Document:

EX-10.6

 Exhibit 10.6 

Execution Version 
 ASSET
REPRESENTATIONS REVIEW AGREEMENT 
 among 

GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2019-2, 

Issuer 
 GM FINANCIAL, 

Servicer 
 and 

CLAYTON FIXED INCOME SERVICES LLC, 

Asset Representations Reviewer 

Dated as of April 17, 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 April 17, 2019 (this
“Agreement”), among GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2019-2, 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 April 17, 2019, by and among the Issuer, the Seller, the
Servicer and The Bank of New York Mellon, 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  

  
 17 

 
SHALL BE, GOVERNED BY, THE 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 2019-2

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

 
			
		
	By:	 	/s/ Clarice Wright
		 	Name: Clarice Wright
		 	Title:   Assistant Vice President

  

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

 
			
		
	By:	 	/s/ Robert T. Pigott III
		 	Name: Robert T. Pigott III
		 	Title:   Senior Vice President, Corporate Treasury

  

			
	 CLAYTON FIXED INCOME SERVICES LLC,

as Asset Representations Reviewer

 
			
		
	By:	 	/s/ Robert Harris
		 	Name: Robert Harris
		 	Title:   Secretary

 [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 10.1

 

EMPLOYMENT AGREEMENT

 

This AMENDED AND RESTATED
AGREEMENT is made as of the 15th day of April, 2019, by and between Cellectar Biosciences, Inc., a Delaware corporation
(the “Company”), and James Caruso (the “Executive”).

 

WITNESSETH

 

WHEREAS, on June 15,
2015 the Company and Executive entered into an Employment Agreement to document the terms and conditions of Executive's employment
by the Company and the Company and Executive now desire to enter into this Amended and Restated Employment Agreement to reflect
certain changes approved by the Company’s Board of Directors (the “Board”).

 

NOW THEREFORE, in consideration
of the mutual covenants contained herein, the Company and the Executive (individually a “Party” and together the “Parties”)
agree as follows:

 

1. Employment.

 

1.1. Term of Employment.
This Agreement shall be effective on April 15, 2019 (the “Effective Date”), and employment hereunder shall
continue to be at will. Notwithstanding the foregoing, the term of employment (the “Term”) shall end on the date
on which the Executive’s employment is terminated by either Party in accordance with the provisions herein.

 

1.2. Title and Responsibilities.
The Executive shall continue to serve the Company as President and Chief Executive Officer and as a Director of the Company. In
such positions, the Executive shall have the duties, responsibilities and authorities as determined and designated from time to
time by the Board, including, without limitation, management authority with respect to, and responsibility for, the overall day-to-day
business and affairs of the Company. The Executive shall serve under the direction and supervision of, and report to, the Board.
Notwithstanding the above, the Executive shall not be required to perform any duties and responsibilities which would result in
noncompliance with or violation of any applicable law or regulation.

 

2. Compensation and Benefits.
The compensation and benefits payable to the Executive under this Agreement shall be as follows:

 

2.1. Salary.
For all services rendered by the Executive to the Company, the Executive shall be entitled to receive a base salary at the rate
of $450,500 per year. The Executive’s base salary shall be reviewed annually by the compensation committee of the Board,
and shall be subject to increase from time to time as approved by the compensation committee of the Board. In addition, if the
compensation committee of the Board increases the Executive’s annual base salary, such increased annual base salary shall
become a floor below which such annual base salary shall not fall without the Executive’s written consent. Executive’s
salary shall be payable in periodic installments in accordance with the Company’s usual practice for its senior executives,
but no less frequently than monthly.

 

2.2. Bonus.
The Executive shall be eligible to receive an annual bonus at the discretion of the compensation committee of the Board based on
the Executive’s performance. The Executive’s target bonus shall be up to fifty percent (50%) of the Executive’s
base salary.

 

2.3. Regular Benefits.
The Executive shall also be entitled to participate in any and all employee benefit plans, medical insurance plans, disability
income plans, retirement plans, bonus incentive plans, and other benefit plans from time to time in effect for senior executives
of the Company. Such participation shall be subject to (i) the terms of the applicable plan documents, (ii) generally
applicable policies of the Company and (iii) the discretion of the Board or any administrative or other committee provided
for in or contemplated by such plan.

 

2.5. Business Expenses.
The Company shall reimburse the Executive for all reasonable travel and other business expenses incurred by the Executive in the
performance of his duties and responsibilities, subject to such reasonable requirements with respect to substantiation and documentation
as may be specified by the Company. In no event shall any reimbursement be made later than the last day of the year following the
year in which the expenses were incurred.

 

    	 	1	 

     

    

 

2.6. Vacation.
The Executive shall be entitled to four (4) weeks of paid vacation per year, to be taken at such times and intervals as shall be
determined by the Executive consistent with his responsibilities.

 

3. Service.

 

3.1. Extent of Service.
The Executive shall, subject to the direction and supervision of the Board, devote his full time, best efforts and business judgment,
skill and knowledge to the advancement of the Company’s interests and to the discharge of his duties and responsibilities
hereunder; provided, however, that nothing herein shall be construed as preventing the Executive from:

 

(a) investing
his assets in such form or manner as shall not require any material services on his part in the operations or affairs of the companies
or the other entities in which such investments are made;

 

(b) serving
on the Board of any other company, provided that he obtains the prior approval of a majority of the Board to serve
on more than one other board and shall not be required to render any material services with respect to the operations or affairs
of any such company; or

 

(c) engaging
in religious, charitable or other community or non-profit activities which do not impair his ability to fulfill his duties and
responsibilities under this Agreement.

 

4. Termination by the Company.

 

4.1. Termination by Company for Cause.
The Executive’s employment hereunder may be terminated by the Company, without further liability on the part of the Company,
effective immediately, by the Board for Cause (as such term is defined in Section 4.2) by written notice to the Executive setting
forth in reasonable detail the nature of such Cause.

 

4.2. Definition of Cause.
For purposes of this agreement, “Cause” shall mean:

 

(a) Executive’s
dishonesty relating to the Company or its assets (including, without limitation, theft or embezzlement of Company funds or assets);

 

(b) A material
misstatement or misrepresentation by Executive to the Company with respect to his educational and professional background and experience;

 

(c) Executive’s
commission of any action with the intent to injure the Company, its business or its assets;

 

(d) Executive
is indicted for any felony, or for any misdemeanor which may interfere with the performance of his duties or responsibilities under
this Agreement;

 

(e) Executive
violates any material directive, policy, standard or instruction of the Board with respect to the operation of the Company’s
business;

 

(f) Executive
fails to obey any direction of the Board which is not illegal;

 

(g) Executive’s
willful noncompliance in any material respect with any laws or regulations, foreign or domestic, in the operation of the Company’s
business;

 

(h) Executive’s
material breach of any of his obligations pursuant to this Agreement or any fiduciary duty arising under law;

 

    	 	2	 

     

    

 

(i) Executive’s
gross negligence or willful misconduct with respect to the business affairs of the Company or with respect to performing his duties
or responsibilities under this agreement (other than on account of a medically determinable disability which renders
the Executive incapable of performing such services); or

 

(j) Executive’s
unlawful use of alcohol or controlled substances or other drugs.

 

4.3. Termination Procedure.
With respect to the circumstances described in clauses (e) through (i) of Section 4.2, a termination by reason of any such circumstances
shall be deemed to be for Cause only if such circumstances are not cured by the Executive in all material respects within 30 days
following written notice thereof to the Executive, which notice shall identify in reasonable detail the facts that lead the Company
to believe that such circumstances exist and shall give Executive an opportunity to response; provided, however, that
Executive shall be entitled to only one notice and one cure period with respect to each alleged breach. In each case, in determining
Cause, the alleged acts or omissions of the Executive shall be measured against standards prevailing in the industry generally
and the ultimate existence of Cause must be confirmed by a majority of the Board (excluding the Executive) at a meeting prior to
any termination therefor. In the event of such a confirmation, the Company shall notify the Executive that the Company intends
to terminate the Executive’s employment for Cause under this Section 4 (the “Confirmation Notice”).

 

4.4. Termination of Obligations.
In the event of termination pursuant to Section 4.1, all obligations of the Company under this Agreement, other than the Company’s
obligations under the provisions of COBRA, shall terminate as of the date specified in the Confirmation Notice, but vested rights
of the parties hereunder as of such date shall not be affected.

 

4.5. Termination by the Company Without Cause.
The Executive’s employment with the Company may be terminated without cause by a majority of the Board on five (5) business
days prior written notice to the Executive (or, in lieu of such notice, the Executive’s base salary for one week), provided,
however, that the Company shall have the obligation upon any such termination to make the payments to the Executive provided
for under Section 6 of this Agreement.

 

5. Termination by the Executive

 

5.1. Termination by the Executive for Good Reason.
The Executive shall be entitled to terminate his employment hereunder for Good Reason (as defined in Section 5.3), provided that
(i) within 30 days of the first occurrence of one or more of the events listed in Section 5.3 below the Executive
delivers to the Board written notice of his intention to terminate employment for Good Reason, which notice specifies in reasonable
detail the circumstances claimed to give rise to such right, (ii) the Company shall have 30 days after receipt of such notice to
cure such circumstances, and (iii) failing a cure, the Executive terminates employment within 10 days after the expiration of the
30 day period set forth in clause (ii).

 

Upon any such termination, the Executive
shall be entitled to receive the benefits set forth in Section 6.

 

5.2. Other Voluntary Termination by the Executive.
The Executive may effect, upon thirty (30) days prior written notice to the Company, which notice may be waived by the Company,
a Voluntary Termination of his employment hereunder. A “Voluntary Termination” shall mean a termination of employment
by the Executive on his own initiative other than a termination for Good Reason. If the Executive’s employment
is so terminated due to Voluntary Termination, the Executive shall be entitled to his base salary up to the date of termination.
Provision of medical benefits shall be in accordance with the provisions of COBRA.

 

5.3. Good Reason.
For purposes of this Agreement, the term “Good Reason” shall mean any of the following:

 

(a) the failure
of the Board to elect the Executive to the offices of President and Chief Executive Officer, or to continue the Executive in such
offices;

 

(b) the failure
by the stockholders of the Company to continue to elect the Executive to the Board;

 

    	 	3	 

     

    

 

(c) the failure
by the Company to pay compensation as provided for in Sections 2.1, 2.2, 2.3 or 2.4, except for across the board cuts applicable
to all officers of the Company on an equal percentage basis; provided that such reduction is approved by the Board;

 

(d) there
occurs any reduction of base salary or material reduction in other benefits or any material change by the Company to the Executive’s
function, duties, authority, or responsibilities in effect on the date hereof or as set forth in this Agreement, which change would
cause the Executive’s position with the Company to become one of lesser responsibility, importance, or scope from the position
and attributes thereof in effect on the date hereof or as set forth in this Agreement (and any such material change shall be deemed
a continuing breach of this Agreement); and

 

(e) a material
breach by the Company of any of the other provisions of this Agreement.

 

5.4. Change of Control.
For purposes of this Agreement, the term “Change of Control” means (i) the sale of all or substantially all of
the assets or issued and outstanding capital stock of the Company, (ii) merger or consolidation involving the Company in which
stockholders of the Company immediately before such merger or consolidation do not own immediately after such merger or consolidation
capital stock or other equity interests of the surviving corporation or entity representing more than fifty percent (50%) in voting
power of capital stock or other equity interests of such surviving corporation or entity outstanding immediately after such merger
or consolidation, or (iii) a change, without the approval of the Board, in the composition of the Board such that directors
who were serving as of the date of this Agreement cease to constitute a majority of the Board.

 

6. Certain Termination Benefits.
In the event of termination pursuant to Section 4.5 or Section 5.1, the Executive shall be entitled to certain benefits (the “Termination
Benefits”), subject to the following provisions:

 

6.1. Benefits.
The Termination Benefits are:

 

(a) Payment of Salary
and Bonus. For a period of twelve (12) months following the date of the Executive’s termination, the Executive shall
continue to receive the installments of base salary set forth in Section 2.1 (subject to any modification in base salary) payable
when and as if the Executive had continued to be employed by the Company, provided, however, that if such termination
is within twelve (12) months after a Change of Control, then the Executive shall receive (i) eighteen (18) months of base salary
and (ii) the Executive’s then applicable target bonus payable over eighteen (18) months (a total of 1.5x the annual target
bonus payable at the time of termination), each in installments over eighteen (18) months.

 

(b) Option Acceleration and Exercise.
Contingent upon the Executive’s execution and delivery of the release discussed below, in the event of a termination pursuant
to Sections 4.5 or 5.1, the option granted to the Executive in connection with his hire shall be fully vested. In the event of
such termination within twelve (12) months of Change of Control, all of the Executive’s outstanding equity awards shall fully
vest. In either instance the equity awards shall remain exercisable for a period ending on the first anniversary of termination.

 

(c) Benefit Continuation.
In the event of a termination pursuant to Section 4.5 or Section 5.1 and subject to this Section 6.1(c), the Executive will be
entitled to either (i) eighteen (18) months of health care coverage if such termination is within 12 months after a Change of Control,
or (ii) twelve (12) months of health care coverage if such termination is not within 12 months after a Change of Control. The Executive
must elect COBRA coverage, and the Company shall pay the portion of the Executive’s medical insurance COBRA premium equal
to the medical insurance premium paid by the Company for the Executive prior to the date of termination, provided however that
the Company in its sole discretion may elect to make a lump sum cash payment equal to the aggregate of such premiums in lieu of
paying the premiums.

 

6.2. Release and Procedure.
The Company’s obligation to make payments pursuant to this Section 6 shall be conditioned upon the Executive’s execution
of a release in favor of the Company and its affiliates in the form attached hereto as Exhibit A (which the Company agrees to execute
and deliver simultaneously), subject to the following provisions.

 

(a)     The
Company will deliver the release to the Executive for execution no later than eight days after the Executive’s termination
of employment.

 

    	 	4	 

     

    

 

(b)     The
Executive must execute and deliver the release within 21 days after receipt thereof.

 

(c)     If
the Executive has revocation rights, he shall exercise such rights, if at all, not later than seven days after executing the release.

 

Subject to the execution and effectiveness
of such release, any payments that, pursuant to this Section 6, would otherwise be payable within the 46 day period commencing
on termination of employment shall be paid in a lump sum within 10 days after execution of the release; provided that, if the 46
day period begins in one calendar year and ends in the subsequent calendar year, the payment shall be made in the subsequent calendar
year.

 

(d)     The
failure of the Executive to provide the release within the time periods specified above will relieve the Company of its obligations
to make the payments and accelerate the options covered in Section 6.1.

 

7. Death, Disability.
The Executive’s employment shall terminate immediately upon the death or Disability of the Executive. “Disability”
means Executive’s failure by reason of sickness, accident or physical or mental disability to substantially perform the duties
and responsibilities of his employment with the Company for a period of ninety (90) consecutive days. In the event of termination
under this Section 7, the Executive or his estate shall receive the Executive’s Pre-Termination Compensation as defined in
Section 6.1, and fifty percent (50%) of the Executive’s unvested options shall vest and all vested options held by the Executive
shall remain exercisable for a period ending of the first anniversary of termination.

 

8. Applicability of Section 280G of the Code.

 

8.1. Limitation of Benefit.
In the event that any payment or benefit arising out of or in connection with a change of ownership or effective control of the
Company or a substantial portion of its assets within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended
(the “Code”, and such change, a “280G Change in Control”), that is made or provided, or to be made or provided,
by the Company (or any successors thereto or affiliates thereof) to the Executive, whether pursuant to the terms of this Agreement
or any other plan, agreement, or arrangement (any such payment or benefit, a “Parachute Payment”) would be subject
to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Parachute Payments shall be reduced
to the extent necessary to eliminate the imposition of the Excise Tax.

 

8.2. Determination.
A determination as to whether any reduction in the Executive’s Parachute Payments is required and if so, as to the amount
of reduction so required, shall be made by no later than 30 days after the closing of the transaction or the occurrence of the
event that constitutes the 280G Change in Control, or as soon thereafter as administratively practicable. Such determination, and
the assumptions to be utilized in arriving at such determination, shall be made reasonably and in good faith by the Company.

 

8.3. Order of Reductions.
Any reduction in the Parachute Payments required to be made shall be made first with respect to Parachute Payments payable in cash
before being made in respect of any Parachute Payments to be provided in the form of benefits or equity award acceleration, and
in the form of benefits before being made with respect to equity award acceleration, and in any case, shall be made with respect
to such Parachute Payments in inverse order of the scheduled dates or times for the payment or provision of such Parachute Payments.

 

8.4. Scope.
For the avoidance of doubt, the provisions of this Section 8 are intended to apply to any and all payments or benefits available
to the Executive under this Agreement or any other plan, agreement, or arrangement of the Company under which the Executive may
receive Parachute Payments, and shall supersede any contrary language in such plan, agreement, or arrangement.

 

    	 	5	 

     

    

 

9. Confidential Information.
Executive understands that the Company continually obtains and develops valuable proprietary and confidential information concerning
its technical and business affairs (the “Confidential Information”) which may become known to Executive in connection
with Executive’s employment by the Company.

 

9.1. Executive acknowledges
that all Confidential Information, whether or not in writing and whether or not labeled or identified as confidential or proprietary,
is and shall remain the exclusive property of the Company or the third party providing such information to Executive or the Company.
By way of illustration, but not limitation, Confidential Information may include inventions, trade secrets, technical information,
know-how, research and development activities of the Company, product and marketing plans, customer and supplier information and
information disclosed to the Company or to Executive by third parties of a proprietary or confidential nature or under an obligation
of confidence. Confidential Information is contained in various media, including patent applications, research data and observations,
computer programs in object and/or source code, technical specifications, notebooks, supplier and customer lists, internal financial
data and other documents and records of the Company. Confidential Information also shall include all documents, records and other
tangible items of any kind in which Confidential Information is stored, maintained or recorded or from which Confidential Information
may be readily ascertained or derived (whether in the form of documents, correspondence, memoranda, books, records, files, notes,
plans, reports, programs, drawings, sketches, designs, graphics, photographs, prints, mats, films, negatives, recordings, magnetic
media, software (whether in source code or object code), disks, diskettes, CD, CD-ROM, electronic files or other media, charts,
manuals, materials or any other medium. Such Confidential Information shall include all such information not generally known by
the trade or public, even though such information has been disclosed to one or more third parties pursuant to publishing agreements,
development agreements, distribution agreements, joint research agreements, confidentiality agreements, disclosure agreements or
other agreements or collaborations entered into by any of the Company. The definition of Confidential Information applies equally
to information acquired, learned, or disclosed prior to, simultaneously with, or after the date of this Agreement.

 

9.2. Executive agrees
that Executive shall not, during the term of Executive’s engagement by the Company and thereafter, publish, disclose or otherwise
make available to any third party any Confidential Information except as expressly authorized herein or in writing by the Company.
Executive may disclose Confidential Information to (i) directors, employees, consultants and representatives of the Company,
to (ii) accountants, financial advisors and legal counsel of Executive, who have a bona fide need to know such information
and who are bound by an obligation not to use or disclose such information without authorization from the Company and to (iii) other
parties that enter into confidentiality or non-disclosure agreements with the Company and to whom such Confidential Information
will be disclosed for legitimate business purposes of the Company. Executive agrees that Executive shall use such Confidential
Information only in the performance of Executive’s duties for the Company and in accordance with any Company policies with
respect to the protection of Confidential Information. Executive agrees not to use such Confidential Information for Executive’s
own benefit or for the benefit of any other person or business entity.

 

9.3. Executive agrees
to exercise all reasonable precautions to protect the integrity and confidentiality of Confidential Information in Executive’s
possession and not to remove any materials containing Confidential Information from the Company’s premises except to the
extent necessary to Executive’s employment for the benefit of the Company. Upon the termination of Executive’s employment
by the Company, or at any time upon the Company’s request, Executive shall return immediately to the Company any and all
materials containing any Confidential Information then in Executive’s possession or under Executive’s control.

 

9.4. Confidential Information
shall not include information which (i) is or becomes generally known within the Company’s industry or otherwise through
no fault of Executive; (ii) was known to Executive at the time it was disclosed as evidenced by Executive’s written
records in existence at the time of disclosure; (iii) is lawfully and in good faith made available to Executive by a third
party who did not derive it from the Company and who imposes no obligation of confidence on Executive; or (iv) is required
to be disclosed by a governmental authority or by order of a court of competent jurisdiction, provided that Executive shall cooperate
with the Company at its expense in seeking to obtain all applicable governmental or judicial protection available for like material
and provide reasonable advance notice to the Company.

 

    	 	6	 

     

    

 

10. Non-Competition.
In the event of termination, the Executive shall not, for a period of six (6) months after termination, directly or indirectly,
alone or as a partner, officer, director, employee, consultant, agent, or independent contractor of any company or business organization,
(a) engage in any business activity which is directly or indirectly in competition with the business of the Company in the
area of the development of drugs for the treatment or diagnosis of cancer based on cancer-targeting technologies (“Competitive
Activity”) or (b) solicit or contact in connection with, or in furtherance of, a Competitive Activity any
of the Company’s employees, consultants, agents, suppliers, customers, or prospects that were such with respect to the Company
at any time during the one year immediately preceding the date of termination or that become such with respect to the Company at
any time during the three (3) months immediately following the date of termination; provided, however, that at the
election of the Company, the obligations under this Section 10 shall survive for a period of one (1) year from the termination
of employment on condition that the Company provide the Termination Benefits set forth in Section 6.1(a) and (c) for the duration
of such period. The provisions of this Section 10 shall survive the termination of this Agreement. The Executive represents and
warrants that the covenant imposed by this Section 10 would not cause him an undue hardship.

 

11. No Mitigation; No Offset.
In the event of any termination of employment under this Agreement, the Executive shall be under no obligation to seek other employment
or to mitigate damages, and there shall be no offset against any amounts due to the Executive under this Agreement for any reason,
including, without limitation, on account of any remuneration attributable to any subsequent employment that the Executive may
obtain. Any amounts due under this Agreement are in the nature of severance payments or liquidated damages, or both, and are not
in the nature of a penalty.

 

12. Specific Performance.
The Executive agrees that any breach of Sections 9 or 10 of this Agreement by the Executive could cause irreparable damage and
that in the event of such breach the Company shall have, in addition to any and all remedies available at law or in equity, the
right to an injunction, specific performance or other equitable relief to prevent the violation of the Executive’s obligations
hereunder.

 

13. Section 409A of the Code.

 

13.1. It is intended
that this Agreement comply with or be exempt from Section 409A of the Code and the Treasury Regulations and IRS guidance thereunder
(collectively referred to as “Section 409A”). Notwithstanding anything to the contrary in this Agreement, this Agreement
shall, to the maximum extent possible, be administered, interpreted, and construed in a manner consistent with Section 409A (it
being understood that the Company shall in no event have any obligation to indemnify the Executive in respect of any taxes incurred
under Section 409A). To the extent that any reimbursement, fringe benefit, or other, similar plan or arrangement in which the Executive
participates during the Term or thereafter provides for a “deferral of compensation” within the meaning of Section
409A, (a) the amount of expenses eligible for reimbursement provided to the Executive during any calendar year shall not affect
the amount of expenses eligible for reimbursement or in-kind benefits provided to the Executive in any other calendar year, (b)
the reimbursements for expenses for which the Executive is entitled to be reimbursed shall be made on or before the last day of
the calendar year following the calendar year in which the applicable expense is incurred, (c) the right to payment or reimbursement
or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit, and (d) the reimbursements shall be made
pursuant to objectively determinable and nondiscretionary Company policies and procedures regarding such reimbursement of expenses.
If and to the extent required to comply with Section 409A, no payment or benefit required to be paid under this Agreement on account
of termination of the Executive’s employment shall be made unless and until the Executive incurs a “separation from
service” within the meaning of Section 409A. In the case of any amounts payable to the Executive under this Agreement that
may be treated as payable in the form of “a series of installment payments”, as defined in Treasury Regulation Section
1.409A-2(b)(2)(iii), the Executive’s right to receive such payments shall be treated as a right to receive a series of separate
payments for purposes of such Treasury Regulation. If any paragraph of this Agreement provides for payment within a time period,
the determination of when such payment shall be made within such time period shall be solely in the discretion of the Companies.

 

13.2. If the Executive
is a “specified employee” as determined pursuant to Section 409A as of the date of the Executive’s termination
of employment and if any payment or benefit provided for in this Agreement or otherwise both (x) constitutes a “deferral
of compensation” within the meaning of Section 409A and (y) cannot be paid or provided in the manner otherwise provided without
subjecting the Executive to additional tax, interest, or penalties under Section 409A, then any such payment or benefit shall be
delayed until the earlier of (i) the date which is 6 months after the Executive’s “separation from service”
within the meaning of Section 409A for any reason other than death, or (ii) the date of the Executive’s death. The provisions
of this paragraph shall only apply if, and to the extent, required to avoid the imputation of any tax, penalty, or interest pursuant
to Section 409A. Any payment or benefit otherwise payable or to be provided to the Executive upon or in the 6 month period following
the Executive’s “separation from service” that is not so paid or provided by reason of this Section 13 shall
be accumulated and paid or provided to the Executive in a single lump sum, as soon as practicable (and in all events within 15
days) after the date that is 6 months after the Executive’s “separation from service” (or, if earlier, as soon
as practicable, and in all events within 15 days, after the date the Executive’s death).

 

    	 	7	 

     

    

 

14. Miscellaneous.

 

14.1. Conflicting Agreements.
The Executive hereby represents and warrants that the execution of this Agreement and the performance of his obligations hereunder
shall not breach or be in conflict with any other agreement to which he is a party or is bound, and that he is not now subject
to any covenants against competition or similar covenants which would affect the performance of his obligations hereunder.

 

14.2. Definition of “Person”.
For purposes of this Agreement, the term “Person” shall mean an individual, a corporation, an association, a partnership,
an estate, a trust and any other entity or organization.

 

14.3. Withholding.
All payments made by the Company under this Agreement shall be net of any tax or other amounts required to be withheld by the Company
under applicable law.

 

14.4. Arbitration.

 

(a) Except
for claims of fraud or intentional misrepresentation, which shall be filed in any state or federal court having jurisdiction over
the parties, any claim regarding the Executive’s ongoing relationship with the Company that is not resolved by mutual agreement
shall be resolved solely and exclusively by binding arbitration to be conducted in Chicago, Illinois before a single arbitrator
(the “Arbitrator”) and shall be conducted in accordance with the American Arbitration Association Rules and Procedures
unless specifically modified herein.

 

(b) The parties
covenant and agree that the arbitration shall commence within 90 days of the date on which a written demand for arbitration is
filed by any party hereto. In connection with the arbitration proceeding, the Arbitrator shall have the power to order the production
of documents by each party and any third-party witnesses. In addition, each party may take up to six depositions as of right, and
the Arbitrator may in his or her discretion allow additional depositions upon good cause shown by the moving party. There shall
be no interrogatories or requirements for or response to requests for admission but the parties may require production of documents.
In connection with any arbitration, each party shall provide to the other, no later than seven (7) business days before the date
of the arbitration, the identity of all persons that may testify at the arbitration and a copy of all documents that may be introduced
at the arbitration or considered or used by a party’s witnesses or experts. The Arbitrator’s decision and award shall
be made and delivered within six (6) months of the selection of the Arbitrator. The Arbitrator’s decision shall set forth
a reasoned basis for any award of damages or finding of liability. The Arbitrator shall not have power to award damages in excess
of actual compensatory damages and shall not multiply actual damages or award punitive damages or any other damages that are specifically
excluded under this Agreement, and each party hereby irrevocably waives any claim to such damages in connection with any such arbitration.

 

(c) The parties
covenant and agree that they will participate in the arbitration in good faith and that they will (i) bear their own attorneys’
fees, costs and expenses in connection with the arbitration, and (ii) share equally in the fees and expenses charged by the
Arbitrator. Any party unsuccessfully refusing to comply with an order of the Arbitrator shall be liable for costs and expenses,
including reasonable attorneys’ fees, incurred by the other party in enforcing the award. In the case of temporary or preliminary
injunctive relief any party may proceed in court prior to, during or after arbitration for the purpose of avoiding immediate and
irreparable harm or to enforce its rights under any non-disclosure, confidentiality or non-competition covenants; provided, that
the right to equitable relief by a court is not intended to derogate from this arbitration procedure.

 

14.5. Assignment; Successors and Assigns, etc.
Neither the Company nor the Executive may make any assignment of this Agreement or any interest herein, by operation of law or
otherwise, without the prior written consent of the other party and without such consent any attempted transfer or assignment shall
be null and of no effect; provided, however, that the Company may assign its rights under this Agreement without
the consent of the Executive in the event either Company shall hereafter effect a reorganization, consolidate with or merge into
any other Person, or transfer all or substantially all of its properties or assets to any other Person. This Agreement shall inure
to the benefit of and be binding upon the Company and the Executive, and their respective successors, executors, administrators,
heirs and permitted assigns. In the event of the Executive’s death prior to the completion by the Company of all payments
due his under this Agreement, the Company shall continue such payments to the Executive’s beneficiary designated in writing
to the Company prior to his death (or to his estate, if he fails to make such designation).

 

    	 	8	 

     

    

 

14.6. Enforceability.
If any portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a court of competent
jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than
those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of
this Agreement shall be valid and enforceable to the fullest extent permitted by law.

 

14.7. Waiver.
No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any
party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this
Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

 

14.8. Notices.
Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered
in person or sent by registered or certified mail, postage prepaid, to the Executive at the last address the Executive has filed
in writing with the Company or, in the case of the Company, at its main office, attention of the Board.

 

14.9. Amendment.
This Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized representative
of the Company.

 

14.10. Counterparts; Facsimile Signatures.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument, and in pleading or proving any provision of this Agreement it shall not be necessary
to produce more than one such counterpart. A signature sent by telecopy or facsimile transmission shall be as valid and binding
upon a Party as an original signature of such Party.

 

14.11. Governing Law.
This contract and shall be construed under and be governed in all respects by the laws of the State of Delaware without regard
to its conflict of laws principles.

 

* * * * *

 

IN WITNESS WHEREOF,
this Agreement has been executed by the Company, by its duly authorized officer, and by the Executive, as of the date first above
written.

 

CELLECTAR BIOSCIENCES,
INC.

 

 

By: _______________________________________

 

Its: _______________________________________

EXECUTIVE

 

 

_________________________________________

James V. Caruso

 

    	 	9	 

     

    

 

Exhibit
A

 

Release

 

In consideration of
the undertakings by Cellectar Biosciences, Inc. (the “Company”) set forth in the Employment Agreement with the undersigned
(the “Employee”) dated June 15, 2015 to which this Release is attached as an exhibit (the “Employment Agreement”)
and for other good and valuable consideration, the receipt of which is hereby acknowledged, Employee, on behalf of himself, his
successors, heirs, administrators, executors, assigns, agents, representatives, and all those in privity with him, releases and
forever discharges the Company, all of its present and former officers, directors, employees, servants, agents, representatives,
shareholders, successors, assigns, and beneficiaries, (collectively, the “Company Releasees”), of and from any and
all claims, charges, complaints, causes of action, demands, obligations, liabilities, damages, attorneys fees, expenses, and costs
of any kind which Employee now has or ever had arising out of his employment by the Company (“Released Claims”), including
but not limited to any causes of action or claims arising under or based on the National Labor Relations Act, as amended; the Civil
Rights Act of 1886, 42 U.S.C. § 1981; Section 2 of the Civil Rights Act of 1871, 42 U.S.C. § 1985(c); Title VII of the
Civil Rights Act of 1964, 42 U.S.C. § 2000a et seq., as amended by the Equal Employment Opportunity Act of 1972, 42 U.S.C.
§ 2000e et seq. and the Civil Rights Act of 1991, 42 U.S.C. § 1981a et seq.; the Equal Pay Act of 1963, 29 U.S.C. §206(d);
the Rehabilitation Act of 1973, as amended by the Americans With Disabilities Act and the 1991 Civil Rights Act, 29 U.S.C. §§
706(8), 791, 793, 794, 794a; the Americans with Disabilities Act of 1990, as amended by the Civil Rights Act of 1991, 42 U.S.C.
§ 12101 et seq.; the Age Discrimination in Employment Act (“ADEA”) of 1967, 29 U.S.C. § 621 et seq.; Executive
Order No. 11246, 3 C.F.R. 1964, reprinted as amended in 42 U.S.C. § 2000e; sections 111.310 through 111.395 of the Wisconsin
Statutes; and any other state, federal or municipal equal employment opportunity law, statute, public policy, order, ordinance,
or regulation, and any other federal or state law, statute, order, public policy, or regulation affecting or relating to the claims
or rights of employees, and any and all Released Claims sounding in tort or contract or otherwise, which Employee had, now has,
or claimed to have, known or unknown, against the Company Releasees; provided, however, the foregoing release shall
not relate to any obligations of the Company arising under (i) the Employment Agreement relating to the payment of severance
and other post-termination payments, (ii) any equity award granted by the Company to the Employee, (iii) the 401(k) plan
or similar retirement benefit plan of the Company and any agreements thereunder, or (iv) any statute, provision of the Company’s
certificate of incorporation or by-laws or insurance or other agreement providing indemnification rights to Employee in connection
with his services as an officer of the Company.

 

Employee acknowledges
and understands that the consideration Employee is being provided constitutes a full, fair and complete payment for the release
and waiver of all possible claims. Employee represents that Employee understands the various claims Employee could have asserted
under federal or state law, including but not limited to the Age Discrimination in Employment Act of 1967, as amended by the Older
Workers Benefits Protection Act, and other similar laws; that Employee has read this Release carefully and understands all of its
provisions; that Employee understands that Employee has the right to and is advised to consult an attorney concerning this Release
and in particular the waiver of rights Employee might have under these laws; that to the extent, if any, that Employee desired,
Employee availed himself of this right; that Employee has been provided at least twenty-one (21) days to consider whether to sign
this Release; that to the extent Employee has signed this Release before the expiration of such twenty-one (21) day period Employee
has done so knowingly and willingly; that Employee enters into this Release and waives any claims knowingly and willingly; and
that this Release shall become effective seven (7) days after it is signed. Employee may revoke this Release within seven (7) days
after it is signed and it shall not become effective or enforceable until this seven (7) day revocation period has expired.

 

 

_________________________________________

James V. Caruso

 

_________________________________________

Dated

 

    	 	10

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