Document:

EX-10.6

 Exhibit 10.6 

ASSET REPRESENTATIONS REVIEW AGREEMENT 

among 
 GM FINANCIAL CONSUMER
AUTOMOBILE RECEIVABLES TRUST 2019-3, 
 Issuer 

GM FINANCIAL, 
 Servicer 

and 
 CLAYTON FIXED INCOME
SERVICES LLC, 
 Asset Representations Reviewer 

Dated as of July 24, 2019 

 TABLE OF CONTENTS 
  

							
	 ARTICLE I DEFINITIONS
	  	 	1	 
	 Section 1.1.
	  	Definitions	  	 	1	 
	 Section 1.2.
	  	Additional Definitions	  	 	1	 
	 ARTICLE II ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER
	  	 	2	 
	 Section 2.1.
	  	Engagement; Acceptance	  	 	2	 
	 Section 2.2.
	  	Confirmation of Status	  	 	3	 
	 ARTICLE III ASSET REPRESENTATIONS REVIEW PROCESS
	  	 	3	 
	 Section 3.1.
	  	Asset Review Notices	  	 	3	 
	 Section 3.2.
	  	Identification of Asset Review Receivables	  	 	3	 
	 Section 3.3.
	  	Asset Review Materials	  	 	3	 
	 Section 3.4.
	  	Performance of Asset Reviews	  	 	3	 
	 Section 3.5.
	  	Asset Review Reports	  	 	4	 
	 Section 3.6.
	  	Asset Review Representatives	  	 	4	 
	 Section 3.7.
	  	Dispute Resolution	  	 	5	 
	 Section 3.8.
	  	Limitations on Asset Review Obligations	  	 	5	 
	 ARTICLE IV ASSET REPRESENTATIONS REVIEWER
	  	 	6	 
	 Section 4.1.
	  	Representations and Warranties	  	 	6	 
	 Section 4.2.
	  	Covenants	  	 	7	 
	 Section 4.3.
	  	Fees and Expenses	  	 	8	 
	 Section 4.4.
	  	Limitation on Liability	  	 	9	 
	 Section 4.5.
	  	Indemnification	  	 	9	 
	 Section 4.6.
	  	Right to Audit	  	 	10	 
	 Section 4.7.
	  	Delegation of Obligations	  	 	10	 
	 Section 4.8.
	  	Confidential Information	  	 	10	 
	 Section 4.9.
	  	Security and Safeguarding Information	  	 	12	 
	 ARTICLE V . RESIGNATION AND REMOVAL
	  	 	14	 
	 Section 5.1.
	  	Resignation and Removal of Asset Representations Reviewer	  	 	14	 
	 Section 5.2.
	  	Engagement of Successor	  	 	15	 
	 Section 5.3.
	  	Merger, Consolidation or Succession	  	 	15	 
	 ARTICLE VI OTHER AGREEMENTS
	  	 	15	 
	 Section 6.1.
	  	Independence of Asset Representations Reviewer	  	 	15	 
	 Section 6.2.
	  	No Petition	  	 	16	 
	 Section 6.3.
	  	Limitation of Liability of Owner Trustee	  	 	16	 
	 Section 6.4.
	  	Termination of Agreement	  	 	16	 
	 ARTICLE VII MISCELLANEOUS PROVISIONS
	  	 	16	 
	 Section 7.1.
	  	Amendments	  	 	16	 
	 Section 7.2.
	  	Assignment; Benefit of Agreement; Third Party Beneficiaries	  	 	17	 
	 Section 7.3.
	  	Notices	  	 	17	 
	 Section 7.4.
	  	GOVERNING LAW	  	 	17	 
	 Section 7.5.
	  	Submission to Jurisdiction	  	 	18	 
	 Section 7.6.
	  	No Waiver; Remedies	  	 	18	 
	 Section 7.7.
	  	Severability	  	 	18	 
	 Section 7.8.
	  	Headings	  	 	18	 
	 Section 7.9.
	  	Counterparts	  	 	18	 

 SCHEDULES 
 Schedule A
    Representations and Warranties and Procedures to be Performed 

 ASSET REPRESENTATIONS REVIEW AGREEMENT dated as of July 24, 2019 (this
“Agreement”), among GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2019-3, a Delaware statutory trust (the “Issuer”), AMERICREDIT FINANCIAL SERVICES, INC. d/b/a GM
Financial, a Delaware corporation (“GM Financial”), in its capacity as Servicer (in such capacity, the “Servicer”) and CLAYTON FIXED INCOME SERVICES LLC, a Delaware limited liability company, as Asset
Representations Reviewer (the “Asset Representations Reviewer”). 
 WHEREAS, in the regular course of its
business, GM Financial purchases retail installment sale contracts secured by new and used automobiles, light-duty trucks and utility vehicles from motor vehicle dealers. 

WHEREAS, in connection with a securitization transaction sponsored by GM Financial, GM Financial sold a pool of Receivables to
AFS SenSub Corp. (the “Seller”) which, in turn, sold those Receivables to the Issuer. 
 WHEREAS, the
Issuer has granted a security interest in the Receivables to the Trust Collateral Agent, for the benefit of the Issuer Secured Parties, pursuant to the Indenture. 

WHEREAS, the Issuer has determined to engage the Asset Representations Reviewer to perform reviews of certain Receivables for
compliance with the representations and warranties made by GM Financial and the Seller about the Receivables in the pool. 

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

ARTICLE I 
 DEFINITIONS 

Section 1.1.    Definitions. Capitalized terms that are used but are not otherwise defined in
this Agreement have the meanings assigned to them in the Sale and Servicing Agreement, dated as of July 24, 2019, by and among the Issuer, the Seller, the Servicer and Wells Fargo Bank, N.A., as Trust Collateral Agent. 

Section 1.2.    Additional Definitions. The following terms have the meanings given below:

 “Asset Review” means the performance by the Asset Representations Reviewer of the testing procedures for
each Test and each Asset Review Receivable in accordance with Section 3.4. 
 “Asset Review Demand
Date” means, for an Asset Review, the date when the Trust Collateral Agent determines that each of (a) the Delinquency Trigger has occurred and (b) the required percentage of Noteholders has voted to direct an Asset Review under
Section 7.2(f) of the Indenture. 
 “Asset Review Fee” has the meaning assigned to such term in
Section 4.3(b). 

 “Asset Review Materials” means, with respect to an Asset Review
and an Asset Review Receivable, the documents and other materials for each Test listed under “Documents” in Schedule A. 

“Asset Review Notice” means the notice from the Trustee to the Asset Representations Reviewer and the
Servicer directing the Asset Representations Reviewer to perform an Asset Review. 
 “Asset Review
Receivable” means, with respect to any Asset Review, each Receivable that is not a Liquidated Receivable and with respect to which the related Obligor failed to make at least 90% of the related Scheduled Receivables Payment by the date on
which it was due and, as of the last day of the Collection Period prior to the date the related Asset Review Notice was delivered, remained unpaid for 60 days or more from the original payment due date. 

“Asset Review Report” means, with respect to any Asset Review, the report of the Asset Representations
Reviewer prepared in accordance with Section 3.5. 
 “Basic Documents” has the meaning assigned to
such term in Section 1.1 of the Sale and Servicing Agreement. 
 “Clayton” means Clayton Fixed Income
Services LLC. 
 “Confidential Information” has the meaning assigned to such term in Section 4.8(a).

 “Eligible Asset Representations Reviewer” means a Person that (a) is not an Affiliate of GM
Financial, the Seller, the Servicer, the Trustee, the Trust Collateral Agent, the Owner Trustee or any of their Affiliates and (b) was not, and is not an Affiliate of a Person that was, engaged by GM Financial or any Underwriter to perform any
due diligence on the Receivables prior to the Closing Date. 
 “Test” has the meaning assigned to such term
in Section 3.4(a). 
 “Test Complete” has the meaning assigned to such term in Section 3.4(c).

 “Test Fail” has the meaning assigned to such term in Section 3.4(a). 

“Test Pass” has the meaning assigned to such term in Section 3.4(a). 

“Trustee” has the meaning assigned to such term in Section 1.1 of the Sale and Servicing Agreement. 

ARTICLE II 
 ENGAGEMENT OF ASSET
REPRESENTATIONS REVIEWER 
 Section 2.1.    Engagement; Acceptance. The Issuer hereby
engages Clayton to act as the Asset Representations Reviewer for the Issuer. Clayton accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms stated in this Agreement. 

  
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 Section 2.2.    Confirmation of Status. The
parties confirm that the Asset Representations Reviewer is not responsible for (a) reviewing the Asset Review Receivables for compliance with the representations and warranties under the Basic Documents, except as described in this Agreement,
or (b) determining whether noncompliance with the representations or warranties constitutes a breach of the Basic Documents. 
 ARTICLE
III 
 ASSET REPRESENTATIONS REVIEW PROCESS 

Section 3.1.    Asset Review Notices. Upon receipt of an Asset Review Notice from the Trustee
in the manner set forth in Section 7.2(f) of the Indenture, the Asset Representations Reviewer will start an Asset Review. The Asset Representation Reviewer will have no obligation to start an Asset Review unless and until an Asset Review
Notice is received. Any Asset Review Notice is to be sent pursuant to Section 12.3(a) of the Sale and Servicing Agreement. 

Section 3.2.    Identification of Asset Review Receivables. Within ten (10) Business Days
of receipt of an Asset Review Notice, the Servicer will deliver to the Asset Representations Reviewer and the Trustee a list of the related Asset Review Receivables. 

Section 3.3.    Asset Review Materials. 

(a)    Access to Asset Review Materials. The Servicer will give the Asset Representations Reviewer
access to the Asset Review Materials for all of the Asset Review Receivables within sixty (60) days of receipt of the Asset Review Notice in one or more of the following ways: (i) by providing access to the Servicer’s receivables
systems, either remotely or at one of the properties 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 one of
the properties of the Servicer where the related Receivable Files are located; or (iv) in another manner agreed by the Servicer and the Asset Representations Reviewer. The Servicer may redact or remove
Non-Public Personal Information (as defined in Section 4.8) from the Asset Review Materials so long as such redaction or removal does not change the meaning or usefulness of the Asset Review Materials for
purposes of the Asset Review. Any Asset Review Notice is to be sent pursuant to Section 12.3(a) of the Sale and Servicing Agreement. 

(b)    Missing or Insufficient Asset Review Materials. If any of the Asset Review Materials are
missing or insufficient for the Asset Representations Reviewer to perform any Test, the Asset Representations Reviewer will notify the Servicer promptly, and in any event no less than twenty (20) days before completing the Asset Review, and the
Servicer will have fifteen (15) days to give the Asset Representations Reviewer access to such missing Asset Review Materials or other documents or information to correct the insufficiency. If the missing or insufficient Asset Review Materials
have not been provided by the Servicer within fifteen (15) days, the parties agree that the Asset Review Receivable will have a Test Fail for the related Test(s) and the Test(s) will be considered completed and the Asset Review Report will
indicate the reason for the Test Fail. 
 Section 3.4.    Performance of Asset Reviews. 

(a)    Test Procedures. For an Asset Review, the Asset Representations Reviewer will perform for
each Asset Review Receivable the procedures listed under “Procedures to be 

  
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Performed” in Schedule A for each representation and warranty (each, a “Test”), using the Asset Review Materials listed for each such Test in Schedule A. For each Test and
Asset Review 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)    Asset Review Period. The Asset Representations Reviewer will complete the Asset Review of
all of the Asset Review Receivables within sixty (60) days of receiving access to the Asset Review Materials under Section 3.3(a). However, if additional Asset Review Materials are provided to the Asset Representations Reviewer in
accordance with Section 3.3(b), the Asset Review period will be extended for an additional thirty (30) days. 

(c)    Completion of Asset Review for Certain Asset Review Receivables. Following the delivery of
the list of the Asset Review Receivables and before the delivery of the Asset Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if an Asset Review Receivable is paid in full by the
related Obligor or purchased from the Issuer by GM Financial, the Seller or the Servicer according to the Basic Documents. On receipt of any such notice, the Asset Representations Reviewer will immediately terminate all Tests of the related Asset
Review Receivables and the Asset Review of such Receivables will be considered complete (a “Test Complete”). In this case, the Asset Review Report will indicate a Test Complete for the related Asset Review Receivables and the
related reason. 
 (d)    Previously Reviewed Receivable. If any Asset Review Receivable was
included in a prior Asset Review, the Asset Representations Reviewer will not perform any Tests on it, but will include the results of the previous Tests in the Asset Review Report for the current Asset Review. 

(e)    Termination of Asset Review. If an Asset Review is in process and the Notes will be paid in
full on the next Distribution Date, the Servicer will notify the Asset Representations Reviewer and the Trustee no less than ten (10) days before that Distribution Date. On receipt of the notice, the Asset Representations Reviewer will
terminate the Asset Review immediately and will have no obligation to deliver an Asset Review Report. 

Section 3.5.    Asset Review Reports. Within five (5) days of the end of the Asset Review
period under Section 3.4(b), the Asset Representations Reviewer will deliver to the Issuer, the Servicer and the Trustee an Asset Review Report indicating for each Asset Review Receivable whether there was a Test Pass or a Test Fail for each
Test, or whether the Asset Review Receivable was a Test Complete and the related reason. The Asset Review Report will contain a summary of the Asset Review results to be included in the Issuer’s Form 10-D
report for the Collection Period in which the Asset Review Report is received. The Asset Representations Reviewer will ensure that the Asset Review Report does not contain any Non-Public Personal Information.

 Section 3.6.    Asset 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 Asset Review Materials on the Servicer’s
receivables systems, obtaining missing or 

  
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insufficient Asset Review Materials and/or providing clarification of any Asset Review Materials or Tests. 

(b)    Asset Representations Reviewer Representative. The Asset Representations Reviewer will
designate one or more representatives who will be available to the Issuer and the Servicer during the performance of an Asset Review. 

(c)    Questions About Asset Review. The Asset Representations Reviewer will make appropriate
personnel available to respond in writing to written questions or requests for clarification of any Asset Review Report from the 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 Asset Review Report. The Asset Representations Reviewer will have no obligation 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 Trustee. 
 Section 3.7.    Dispute Resolution. If an Asset Review
Receivable that was reviewed by the Asset Representations Reviewer is the subject of a dispute resolution proceeding under Section 3.13 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 3.13 of the Sale and Servicing Agreement; provided, however, if such amounts are paid by the Trustee or the Trust Collateral Agent and are not reimbursed by directing Noteholders, the Trustee or Trust Collateral Agent, as applicable,
shall be reimbursed by the Issuer pursuant to Section 5.7(a)(ii) of the Sale and Servicing Agreement without counting toward the calculation of any cap on fees, expenses or indemnities thereunder. If not paid by a party to the dispute
resolution, the expenses will be reimbursed by the Issuer according to Section 4.3(d). 

Section 3.8.    Limitations on Asset Review Obligations. 

(a)    Asset 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, and is entitled to rely on the information in any Asset Review Notice delivered by the Trustee; 

(ii)     to determine which Receivables are subject to an Asset Review, and is entitled to
rely on the lists of Asset Review Receivables provided by the Servicer; 
 (iii)    to
obtain or confirm the validity of the Asset Review Materials and will be entitled to rely on the accuracy and completeness of the Asset Review Materials; 

(iv)    to obtain missing or insufficient Asset Review Materials from any party or any
other source; 

  
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 (v)      to take any action or
cause any other party to take any action under any of the Basic Documents or otherwise to enforce any remedies against any Person for breaches of representations or warranties about the Asset Review Receivables; 

(vi)     to determine the reason for the delinquency of any Asset Review Receivable, the
creditworthiness of any Obligor, the overall quality of any Asset Review Receivable or the compliance by the Servicer with its covenants with respect to the servicing of such Asset Review Receivable; or 

(vii)     to establish cause, materiality or recourse for any failed Test as described in
Section 3.4. 
 (b)    Testing Procedure Limitations. The Asset Representations Reviewer
will only be required to perform the testing procedures listed under “Procedures to be Performed” in Schedule A, and will have no obligation to perform additional procedures on any Asset Review Receivable or to provide any information
other than an Asset Review Report indicating for each Asset Review Receivable whether there was a Test Pass or a Test Fail for each Test, or whether the Asset Review Receivable was a Test Complete and the related reason. However, the Asset
Representations Reviewer may provide additional information about any Asset Review Receivable that it determines in good faith to be material to the Asset Review. 

ARTICLE IV 
 ASSET REPRESENTATIONS
REVIEWER 
 Section 4.1.    Representations and Warranties . 

(a)    Representations and Warranties. The Asset Representations Reviewer represents and warrants
to the Issuer as of the date of this Agreement: 
 (i)    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 Delaware. The Asset Representations Reviewer is qualified as a 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. 

(ii)    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. 
 (iii)    No Conflicts and No Violation. The
completion of the transactions contemplated by this Agreement and the performance of the Asset Representations Reviewer’s 

  
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obligations under this Agreement will not (A) conflict with, or be a breach or default under, any indenture, agreement, guarantee or similar agreement or instrument under which the Asset
Representations Reviewer is a party, (B) result in the creation or imposition of any Lien on any of the assets of the Asset Representations Reviewer under the terms of any indenture, agreement, guarantee or similar agreement or instrument,
(C) violate the organizational documents of the Asset Representations Reviewer or (D) violate any law or, to the Asset Representations Reviewer’s knowledge, any order, rule or regulation that applies to the Asset Representations
Reviewer of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer, in each case, which conflict, breach, default, Lien or
violation would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement. 

(iv)    No Proceedings. To the Asset Representations Reviewer’s knowledge,
there are no proceedings or investigations pending or threatened in writing before any court, regulatory body, administrative agency, or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its
properties: (A) asserting the invalidity of this Agreement, (B) seeking to prevent the completion of any of the transactions contemplated by this Agreement or (C) 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. 

(v)    Eligibility. The Asset Representations Reviewer is an Eligible Asset Representations
Reviewer. 
 (b)    Notice of Breach. On discovery by the Asset Representations Reviewer, the
Issuer, the Owner Trustee, the Trustee or the Servicer of a material breach of any of the representations and warranties in Section 4.1(a), the party discovering such breach will give prompt notice to the other parties. 

Section 4.2.    Covenants. The Asset Representations Reviewer covenants and agrees that: 

(a)    Eligibility. It will notify the Issuer and the Servicer promptly if it is not, or on the
occurrence of any action that would result in it not being, an Eligible Asset Representations Reviewer. 

(b)    Review Systems. It 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 Asset Review Receivable and the related Asset
Review Materials to be individually tracked and stored as contemplated by this Agreement. 

(c)    Personnel. It will maintain adequate staff that is properly trained to conduct Asset Reviews
as required by this Agreement. The Asset Representations Reviewer, at its discretion, may utilize the services of third parties, affiliates, and agents (“Agents”) to provide any Asset Review under this Agreement; provided, however, that
the Asset Representations Reviewer has 

  
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entered into confidentiality agreements with such Agents (or such Agents are otherwise bound by confidentiality obligations) the provisions of which are no less protective than those set forth in
this Agreement. Any such Agent must be approved by Servicer prior to engaging in any Asset Review under this Agreement. The Asset Representations Reviewer shall be responsible to Servicer for the Asset Reviews provided by its Agents to the same
extent as if provided by the Asset Representations Reviewer under this Agreement. Servicer agrees to look solely to the Asset Representations Reviewer and not to any Agent for satisfaction of any claims the Servicer may have arising out of this
Agreement or due to the performance or non-performance of Services. 

(d)    Changes to Personnel. It will promptly notify Servicer in the event that it undergoes
significant management or staffing changes which would negatively impact its ability to fulfill its obligations under this Agreement. 

(e)    Maintenance of Asset Review Materials. It will maintain copies of any Asset Review
Materials, Asset Review Reports and other documents relating to an Asset Review, including internal correspondence and work papers, for a period of two years after the termination of this Agreement. 

Section 4.3.    Fees and Expenses. 

(a)    Annual Fee. The Issuer will, or will cause the Servicer to, pay the Asset Representations
Reviewer, as compensation for agreeing to act as the Asset Representations Reviewer under this Agreement, an annual fee in the amount of $5,000. The annual fee will be paid on the Closing Date and on each anniversary of the Closing Date until this
Agreement is terminated, payable pursuant to the priority of payments in Section 5.7 of the Sale and Servicing Agreement or Section 5.6(a) of the Indenture, as applicable. 

(b)    Asset Review Fee. Following the completion of an Asset Review and the delivery to the
Trustee of the Asset Review Report, or the termination of an Asset Review according to Section 3.4(e), and the delivery to the Servicer of a detailed invoice, the Asset Representations Reviewer will be entitled to a fee of up to $250 for each
Asset Review Receivable for which the Asset Review was started (the “Asset Review Fee”). However, no Asset Review Fee will be charged for any Asset Review 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 3.4(e). If the detailed invoice is submitted on or before the first day of a month, the Asset Review Fee will be
paid by the Issuer pursuant to the priority of payments in Section 5.7 of the Sale and Servicing Agreement or Section 5.6(a) of the Indenture, as applicable starting on or before the Distribution Date in that month. However, if an Asset
Review is terminated according to Section 3.4(e), the Asset Representations Reviewer must submit its invoice for the Asset Review Fee for the terminated Asset Review no later than five (5) Business Days before the final Distribution Date
in order to be reimbursed no later than the final Distribution Date. To the extent that such amounts were not previously paid by the Servicer or any other party, upon receipt of a detailed invoice, the Asset Representations Reviewer shall be
entitled to payment by the Servicer of incurred but otherwise unpaid Asset Review Fees. 

(c)    Reimbursement of Travel Expenses. If the Servicer provides access to the Asset Review
Materials at one of its properties, the Issuer will, or will cause the Servicer to, reimburse 

  
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the Asset Representations Reviewer for its reasonable travel expenses incurred in connection with the Asset Review upon receipt of a detailed invoice, payable pursuant to the priority of payments
in Section 5.7 of the Sale and Servicing Agreement or Section 5.6(a) of the Indenture, as applicable. To the extent that such amounts were not previously paid by the Servicer or any other party, upon receipt of a detailed invoice, the
Asset Representations Reviewer shall be entitled to payment by the Servicer of incurred but otherwise unpaid travel expenses. 

(d)    Dispute Resolution Expenses. If the Asset Representations Reviewer participates in a dispute
resolution proceeding under Section 3.7 and the reasonable out-of-pocket expenses it incurs in participating in the proceeding are not paid by a party to the
dispute resolution within ninety (90) days of the end of the proceeding, the Issuer will reimburse the Asset Representations Reviewer for such expenses upon receipt of a detailed invoice, payable pursuant to the priority of payments in
Section 5.7 of the Sale and Servicing Agreement or Section 5.6(a) of the Indenture, as applicable. To the extent that such amounts were not previously paid by the Servicer or any other party, upon receipt of a detailed invoice, the Asset
Representations Reviewer shall be entitled to payment by the Servicer of incurred but otherwise unpaid expenses. 

Section 4.4.    Limitation on Liability. The Asset Representations Reviewer will not be liable
to any person for (i) any action taken, or not taken, in good faith under this Agreement, (ii) for errors in judgment or (iii) for any errors contained in the Asset Review Materials. 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 shall either party be liable to the other party for any incidental, special, indirect, punitive, exemplary or consequential
damages. 
 Section 4.5.    Indemnification  

(a)    Indemnification by Asset Representations Reviewer. The Asset Representations Reviewer will
indemnify each of the Issuer, the Seller, the Servicer, the Owner Trustee, the Trust Collateral Agent and the Trustee (both in its individual capacity and in its capacity as Trustee on behalf of the Noteholders) and their respective directors,
officers, employees and agents for all costs, expenses, losses, damages and liabilities resulting from (i) the willful misconduct, fraud, bad faith or negligence of the Asset Representations Reviewer in performing its obligations under this
Agreement; (ii) the Asset Representations Reviewer’s breach of any of its representations or warranties or other obligations under this Agreement; (iii) its breach of confidentiality obligations or (iv) any third party
intellectual property claim. The Asset Representations Reviewer’s obligations under this Section 4.5 will survive the termination of this Agreement, the termination of the Issuer and the resignation or removal of the Asset Representations
Reviewer. 
 (b)    Indemnification of Asset Representations Reviewer. The Issuer will, or will
cause the Servicer to, indemnify the Asset Representations Reviewer and its officers, directors, employees and agents, for all costs, expenses, losses, damages and liabilities resulting from the performance of its obligations under this Agreement
(including the costs and expenses of defending itself against any loss, damage or liability), but excluding any cost, expense, loss, damage or liability resulting from (i) the Asset Representations Reviewer’s willful misconduct, bad faith
or negligence or (ii) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement. The Issuer acknowledges and agrees that its obligation to indemnify the Asset

  
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Representations Reviewer in accordance with this Agreement shall survive termination of this Agreement. To the extent that such indemnities owed to the Asset Representations Reviewer were not
previously paid by the Servicer or any other party, upon receipt of a detailed invoice, the Asset Representations Reviewer shall be entitled to payment by the Servicer of such incurred but otherwise unpaid indemnities. 

Section 4.6.    Right to Audit. During the term of this Agreement and not more than once per
year (unless circumstances warrant additional audits as described below), Servicer may audit the Asset Representations Reviewer’s policies, procedures and records that relate to the performance of the Asset Representation Reviewer under this
Agreement to ensure compliance with this Agreement upon at least 10 business days’ notice. Notwithstanding the foregoing, the parties agree that Servicer may conduct an audit at any time, in the event of (i) audits required by
Servicer’s governmental or regulatory authorities, (ii) investigations of claims of misappropriation, fraud, or business irregularities of a potentially criminal nature, or (iii) Servicer reasonably believes that an audit is necessary
to address a material operational problem or issue that poses a threat to Servicer’s business. 

Section 4.7.    Delegation of Obligations. Subject to the terms of Section 4.2(c) of this
Agreement, 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. 

Section 4.8.    Confidential Information. 

(a)    Definitions. 

(i)    In performing its obligations pursuant to this Agreement, the parties may have
access to and receive disclosure of certain Confidential Information about or belonging to the other, including but not limited to marketing philosophy, strategies (including tax mitigation strategies), techniques, and objectives; advertising and
promotional copy; competitive advantages and disadvantages; financial results; technological developments; loan evaluation programs; customer lists; account information, profiles, demographics and Non-Public
Personal Information (defined below); credit scoring criteria, formulas and programs; research and development efforts; any investor, financial, commercial, technical or scientific information (including, but not limited to, patents, copyrights,
trademarks, service marks, trade names and dress, and applications relating to same, trade secrets, software, code, inventions, know-how and similar information) and any and all other business information
(hereinafter “Confidential Information”). 

(ii)    “Non-Public Personal
Information” shall include all Personally Identifiable Financial Information in any list, description or other grouping of consumers/customers, and publicly available information pertaining to them, that is derived using any Personally
Identifiable Financial Information that is not publicly available, and shall further include all Non-Public Personal Information as defined by Federal regulations implementing the Gramm-Leach-Bliley Act, as
amended from time to time, and any state statutes or regulations governing this agreement. 

  
 10 

(iii)        “Personally Identifiable Financial Information”
means any information a consumer provides to a party in order to obtain a financial product or service, any information a party otherwise obtains about a consumer in connection with providing a financial product or service to that consumer, and any
information about a consumer resulting from any transaction involving a financial product or service between a party and a consumer. Personally Identifiable Financial Information may include, without limitation, a consumer’s first and last
name, physical address, zip code, e-mail address, phone number, Social Security number, birth date, account number and any information that identifies, or when tied to the above information may identify, a
consumer.
 (b)        Use of Confidential Information. The parties agree
that during the term of this Agreement and thereafter, Confidential Information is to be used solely in connection with satisfying their obligations pursuant to this Agreement, and that a party shall neither disclose Confidential Information to any
third party, nor use Confidential Information for its own benefit, except as may be necessary to perform its obligations pursuant to this Agreement or as expressly authorized in writing by the other party, as the case may be. 

Neither party shall disclose any Confidential Information to any other persons or entities, except on a “need to
know” basis and then only: (i) to their own employees and Agents (as defined below); (ii) to their own accountants and legal representatives, provided that any such representatives shall be subject to subsection (d) below; (iii) to
their own affiliates, provided that such affiliates shall be restricted in use and redisclosure of the Confidential Information to the same extent as the parties hereto. “Agents”, for purposes of this Section, mean each of the
parties’ advisors, directors, officers, employees, contractors, consultants affiliated entities (i.e., an entity controlling, controlled by, or under common control with a party), or other agents. If and to the extent any Agent of the recipient
receive Confidential Information, such recipient party shall be responsible for such Agent’s full compliance with the terms and conditions of this Agreement and shall be liable for any such Agent’s
non-compliance. 
 (c)        Compelled
Disclosure. If a subpoena or other legal process seeking Confidential Information is served upon either party, such party will, to the extent not prohibited by law, rule or order, notify the other immediately and, to the maximum extent
practicable prior to disclosure of any Confidential Information, will, at the other’s request and reasonable expense, cooperate in any lawful effort to contest the legal validity of such subpoena or other legal process. The restrictions
set forth herein shall apply during the term and after the termination of this Agreement. All Confidential Information furnished to the Asset Representations Reviewer or Servicer, as the case may be, or to which the Asset Representations
Reviewer or Servicer gains access in connection with this Agreement, is the respective exclusive property of the disclosing party.

(d)        Use by Agents, Employees, Subcontractors. The parties shall take
reasonable measures to prevent its Agents, employees and subcontractors from using or disclosing any Confidential Information, except as may be necessary for each party to perform its obligations pursuant to this Agreement. Such measures shall
include, but not be limited to, (i) education of such Agents, employees and subcontractors as to the confidential nature of the Confidential Information; and (ii) securing a written acknowledgment and agreement from such Agents, employees
and subcontractors that the Confidential Information shall be handled only in accordance 

  
 11 

 
with provisions no less restrictive than those contained in this Agreement. This provision shall survive termination of this Agreement.

(e)        Remedies. The parties agree and acknowledge that in order to prevent
the unauthorized use or disclosure of Confidential Information, it may be necessary for a party to seek injunctive or other equitable relief, and that money damages may not constitute adequate relief, standing alone, in the event of actual or
threatened disclosure of Confidential Information. In addition, the harmed party shall be entitled to all other remedies available at law or equity including injunctive relief. 

(f)        Exceptions. Confidential Information shall not include, and this
Agreement imposes no obligations with respect to, information that: 

(i)      is or becomes part of the public domain other than by disclosure by a
Party or its Agents in violation of this Agreement; 
 (ii)      was disclosed
to a Party prior to the Effective Date without a duty of confidentiality; 

(iii)      is independently developed by a Party outside of this Agreement and
without reference to or reliance on any Confidential Information of the other Party; or 

(iv)      was obtained from a third party not known after reasonable inquiry to
be under a duty of confidentiality. 
 The foregoing exceptions shall not apply to any
Non-Public Personal Information or Personally Identifiable Financial Information, which shall remain confidential in all circumstances, except as required or permitted to be disclosed by applicable law,
statute, or regulation. 
 (g)        Return of Confidential Information.
Subject to Section 4.2(e) of this Agreement, upon the request of a party, the other party shall return all Confidential Information to the other; provided, however, (i) each party shall be permitted to retain copies of the other
party’s Confidential Information solely for archival, audit, disaster recovery, legal and/or regulatory purposes, and (ii) neither party will be required to search archived electronic back-up files
of its computer systems for the other party’s Confidential Information in order to purge the other party’s Confidential Information from its archived files; provided further, that any Confidential Information so retained will
(x) remain subject to the obligations and restrictions contained in this Agreement, (y) will be maintained in accordance with the retaining party’s document retention policies and procedures, and (z) the retaining party will not
use the retained Confidential Information for any other purpose. 
 Section 4.9.    Security and Safeguarding
Information  
 (a)        Confidential Information that contains Non-Public Personal Information about customers is subject to the protections created by the Gramm-Leach-Bliley Act of 1999 (the “Act”) and under the standards for safeguarding Confidential
Information, 16 CFR Part 314 (2002) adopted by Federal Trade Commission (the “FTC”) (the “Safeguards Rule”). Additionally, state specific laws may regulate how certain confidential or personal information is
safeguarded. The parties 

  
 12 

 
agree with respect to the Non-Public Personal Information to take all appropriate measures in accordance with the Act, and any state specific laws, as are
necessary to protect the security of the Non-Public Personal Information and to specifically assure there is no disclosure of the Non-Public Personal Information other
than as authorized under the Act, and any state specific laws, and this Agreement. 
 With respect to Confidential
Information, including Non-Public Personal Information and Personally Identifiable Financial Information as applicable, each of the parties agrees that: 

(i)      It will use commercially reasonable efforts to safeguard and protect
the confidentiality of any Confidential Information and agrees, warrants, and represents that it has or will implement and maintain appropriate safeguards designed to safeguard and protect the confidentiality of any Confidential Information. 

(ii)      It will not disclose or use Confidential Information provided except
for the purposes as set in the Agreement, including as permitted under the Act and its implementing regulations, or other applicable law. 

(iii)      It acknowledges that the providing party is required by the
Safeguards Rule to take reasonable steps to assure itself that its service providers maintain sufficient procedures to detect and respond to security breaches, and maintain reasonable procedures to discover and respond to widely-known security
failures by its service providers. It agrees to furnish to the providing party that appropriate documentation to provide such assurance. 

(iv)      It understands that the FTC may, from time to time, issue amendments
to and interpretations of its regulations implementing the provisions of the Act, and that pursuant to its regulations, either or both of the parties hereto may be required to modify their policies and procedures regarding the collection, use,
protection, and/or dissemination of Non-Public Personal Information. Additionally, states may issue amendments to and interpretations of existing regulations, or may issue new regulations, which both of
the parties hereto may be required to modify their policies and procedures. To the extent such regulations are so amended or interpreted, each party hereto agrees to use reasonable efforts to adjust the Agreement in order to comply with any such new
requirements. 
 (v)      By the signing of this Agreement, each party
certifies that it has a written, comprehensive information security program that is in compliance with federal and state laws that are applicable to its respective organization and the types of Confidential Information it receives. 

(b)        The Asset Representations Reviewer represents and warrants that it has, and
will continue to have, adequate administrative, technical, and physical safeguards designed to (i) protect the security, confidentiality and integrity of Non-Public Personal Information, (ii) ensure
against anticipated threats or hazards to the security or integrity of Non-Public Personal Information, (iii) protect against unauthorized access to or use of
Non-Public Personal Information 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 

  
 13 

 
(e.g., intrusion protection, data storage protection and data transmission protection) and physical security measures. 

(c)        The Asset Representations Reviewer will promptly notify the Servicer in the
event it becomes aware of any unauthorized or suspected acquisition of data or Confidential Information that compromises the security, confidentiality or integrity of Servicer’s Confidential Information, whether internal or external. The
disclosure will include the date and time of the breach along with specific information compromised along with the monitoring logs, to the extent then known. The Asset Representations Reviewer will use commercially reasonable efforts to take
remedial action to resolve such breach. 
 (d)        The Asset Representations
Reviewer will cooperate with and provide information to the Issuer and the Servicer regarding the Asset Representations Reviewer’s compliance with this Section 4.9. 

ARTICLE V. 
 RESIGNATION AND
REMOVAL 
 Section 5.1.    Resignation and Removal of Asset Representations Reviewer. 

(a)        Resignation of Asset Representations Reviewer. The Asset
Representations Reviewer may not resign as Asset Representations Reviewer, except: 

(i)      upon determination that (A) the performance of its obligations
under this Agreement is no longer permitted under applicable law and (B) there is no reasonable action that it could take to make the performance of its obligations under this Agreement permitted under applicable law; or 

(ii)      with the consent of the Issuer. 

The Asset Representations Reviewer will give the Issuer and the Servicer sixty (60) days’ prior notice of its
resignation. Any determination permitting the resignation of the Asset Representations Reviewer under subsection (i) above must be evidenced by an Opinion of Counsel delivered to the Issuer, the Servicer, the Owner Trustee, the Trust Collateral
Agent and the Trustee. No resignation of the Asset Representations Reviewer will become effective until a successor Asset Representations Reviewer is in place. 

(b)        Removal of Asset Representations Reviewer. The Issuer may remove the
Asset Representations Reviewer and terminate all of its rights and obligations (other than as provided in Section 4.5) under this Agreement (i) if the Asset Representations Reviewer ceases to be an Eligible Asset Representations Reviewer,
(ii) on a breach of any of the representations, warranties, covenants or obligations of the Asset Representations Reviewer contained in this Agreement and (iii) on the occurrence of an Insolvency Event with respect to the Asset
Representations Reviewer, by notifying the Asset Representations Reviewer, the Trustee and the Servicer of the removal. 

(c)        Effectiveness of Resignation or Removal. No resignation or removal
of the Asset Representations Reviewer will become effective until a successor Asset Representations Reviewer 

  
 14 

 
is in place. The predecessor Asset Representations Reviewer will continue to perform its obligations under this Agreement until a successor Asset Representations Reviewer is in place. 

Section 5.2.    Engagement of Successor. 

(a)        Successor Asset Representations Reviewer. Following the resignation
or removal of the Asset Representations Reviewer under Section 5.1, the Issuer will engage as the successor Asset Representations Reviewer a Person that is an Eligible Asset Representations Reviewer. The successor Asset Representations Reviewer
will accept its engagement or appointment by executing and delivering to the Issuer and the Servicer an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement or entering into a new Asset Representations
Review Agreement with the Issuer that is on substantially the same terms as this Agreement. 

(b)        Transition and Expenses. The predecessor Asset Representations
Reviewer will cooperate with the successor Asset Representations Reviewer engaged by the Issuer in effecting the transition of the Asset Representations Reviewer’s obligations and rights under this Agreement. The predecessor Asset
Representations Reviewer will pay the reasonable expenses of the successor Asset Representations Reviewer in 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 successor Asset Representations Reviewer. 

Section 5.3.    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, (c) which acquires substantially all of the assets of the Asset Representations
Reviewer, or (d) succeeding to the business of the Asset Representations Reviewer, which Person is an Eligible Asset Representations Reviewer, will be the successor to the Asset Representations Reviewer under this Agreement. Such Person will
execute and deliver to the Issuer and the Servicer an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement (unless the assumption happens by operation of law). No such transaction will be deemed to release
the Asset Representations Reviewer from its obligations under this Agreement. 
 ARTICLE VI 

OTHER AGREEMENTS 

Section 6.1.    Independence of Asset Representations Reviewer. The Asset
Representations Reviewer will be an independent contractor and will not be subject to the supervision of the Issuer, the Trust Collateral Agent, the Trustee or the Owner Trustee for the manner in which it accomplishes the performance of its
obligations under this Agreement. Unless expressly authorized by the Issuer, and, with respect to the Owner Trustee, the Owner Trustee, the Asset Representations Reviewer will have no authority to act for or represent the Issuer, the Trust
Collateral Agent, the Trustee or the Owner Trustee and will not be considered an agent of the Issuer, the Trust Collateral Agent, the Trustee or the Owner Trustee. Nothing in this Agreement will make the Asset Representations Reviewer and any of the
Issuer, the Trust Collateral Agent, the 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. 

  
 15 

 Section 6.2.    No Petition. Each of the Servicer
and the Asset Representations Reviewer, by entering into this Agreement, and the Owner Trustee, the Trust Collateral Agent and the Trustee, by accepting the benefits of this Agreement, agrees that, before the date that is one year and one day (or,
if longer, any applicable preference period) after payment in full of (a) all securities issued by the Seller or by a trust for which the Seller was a Seller or (b) the Notes, it will not start or pursue against, or join any other Person
in starting or pursuing against, the Seller or the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law. This Section 6.2 will survive the termination
of this Agreement. 
 Section 6.3.    Limitation of Liability of Owner Trustee . It
is expressly understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as trustee of the Issuer, in the exercise of the powers and
authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by Wilmington Trust
Company but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either
expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (iv) Wilmington Trust Company has made no investigation as to
the accuracy or completeness of any representations or warranties made by the Issuer in this Agreement and (v) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the
Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other related documents 

Section 6.4.    Termination of Agreement. This Agreement will terminate, except for the
obligations under Section 4.5, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture and (b) the termination of the Issuer. 

ARTICLE VII 
 MISCELLANEOUS
PROVISIONS 
 Section 7.1.    Amendments. 

(a)        The parties may amend this Agreement: 

(i)      without the consent of the Noteholders, to clarify an ambiguity or to
correct or supplement any term of this Agreement that may be defective or inconsistent with the other terms of this Agreement or to provide for, or facilitate the acceptance of this Agreement by, a successor Asset Representations Reviewer; 

(ii)      without the consent of the Noteholders, if the Servicer delivers an
Officer’s Certificate to the Issuer, the Owner Trustee, the Trust Collateral Agent and the Trustee stating that the amendment will not have a material adverse effect on the Notes; or 

  
 16 

 (iii)      with the consent of the
Noteholders of a majority of the Note Balance of each Class of Notes materially and adversely affected by the amendment (with each affected Class voting separately, except that all Noteholders of Class A Notes will vote together as a
single class). 
 (b)        Notice of Amendments. The Servicer will give
prior notice of any amendment to the Rating Agencies. Promptly after the execution of an amendment, the Servicer will deliver a copy of the amendment to the Rating Agencies. 

Section 7.2.    Assignment; Benefit of Agreement; Third Party Beneficiaries. 

(a)        Assignment. Except as stated in Section 5.3, this Agreement may
not be assigned by the Asset Representations Reviewer without the consent of the Issuer and the Servicer. 

(b)        Benefit of the Agreement; Third-Party Beneficiaries. This Agreement
is for the benefit of and will be binding on the parties to this Agreement and their permitted successors and assigns. The Owner Trustee, the Trust Collateral Agent and the Trustee (both in its individual capacity and in its capacity as Trustee for
the benefit of the Noteholders), will be third-party beneficiaries of this Agreement entitled to enforce this Agreement against the Asset Representations Reviewer and the Servicer. No other Person will have any right or obligation under this
Agreement. 
 Section 7.3.    Notices. 

(a)        Delivery of Notices. All notices, requests, demands, consents,
waivers or other communications to or from the parties to this Agreement must be in writing and will be considered given: 

(i)      on delivery or, for a letter mailed by registered first class mail,
postage prepaid, three (3) days after deposit in the mail; 

(ii)      for a fax, when receipt is confirmed by telephone, reply email or
reply fax from the recipient; 
 (iii)      for an email, when receipt is
confirmed by telephone or reply email from the recipient; and 
 (iv)      for
an electronic posting to a password-protected website to which the recipient has access, on delivery (without the requirement of confirmation of receipt) of an email to that recipient stating that the electronic posting has occurred. 

(b)        Notice Addresses. Any notice, request, demand, consent, waiver or
other communication will be delivered or addressed as stated in Section 12.3(a) of the Sale and Servicing Agreement or at another address as a party may designate by notice to the other parties. 

Section 7.4.    GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND THIS
AGREEMENT AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT SHALL BE, GOVERNED BY, THE 

  
 17 

 
LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND
5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

Section 7.5.    Submission to Jurisdiction. Each of the parties hereto hereby irrevocably and
unconditionally: 
 (a)        submits for itself and, as applicable, its property,
in any legal action relating to this Agreement, the Basic Documents or any other 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 may be brought in such courts and waives any
objection that it may now or hereafter have to the venue of such action in any such court or that such action was brought in an inconvenient court and agrees not to plead or claim the same; and 

(c)        waives, to the fullest extent permitted by law, any and all right to trial
by jury in any legal proceeding arising out of or relating to this Agreement, the Basic Documents or the transactions contemplated hereby. 

Section 7.6.    No Waiver; Remedies. No party’s failure or delay in exercising any power,
right or remedy under this Agreement will operate as a waiver. No single or partial exercise of any 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 7.7.    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 7.8.    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 7.9.    Counterparts. This Agreement may be executed in multiple counterparts. Each
counterpart shall be an original regardless of whether delivered in physical or electronic form, and all counterparts will together be one document. 

[Remainder of Page Intentionally Left Blank] 

  
 18 

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

					
	 GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2019-3

	
	By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee on behalf of the Trust.
	
	By:______________________________________

 
					
	      	 	Name:	 	
		 	Title:	 	

 
					
	
	AMERICREDIT FINANCIAL SERVICES, INC. d/b/a GM Financial, as Servicer
	
	By:______________________________________

 
					
	      	 	Name:	 	
		 	Title:	 	

 
					
	
	 CLAYTON FIXED INCOME SERVICES LLC,

as Asset Representations Reviewer

	
	By:______________________________________

 
					
	      	 	Name:	 	
		 	Title:	 	

  
 [Signature Page to Asset
Representations Review Agreement] 

 Schedule A 

Representations and Warranties and Procedures to be Performed 

Representation 

1.        Characteristics of Receivables. Each Receivable (A) was
originated (i) by GM Financial or (ii) by a Dealer and purchased by GM Financial from such Dealer under an existing Dealer Agreement or pursuant to a Dealer Assignment with GM Financial and was validly assigned by such Dealer to GM
Financial pursuant to a Dealer Assignment, (B) was originated by GM Financial or such Dealer for the retail sale of a Financed Vehicle in the ordinary course of GM Financial’s or the Dealer’s business, in each case (i) was
originated in accordance with GM Financial’s credit policies and (ii) was fully and properly executed by the parties thereto, and (iii) GM Financial and, to the best of the Seller’s and the Servicer’s knowledge, each Dealer
had all necessary licenses and permits to originate Receivables in the state where GM Financial or each such Dealer was located, (C) contains customary and enforceable provisions such as to render the rights and remedies of the holder thereof
adequate for realization against the collateral security, and (D) has not been amended or collections with respect to which waived, other than as evidenced in the Receivable File or the Servicer’s electronic records relating thereto. 

Documents 
 Receivable File 

GM Financial’s Policies 
 Data Tape 

Dealer Agreement 
 Procedures to be Performed 

 

	 	A.	 Origination Entity of Each Receivable 

	 	  i.	 Confirm that the Contract is a retail installment sale contract or promissory note relating to the sale of a
motor vehicle. 

	 	 ii.	 Review the Contract and verify it was originated by GM Financial or, 

	 	iii.	 Verify that the Receivable was originated by a Dealer and purchased by GM Financial. 

	 	iv.	 If the Contract was originated by a Dealer, verify the Receivable File contains a valid Dealer Agreement
between the Dealer and GM Financial. 

	 	B.	 Receivable originated for Retail Sale of a Financed Vehicle 

	 	  i.	 Review the Contract and verify GM Financial’s credit policies were followed. 

	 	 ii.	 Observe the Contract and confirm it was executed by the buyer, co-buyer
(if applicable) and the Dealer. 

  
 Schedule A -1 

	 	iii.	 If the Contract was originated by GM Financial, review the Receivable File and confirm GM Financial had all
necessary licenses and permits as required by the state in which it was originated. 

	 	iv.	 If the Contract was originated by a Dealer, confirm the Dealer Agreement contains language confirming the
Dealer was required to have all necessary licenses and permits and there was no evidence of the contrary. 

	 	C.	 Contract contains customary and enforceable provisions 

	 	  i.	 Review the Contract and verify it contains clauses to render the rights and remedies of the holder adequate for
realization against the collateral. 

	 	D.	 Original Receivable Contract intact 

	 	  i.	 Review the Receivable File and Servicer’s system for any indication of amendments to the Receivable.

	 	 ii.	 If an amendment is reported, confirm the terms in the Contract match the data tape. 

	 	E.	 If steps A through D are confirmed, then Test Pass. 

  
 Schedule A -2 

 Representation 

2.        Compliance with Law. All requirements of applicable federal, state
and local laws, and regulations thereunder (including, without limitation, 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” (including amendments to the Federal
Reserve’s Official Staff Commentary to Regulation Z, effective October 1, 1998, concerning negative equity loans), the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Servicemembers Civil Relief Act, each applicable state
Motor Vehicle Retail Installment Sales Act, the Gramm-Leach-Bliley Act 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) in
respect of the Receivables and the Financed Vehicles, have been complied with in all material respects. 
 Documents 

Receivable File 
 Sale Contract 

Procedures to be Performed 
  

	 	A.	 Confirm the following sections are present on the contract and filled out: 

	 	  i.	 Name and address of Creditor 

	 	 ii.	 APR 

	 	iii.	 Finance Charge 

	 	iv.	 Amount Financed 

	 	 v.	 Total of Payments 

	 	vi.	 Total Sale Price 

	 	B.	 Confirm a Payment Schedule is present and complete. 

	 	C.	 Confirm there is an itemization of the Amount Financed. 

	 	D.	 Confirm the following disclosures are included in the contract: 

	 	  i.	 Prepayment disclosure 

	 	 ii.	 Late Payment Policy including the late charge amount or calculation 

	 	iii.	 Security Interest disclosure 

	 	iv.	 Contract Reference 

	 	 v.	 Insurance Requirements 

	 	E.	 If steps A through D are confirmed, then Test Pass. 

  
 Schedule A -3 

 Representation 

3.        Binding Obligation. Each Receivable represents the genuine, legal,
valid and binding payment obligation of the Obligor thereon, enforceable by the holder thereof in accordance with its terms, except (A) as enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting the
enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law and (B) as such Receivable may be
modified by the application after the Cutoff Date of the Servicemembers Civil Relief Act, as amended; and, to the best of the Seller’s and the Servicer’s knowledge, all parties to each Receivable had full legal capacity to execute and
deliver such Receivable and all other documents related thereto and to grant the security interest purported to be granted thereby. 
 Documents

 Retail Sale Contract 
 Procedures to be
Performed 
  

	 	A.	 Observe the Contract and confirm it was signed by the Obligor. 

	 	B.	 If step A is confirmed, then Test Pass. 

  
 Schedule A -4 

 Representation 

4.        Schedule of Receivables. The information set forth in the Schedule of
Receivables has been produced from the Electronic Ledger and was true and correct in all material respects as of the close of business on the Cutoff Date. 

Documents 
 Data Tape 

Procedures to be Performed 
  

	 	A.	 Confirm the Account Number in the data tape matches the Account Number listed in the Schedule of Receivables.

	 	B.	 If step A is confirmed, then Test Pass. 

  
 Schedule A -5 

 Representation 

5.        Marking Records. Each of GM Financial and the Seller agree that the
Receivables have been sold to the Trust pursuant to the Sale and Servicing Agreement and Granted to the Trust Collateral Agent pursuant to the Indenture. Further, GM Financial has indicated in its computer files that the Receivables are owned by the
Trust. 
 Documents 
 Transaction Documents 

System Reports 
 Procedures to be Performed 

 

	 	A.	 Verified through the transaction documents and Schedule of Receivables. 

	 	B.	 Verify GM Financial indicates within its computer files that the Receivable is owned by the Trust.

	 	C.	 If steps A and B are confirmed, then Test Pass. 

  
 Schedule A -6 

 Representation 

6.        Chattel Paper. The Receivables constitute “tangible chattel
paper” or “electronic chattel paper” within the meaning of the UCC. 
 Documents 

Receivable File 
 Imaging System Access 

Procedures to be Performed 
  

	 	A.	 Confirm there is a signature under the appropriate buyer, co-buyer and
seller signature lines on the contract. 

	 	B.	 Confirm the contract reports an amount financed greater than zero. 

	 	C.	 Confirm there is documentation of a lien against the title of a vehicle. 

	 	D.	 If steps A through C are confirmed, then Test Pass. 

  
 Schedule A -7 

 Representation 

7.        One Original. There is only one original executed copy (or with
respect to “electronic chattel paper”, one authoritative copy) of each Contract. With respect to Contracts that are “electronic chattel paper”, each authoritative copy (a) is unique, identifiable and unalterable (other than
with the participation of the Trust Collateral Agent in the case of an addition or amendment of an identified assignee and other than a revision that is readily identifiable as an authorized or unauthorized revision), (b) has been marked with a
legend to the following effect: “Authoritative Copy” and (c) has been communicated to and is maintained by or on behalf of the Custodian. 

Documents 
 Receivable File 

E-Vault 

Procedures to be Performed 
  

	 	A.	 There is one original executed copy of the Contract or, 

	 	i.	 Ensure that all parties have signed the contract. 

	 	B.	 There is only one authoritative copy of the Receivable with respect to “electronic chattel paper”;

	 	i.	 Review the authoritative copy of the contract for the Receivable. Verify it is unique, identifiable, and
unalterable. 

	 	ii.	 Ensure the authoritative copy has been executed by all parties. 

	 	iii.	 Ensure in the contract has been marked as an Authoritative Copy. 

	 	C.	 Ensure the copy has been executed by all parties to GM Financial. 

	 	D.	 If steps A through C are confirmed, then Test Pass. 

  
 Schedule A -8 

 Representation 

8.        Not an Authoritative Copy. With respect to Contracts that are
“electronic chattel paper”, the Servicer has marked all copies of each such Contract other than an authoritative copy with a legend to the following effect: “This is not an authoritative copy.”  

Documents 

E-Vault 

Procedures to be Performed 
  

	 	A.	 Confirm if there is a single authoritative copy; 

	 	i.	 Identify any and all contracts other than the single authoritative copy. 

	 	ii.	 Confirm all non-authoritative electronic chattel paper copies are
appropriately marked. 

	 	B.	 If step A is confirmed, then Test Pass. 

  
 Schedule A -9 

 Representation 

9.        Revisions. With respect to Contracts that are “electronic chattel
paper”, the related Receivables have been established in a manner such that (a) all copies or revisions that add or change an identified assignee of the authoritative copy of each such Contract must be made with the participation of the
Trust Collateral Agent and (b) all revisions of the authoritative copy of each such Contract are readily identifiable as an authorized or unauthorized revision. 

Documents 

E-Vault 

Procedures to be Performed 
  

	 	A.	 Review electronic chattel paper, confirm that related Receivables have been established in the following
manner: 

	 	i.	 All copies of revisions that add or change an identified assignee of the authoritative copy of the Contract
contain the signature and/or approval of the Trust Collateral Agent. 

	 	ii.	 All revisions of the authoritative copy are identifiable as authorized or unauthorized. 

	 	B.	 If step A is confirmed, then Test Pass. 

  
 Schedule A -10 

 Representation 

10.        Pledge or Assignment. With respect to Contracts that are
“electronic chattel paper”, the authoritative copy of each Contract communicated to the Custodian has no marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Trust Collateral
Agent. 
 Documents 
 E-Vault 
 Procedures to be Performed 

	 	A.	 Review the authoritative copy of the Contract; 

	 	i.	 Confirm there is no indication that the Receivable has been pledged, assigned or conveyed to any other Party
other than the Trust Collateral Agent. 

	 	B.	 If step A is confirmed, then Test Pass. 

  
 Schedule A -11 

 Representation 

11.        Receivable Files Complete. There exists a Receivable File pertaining
to each Receivable. Related documentation concerning the Receivable, including any documentation regarding modifications of the Contract, will be maintained electronically by the Servicer in accordance with customary policies and procedures. With
respect to any Receivables that are tangible chattel paper, the complete Receivable File for each Receivable currently is in the possession of the Custodian. 

Documents 
 Receivable File 

Modification Agreements (if applicable) 
 Procedures to be
Performed 
  

	 	A.	 Confirm the Receivable File is Completed; 

	 	i.	 Review Receivable and confirm that there is a corresponding Receivable File. 

	 	ii.	 Verify all related documents concerning the Receivable are maintained electronically by the Servicer.

	 	iii.	 If any Receivables are “tangible chattel paper,” confirm the Custodian has the complete Receivable
File for each Receivable. 

	 	B.	 If step A is confirmed, then Test Pass. 

  
 Schedule A -12 

 Representation 

12.        Receivables in Force. No Receivable has been satisfied, or, to the
best of the Seller’s and the Servicer’s knowledge, subordinated or rescinded, and the Financed Vehicle securing each such Receivable has not been released from the lien of the related Receivable in whole or in part. No terms of any
Receivable have been waived, altered or modified in any respect since its origination, except by instruments or documents identified in the Receivable File or the Servicer’s electronic records. 

Documents 
 Receivable File 

Assignment 
 Data Tape 

Procedures to be Performed 
  

	 	A.	 Confirm the Receivable has not been satisfied, subordinated or rescinded; 

	 	i.	 Review Receivable file and confirm there is no indication the Receivable was subordinated or rescinded.

	 	ii.	 Confirm there is no indication the Receivable was satisfied prior to the Cutoff Date. 

	 	B.	 Confirm there is no evidence the Financed Vehicle has been released from the lien in whole or in part.

	 	C.	 Confirm there is no indication the terms of the Receivable have been waived, altered or modified since
origination, except by instruments or documents identified in the Receivable File or the Servicer’s electronic records. 

	 	D.	 If steps A through C are confirmed, then Test Pass. 

  
 Schedule A -13 

 Representation 

13.        Good Title. Immediately prior to the conveyance of the Receivables
to the Trust pursuant to this Agreement, the Seller was the sole owner thereof and had good and indefeasible title thereto, free of any Lien and, upon execution and delivery of this Agreement by the Seller, the Trust shall have good and indefeasible
title to and will be the sole owner of such Receivables, free of any Lien. The Seller has not taken any action to convey any right to any Person that would result in such Person having a right to payments received under the related Insurance
Policies or the related Dealer Agreements or Dealer Assignments or to payments due under such Receivables. No Dealer has a participation in, or other right to receive, proceeds of any Receivable. 

Documents 
 Receivable File 

Dealer Agreement 
 Procedures to be Performed 

 

	 	A.	 Review the Receivable; 

	 	i.	 Confirm the receivable had no lien or claim filed for additional work, labor, or materials. Also, confirm there
is no tax lien for this Receivable. 

	 	ii.	 Confirm that the title documents list AFSI or DBA GM Financial as the sole lien holder and that no other lien
holder is listed and has not been sold, assigned, or transferred to any other entity. 

	 	B.	 If step A is confirmed, then Test Pass. 

  
 Schedule A -14 

 Representation 

14.        Security Interest in Financed Vehicle. Each Receivable created or
shall create a valid, binding and enforceable first priority security interest in favor of GM Financial in the Financed Vehicle. The Lien Certificate for each Financed Vehicle shows, or GM Financial has commenced procedures that will result in such
Lien Certificate which will show, GM Financial named (which may be accomplished by the use of a properly registered DBA name in the applicable jurisdiction) as the original secured party under each Receivable as the holder of a first priority
security interest in such Financed Vehicle. Immediately after the sale, transfer and assignment by the Seller to the Trust, each Receivable will be secured by an enforceable and perfected first priority security interest in the Financed Vehicle,
which security interest is prior to all other Liens upon and security interests in such Financed Vehicle which now exist or may hereafter arise or be created (except, as to priority, for any lien for taxes, labor or materials affecting a Financed
Vehicle). To the best of the Seller’s and the Servicer’s knowledge, as of the Cutoff Date, there were no Liens or claims for taxes, work, labor or materials affecting a Financed Vehicle which are or may be Liens prior or equal to the Liens
of the related Receivable. 
 Documents 

Receivable File 
 Procedures to be Performed 

 

	 	A.	 Confirm first priority for GM Financial; 

 

	 	i.	 Verify that the Receivable has an existing first priority security interest in favor of GM Financial or
properly registered DBA. 

	 	ii.	 Verify the lien certificate shows or that GM Financial has commenced procedures (which may include an
application of title, a dealer guaranty or other standard documentation or practices in effect at the time of origination) that will result in such Lien Certificate which will show GM Financial or a registered DBA as the original secured party under
the Receivable. 

	 	B.	 Confirm first priority security interest directly after sale, transfer or assignment; 

	 	i.	 Verify the Receivable has been secured by a security interest in the Financed Vehicle. 

	 	ii.	 Verify the security interest exists prior to all other Liens and security interests in the Financed Vehicle
which already exist or could exist later. 

	 	iii.	 As of the Cutoff Date, verify that no other Liens or Claims exist affecting the Financed Vehicle that are or
may be prior or equal to the Liens of the Receivable. 

	 	C.	 If steps A and B are confirmed, then Test Passes. 

  
 Schedule A -15 

 Representation 

15.        Receivable Not Assumable. No Receivable is assumable by another
Person in a manner which would release the Obligor thereof from such Obligor’s obligations to the owner thereof with respect to such Receivable. 

Documents 
 Receivable File 

Procedures to be Performed 
  

	 	A.	 Confirm the Receivable is NOT assumable by any Person in a manner that would release the Obligor from their
financial obligation to GM Financial; 

	 	i.	 Review the Contract for language indicating the Receivable is not assumable. 

	 	B.	 If step A is confirmed, then Test Pass. 

  
 Schedule A -16 

 Representation 

16.        No Defenses. No Receivable is subject to any right of rescission,
setoff, counterclaim or defense, including the defense of usury, and the operation of any of the terms of any Receivable, or the exercise of any right thereunder, will not render such Receivable unenforceable in whole or in part and no such right
has been asserted or threatened with respect to any Receivable. 
 Documents 

Receivable File 
 Dealer Agreement 

Procedures to be Performed 
  

	 	A.	 Confirm the Receivable files and documents do NOT have any indication that it is subject to rescission, setoff,
counterclaim, or defense that could cause the Receivable to become invalid. 

	 	i.	 Confirm there is no indication of litigation or attorney involvement in the Receivable file or servicing
system. 

	 	B.	 If step A is confirmed, Test Pass. 

  
 Schedule A -17 

 Representation 

17.        No Default. There has been no default, breach, or, to the knowledge
of the Seller and Servicer, violation or event permitting acceleration under the terms of any Receivable (other than payment delinquencies of not more than 30 days), and, to the best of the Seller’s and the Servicer’s knowledge, no
condition exists or event has occurred and is continuing that with notice, the lapse of time or both would constitute a default, breach, violation or event permitting acceleration under the terms of any Receivable, and there has been no waiver of
any of the foregoing. 
 Documents 
 Receivable
File 
 Data Tape 
 Procedures to be Performed

  

	 	A.	 Confirm that no default status existed or was pending on the Receivable as of the Cutoff Date;

	 	i.	 Verify the loan did not have a default, breach, violation or event permitting acceleration under the terms of
the Receivable. 

	 	ii.	 Verify that no conditions existed that would permit acceleration of notice that was provided.

	 	iii.	 If a condition did exist as specified in part ii, verify that the Receivable had a waiver preventing
acceleration from one of the aforementioned reasons. 

	 	B.	 If step A is confirmed, then Test Pass. 

  
 Schedule A -18 

 Representation 

18.        Insurance. At the time of an origination of a Receivable by GM
Financial or a Dealer, each Financed Vehicle is required to be covered by a comprehensive and collision insurance policy, and each Receivable permits the holder thereof to obtain physical loss and damage insurance at the expense of the Obligor if
the Obligor fails to do so. 
 Documents 

Receivable File 
 Agreement to Provide Insurance 

Procedures to be Performed 
  

	 	A.	 Verify the Contract or the Agreement to Provide Insurance requires the Receivable to be covered by a
comprehensive and collision insurance policy at the time of origination or that language exists allowing the seller to obtain physical loss and damage insurance at the expense of the Obligor if the Obligor fails to do so. 

	 	B.	 If step A is confirmed, then Test Pass. 

  
 Schedule A -19 

 Representation 

19.        Fixed Payments, Simple Interest. Each Receivable provides for fixed level monthly
payments (provided that the first and last payments may be minimally different from the level payment amount) that fully amortize the Amount Financed over the original term, and amortizes using the Simple Interest Method. 

Documents 
 Receivable File 

Retail Installment Contract 
 Procedures to be Performed

  

	 	A.	 Observe the Contract and confirm it is a Simple Interest Method Contract. 

	 	B.	 Review the Contract and confirm it reflects a level monthly payment except for the first and final payment, if
any. Sum the first payment (if any), the product of the number of payments (or the number if regular payments, if there is a first or final payment) and the Payment Amount and the final payment (if any) and confirm that this amount is equal to the
Total of Payments in the Truth in Lending section of the Contract. 

  
 Schedule A -20 

 Representation 

20.        Certain Characteristics of the Receivables. 

(A) Each Receivable had a remaining maturity, as of the Cutoff Date, of not less than 3 months and not more
than 75 months. 
 (B) Each Receivable had an original maturity, as of the Cutoff Date, of not less than 3
months and not more than 75 months. 
 (C) Each Receivable had a remaining Principal Balance, as of the
Cutoff Date, of at least $250 and not more than $150,000. 
 (D) Each Receivable had an Annual Percentage
Rate, as of the Cutoff Date, of not more than 20%. 
 (E) No Receivable was more than 30 days past due as of
the Cutoff Date. 
 (F) Each Receivable arose under a Contract that is governed by the laws of the United
States or any State thereof. 
 (G) Each Obligor had a billing address in the United States or a United
States territory as of the date of origination of the related Receivable. 
 (H) Each Receivable is
denominated in, and each Contract provides for payment in, United States dollars. 
 (I) Each Receivable
arose under a Contract that is assignable without the consent of, or notice to, the Obligor thereunder, and does not contain a confidentiality provision that purports to restrict the ability of the Servicer to exercise its rights under the Sale and
Servicing Agreement, including, without limitation, its right to review the Contract. Each Receivable prohibits the sale or transfer of the Financed Vehicle without the consent of the Servicer. 

(J) Each Receivable arose under a Contract with respect to which GM Financial has performed all obligations
required to be performed by it thereunder. 
 (K) No automobile related to a Receivable was held in
repossession inventory as of the Cutoff Date. 
 (L) The Servicer’s records do not indicate that any
Obligor was in bankruptcy as of the Cutoff Date. 
 (M) No Obligor is the United States of America or any
State or any agency, department, subdivision or instrumentality thereof. 

  
 Schedule A -21 

 Documents 

Data Tape 
 Receivable File 

Procedures to be Performed 
  

	 	A.	 Review the data tape and confirm that the remaining maturity date is more than or equal to 3 months but less
than or equal to 75 months from the Cutoff Date. 

	 	B.	 Review the data tape and confirm that the original maturity date is more than or equal to 3 months but less
than or equal to 75 months from the Cutoff Date. 

	 	C.	 Review the data tape and confirm that the remaining principal balance is more than or equal to $250 but less
than or equal to $150,000. 

	 	D.	 Review the data tape and confirm that the annual percentage rate is not more than 20 percent.

	 	E.	 Review the data tape and confirm that the next payment due date was not more than 30 days from the Cutoff Date.

	 	F.	 Confirm the following: 

	 	i.	 The Contract was completed on a US State or Territory automobile contract form. 

	 	ii.	 An “Applicable Law” disclosure is present confirming the contract is governed by Federal and State
law. 

	 	iii.	 The test for Compliance with Law representation was passed. 

	 	G.	 Review the Contract and confirm that the Obligor’s billing address is located within the United States or
within a United States territory. 

	 	H.	 Review the Contract and confirm that the payment schedule details are reported in US dollars.

	 	I.	 Review the Contract and confirm that the contract is assignable without the consent or notice of the Obligor.

	 	J.	 Confirm a Truth in Lending statement appears on the Contract. 

	 	K.	 Review the data tape and to confirm that no automobile was held in repossession inventory as of the Cutoff
Date. 

	 	L.	 Review the data tape and to confirm that no Obligor was involved in active bankruptcy as of the Cutoff Date.

	 	M.	 Review the Contract and confirm that the Obligor is not reported as the United States of America or any State,
agency, department or subdivision of the government. 

	 	N.	 If steps A through M are confirmed, then Test Pass. 

  
 Schedule A -22 

 Representation 

21.        Prepayment. Each Receivable allows for prepayment and partial prepayments without
penalty. 
 Documents 
 Retail Sale Contract

 Procedures to be Performed 
  

	 	A.	 Confirm there is language in the Contract that the borrower is able to pay off the Receivable before the
maturity date without being penalized. 

	 	B.	 If step A is confirmed, then Test Pass. 

  
 Schedule A -23Exhibit

1 February 2017

Dear Wendy,

Congratulations on your promotion to Senior Vice President.

I’m proud of the work we’ve done to set up eBay for long-term success. In 2016, we built a solid foundation through a better product experience, a commitment to improve our customer service, and a renewed focus on growing our people. It’s taken a lot of strength and resolve to reach this point. Thank you.

Our combined efforts as a leadership team are reflected in our overall performance and our business results for the year. Your compensation is driven by our company’s results, your contribution and impact, and market data.

eIP

Under the 2016 eBay Incentive Plan, 75% of your annual bonus is based on the company’s financial
performance and 25% is based on your individual performance. eBay exceeded its 2016 financial objectives. As a result, the company financial component of the annual bonus will pay out at 112% of target. Based on your performance, your individual bonus payout percentage is 175% of your individual target bonus. Therefore, based on your individual performance and that of the company, your annual bonus payout is 349,716 USD.

2017 Equity Grant
The largest portion of your compensation is delivered through stock-based compensation. On April 1, 2017, you will be awarded equity with an estimated value of 2,500,000 USD. Your 2017 Equity Focal will be granted based on an equity mix of 60% performance-based RSUs and 40% time-based RSUs. The time-based RSUs will vest on a quarterly vesting schedule.

Salary Review
You will receive a salary increase of 3.0%, which will result in a new annual salary of 515,000 USD, effective March 27, 2017.

Today, we’re playing offense by accelerating the business and transforming our culture. It’s an exciting time to be here. Your leadership is absolutely essential in order for us to reach our ambition of making eBay the place where the world shops first. I’m depending on you to always step up and deliver.

Thanks again,

/s/ Devin Wenig
Devin Wenig

2016 eBay Incentive Plan Details
Wendy Jones
00207273

The 2016 eBay Incentive Plan (eIP) recognizes your contributions to eBay. This program supports eBay’s pay for performance philosophy. Below are the details for your 2016 eIP payout.

2016 eIP PAYOUT CALCULATION (USD)

	
												
	Components
	Annual Bonus Target %
	 
	Weighting
	 
	Performance Score as a % of Target
	 
	Weighted Payout Percent
	 
	Annual Eligible Earnings
	 
	Annual Payout Amount

	Financial
	65%
	x
	75%
	x
	112%
	=
	54.60%
	x
	421,154
	=
	229,950

	Individual
	65%
	x
	25%
	x
	175%
	=
	28.44%
	x
	421,154
	=
	119,766

	Total Annual eIP Plan Payout
	 
	83.04%
	 
	421,154
	 
	349,716

Note: The Annual Payout Amount was calculated using an unrounded Weighted Payout Percent. Weighted Payout Percent shown to two decimal points for display purposes only.

April 2017
Focal Activity Statement

Wendy Jones
00207273

TARGET TOTAL CASH COMPENSATION (USD)
	
				
	Component
	2016
	2017
	% Increase

	Base Salary
	500,000
	515,000
	3.0

	Target EIP % (1)
	65%
	65%
	0.0

	Target eIP Amount (1)
	325,000
	334,750
	3.0

	Target Total Cash
	825,000
	849,750
	3.0

EQUITY AWARDS (USD) (1), (2) 
	
					
	Award Type
	2016
	2017

	Estimate Award Value(3)
	Award (#)
	Estimated Value(4)
	Award (#)

	Restricted Stock Unit (RSU) (5)
	 
	 
	 
	 

	Focal
	2,000,000
	83,362
	1,000,000
	TBD

	Promo
	200,000
	6,264
	 
	 

	Performance-Based Restricted Stock Unit (PBRSU)
	 
	 
	 
	 

	   PBRSU 2016-17(6)
	300,000
	9,395
	 
	 

	   PBRSU 2017-18(7)
	 
	 
	1,500,000
	TBD

	Total Equity
	2,500,000
	 
	2,500,000
	 

Outstanding PBRSU Cycles (8) 
	
							
	Cycle
	Target(9)
	 
	Payout
	 

	Estimated Value
	Award (#)
	Estimated Value
	Award (#)
	Vested (3) As of 3/1/17
	Unvested (#)

	2016-17 Focal
	300,000
	9,395
	TBD
	TBD
	 
	 

Footnotes
(1) Your equity awards and eIP bonus are subject to clawback. The equity awards (and any cash payment or shares of eBay common stock delivered pursuant to an equity award) and eIP bonus are subject to forfeiture, recovery by the Company or other action pursuant to the applicable equity plan and award agreement and/or bonus plan and any clawback or recoupment policy which eBay Inc. (or any of the eBay companies) may adopt from time to time, including without limitation any such policy which eBay may be required to adopt under the Dodd-Frank Wall Street Reform and Consumer Protection Act and implementing rules and regulations thereunder, or as otherwise required by law.

(2) eBay Inc. grants equity awards pursuant to the terms and conditions of its current stock plans and the applicable award agreements. Any award is made on a discretionary and occasional basis. You have no contractual or other right to receive future awards under these plans and the awards are not part of compensation paid by your employer. eBay Inc. retains the right to amend, change or cancel the plans at its sole discretion.

eBay Inc.’s stock price varies, and the future value of eBay’s common stock is unknown and cannot be predicted with certainty. The actual value you may receive is dependent on, among other things, your continued employment through the applicable date of grant and vesting dates and the stock price at the time you sell your shares, less applicable taxes and withholdings. Please note that the estimated values reflected in your Focal Activity Statement have been rounded.

(3) For your 2016 RSU awards, the estimated value represents the intended grant date value, which is the U.S. dollar value of the award that was communicated to you.

(4) For your 2017 equity awards, the awards have been described as a U.S. dollar value in your Focal letter and this value has been used to reflect the estimated value. The awards will be converted to a number of shares using the following methodology:

		
	(i)
	For PBRSUs, the number of shares subject to the 2017-18 target award will be determined by dividing the U.S. dollar value of the award by the Average eBay Closing Price (described below) and rounding up to the nearest whole number of shares of eBay common stock.

		
	(ii)
	For RSUs, the number of shares to be granted will be determined by dividing the U.S. dollar value of the award by the Average eBay Closing Price (described below) and rounding up to the nearest whole number of shares of eBay common stock.

In accordance with eBay Inc. policy, the “Average eBay Closing Price” will be calculated based on the average of the closing prices of eBay common stock as reported on the NASDAQ Global Select Market for the period of 10 consecutive trading days ending on (and including) March 15, 2017.

(5) The RSUs will be awarded on April 1, 2017. Generally, the RSUs will vest and become non-forfeitable over four years as follows: 1/16th of the shares subject to the RSU award will vest on June 15th and an additional 1/16th of the shares subject to the RSU award will vest at the end of each three month period thereafter, subject to necessary withholding for applicable taxes and your continued employment with an eBay company on each vesting date. Your RSU agreement will be available through E*TRADE approximately 4 weeks from the date of grant with the terms and conditions of your award.

(6) The 2016-17 PBRSU cycle is a single 24-month performance period and any PBRSU award will be based on Company performance over the 2016-17 performance period. The PBRSUs subject to this award were granted on April 1, 2016. Any PBRSUs earned for this cycle will vest as to 50% of the earned shares in March 2018 and 50% of the earned shares in March 2019, subject to your continued employment with an eBay company.

(7) The 2017-18 PBRSU cycle is a single 24-month performance period and any PBRSU award will be based on Company performance over the 2017-18 performance period. The PBRSUs subject to this award will be granted on April 1, 2017. Any PBRSUs earned for this cycle will vest as to 50% of the earned shares in March 2019 and 50% of the earned shares in March 2020, subject to your continued employment with an eBay company.

(8) For the 2016-17 cycle, any PBRSU award will be based on Company performance over the 2016-17 performance period. Any PBRSUs earned for this cycle will vest as to 50% of the earned shares in March 2018 and 50% of the earned shares in March 2019, subject to your continued employment with an eBay company.

(9) The target estimated value is the U.S. dollar value associated with your target PBRSU award as described in your Focal letter.

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