEMENT (this “Agreement”), entered into as of the
[    ] day of [            ], 20[    ], by and among VOLKSWAGEN AUTO LOAN ENHANCED TRUST 20[●]-[●], a Delaware statutory trust, as issuer
(the “Issuer”), VW CREDIT, INC., a Delaware corporation (“VCI”), as servicer (in such capacity, the “Servicer”), [INDENTURE TRUSTEE NAME ], a [company type], as indenture trustee (the
“Indenture Trustee” and [ASSET REPRESENTATIONS REVIEWER NAME], a [company type], as asset representations reviewer (the “Asset Representations Reviewer”). 

WHEREAS, in connection with a securitization transaction sponsored by VCI, VCI sold a pool of Receivables consisting of retail installment
sale contracts to Volkswagen Auto Lease/Loan Underwritten Funding, LLC (the “Depositor”), who sold them to the Issuer; 

WHEREAS, the Issuer will engage the Asset Representations Reviewer to perform reviews of certain Receivables for compliance with certain
representations and warranties made with respect thereto; and 
 WHEREAS, the Asset Representations Reviewer desires to perform such reviews
of Receivables in accordance with the terms of this Agreement. 
 NOW, THEREFORE, in consideration of the mutual agreements herein contained
and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

ARTICLE I. 
 USAGE AND
DEFINITIONS 
 Section 1.01 Usage and Definitions.

Except as otherwise defined herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are
defined in Appendix A to the Sale and Servicing Agreement, dated as of the date hereof (as from time to time amended, supplemented or otherwise modified and in effect, the “Sale and Servicing Agreement”) among the Issuer, the
Servicer, the Depositor, as seller, and the Indenture Trustee, which also contains rules as to usage that are applicable herein. 
 Section
1.02 Definitions.
 Whenever used in this Agreement, the following words and phrases shall have the following meanings: 

“Annual Fee” has the meaning stated in Section 4.02(a). 

“Asset Review” means the completion by the Asset Representations Reviewer of the procedures listed under “Tests” in
Schedule B for each Subject Receivable as further described in Section 3.03. 
 “Confidential Information” has the meaning
stated in Section 4.08(b). 







 “Eligible Representations” shall mean those representations identified within
the “Tests” included in Schedule B. 
 “Information Recipients” has the meaning stated in Section 4.08(a). 

“Indemnified Person” has the meaning stated in Section 4.05(a). 

“Indenture” means the Indenture, dated as of [            ],
20[    ], between the Issuer and the Indenture Trustee, as the same may be amended, supplemented or modified from time to time. 

“Indenture Trustee” means
[                    ], as indenture trustee under the Indenture, and any successor thereto. 

“Issuer PII” has the meaning stated in Section 4.09(a). 

“PII” has the meaning stated in Section 4.09(a). 

“Review Fee” has the meaning stated in Section 4.02(b). 

“Review Materials” means the documents, data, and other information required for each “Test” in Schedule A. 

“Review Notice” means a notice delivered to the Asset Representations Reviewer by the [Indenture Trustee] pursuant to
[Section [    ] of the Indenture]. 
 “Review Report” has the meaning stated in Section 3.04. 

“Tests” mean the procedures listed in Schedule B as applied to the process described in Section 3.03. 

“Test Complete” has the meaning stated in Section 3.03(c). 

“Test Fail” has the meaning stated in Section 3.03(a). 

“Test Pass” has the meaning stated in Section 3.03(a). 

“Underwriter” means, any of [    ], [    ] and [    ], in its
capacity as underwriter or representative of the underwriters pursuant to the underwriting agreement, dated as of [                    ], between the
Underwriter, VCI and the Depositor. 







 ARTICLE II. 

ENGAGEMENT; ACCEPTANCE 

Section 2.01 Engagement; Acceptance. 

The Issuer hereby engages [●] to act as the Asset Representations Reviewer for the Issuer. [●] accepts the engagement and agrees
to perform the obligations of the Asset Representations Reviewer on the terms stated in this Agreement. 
 Section 2.02 Confirmation of
Status. 
 The parties confirm that the Asset Representations Reviewer is not responsible for (a) reviewing the Receivables for
compliance with the representations and warranties under the Transaction Documents, except as described in this Agreement, or (b) determining whether noncompliance with the representations or warranties constitutes a breach of the Transaction
Documents. 
 ARTICLE III. 

ASSET REPRESENTATIONS REVIEW PROCESS 

Section 3.01 Review Notices and Identification of Subject Receivables. 

(a) On receipt of a Review Notice from the Indenture Trustee according to Section [    ] of the Indenture, the Asset
Representations Reviewer will start an Asset Review. The Asset Representations Reviewer will not be obligated to start an Asset Review until a Review Notice is received. 

(b) Within [    ] Business Days after receipt of a Review Notice, the Servicer will deliver to the Asset Representations
Reviewer, with a copy to the Indenture Trustee, a list of the Subject Receivables. The Asset Representations Reviewer will not be obligated to start an Asset Review until a Review Notice and the related list if Subject Receivables is received. The
Asset Representations Reviewer is not obligated to verify (i) whether the Indenture Trustee properly determined that a Review Notice was required or (ii) the accuracy or completeness of the list of Subject Receivables provided by the Servicer. 

Section 3.02 Review Materials. 

(a) Access to Review Materials. The Servicer will render reasonable assistance to the Asset Representations Reviewer to facilitate the
Asset Review. The Servicer will give the Asset Representations Reviewer access to the Review Materials for all of the Subject Receivables within [    ] days after receipt of the Review Notice in one or more of the following ways
in the Servicer’s reasonable discretion: (i) by providing access to the Servicer’s systems, either remotely or at an office of the Servicer, (ii) by electronic posting to a password-protected website to which the Asset Representations
Reviewer has access, (iii) by providing originals or photocopies at an office of the Servicer or (iv) in another manner agreed by the Servicer and the Asset Representations Reviewer. The Servicer may redact or remove Personally Identifiable
Information from the Review Materials so long as all information in the Review Materials 







 
necessary for the Asset Representations Reviewer to complete the Asset Review remains intact and unchanged. The Asset Representations Reviewer shall be entitled to rely in good faith,
without independent investigation or verification, that the Review Materials are accurate and complete in all material respects, and not misleading in any material respect.

(b) Missing or Insufficient Review Materials. The Asset Representations Reviewer will review the Review Materials to determine if any
Review Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test. If the Asset Representations Reviewer determines any missing or insufficient Review Materials, the Asset Representations Reviewer will notify
the Servicer promptly, and in any event no less than [    ] days before completing the Asset Review. The Servicer will have [    ] days to give the Asset Representations Reviewer access to the missing Review
Materials or other documents or information to correct the insufficiency. If the missing Review Materials or other documents have not been provided by the Servicer within [    ] days, the related Review Report will report a Test
Fail for each Test that requires use of the missing or insufficient Review Materials. 
 Section 3.03 Performance of Reviews. 

(a) Test Procedures. For an Asset Review, the Asset Representations Reviewer will perform, for each Subject Receivable, [such
procedures as the Asset Representations Reviewer shall deem appropriate, in its discretion (such procedures, the “Tests”)][the procedures listed under “Tests” in Schedule B for each representation and warranty being tested
(each, a “Test”) using the Review Materials listed in Schedule A for each such Test]. For each Test and Subject Receivable, the Asset Representations Reviewer will determine if the Test has been satisfied (a “Test
Pass”) or if the Test has not been satisfied (a “Test Fail”). 
 (b) Review Period. The Asset
Representations Reviewer will complete the Asset Review within [60][90] days of receiving access to the Review Materials. However, if additional Review Materials are provided to the Asset Representations Reviewer as described in Section 3.02(b), the
Asset Review period will be extended for an additional [30] days. 
 (c) Completion of Review for Certain Subject Receivables.
Following the delivery of the list of the Subject Receivables and before the delivery of the Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if a Subject Receivable is paid in full by
the Obligor or purchased from the Issuer in accordance with the terms of the Transaction Documents. On receipt of such notice, the Asset Representations Reviewer will immediately terminate all Tests of the related Subject Receivable, and the Asset
Review of such Subject Receivables will be considered complete (a “Test Complete”). In this case, the related Review Report will indicate a Test Complete for such Subject Receivable and the related reason. 

(d) Previously Reviewed Receivables; Duplicative Tests. If any Subject Receivable was included in a prior Asset Review, the Asset
Representations Reviewer will not conduct additional Tests on such Subject Receivable, but will include the previously reported Test results in the Review Report for the current Asset Review. If the same Test is required for more than one
representation and warranty, the Asset Representations Reviewer will only perform the Test once for each Subject Receivable, but will report the results of the Test for each applicable representation and warranty on the Review Report. 







 (e) Termination of Review. If an Asset Review is in process and the Notes will be paid in
full on the next Payment Date, the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than [    ] days before that Payment Date. On receipt of such notice, the Asset Representations Reviewer
will terminate the Asset Review immediately and will not be obligated to deliver a Review Report. 
 (f) Review Systems; Personnel.
The Asset Representations Reviewer will maintain business process management and/or other systems necessary to ensure that it can perform each Test and, on execution of this Agreement, will load each Test into these systems. The Asset
Representations Reviewer will ensure that these systems allow for each Subject Receivable and the related Review Materials to be individually tracked and stored as contemplated by this Agreement. The Asset Representations Reviewer will maintain
adequate staff that is properly trained to conduct Asset Reviews as required by this Agreement. 
 Section 3.04 Review Report. 

Within [    ] days after the end of the applicable Asset Review period under Section 3.03(b), the Asset Representations
Reviewer will deliver to the Issuer, the Servicer, and the Indenture Trustee a Review Report indicating for each Subject Receivable whether there was a Test Pass, Test Fail or Test Complete for each related Test. For each Test Fail or Test Complete,
the Review Report will indicate the related reason, including (for example) whether the Subject Receivable was a Test Fail as a result of missing or incomplete Review Materials. The Review Report will contain a summary of the findings and
conculsions of the Asset Representations Reviewer with respect to the Asset Review to be included in the Issuer’s Form 10-D report for the Collection Period in which the Review Report is received. The Asset Representations Reviewer will ensure
that the Review Report does not contain any PII. On reasonable request of the Servicer, the Asset Representations Reviewer will provide additional details on the Test results. 

Section 3.05 Review Representatives. 

(a) Servicer Representative. The Servicer will designate one or more representatives who will be available to assist the Asset
Representations Reviewer in performing the Asset Review, including responding to requests and answering questions from the Asset Representations Reviewer about access to Review Materials on the Servicer’s originations, receivables or other
systems, obtaining missing or insufficient Review Materials and/or providing clarification of any Review Materials or Tests. 
 (b) Asset
Representations Review Representative. The Asset Representations Reviewer will designate one or more representatives who will be available to the Issuer, the Servicer and the Administrator during the performance of an Asset Review. 

(c) Questions About Review. The Asset Representations Reviewer will make appropriate personnel available to respond in writing to
written questions or requests for clarification of any Review Report from the Indenture Trustee or the Servicer until the earlier of 







 
(i) the payment in full of the Notes and (ii) [one year] after the delivery of the Review Report. The Asset Representations Reviewer will not be obligated to respond to questions or requests
for clarification from Noteholders or any other Person and will direct such Persons to submit written questions or requests to the Indenture Trustee.

Section 3.06 Dispute Resolution. 

If a Subject Receivable that was the subject of an Asset Review becomes the subject of a dispute resolution proceeding under Section [●]
of the Sale and Servicing Agreement, the Asset Representations Reviewer will participate in the dispute resolution proceeding on request of a party to the proceeding. The reasonable out-of-pocket expenses of the Asset Representations Reviewer for
its participation in any dispute resolution proceeding will be considered expenses of the Requesting Party for the dispute resolution and will be paid by a party to the dispute resolution as determined by the mediator or arbitrator for the dispute
resolution according to Section [●] of the Sale and Servicing Agreement. If not paid by a party to the dispute resolution, the expenses will be reimbursed according to Section 4.02(d) of this Agreement. 

Section 3.07 Limitations on Review Obligations. 

(a) Review Process Limitations. The Asset Representations Reviewer will have no obligation (i) to determine whether a Delinquency
Trigger has occurred or whether the required percentage of Noteholders has voted to direct an Asset Review under the Indenture; (ii) to determine which Receivables are subject to an Asset Review, (iii) to obtain or confirm the validity of the Review
Materials, (iv) to obtain missing or insufficient Review Materials except as specifically described herein,(v) to take any action or cause any other party to take any action under any of the Transaction Documents to enforce any remedies for breaches
of representations or warranties about the Subject Receivables, (vi) to determine the reason for the delinquency of any Subject Receivable, the creditworthiness of any [Obligor], the overall quality of any Subject Receivable or the compliance by the
Servicer with its covenants with respect to the servicing of such Subject Receivable, or (vii) to establish cause, materiality or recourse for any failed Test as described in Section 3.03. 

(b) Testing Procedure Limitations. The Asset Representations Reviewer will only be required to perform the testing procedures listed
under “Tests” in Schedule B, and will not be obligated to perform additional procedures on any Subject Receivable or to provide any information other than a Review Report indicating for each Subject Receivable whether there was a Test Pass
or a Test Fail for each Test, or whether the Subject Receivable was a Test Complete and the related reason. However, the Asset Representations Reviewer may provide additional information in a Review Report about any Subject Receivable that it
determines in good faith to be material to the Asset Review. 
 (c) Maintenance of Review Materials. The Asset Representations
Reviewer will maintain copies of any Review Materials, Review Reports and other documents relating to an Asset Review, including internal correspondence and work papers, for a period of two years after the delivery of any Review Report. 







 ARTICLE IV. 

ASSET REPRESENTATIONS REVIEWER 

Section 4.01 Representations, Warranties and Covenants of the Asset Representations Reviewer. 

The Asset Representations Reviewer hereby makes the following representations, warranties and covenants as of the Closing Date: 

(a) Organization and Qualification. The Asset Representations Reviewer is duly organized and validly existing as a [limited liability
company] in good standing under the laws of State of [Delaware]. The Asset Representations Reviewer is qualified as a foreign [limited liability company] in good standing and has obtained all necessary licenses and approvals in all jurisdictions in
which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a
material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement. 
 (b)
Power, Authority and Enforceability. The Asset Representations Reviewer has the power and authority to execute, deliver and perform its obligations under this Agreement. The Asset Representations Reviewer has authorized the execution,
delivery and performance of this Agreement. This Agreement is the legal, valid and binding obligation of the Asset Representations Reviewer enforceable against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy,
reorganization or other laws relating to the enforcement of creditors’ rights or by general equitable principles. 
 (c) No
Conflicts and No Violation. The completion of the transactions contemplated by this Agreement and the performance of the Asset Representations Reviewer’s obligations under this Agreement will not (i) conflict with, or be a breach or default
under, any indenture, loan agreement, guarantee or similar document under which the Asset Representations Reviewer is a debtor or guarantor, (ii) result in the creation or imposition of a Lien on the properties or assets of the Asset Representations
Reviewer under the terms of any indenture, loan agreement, guarantee or similar document, (iii) violate the organizational documents of the Asset Representations Reviewer or (iv) violate a law or, to the Asset Representations Reviewer’s
knowledge, an order, rule or regulation of a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its property that applies to the Asset
Representations Reviewer, which, in each case, would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement. 

(d) No Proceedings. To the Asset Representations Reviewer’s knowledge, there are no proceedings or investigations pending or
threatened in writing before a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its properties (i) asserting the invalidity of this
Agreement, (ii) seeking to prevent the completion of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the Asset Representations
Reviewer’s ability to perform its obligations under, or the validity or enforceability of, this Agreement. 
 (e)
Eligibility. The Asset Representations Reviewer meets the eligibility requirements in Section 5.01, and will notify the Issuer and the Servicer promptly if it no longer meets, or reasonably expects that it will no longer meet, the
eligibility requirements in Section 5.01. 







 Section 4.02 Fees and Expenses. 

(a) Annual Fee. The Servicer shall pay to the Asset Representations Reviewer from time to time reasonable compensation for its services
as have been separately agreed upon between the Servicer and the Asset Representations Reviewer. The Servicer shall reimburse the Asset Representations Reviewer for all reasonable out-of-pocket expenses incurred or made by it, in addition to the
compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Asset Representations Reviewer’s agents, counsel, accountants and experts. If the Servicer provides access to
the Review Materials at one of its properties, the Servicer will reimburse the Asset Representations Reviewer for its reasonable travel expenses incurred in connection with the Asset Review upon receipt of a detailed invoice. The Servicer shall
indemnify the Asset Representations Reviewer against any and all loss, liability or expense (including reasonable attorneys’ fees) incurred by it in connection with the administration of this Agreement and the performance of its duties
hereunder. The Asset Representations Reviewer shall notify the Sponsor promptly of any claim for which it may seek indemnity. Failure by the Asset Representations Reviewer to so notify the Servicer shall not relieve the Servicer of its obligations
hereunder. The Servicer shall defend any such claim, and the Asset Representations Reviewer may have separate counsel and the Servicer shall pay the fees and expenses of such counsel. The Servicer shall not reimburse any expense or indemnify against
any loss, liability or expense incurred by the Asset Representations Reviewer through the Asset Representations Reviewer’s own bad faith, negligence, willful misfeasance or breach of this Agreement. 

(b) Review Fee. Following the completion of an Asset Review and the delivery of the related Review Report pursuant to
Section 3.04, or the termination of an Asset Review according to Section 3.03(e), and the delivery to the Indenture Trustee and the Servicer of a detailed invoice, the Asset Representations Reviewer will be entitled to a fee of
$[        ] for each Subject Receivable for which the Asset Review was started (the “Review Fee”). However, no Review Fee will be charged for any Subject Receivable which was included in a
prior Asset Review or for which no Tests were completed prior to the Asset Representations Reviewer being notified of a termination of the Asset Review according to Section 3.03(e) or due to missing or insufficient Review Materials under
Section 3.02(b). 
 (c) Dispute Resolution Expenses. If the Asset Representations Reviewer participates in a dispute resolution
proceeding under Section 3.06 of this Agreement and its reasonable out-of-pocket expenses for participating in the proceeding are not paid by a party to the dispute resolution within ninety (90) days after the end of the proceeding, the
Servicer will reimburse the Asset Representations Reviewer for such expenses upon receipt of a detailed invoice. 







 (d) Payment of Invoices. The Asset Representations Reviewer will issue invoices to the
Servicer at the notices address set forth in Section [    ] of the Sale and Servicing Agreement and Servicer shall pay all invoices submitted by the Asset Representations Reviewer within [thirty (30)] days following the receipt
by the Servicer. Any amounts payable by the Servicer to the Asset Representations Reviewer pursuant to this Section 4.02 that have been outstanding for at least [thirty (30)] days shall be paid on the Payment Date related to the Collection Period in
which such [30th] day occurs, in accordance with Section 4.4 of the Sale and Servicing Agreement or Section 5.4(b) of the Indenture, as applicable. 

Section 4.03 Limitation on Liability. 

The Asset Representations Reviewer will not be liable to any Person for any action taken, or not taken, in good faith under this Agreement or
for errors in judgment. However, the Asset Representations Reviewer will be liable for its willful misconduct, bad faith or negligence in performing its obligations under this Agreement. In no event will the Asset Representations Reviewer be liable
for special, indirect or consequential losses or damages (including lost profit), even if the Asset Representations Reviewer has been advised of the likelihood of the loss or damage and regardless of the form of action. 

Section 4.04 Indemnification by Asset Representations Reviewer. 

The Asset Representations Reviewer will indemnify each of the Issuer, the Seller, the Servicer, the Administrator, the Owner Trustee and the
Indenture Trustee and their respective directors, officers, employees and agents for all fees, expenses, losses, damages and liabilities resulting from (a) the willful misconduct, bad faith or negligence of the Asset Representations Reviewer in
performing its obligations under this Agreement and (b) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement. The Asset Representations Reviewer’s obligations under this Section 4.04
will survive the termination of this Agreement, the termination of the Issuer and the resignation or removal of the Asset Representations Reviewer. 

Section 4.05 Inspections of Asset Representations Reviewer.

The Asset Representations Reviewer agrees that, with reasonable advance notice not more than once during any year, it will permit authorized
representatives of the Issuer, the Servicer or the Administrator, during the Asset Representations Reviewer’s normal business hours, to examine and review the books of account, records, reports and other documents and materials of the Asset
Representations Reviewer relating to (a) the performance of the Asset Representations Reviewer’s obligations under this Agreement, (b) payments of fees and expenses of the Asset Representations Reviewer for its performance and (c) a claim made
by the Asset Representations Reviewer under this Agreement. In addition, the Asset Representations Reviewer will permit the Issuer’s, the Servicer’s or the Administrator’s representatives to make copies and extracts of any of those
documents and to discuss them with the Asset Representations Reviewer’s officers and employees. Each of the Issuer, the Servicer and the Administrator will, and will cause its authorized representatives to, hold in confidence the information
except if disclosure may be required by law or if the Issuer, the Servicer or the Administrator reasonably determines that it is required to make the disclosure under this 







 
Agreement or the other Transaction Documents. The Asset Representations Reviewer will maintain all relevant books, records, reports and other documents and materials for a period of at least
two years after the termination of its obligations under this Agreement. 
 Section 4.06 Delegation of Obligations. The Asset
Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person without the consent of the Issuer and the Servicer, which consent will not be unreasonably withheld or delayed. 

Section 4.07 Confidential Information.

(a) Treatment. The Asset Representations Reviewer agrees to hold and treat Confidential Information given to it under this Agreement in
confidence and under the terms and conditions of this Section 4.08, and will implement and maintain safeguards to further assure the confidentiality of the Confidential Information. The Confidential Information will not, without the prior consent of
the Issuer and the Servicer, be disclosed or used by the Asset Representations Reviewer, or its officers, directors, employees, agents, representatives or affiliates, including legal counsel (collectively, the “Information
Recipients”) other than for the purposes of performing Reviews of Subject Receivables or performing its obligations under this Agreement. The Asset Representations Reviewer agrees that it will not, and will cause its Affiliates to not (i)
purchase or sell securities issued by [            ] or its Affiliates or special purpose entities on the basis of Confidential Information or (ii) use the Confidential Information for the
preparation of research reports, newsletters or other publications or similar communications. 
 (b) Definition.
“Confidential Information” means oral, written and electronic materials (irrespective of its source or form of communication) furnished before, on or after the date of this Agreement to the Asset Representations Reviewer for the
purposes contemplated by this Agreement, including: 
 (i) lists of Subject Receivables and any related Review Materials;

 (ii) origination and servicing guidelines, policies and procedures, and form contracts; and 

(iii) notes, analyses, compilations, studies or other documents or records prepared by the Servicer, which contain information
supplied by or on behalf of the Servicer or its representatives. 
 However, Confidential Information will not include information that (A)
is or becomes generally available to the public other than as a result of disclosure by the Information Recipients, (B) was available to, or becomes available to, the Information Recipients on a non-confidential basis from a Person or entity other
than the Issuer or the Servicer before its disclosure to the Information Recipients who, to the knowledge of the Information Recipient is not bound by a confidentiality agreement with the Issuer or the Servicer and is not prohibited from
transmitting the information to the Information Recipients, (C) is independently developed by the Information Recipients without the use of the Confidential Information, as shown by the Information Recipients’ files and records or other
evidence in the Information Recipients’ possession or (D) the Issuer or the Servicer provides permission to the applicable Information Recipients to release. 







 (c) Protection. The Asset Representations Reviewer will take reasonable measures to
protect the secrecy of and avoid disclosure and unauthorized use of Confidential Information, including those measures that it takes to protect its own confidential information and not less than a reasonable standard of care. The Asset
Representations Reviewer acknowledges that Personally Identifiable Information is also subject to the additional requirements in Section 4.09. 

(d) Disclosure. If the Asset Representations Reviewer is required by applicable law, regulation, rule or order issued by an
administrative, governmental, regulatory or judicial authority to disclose part of the Confidential Information, it may disclose the Confidential Information. However, before a required disclosure, the Asset Representations Reviewer, if permitted by
law, regulation, rule or order, will use its reasonable efforts to provide the Issuer and the Servicer with notice of the requirement and will cooperate, at the Servicer’s expense, in the Issuer’s and the Servicer’s pursuit of a
proper protective order or other relief for the disclosure of the Confidential Information. If the Issuer or the Servicer is unable to obtain a protective order or other proper remedy by the date that the information is required to be disclosed, the
Asset Representations Reviewer will disclose only that part of the Confidential Information that it is advised by its legal counsel it is legally required to disclose. 

(e) Responsibility for Information Recipients. The Asset Representations Reviewer will be responsible for a breach of this Section 4.08
by its Information Recipients. 
 (f) Violation. The Asset Representations Reviewer agrees that a violation of this Agreement may
cause irreparable injury to the Issuer and the Servicer and the Issuer and the Servicer may seek injunctive relief in addition to legal remedies. If an action is initiated by the Issuer or the Servicer to enforce this Section 4.08, the prevailing
party will be reimbursed for its fees and expenses, including reasonable attorney’s fees, incurred for the enforcement. 
 Section 4.08
Personally Identifiable Information.
 (a) Definitions. “Personally Identifiable Information” or
“PII” means information in any format about an identifiable individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), vehicle identification number or “VIN,” any other
actual or assigned attribute associated with or identifiable to an individual and any information that when used separately or in combination with other information could identify an individual. “Issuer PII” means PII furnished by
the Issuer, the Servicer or their Affiliates to the Asset Representations Reviewer and PII developed or otherwise collected or acquired by the Asset Representations Reviewer in performing its obligations under this Agreement. 

(b) Use of Issuer PII. The Issuer does not grant the Asset Representations Reviewer any rights to Issuer PII except as provided in this
Agreement. The Asset Representations Reviewer will use Issuer PII only to perform its obligations under this Agreement or as specifically directed in writing by the Issuer and will only reproduce Issuer PII to the extent necessary for these
purposes. The Asset Representations Reviewer must comply with all laws applicable to PII, Issuer PII and the Asset Representations Reviewer’s business, including any legally required codes of conduct, including those relating to privacy,
security and data protection. The Asset Representations Reviewer will protect and secure Issuer PII. The Asset Representations Reviewer will implement privacy or data protection policies and procedures that








 
comply with applicable law and this Agreement. The Asset Representations Reviewer will implement and maintain reasonable and appropriate practices, procedures and systems, including
administrative, technical and physical safeguards to (i) protect the security, confidentiality and integrity of Issuer PII, (ii) ensure against anticipated threats or hazards to the security or integrity of Issuer PII, (iii) protect against
unauthorized access to or use of Issuer PII and (iv) otherwise comply with its obligations under this Agreement. These safeguards include a written data security plan, employee training, information access controls, restricted disclosures,
systems protections (e.g., intrusion protection, data storage protection and data transmission protection) and physical security measures. 

(c) Additional Limitations. In addition to the use and protection requirements described in Section 4.09(b), the Asset Representations
Reviewer’s disclosure of Issuer PII is also subject to the following requirements: 
 (i) The Asset Representations
Reviewer will not disclose Issuer PII to its personnel or allow its personnel access to Issuer PII except (A) for the Asset Representations Reviewer personnel who require Issuer PII to perform an Asset Review, (B) with the prior consent of the
Issuer or (C) as required by applicable law. When permitted, the disclosure of or access to Issuer PII will be limited to the specific information necessary for the individual to complete the assigned task. The Asset Representations
Reviewer will inform personnel with access to Issuer PII of the confidentiality requirements in this Agreement and train its personnel with access to Issuer PII on the proper use and protection of Issuer PII. 

(ii) The Asset Representations Reviewer will not sell, disclose, provide or exchange Issuer PII with or to any third party
without the prior consent of the Issuer. 
 (d) Notice of Breach. The Asset Representations Reviewer will notify the Issuer promptly
in the event of an actual or reasonably suspected security breach, unauthorized access, misappropriation or other compromise of the security, confidentiality or integrity of Issuer PII and, where applicable, immediately take action to prevent any
further breach. 
 (e) Return or Disposal of Issuer PII. Except where return or disposal is prohibited by applicable law,
promptly on the earlier of the completion of the Asset Review or the request of the Issuer, all Issuer PII in any medium in the Asset Representations Reviewer’s possession or under its control will be (i) destroyed in a manner that prevents its
recovery or restoration or (ii) if so directed by the Issuer, returned to the Issuer without the Asset Representations Reviewer retaining any actual or recoverable copies, in both cases, without charge to the Issuer. Where the Asset Representations
Reviewer retains Issuer PII, the Asset Representations Reviewer will limit the Asset Representations Reviewer’s further use or disclosure of Issuer PII to that required by applicable law. 

(f) Compliance; Modification. The Asset Representations Reviewer will cooperate with and provide information to the Issuer regarding
the Asset Representations Reviewer’s compliance with this Section 4.09. The Asset Representations Reviewer and the Issuer agree to modify this Section 4.09 as necessary for either party to comply with applicable law. 







 (g) Audit of Asset Representations Reviewer. The Asset Representations Reviewer will
permit the Issuer and its authorized representatives to audit the Asset Representations Reviewer’s compliance with this Section 4.09 during the Asset Representations Reviewer’s normal business hours on reasonable advance notice to the
Asset Representations Reviewer, and not more than once during any year unless circumstances necessitate additional audits. The Issuer agrees to make reasonable efforts to schedule any audit described in this Section 4.09 with the inspections
described in Section 4.06. The Asset Representations Reviewer will also permit the Issuer and its authorized representatives during normal business hours on reasonable advance notice to audit any service providers used by the Asset Representations
Reviewer to fulfill the Asset Representations Reviewer’s obligations under this Agreement. 
 (h) Affiliates and Third
Parties. If the Asset Representations Reviewer processes the PII of the Issuer’s Affiliates or a third party when performing an Asset Review, and if such Affiliate or third party is identified to the Asset Representations Reviewer,
such Affiliate or third party is an intended third-party beneficiary of this Section 4.09, and this Agreement is intended to benefit the Affiliate or third party. The Affiliate or third party may enforce the PII related terms of this Section
4.09 against the Asset Representations Reviewer as if each were a signatory to this Agreement. 
 ARTICLE V. 

REMOVAL, RESIGNATION 

Section 5.01 Eligibility of the Asset Representations Reviewer. 

The Asset Representations Reviewer must be a Person who (a) is not Affiliated with the Sponsor, the Depositor, the Servicer, the Indenture
Trustee, the Owner Trustee or any of their Affiliates and (b) was not, and is not Affiliated with a Person that was, engaged by the Sponsor or any Underwriter to perform any due diligence on the Receivables prior to the Closing Date. 

Section 5.02 Resignation and Removal of Asset Representations Reviewer. 

(a) No Resignation. The Asset Representations Reviewer will not resign as Asset Representations Reviewer except if (i) the
Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.01 or (ii) the Asset Representations Reviewer has determined that the performance of its duties under this Agreement is no longer permissible under
applicable law and there is no reasonable action that it could take to make the performance of its obligations under this Agreement permitted under applicable law. Upon the occurrence of one of the foregoing events, the Asset Representations
Reviewer shall promptly resign and the Sponsor shall appoint a successor Asset Representations Reviewer. The Asset Representations Reviewer will deliver a notice of its resignation to the Issuer, the Sponsor and the Servicer, and if the Asset
Representation Reviewer resigns pursuant to clause (b) above, an Opinion of Counsel supporting its determination. 







 (b) Removal. If any of the following events occur, the Servicer, by notice to the Asset
Representations Reviewer, may remove the Asset Representations Reviewer and terminate its rights and obligations under this Agreement: 

(i) the Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.01; 

(ii) the Asset Representations Reviewer breaches of any of its representations, warranties, covenants or obligations in this
Agreement; or 
 (iii) an Insolvency Event of the Asset Representations Reviewer occurs. 

(c) Notice of Resignation or Removal. The Issuer will notify the Servicer, the Owner Trustee and the Indenture Trustee of any
resignation or removal of the Asset Representations Reviewer. 
 (d) Continue to Perform After Resignation or Removal. No resignation
or removal of the Asset Representations Reviewer will be effective, and the Asset Representations Reviewer will continue to perform its obligations under this Agreement, until a successor Asset Representations Reviewer has accepted its engagement
according to Section 5.03(b). 
 Section 5.03 Successor Asset Representations Reviewer.

(a) Engagement of Successor Asset Representations Reviewer. Following the resignation or removal of the Asset Representations Reviewer,
the Issuer will engage (or cause the Servicer to engage on its behalf) a successor Asset Representations Reviewer who meets the eligibility requirements of Section 5.01. 

(b) Effectiveness of Resignation or Removal. No resignation or removal of the Asset Representations Reviewer will be effective until
the successor Asset Representations Reviewer has executed and delivered to the Issuer and the Servicer an agreement accepting its engagement and agreeing to perform the obligations of the Asset Representations Reviewer under this Agreement or
entering into a new agreement with the Issuer on substantially the same terms as this Agreement. 
 (c) Transition and Expenses. If
the Asset Representations Reviewer resigns or is removed, the Asset Representations Reviewer will cooperate with the Issuer and the Servicer and take all actions reasonably requested to assist the Issuer in making an orderly transition of the Asset
Representations Reviewer’s rights and obligations under this Agreement to the successor Asset Representations Reviewer. The Asset Representations Reviewer will pay the reasonable expenses of transitioning the Asset Representations
Reviewer’s obligations under this Agreement and preparing the successor Asset Representations Reviewer to take on the obligations on receipt of an invoice with reasonable detail of the expenses from the Issuer and the Servicer or the successor
Asset Representations Reviewer. 
 Section 5.04 Merger, Consolidation or Succession. Any Person (a) into which the Asset
Representations Reviewer is merged or consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the 







 
business of the Asset Representations Reviewer, if that Person meets the eligibility requirements in Section 5.01, will be the successor to the Asset Representations Reviewer under this
Agreement. Such Person will execute and deliver to the Issuer, the Servicer and the Administrator an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement (unless the assumption happens by operation of law).

 ARTICLE VI. 
 OTHER
AGREEMENTS 
 Section 6.01 Independence of the Asset Representations Reviewer.  

The Asset Representations Reviewer will be an independent contractor and will not be subject to the supervision of, or deemed to be the agent
of, the Issuer, the Indenture Trustee or the Owner Trustee for the manner in which it accomplishes the performance of its obligations under this Agreement. None of the Issuer, the Indenture Trustee or the Owner Trustee shall be responsible for
monitoring the performance of the Asset Representations Reviewer or liable to any Person for the failure of the Asset Representations Reviewer to perform its obligations hereunder. Unless authorized by the Issuer, the Indenture Trustee or the
Owner Trustee, respectively, the Asset Representations Reviewer will have no authority to act for or represent the Issuer, the Indenture Trustee or the Owner Trustee and will not be considered an agent of the Issuer, the Indenture Trustee or the
Owner Trustee. Nothing in this Agreement will make the Asset Representations Reviewer and either of the Issuer, the Indenture Trustee or the Owner Trustee members of any partnership, joint venture or other separate entity or impose any
liability as such on any of them. 
 Section 6.02 No Petition.

Each party hereto agrees that, prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy
Remote Party in respect of all securities issued by any Bankruptcy Remote Party (a) such party hereto shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other proceeding seeking liquidation,
reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee,
receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an
involuntary case or other proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (b) such
party shall not commence or join with any other Person in commencing any proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any
jurisdiction. This Section 6.02 shall survive the termination of this Agreement. 







 Section 6.03 Limitation of Liability of Owner Trustee.

This Agreement has been signed on behalf of the Issuer by
[                    ], not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer. In no event will
[                    ] in its individual capacity or a beneficial owner of the Issuer be liable for the Issuer’s obligations under this
Agreement. For all purposes under this Agreement, the Owner Trustee will be subject to, and entitled to the benefits of, the Trust Agreement. 

Section 6.04 Termination of Agreement.

This Agreement will terminate, except for the obligations under Section 4.04, on the earlier of (a) the payment in full of all outstanding
Notes and the satisfaction and discharge of the Indenture and (b) the date the Issuer is terminated under the Trust Agreement.
 ARTICLE
VII. 
 MISCELLANEOUS PROVISIONS 

Section 7.01 Amendments. 

(a) Any term or provision of this Agreement may be amended by VCI and the Asset Representations Reviewer without the consent of the Indenture
Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person subject to the satisfaction of one of the following conditions: 

(i) VCI delivers an Opinion of Counsel to the Indenture Trustee to the effect that such amendment will not materially and adversely affect
the interests of the Noteholders; 
 (ii) VCI delivers an Officer’s Certificate to the Indenture Trustee to the effect that such
amendment will not materially and adversely affect the interests of the Noteholders; or 
 (iii) the Rating Agency Condition is satisfied
with respect to such amendment and VCI notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment; 

provided, that no amendment pursuant to this Section 7.01 shall be effective which affects the rights, protections or duties of the Indenture Trustee
or the Owner Trustee without the prior written consent of such Person. 
 (b) This Agreement may also be amended from time to time by VCI
and the Asset Representations Reviewer with the consent of the Holders of Notes evidencing not less than a majority of the aggregate principal balance of the Outstanding Notes 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. It will not be necessary for the consent of Noteholders to approve the particular form of any proposed amendment or consent, but it will
be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders
will be subject to such reasonable requirements as the Indenture Trustee may prescribe, including the establishment of record dates pursuant to the Note Depository Agreement. 







 Section 7.02 Assignment; Benefit of Agreement; Third Party Beneficiaries.

(a) Assignment. Except as stated in Section 5.04, this Agreement may not be assigned by the Asset Representations Reviewer without the
consent of the Issuer and the Servicer. 
 (b) Benefit of Agreement; Third-Party Beneficiaries. This
Agreement is for the benefit of and will be binding on the parties and their permitted successors and assigns. The Owner Trustee and the Indenture Trustee, for the benefit of the Noteholders, will be third-party beneficiaries of this Agreement and
may enforce this Agreement against the Asset Representations Reviewer and the Servicer. No other Person will have any right or obligation under this Agreement. 

Section 7.03 Notices. All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by
registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile and addressed in each case as specified on Schedule II to the Sale and Servicing
Agreement, or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto. Any notice required or permitted to be mailed to a Noteholder shall be given by first class mail, postage
prepaid, at the address of such Noteholder as shown in the Note Register. Delivery shall occur only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such
recipient for notices hereunder; provided, however, that any notice to a Noteholder mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder shall receive
such notice. 
 Section 7.04 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL,
SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.
 SECTION 7.05 Submission to Jurisdiction; Waiver of
Jury Trial. Each of the parties hereto hereby irrevocably and unconditionally:  
 (a) submits for
itself and its property in any legal action or proceeding relating to this Agreement or any documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general
jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof;  

(b) consents that any such action or proceeding may be brought and maintained in such courts and waives any objection that it may now or
hereafter have to the venue of such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;  







 (c) agrees that service of process in any such action or proceeding may be effected by mailing
a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 7.03;  

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction; and to the extent permitted by applicable law, each party hereto irrevocably waives all right of trial by jury in any action, proceeding or counterclaim based on, or arising out of, under or in connection with
this Agreement, any other Transaction Document, or any matter arising hereunder or thereunder. 
 Section 7.06 No Waiver;
Remedies. No party’s failure or delay in exercising a power, right or remedy under this Agreement will operate as a waiver. No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power,
right or remedy or the exercise of any other power, right or remedy. The powers, rights and remedies under this Agreement are in addition to any powers, rights and remedies under law. 

Section 7.07 Severability. If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from
the remaining Agreement and will not affect the validity, legality or enforceability of the remaining Agreement. 
 Section 7.08
Headings. The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement. 

Section 7.09 Counterparts. This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all
counterparts will together be one document. 
 [Remainder of Page Left Blank] 







 IN WITNESS WHEREOF, the Issuer, the Servicer, the Administrator and the Asset Representations
Reviewer have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the date first above written. 
  

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

		 	Name:
		 	Title:
	
	[                    ],
	as Servicer and Administrator
		
	By:	 	  

		 	Name:
		 	Title:
	
	[CLAYTON FIXED INCOME SERVICES LLC],
	as Asset Representations Reviewer
		
	By:	 	  

		 	Name:
		 	Title:









 Schedule A 

Review Materials 







 Schedule B 

Representations and Warranties and Tests