Document:

EX-10.6

 Exhibit 10.6 

ASSET REPRESENTATIONS REVIEW AGREEMENT 

among 
 AMERICREDIT AUTOMOBILE
RECEIVABLES TRUST 2016-3, 
 Issuer 

AMERICREDIT FINANCIAL SERVICES, INC., 

Servicer 
 and 

CLAYTON FIXED INCOME SERVICES LLC, 

Asset Representations Reviewer 

Dated as of August 3, 2016 

 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
	  	 	13	  
	 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
	  	 	18	  
	 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
	  	 	19	  
		
	 SCHEDULES
	  			
			
	 Schedule A
	 	 Representations and Warranties and Procedures to be Performed
	  			

  
 i 

 ASSET REPRESENTATIONS REVIEW AGREEMENT dated as of August 3, 2016 (this
“Agreement”), among AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2016-3, a Delaware statutory trust (the “Issuer”), AMERICREDIT FINANCIAL SERVICES, INC., a Delaware corporation (“AmeriCredit”), 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, AmeriCredit purchases retail installment sale contracts secured by new and used automobiles,
light-duty trucks, vans and minivans and utility vehicles from motor vehicle dealers. 
 WHEREAS, in connection with a securitization
transaction sponsored by AmeriCredit, AmeriCredit 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 AmeriCredit 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 August 3, 2016, by and among the Issuer, the Seller, the Servicer and Citibank, N.A., a national banking association, 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
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 & 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 AmeriCredit, 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 AmeriCredit 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 & 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. 

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
Asset 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. 

(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 Performed” in Schedule A for each representation and warranty (each, a “Test”), using the Asset 

  
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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
AmeriCredit, 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 

  
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Representations Reviewer about access to Asset Review Materials on the Servicer’s receivables systems, obtaining missing or 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 no
liability for any errors contained in the Asset Review Materials and will be entitled to rely on the accuracy and completeness of the Asset Review Materials; 

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

  
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 (iii) No Conflicts and No Violation. The completion of the transactions
contemplated by this Agreement and the performance of the Asset Representations Reviewer’s obligations under this Agreement will not (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. 

  
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 (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 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 $7,500. 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. 
 (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 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 

  
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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 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. 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 its 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. 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 any action
taken, or not taken, in good faith under this Agreement or for errors in judgment. However, the Asset Representations Reviewer will be liable for its willful misconduct, bad faith or negligence in performing its obligations under this Agreement. In
no event 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. 

  
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 (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 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”). 

  
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 (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 statues or regulations governing this agreement. 

(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 (iv) 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. 

  
 11 

 (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 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. 

  
 12 

 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 (“FTC”) (the “Safeguards
Rule”). Additionally, state specific laws may regulate how certain confidential or personal information is safeguarded. The parties 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)

  
 13 

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

(c) Asset Representations Reviewer will promptly notify 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 4.6) 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. 

  
 14 

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

  
 15 

 
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. 
 Section 6.2. No
Petition. Each of the Servicer and the Asset Representations Reviewer, by entering into this Agreement, and the Owner Trustee 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 4.6, 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; 

  
 16 

 (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 

(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. 

  
 17 

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

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

  
 18 

 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] 

  
 19 

 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. 
  

			
	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2016-3
	
	By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee on behalf of the Trust.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 AMERICREDIT FINANCIAL SERVICE, INC.,

as Servicer

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 CLAYTON FIXED INCOME SERVICES LLC,

as Asset Representations Reviewer

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page to Asset
Representations Review Agreement] 

 Schedule A 

Representations and Warranties and Procedures to be Performed 

Representation 
 1.
Characteristics of Receivables. Each Receivable (A) was originated (i) by AmeriCredit or (ii) by a Dealer and purchased by AmeriCredit from such Dealer under an existing Dealer Agreement or pursuant to a Dealer Assignment with
AmeriCredit and was validly assigned by such Dealer to AmeriCredit pursuant to a Dealer Assignment, (B) was originated by AmeriCredit or such Dealer for the retail sale of a Financed Vehicle in the ordinary course of AmeriCredit’s or the
Dealer’s business, in each case (i) was originated in accordance with AmeriCredit’s credit policies and (ii) was fully and properly executed by the parties thereto, and (iii) AmeriCredit 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 AmeriCredit 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 
 AmeriCredit’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 AmeriCredit or 

  

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

  

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

 

	 	B.	Receivable originated for Retail Sale of a Financed Vehicle 

  

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

  

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

  

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

  
 Schedule A -1 

	 	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 disclosure 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 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 confirmed, then Test Pass. 

  
 Schedule A -5 

 Representation 

5. Marking Records. Each of AmeriCredit 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, AmeriCredit 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 Receivable 

  

	 	B)	Verify AmeriCredit indicates within its computer files that the Receivable is owned by the Trust. 

  

	 	C)	If questions (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.	Receivables constitute “tangible chattel paper” or “electronic chattel paper” 

  

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

  

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

  

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

  

	 	B.	If (i), (ii) and (iii) 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. 

  

	 	ii)	If confirm, it will be a Test Pass. 

  

	 	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. 

  

	 	i)	Ensure the authoritative copy has been executed by all parties. 

  

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

  

	 	C)	Ensure the copy has been executed by all parties to AmeriCredit. If all criteria are met, 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 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 both of the above tests are 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 (i) 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 tests (i), (ii) and (iii) are confirmed, then test passes. 

  
 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 questions (A), (B) and (C) are confirmed, then it will be a 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 both “i” and “ii” are 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 AmeriCredit in the Financed Vehicle. The Lien Certificate for each Financed Vehicle shows, or AmeriCredit has commenced procedures that will result in such Lien Certificate which will show, AmeriCredit 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 in favor of the Trust Collateral Agent as secured party, 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 AmeriCredit 

  

	 	i)	Verify that the Receivable has an existing first priority security interest in favor of AmeriCredit or properly registered DBA 

  

	 	ii)	Verify the lien certificate shows or that AmeriCredit has commenced procedures that will result in such Lien Certificate which will show AmeriCredit 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 in favor of the Trust Collateral Agent as the secured party. 

 

	 	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 (A) and (B) are confirmed, then the 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 this 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 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 cut-off 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 there parts (i), (ii), and (iii) are confirmed, then Test Pass 

  
 Schedule A -18 

 Representation 

18. Insurance. At the time of an origination of a Receivable by AmeriCredit 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 “A” is confirmed, then Test Pass. 

  
 Schedule A -19 

 Representation 

19. 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 $85,000.

 (D) Each Receivable had an Annual Percentage Rate, as of the Cutoff Date, of at least 1% and not more than 33%. 

(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 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 AmeriCredit 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 -20 

 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 three 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 three 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 $85,000. 

 

	 	D)	Review the Data Tape and confirm that the annual percentage rate is more than or equal to one percent but less than or equal to 33 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 

  

	 	iv)	If (i), (ii) and (iii) are confirmed, then then Test Pass 

  

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

  

	 	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 the test for sections A through M above are all confirmed, then Test Pass 

  
 Schedule A -21 

 Representation 

20. 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 this language is present, Test Pass. 

  
 Schedule A -22Exhibit

Exhibit 10.1
FIRST AMENDMENT TO LEASE
THIS FIRST AMENDMENT TO LEASE (this “Amendment”) is entered into as of this 27th day of June, 2016 (the “Amendment Execution Date”), by and between BMR-500 FAIRVIEW AVENUE LLC, a Delaware limited liability company (“Landlord”), and NANOSTRING TECHNOLOGIES, INC., a Delaware corporation (“Tenant”). 
RECITALS
A.WHEREAS, Landlord and Tenant are parties to that certain Lease dated as of December 22, 2014 (as the same may have been amended, supplemented or modified from time to time,  the “Existing Lease”), whereby Tenant leases certain premises (the “Original Premises”) from Landlord at 500 Fairview Avenue North, Seattle, Washington (the “Building”);

B.WHEREAS, Landlord desires to lease additional premises to Tenant; and

C.WHEREAS, Landlord and Tenant desire to modify and amend the Existing Lease only in the respects and on the conditions hereinafter stated.
AGREEMENT
NOW, THEREFORE, Landlord and Tenant, in consideration of the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, agree as follows:
1.Definitions.  For purposes of this Amendment, capitalized terms shall have the meanings ascribed to them in the Existing Lease unless otherwise defined herein.  The Existing Lease, as amended by this Amendment, is referred to collectively herein as the “Lease.” From and after the date hereof, the term “Lease,” as used in the Existing Lease, shall mean the Existing Lease, as amended by this Amendment.

2.Seventh Floor Premises.  Effective as of January 1, 2017 (the “7th Floor Term Commencement Date”), Landlord hereby leases to Tenant and Tenant hereby leases from Landlord approximately nineteen thousand one (19,001) square feet of Rentable Area located on the seventh floor of the Building (as shown on Exhibit A attached hereto, the “7th Floor Premises”), including any exclusive shafts, cable runs, mechanical spaces and rooftop areas.  From and after the 7th Floor Term Commencement Date, the term “Premises” as used in the Existing Lease shall mean the Original Premises plus the 7th Floor Premises.  

3.Permitted Use.  Notwithstanding Section 2.7 of the Existing Lease, Tenant shall be permitted to use the 7th Floor Premises for office and laboratory use and light manufacturing in compliance with all Applicable Laws and for no other use (the “7th Floor Permitted Use”).  

4.Term.  The term with respect to the 7th Floor Premises (the “7th Floor Premises Term”) shall commence on the 7th Floor Term Commencement Date and shall expire on the Term Expiration Date, subject to extension or earlier termination of the Lease as provided therein.  

5.Base Rent.  In addition to the Base Rent for the Original Premises and the Storage Space, commencing on the 7th Floor Term Commencement Date, Tenant shall pay to Landlord the sums set forth below as Base Rent for the 7th Floor Premises, subject to adjustment under the Lease.  In accordance with Article 8 of the Existing Lease, the Base Rent for the 7th Floor Premises shall be subject to an annual upward adjustment of three percent (3%) of the then-current Base Rent.  The first such adjustment shall become effective commencing on the first (1st) anniversary of the 7th Floor Term Commencement Date, and subsequent adjustments shall become effective on every successive annual anniversary during the 7th Floor Premises Term.  Notwithstanding anything to the contrary herein, Base Rent for the 7th Floor Premises shall be abated during the first four (4) months of the 7th Floor Premises Term (the “7th Floor Base Rent Abatement Period”).  For purposes of clarity, Tenant shall be responsible for all Additional Rent, including but not limited to the Property Management Fee, due pursuant to the terms of the Lease during the 7th Floor Base Rent Abatement Period.  
	
					
	Dates
	Square Feet of Rentable Area
	Base Rent per Square Foot of Rentable Area
	Monthly Base Rent
	Annual Base Rent

	Months 1-4
	19,001
	Abated in accordance with this Section 5.
	$0.00
	$1,026,054.00

	Months 5-12
	19,001
	$54.00 annually
	$85,504.50

6.Tenant’s Pro Rata Shares.  Effective as of the 7th Floor Term Commencement Date, the chart set forth in Section 2.2 of the Existing Lease shall be deleted in its entirety and replaced with the following:
	
		
	Definition or Provision
	Means the Following (As of the 7th Floor Premises Term Commencement Date)

	Approximate Rentable Area of Premises
	38,928 square feet

	Approximate Rentable Area of Building
	122,702 square feet

	Approximate Rentable Area of Project
	223,820 square feet

	Tenant’s Pro Rata Share of Building
	31.73%

	Tenant’s Pro Rata Share of Project
	17.39%

7.Security Deposit.  As of the Amendment Execution Date, the amount of the Security Deposit required under the Lease shall be increased by an amount equal to Eighty-Five Thousand Five Hundred Four and 50/100 Dollars ($85,504.50). Within ten (10) days after the Amendment Execution Date, Tenant shall deposit an additional Eighty-Five Thousand Five Hundred Four and 50/100 Dollars ($85,504.50) (the “7th Floor Security Deposit”) with Landlord, which shall become part of the Security Deposit.  The 7th Floor Security Deposit may be in the form of cash, a letter of credit that satisfies the requirements for L/C Security or any other security instrument approved by Landlord in its sole discretion. 

8.7th Floor TI Allowance; Construction of 7th Floor Tenant Improvements. 

(a)    7th Floor TI Allowance.  Following the Amendment Execution Date, Landlord shall make available to Tenant a tenant improvement allowance (the “7th Floor TI Allowance”) in the amount of Two Million Four Hundred Seventy Two Thousand Nine Hundred Eighty and 15/100 Dollars ($2,472,980.15) (based upon One Hundred Thirty and 15/100 Dollars ($130.15) per square foot of Rentable Area of the 7th Floor Premises) in order to fund tenant improvements (the “7th Floor Tenant Improvements”) to the 7th Floor Premises consistent with the 7th Floor Permitted Use.  Tenant shall cause the 7th Floor Tenant Improvements to be constructed in the 7th Floor Premises pursuant to the work letter attached hereto as Exhibit B (the “7th Floor Work Letter”) at a cost to Landlord not to exceed the 7th Floor TI Allowance (as the same may be adjusted pursuant to the 7th Floor TI Allowance Reallocation Right [defined below]), subject to Landlord’s obligations under Section 2.3(a) of the 7th Floor Work Letter regarding costs incurred with respect to any Change (as defined in the 7th Floor Work Letter) requested by Landlord. The 7th Floor TI Allowance may be applied to the costs of (m) construction, (n) project review by Landlord (which fee, as set forth in Section 17.10 of the Existing Lease, shall equal two percent (2%) of the cost of the 7th Floor Tenant Improvements, including the 7th Floor TI Allowance, but shall not exceed Forty Thousand and No/100 Dollars ($40,000.00)), (o) commissioning of mechanical, electrical and plumbing systems by a licensed, qualified commissioning agent hired by Tenant, and review of such party’s commissioning report by a licensed, qualified commissioning agent hired by Landlord, (p) space planning, architect, engineering and other related services performed by third parties unaffiliated with Tenant, (q) building permits and other taxes, fees, charges and levies by Governmental Authorities for permits or for inspections of the 7th Floor Tenant Improvements, and (r) costs and expenses for labor, material, equipment and fixtures, provided that no more than five percent (5%) of the 7th Floor TI Allowance may be applied towards the cost of the purchase and installation of cabling and telecom improvements within the 7th Floor Premises.  In no event shall the 7th Floor TI Allowance be used for (v) the cost of work that is not authorized by the Approved Plans (as defined in the 7th Floor Work Letter) or otherwise approved in writing by Landlord (which approval shall not be unreasonably withheld, conditioned or delayed), (w) payments to Tenant or any affiliates of Tenant, (x) except as otherwise provided in this Section, the purchase of any furniture, personal property or other non-building system equipment, (y) costs resulting from any default by Tenant of its obligations under the Lease or (z) costs that are recoverable by Tenant from a third party (e.g., insurers, warrantors, or tortfeasors).  Notwithstanding anything to the contrary in this Amendment, Landlord shall not charge Tenant any plan or construction review, oversight, supervision, management or other similar fee in relation to the 7th Floor Tenant Improvements other than the amount set forth in clause (n) above.  In addition to the 7th Floor TI Allowance, Landlord shall contribute up to Two Thousand Eight Hundred Fifty and 15/100 Dollars ($2,850.15) (based upon 15/100 Dollars ($0.15) per square foot of Rentable Area of the 7th Floor Premises) to pay the cost of developing a test fit plan for the 7th Floor Premises (the “7th Floor Test Fit Allowance”), which shall be disbursed by Landlord directly to Tenant’s architect in accordance with the 7th Floor Work Letter.  
(b)    7th Floor TI Deadline.  Tenant shall have until the date that is one (1) year after the 7th Floor Term Commencement Date (the “7th Floor TI Deadline”), to expend the unused portion of the 7th Floor TI Allowance and the 7th Floor Test Fit Allowance, after which date Landlord’s obligation to fund such costs shall expire.  
(c)    Application of Tenant Allowances.  If the cost of the 7th Floor Tenant Improvements to be performed by Tenant exceeds the amount of the 7th Floor TI Allowance, then Tenant shall have the right (the “7th Floor TI Allowance Reallocation Right”) to reallocate all or a portion of any unused TI Allowance for the Original Premises (the “Original Premises TI Allowance”) under the Lease (any such reallocated amount, the “7th Floor Reallocated TI Allowance Amount”) to pay such excess cost of constructing the 7th Floor Tenant Improvements (subject to the limitations set forth in the Lease), on the terms and conditions set forth in the 7th Floor TI Allowance Reallocation Agreement attached as Exhibit C hereto (the “7th Floor TI Allowance Reallocation Agreement”).  In no event shall any unused 7th Floor TI Allowance or 7th Floor Test Fit Allowance entitle Tenant to a credit against Rent payable under the Lease.  Upon Tenant’s exercise of the 7th Floor TI Allowance Reallocation Right, the Original Premises TI Allowance shall be permanently reduced by the 7th Floor Reallocated TI Allowance Amount, and Landlord shall have no further obligation to fund the 7th Floor Reallocated TI Allowance Amount for the Tenant Improvements for the Original Premises. 
(d)    Excess Costs.  Tenant shall be solely responsible for any costs related to the 7th Floor Tenant Improvements in excess of the 7th Floor TI Allowance (as the same may be adjusted pursuant to the 7th Floor TI Allowance Reallocation Right and subject to Landlord’s obligations under Section 2.3(a) of the 7th Floor Work Letter regarding costs incurred with respect to any Change (as defined in the 7th Floor Work Letter) requested by Landlord) (the “7th Floor Excess Costs”).  If the amount of the Approved Budget (as defined in the 7th Floor Work Letter) is greater than the 7th Floor TI Allowance (as the same may be adjusted pursuant to the 7th Floor TI Allowance Reallocation Right), but less than or equal to one hundred ten percent (110%) of the 7th Floor TI Allowance (as the same may be adjusted pursuant to the 7th Floor TI Allowance Reallocation Right), then Landlord shall first pay the entire 7th Floor TI Allowance, and after the 7th Floor TI Allowance (as the same may be adjusted pursuant to the 7th Floor TI Allowance Reallocation Right) has been expended, Tenant shall pay the 7th Floor Excess Costs.  If the amount of the Approved Budget exceeds one hundred ten percent (110%) of the 7th Floor TI Allowance (as the same may be adjusted pursuant to the 7th Floor TI Allowance Reallocation Right), then Tenant shall deposit an amount equal to the 7th Floor Excess Costs with Landlord no less than ten (10) Business Days before commencing work on the 7th Floor Tenant Improvements.  In such case, Tenant’s funds shall be disbursed by Landlord on a pari pasu basis with the 7th Floor TI Allowance (as the same may be adjusted pursuant to the 7th Floor TI Allowance Reallocation Right) as set forth in the 7th Floor Work Letter.  Following disbursement of the 7th Floor TI Allowance (as the same may be adjusted pursuant to the 7th Floor TI Allowance Reallocation Right) and any Tenant funds deposited with Landlord, Tenant shall pay for all remaining costs (excluding costs that are Landlord’s obligation under Section 2.3(a) of the 7th Floor Work Letter) for the 7th Floor Tenant Improvements within ten (10) Business Days after written notice from Landlord of the amount due from Tenant.  At the option of Landlord, amounts payable by Tenant pursuant to this paragraph shall be paid directly to Tenant’s contractor or such other party as Landlord may reasonably designate in writing.
(e)    Early Access.  Tenant will be granted access to the 7th Floor Premises for the purpose of constructing the 7th Floor Tenant Improvements and the placement of personal property in the 7th Floor Premises, provided that prior to entering upon the 7th Floor Premises, Tenant shall furnish to Landlord evidence satisfactory to Landlord that insurance coverages required of Tenant under the provisions of Article 23 of the Existing Lease are in effect.  Any such entry shall be subject to all the terms and conditions of this Lease, provided that Tenant’s obligation to pay Rent or utilities for the 7th Floor Premises shall not commence until the 7th Floor Term Commencement Date.  
(f)    Selection of Laborers.  With respect to the 7th Floor Tenant Improvements, Landlord and Tenant shall mutually agree upon the selection of the architect, engineer, general contractor and major subcontractors, and Landlord and Tenant shall each participate in the review of the competitive bid process.  Landlord shall not unreasonably withhold its consent, but may refuse to approve any architects, consultants, contractors, subcontractors or material suppliers that Landlord reasonably believes could cause labor disharmony or may not have sufficient experience, in Landlord’s reasonable opinion, to perform work in an occupied Class “A” laboratory research building.  Landlord hereby consents to Tenant engaging Turner Construction Company as the general contractor and SABA Architects as the architect for the 7th Floor Tenant Improvements, to the extent Tenant elects to engage such parties in such capacities. 
9.Condition of 7th Floor Premises.  Tenant acknowledges that (a) it is fully familiar with the condition of the 7th Floor Premises and agrees to take the same in its condition “as is” as of the Amendment Execution Date, subject only to Landlord’s obligations under the Lease (including but not limited to Landlord’s obligations under this Section 9), and (b) Landlord shall have no obligation to alter, repair or otherwise prepare the 7th Floor Premises for Tenant’s occupancy for the 7th Floor Premises Term or to pay for any improvements to the 7th Floor Premises, except with respect to the 7th Floor TI Allowance, the 7th Floor Test Fit Allowance and as otherwise expressly stated in the Lease.  Notwithstanding anything to the contrary, at Landlord’s sole cost and expense, Landlord shall deliver the 7th Floor Premises to Tenant with the work to be performed by Landlord as described in the attached Exhibit D completed (the cost of which work shall not be deducted from the 7th Floor TI Allowance or passed through as an Operating Expense, whether completed before or after Tenant takes possession of the 7th Floor Premises) (such obligation, “Landlord’s Delivery Obligation”).  Tenant’s taking possession of the 7th Floor Premises shall, except as otherwise agreed to in writing by Landlord and Tenant, conclusively establish that the 7th Floor Premises, the Building and the Project were at such time in good, sanitary and satisfactory condition and repair and that Landlord’s Delivery Obligation was satisfied; provided that, if Landlord fails to satisfy Landlord’s Delivery Obligation (a “Delivery Shortfall”), then Tenant may, as its sole and exclusive remedy, deliver notice of such failure to Landlord detailing the nature of such failure (a “Shortfall Notice”); provided, further, that any Shortfall Notice must be received by Landlord no later than the date (the “Shortfall Notice Deadline”) that is thirty (30) days after the Amendment Execution Date.  In the event that Landlord receives a Shortfall Notice on or before the Shortfall Notice Deadline, Landlord shall, at Landlord’s expense, promptly remedy the Delivery Shortfall.  Landlord shall not have any obligations or liabilities in connection with a failure to satisfy Landlord’s Delivery Obligation except to the extent such failure is identified by Tenant in a Shortfall Notice delivered to Landlord on or before the Shortfall Notice Deadline.  Notwithstanding anything to the contrary, Landlord shall deliver the 7th Floor Premises to Tenant free and clear of any Hazardous Materials in violation of Applicable Laws to the extent in effect and as interpreted and applied as of the Amendment Execution Date.   

10.6th Floor Right of First Offer.  Tenant acknowledges that Landlord is in active negotiations to lease the premises comprising approximately 19,370 square feet of Rentable Area on the sixth (6th) floor of the Building (the “Active Negotiation Premises”) to another prospective tenant.  Upon the full execution and delivery of a lease for all of the Active Negotiation Premises  with another prospective tenant, which is the first lease for all of the Active Negotiation Premises to be executed and delivered after the Amendment Effective Date (the “Active Negotiations Premises Lease”), then subject and subordinate to any rights of (a) the tenant under such Active Negotiations Premises Lease, and (b) any other parties’ pre-existing rights (based on written contracts executed prior to the Amendment Execution Date), for so long as Tenant continues to lease and occupy one hundred percent (100%) of both the Premises and the Adjacent Building Premises, Tenant shall have a continuing right of first offer (“ROFO”) as to any rentable premises on the sixth (6th) floor of the Building for which Landlord is seeking a tenant (“Available ROFO Premises”); provided, however, that in no event shall Landlord be required to lease any Available ROFO Premises to Tenant for any period past the date on which the Lease expires or is terminated pursuant to its terms.  Notwithstanding the foregoing, to the extent that Landlord renews or extends a then-existing lease with any then-existing tenant of any space or enters into a new lease with such then-existing tenant (including but not limited to the tenant under the Active Negotiations Premises Lease), the affected space shall not be deemed to be Available ROFO Premises.  In the event Landlord intends to market Available ROFO Premises, Landlord shall provide written notice thereof to Tenant, which notice shall include the terms and conditions on which Landlord intends to offer the Available ROFO Premises (the “Notice of Marketing”).  
(a)    Within ten (10) Business Days following its receipt of a Notice of Marketing, Tenant shall advise Landlord in writing whether Tenant elects to lease all (not just a portion) of the Available ROFO Premises on the terms and conditions set forth in the Notice of Marketing.  If Tenant fails to notify Landlord of Tenant’s election within such ten (10) Business Day period, then Tenant shall be deemed to have elected not to lease the Available ROFO Premises.
(b)    If Tenant timely notifies Landlord that Tenant elects to lease all of the Available ROFO Premises on the terms and conditions set forth in the Notice of Marketing, then Landlord shall lease the Available ROFO Premises to Tenant upon the terms and conditions set forth in the Notice of Marketing.
(c)    If (i) Tenant notifies Landlord that Tenant elects not to lease the Available ROFO Premises, or (ii) Tenant fails to notify Landlord of Tenant’s election within the ten (10) Business Day period described above, then Landlord shall have the right to consummate a lease of the Available ROFO Premises at base rent and concessions (including without limitation tenant allowances and brokerage commissions) not less than ninety-five percent (95%) of that stated in the Notice of Marketing, if applicable.  If Landlord fails to so consummate a lease of the Available ROFO Premises within six (6) months after the date of the Notice of Marketing, then Landlord must again offer the Available ROFO Premises to Tenant pursuant to the terms of this Article prior to leasing the Available ROFO Premises to a third party.
(d)    Notwithstanding anything in this Section to the contrary, Tenant may not exercise the ROFO during such period of time that Tenant is in default under any provision of the Lease beyond applicable notice and cure periods.  Any attempted exercise of the ROFO during a period of time in which Tenant is so in default beyond applicable notice and cure periods shall be void and of no effect.  In addition, Tenant shall not be entitled to exercise the ROFO if Tenant has defaulted (beyond applicable notice and cure periods) in the performance of either a material monetary obligation or material non-monetary obligation under the Lease two (2) or more times during the Term or Option Term (as applicable).
(e)    Notwithstanding anything in this Amendment or the Lease to the contrary, Tenant shall not assign or transfer the ROFO to a party other than a Tenant’s Affiliate, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion.
(f)    If Tenant exercises the ROFO, Landlord does not guarantee that the Available ROFO Premises will be available on the anticipated commencement date for the Lease as to such Premises due to a holdover by the then-existing occupants of the Available ROFO Premises or for any other reason beyond Landlord’s reasonable control.
(g)    This ROFO shall remain in effect until the Available ROFO Premises has been leased by Tenant or a third party, or until the Lease has expired, at which time this ROFO shall terminate and be of no force and effect.  If the Available ROFO Premises (or any portion thereof) is leased to a third party, and such third party lease subsequently expires or is otherwise terminated, Tenant’s ROFO shall be reinstituted.
11.State Tax Incentives.  Upon Tenant’s written request, Landlord agrees to reasonably cooperate with Tenant, at no cost or liability to Landlord, with respect to Tenant’s application to the Revenue Department for certain tax benefits pursuant to the Sales Tax Deferral and the application of such benefits to the construction of the 7th Floor Tenant Improvements, all in accordance with Article 45 of the Existing Lease. 

12.Broker. Each party represents and warrants to the other party that it has not dealt with any broker or agent in the negotiation for or the obtaining of this Amendment, other than Flinn Ferguson (“Broker”).  Each party agrees to reimburse, indemnify, save, defend (at the other party’s option and with counsel reasonably acceptable to the other party) and hold harmless the other party for, from and against any and all cost or liability for compensation claimed by any such broker or agent, other than Broker, employed or engaged by the party or claiming to have been employed or engaged as a result the party’s own acts.  Broker is entitled to a leasing commission in connection with the making of this Amendment, and Landlord shall pay such commission to Broker pursuant to a separate agreement between Landlord and Broker. 

13.No Default.  Tenant represents, warrants and covenants that, to the best of Tenant’s knowledge, Landlord and Tenant are not in default of any of their respective obligations under the Existing Lease and no event has occurred that, with the passage of time or the giving of notice (or both) would constitute a default by either Landlord or Tenant thereunder.  Landlord represents, warrants and covenants that, to the best of Landlord’s knowledge, Landlord and Tenant are not in default of any of their respective obligations under the Existing Lease and no event has occurred that, with the passage of time or the giving of notice (or both) would constitute a default by either Landlord or Tenant thereunder.  

14.Effect of Amendment.  Except as modified by this Amendment, the Existing Lease and all the covenants, agreements, terms, provisions and conditions thereof shall remain in full force and effect and are hereby ratified and affirmed.  In the event of any conflict between the terms contained in this Amendment and the Existing Lease, the terms herein contained shall supersede and control the obligations and liabilities of the parties.

15.Successors and Assigns.  Each of the covenants, conditions and agreements contained in this Amendment shall inure to the benefit of and shall apply to and be binding upon the parties hereto and their respective heirs, legatees, devisees, executors, administrators and permitted successors and assigns and sublessees.  Nothing in this section shall in any way alter the provisions of the Lease restricting assignment or subletting.

16.Miscellaneous.  This Amendment becomes effective only upon execution and delivery hereof by Landlord and Tenant. The captions of the paragraphs and subparagraphs in this Amendment are inserted and included solely for convenience and shall not be considered or given any effect in construing the provisions hereof.  All exhibits hereto are incorporated herein by reference.  Submission of this instrument for examination or signature by Tenant does not constitute a reservation of or option for a lease, and shall not be effective as a lease, lease amendment or otherwise until execution by and delivery to both Landlord and Tenant.

17.Authority.  Each party guarantees, warrants and represents to the other that the individual or individuals signing this Amendment on its behalf have the power, authority and legal capacity to sign this Amendment on behalf of and to bind all entities, corporations, partnerships, limited liability companies, joint venturers or other organizations and entities on whose behalf such individual or individuals have signed.

18.Counterparts; Facsimile and PDF Signatures.  This Amendment may be executed in one or more counterparts, each of which, when taken together, shall constitute one and the same document.  A facsimile or portable document format (PDF) signature on this Amendment shall be equivalent to, and have the same force and effect as, an original signature.

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, Landlord and Tenant have executed this Amendment as of the Amendment Execution Date.
LANDLORD:
BMR-500 FAIRVIEW AVENUE LLC,
a Delaware limited liability company

By:    /s/ Kevin M. Simonsen
Name:    Kevin M. Simonsen                
Title:    Sr. VP, Real Estate Legal    

TENANT:
NANOSTRING TECHNOLOGIES, INC.,
a Delaware corporation

By:    /s/ Wayne D. Burns                    
Name:    Wayne D. Burns            
Title:    Sr. VP, Operations & Administration

STATE OF CALIFORNIA        )
)
COUNTY OF     San Diego    )

On June 29, 2016, before me, Fern M. Kissel, Notary Public, personally appeared Kevin M. Simonsen, who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument.

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

WITNESS my hand and official seal.

/s/ Fern M. Kissel            [NOTARY SEAL]
Notary Public

STATE OF WASHINGTON        )
) ss.
COUNTY OF King            )

On this 27th day of June, 2016, before me, the undersigned, a Notary Public in and for the State of Washington, duly commissioned and sworn personally appeared Wayne D. Burns, known to me to be the Sr. V.P. of Operations and Administration of NanoString Technologies, Inc., the corporation that executed the foregoing instrument, and acknowledged the said instrument to be the free and voluntary act and deed of said corporation, for the purposes therein mentioned, and on oath stated that he/she was authorized to execute said instrument.
I certify that I know or have satisfactory evidence that the person appearing before me and making this acknowledgment is the person whose true signature appears on this document.
WITNESS my hand and official seal hereto affixed the day and year in the certificate above written.
/s/ Susan R. Van Den Ameele
Signature
Susan R. Van Den Ameele
Print Name
NOTARY PUBLIC in and for the State of
Washington, residing at Seattle.
My commission expires September 21, 2019.
[NOTARY SEAL]

EXHIBIT A
7TH FLOOR PREMISES
[To be attached]

EXHIBIT B
7TH FLOOR WORK LETTER
This 7th Floor Work Letter (this “Work Letter”) is made and entered into as of the 27th day of June, 2016, by and between BMR-500 FAIRVIEW AVENUE LLC, a Delaware limited liability company (“Landlord”), and NANOSTRING TECHNOLOGIES, INC., a Delaware corporation (“Tenant”), and is attached to and made a part of that certain First Amendment to Lease dated of even date herewith (as the same may be amended, amended and restated, supplemented or otherwise modified from time to time, the “Lease Amendment”), by and between Landlord and Tenant, which amends that certain Lease dated as of December 22, 2014 (as amended by the Lease Amendment and as the same may be further amended, amended and restated, supplemented or otherwise modified from time to time, the “Lease”), by and between Landlord and Tenant, for the Premises located at 500 Fairview Avenue North, Seattle, Washington 98109.  All capitalized terms used but not otherwise defined herein shall have the meanings given them in the Lease Amendment.
		
	1.
	General Requirements.

1.1    Authorized Representatives.

(a)Landlord designates, as Landlord’s authorized representative (“Landlord’s Authorized Representative”), (i) John Moshy as the person authorized to initial plans, drawings, approvals and to sign change orders pursuant to this Work Letter and (ii) an officer of Landlord as the person authorized to sign any amendments to this Work Letter or the Lease.  Tenant shall not be obligated to respond to or act upon any such item until such item has been initialed or signed (as applicable) by the appropriate Landlord’s Authorized Representative.  Landlord may change either Landlord’s Authorized Representative upon one (1) Business Day’s prior written notice to Tenant. 

(b)Tenant designates Wayne Burns (“Tenant’s Authorized Representative”) as the person authorized to initial and sign all plans, drawings, change orders and approvals pursuant to this Work Letter.  Landlord shall not be obligated to respond to or act upon any such item until such item has been initialed or signed (as applicable) by Tenant’s Authorized Representative.  Tenant may change Tenant’s Authorized Representative upon one (1) Business Day’s prior written notice to Landlord.

1.2    Schedule.  The schedule for design and development of the 7th Floor Tenant Improvements, including the time periods for preparation and review of construction documents, approvals and performance, shall be in accordance with a schedule to be prepared by Tenant (the “Schedule”).  Tenant shall prepare the Schedule so that it is a reasonable schedule for the completion of the 7th Floor Tenant Improvements.  As soon as the Schedule is completed, Tenant shall deliver the same to Landlord for Landlord’s approval, which approval shall not be unreasonably withheld, conditioned or delayed.  Such Schedule shall be approved or disapproved by Landlord within ten (10) Business Days after delivery to Landlord.  Landlord’s failure to respond within such ten (10) Business Day period shall be deemed approval by Landlord.  If Landlord disapproves the Schedule, then Landlord shall notify Tenant in writing of its objections to such Schedule, and the parties shall confer and negotiate in good faith to reach agreement on the Schedule.  The Schedule shall be subject to adjustment as mutually agreed upon in writing by the parties, or as provided in this Work Letter.

1.3    Tenant’s Architects, Contractors and Consultants.  The architect, engineering consultants, design team, general contractor, general contractor team and subcontractors responsible for the construction of the 7th Floor Tenant Improvements shall be selected by Tenant and approved by Landlord, which approval Landlord shall not unreasonably withhold, condition or delay.  Landlord shall not unreasonably withhold its approval, but may refuse to approve any architects, consultants, contractors, subcontractors or material suppliers that Landlord reasonably believes could cause labor disharmony or may not have sufficient experience, in Landlord’s reasonable opinion, to perform work in an occupied Class “A” laboratory research building.  All Tenant contracts related to the 7th Floor Tenant Improvements shall provide that Tenant may assign such contracts and any warranties with respect to the 7th Floor Tenant Improvements to Landlord at any time.  Landlord hereby consents to Tenant engaging Turner Construction Company as the general contractor, SABA Architects as the architect, and Westlake Consulting Group as Tenant’s project manager for the 7th Floor Tenant Improvements, to the extent Tenant elects to engage such parties in such capacities. 

2.7th Floor Tenant Improvements.  All 7th Floor Tenant Improvements shall be performed by Tenant’s contractor, at Tenant’s sole cost and expense (subject to Landlord’s obligations with respect to the 7th Floor TI Allowance (as the same may be adjusted pursuant to the 7th Floor TI Allowance Reallocation Right), the 7th Floor Test Fit Allowance and for costs incurred due to a Change (as defined below) requested by Landlord under Section 2.3(a) of this Work Letter) in accordance with the Approved Plans (as defined below), the Lease and this Work Letter.  If Tenant fails to pay, or is late in paying, any sum due to Landlord under Section 8 of the Lease Amendment or this Work Letter, then Landlord shall have all of the rights and remedies set forth in the Lease for nonpayment of Rent (including the right to interest and the right to assess a late charge), and for purposes of any litigation instituted with regard to such amounts the same shall be considered Rent.  All material and equipment furnished by Tenant or its contractors as the 7th Floor Tenant Improvements shall be new or “like new;” the 7th Floor Tenant Improvements shall be performed in a first-class, workmanlike manner; and the quality of the 7th Floor Tenant Improvements shall be of a nature and character not less than the Building Standard.  Tenant shall take, and shall require its contractors to take, commercially reasonable steps to protect the 7th Floor Premises during the performance of any 7th Floor Tenant Improvements, including covering or temporarily removing any window coverings so as to guard against dust, debris or damage. 

2.1    Work Plans.  Tenant shall prepare and submit to Landlord for approval (such approval to not be unreasonably withheld, conditioned or delayed) schematics covering the 7th Floor Tenant Improvements prepared in conformity with the applicable provisions of this Work Letter (the “Draft Schematic Plans”).  The Draft Schematic Plans shall contain sufficient information and detail to accurately describe the proposed design to Landlord and such other information as Landlord may reasonably request.  Landlord shall notify Tenant in writing within ten (10) Business Days after receipt of the Draft Schematic Plans whether Landlord approves or objects to the Draft Schematic Plans and of the manner, if any, in which the Draft Schematic Plans are unacceptable.  Landlord’s failure to respond within such ten (10) Business Day period shall be deemed approval by Landlord.  If Landlord reasonably objects to the Draft Schematic Plans, then Tenant shall revise the Draft Schematic Plans and cause Landlord’s objections to be remedied in the revised Draft Schematic Plans.  Tenant shall then resubmit the revised Draft Schematic Plans to Landlord for approval, such approval not to be unreasonably withheld, conditioned or delayed.  Landlord’s approval of or objection to revised Draft Schematic Plans and Tenant’s correction of the same shall be in accordance with this Section until Landlord has approved the Draft Schematic Plans in writing or been deemed to have approved them.  The iteration of the Draft Schematic Plans that is approved or deemed approved by Landlord without objection shall be referred to herein as the “Approved Schematic Plans.”

2.2    Construction Plans.  Tenant shall prepare final plans and specifications for the 7th Floor Tenant Improvements that (a) are consistent with and are logical evolutions of the Approved Schematic Plans and (b) incorporate any other Tenant-requested (and Landlord-approved) Changes (as defined below).  As soon as such final plans and specifications (“Construction Plans”) are completed, Tenant shall deliver the same to Landlord for Landlord’s approval, which approval shall not be unreasonably withheld, conditioned or delayed.  Such Construction Plans shall be approved or disapproved by Landlord within ten (10) Business Days after delivery to Landlord.  Landlord’s failure to respond within such ten (10) Business Day period shall be deemed approval by Landlord.  If the Construction Plans are disapproved by Landlord, then Landlord shall notify Tenant in writing of its objections to such Construction Plans, and the parties shall confer and negotiate in good faith to reach agreement on the Construction Plans.  Promptly after the Construction Plans are approved by Landlord and Tenant, two (2) copies of such Construction Plans shall be initialed and dated by Landlord and Tenant, and Tenant shall promptly submit such Construction Plans to all appropriate Governmental Authorities for approval.  The Construction Plans so approved, and all change orders specifically permitted by this Work Letter, are referred to herein as the “Approved Plans.”

2.3    Changes to the 7th Floor Tenant Improvements.  Any changes to the Approved Plans (each, a “Change”) shall be requested and instituted in accordance with the provisions of this Article 2 and shall be subject to the written approval of the non-requesting party in accordance with this Work Letter.

(a)Change Request.  Either Landlord or Tenant may request Changes after Landlord approves the Approved Plans by notifying the other party thereof in writing in substantially the same form as the AIA standard change order form (a “Change Request”), which Change Request shall detail the nature and extent of any requested Changes, including (i) the Change, (ii) the party required to perform the Change and (iii) any modification of the Approved Plans and the Schedule, as applicable, necessitated by the Change.  If the nature of a Change requires revisions to the Approved Plans, then the requesting party shall be solely responsible for the cost and expense of such revisions and any increases in the cost of the 7th Floor Tenant Improvements as a result of such Change; provided that if Tenant requests the Change, then Tenant may utilize the 7th Floor TI Allowance (as the same may be adjusted pursuant to the 7th Floor TI Allowance Reallocation Right).  Change Requests shall be signed by the requesting party’s Authorized Representative.

(b)Approval of Changes.  All Change Requests shall be subject to the other party’s prior written approval, which approval shall not be unreasonably withheld, conditioned or delayed.  The non-requesting party shall have five (5) Business Days after receipt of a Change Request to notify the requesting party in writing of the non-requesting party’s decision either to approve or object to the Change Request.  The non-requesting party’s failure to respond within such five (5) Business Day period shall be deemed approval by the non-requesting party.

2.4    Preparation of Estimates.  Tenant shall, before proceeding with any Change, using its best efforts, prepare as soon as is reasonably practicable (but in no event more than seven (7) Business Days after delivering a Change Request to Landlord or receipt of a Change Request) an estimate of the increased costs or savings that would result from such Change, as well as an estimate on such Change’s effects on the Schedule.  Landlord shall have five (5) Business Days after receipt of such information from Tenant to (a) in the case of a Tenant-initiated Change Request, approve or reject such Change Request in writing, or (b) in the case of a Landlord-initiated Change Request, notify Tenant in writing of Landlord’s decision either to proceed with or abandon the Landlord-initiated Change Request.

3.Completion of 7th Floor Tenant Improvements.  Subject to the terms of the Lease and this Work Letter, Tenant, at its sole cost and expense (except for the 7th Floor TI Allowance, as the same may be adjusted pursuant to the 7th Floor TI Allowance Reallocation Right, and the 7th Floor Test Fit Allowance), shall perform and complete the  7th Floor Tenant Improvements in all respects (a) in substantial conformance with the Approved Plans, (b) otherwise in compliance with provisions of the Lease and this Work Letter and (c) in accordance with Applicable Laws, the requirements of Tenant’s insurance carriers, the requirements of Landlord’s insurance carriers (to the extent Landlord provides its insurance carriers’ requirements to Tenant prior to the signing of a contract with the general contractor) and the board of fire underwriters having jurisdiction over the 7th Floor Premises.  “Substantial Completion” shall be deemed to have occurred upon Tenant’s providing the following to Landlord: (i) evidence reasonably satisfactory to Landlord that the 7th Floor Tenant Improvements have been paid for in full, which shall be evidenced by the architect’s certificate of completion and the general contractor’s and each subcontractor’s and material supplier’s final unconditional waivers and releases of liens, each in a form reasonably acceptable to Landlord; provided, however, with respect to subcontractors and material suppliers providing less than $50,000 in the aggregate of labor, materials or services, Tenant shall not be required to provide lien waivers and releases so long as the total amount of the unpaid labor, services and materials for all subcontractors for which no lien releases have been obtained, is less than $50,000 in the aggregate, (ii) a certificate of occupancy for the 7th Floor Premises issued by the City of Seattle, if applicable, (iii) a Certificate of Substantial Completion in the form of the American Institute of Architects document G704 or other reasonable form, executed by the project architect and the general contractor, (iv) any and all liens related to the 7th Floor Tenant Improvements have either been discharged of record (by payment, bond, order of a court of competent jurisdiction or otherwise) or waived by the party filing such lien, (v) an affidavit from Tenant’s architect certifying that all work performed in, on or about the 7th Floor Premises is substantially in accordance with the Approved Plans, (vi) a complete “as built” drawing print sets, project specifications and shop drawings and electronic CADD files on disc (showing the 7th Floor Tenant Improvements as an overlay on the Building “as built” plans, provided that Landlord provides the Building “as-built” plans to Tenant) of all contract documents for work performed by their architect and engineers in relation to the 7th Floor Tenant Improvements, (vii) a commissioning report prepared by a licensed, qualified commissioning agent hired by Tenant and reasonably acceptable to Landlord for all new or affected mechanical, electrical and plumbing systems, and (viii) such other “close out” materials as Landlord reasonably requests consistent with Landlord’s own requirements for its contractors, such as copies of manufacturers’ warranties, operation and maintenance manuals and the like.

4.Insurance.

4.1    Property Insurance.  At all times during the period beginning with commencement of construction of the 7th Floor Tenant Improvements and ending with final completion of the 7th Floor Tenant Improvements, Tenant shall maintain, or cause to be maintained (in addition to the insurance required of Tenant pursuant to the Lease), property insurance coverage with respect to the general contractor’s and any subcontractors’ machinery, tools and equipment.  Coverage shall be carried on a primary basis by such general contractor or the applicable subcontractor(s).  Tenant agrees to pay any deductible, and Landlord is not responsible for any deductible, for a claim under such insurance, except to the extent caused by Landlord’s negligence or intentional misconduct.  Tenant shall use reasonable efforts to require that such property insurance shall contain an express waiver of any right of subrogation by the insurer against Landlord and the Landlord Parties, and shall name Landlord and its affiliates as loss payees as their interests may appear.

4.2    Workers’ Compensation Insurance.  At all times during the period of construction of the 7th Floor Tenant Improvements, Tenant shall, or shall cause its contractors or subcontractors to, maintain statutory workers’ compensation insurance as required by Applicable Laws.

5.Liability.  Except to the extent caused by Landlord’s negligence or intentional misconduct or covered by property insurance actually carried by Landlord (or that would have been covered by Landlord’s property insurance had Landlord carried the property insurance required under the Lease), Tenant assumes sole responsibility and liability for any and all injuries or the death of any persons, including Tenant’s contractors and subcontractors and their respective employees, agents and invitees, and for any and all damages to property caused by, resulting from or arising out of any act or omission on the part of Tenant, Tenant’s contractors or subcontractors, or their respective employees, agents and invitees in the prosecution of the 7th Floor Tenant Improvements.  Tenant agrees to indemnify, save, defend (at Landlord’s option and with counsel reasonably acceptable to Landlord) and hold the Landlord Indemnitees harmless from and against all Claims due to, because of or arising out of any and all such injuries, death or damage, whether real or alleged, and Tenant and Tenant’s contractors and subcontractors shall assume and defend at their sole cost and expense all such Claims; provided, however, that nothing contained in this Work Letter shall be deemed to indemnify or otherwise hold Landlord harmless from or against liability to the extent caused by Landlord’s negligence or willful misconduct.  Any deficiency in design or construction of the 7th Floor Tenant Improvements shall be solely the responsibility of Tenant, notwithstanding the fact that Landlord may have approved of the same in writing.

6.TI Allowance.

6.1    Application of 7th Floor Test Fit Allowance and 7th Floor TI Allowance.  Landlord shall contribute the 7th Floor Test Fit Allowance towards the cost of a test fit plan for the 7th Floor Premises, and Landlord shall contribute the 7th Floor TI Allowance toward the costs and expenses incurred in connection with the performance of the 7th Floor Tenant Improvements, all in accordance with Section 8 of the Lease Amendment and this Work Letter.  If the entire 7th Floor Test Fit Allowance is not applied toward the cost of the test fit plan, or if the entire 7th Floor TI Allowance (as the same may be adjusted pursuant to the 7th Floor TI Allowance Reallocation Right) is not applied toward or reserved for the costs of the 7th Floor Tenant Improvements, then Tenant shall not be entitled to a credit of such unused portion of the 7th Floor Test Fit Allowance or the 7th Floor TI Allowance.  Tenant may apply the 7th Floor Test Fit Allowance for the payment of the test fit plan costs and may apply the 7th Floor TI Allowance for the payment of construction and other costs, in accordance with the terms and provisions of the Lease Amendment and this Work Letter.

6.2    Approval of Budget for the 7th Floor Tenant Improvements.  Notwithstanding anything to the contrary set forth elsewhere in this Work Letter or the Lease, Landlord shall not have any obligation to expend any portion of the 7th Floor TI Allowance until Landlord and Tenant shall have approved in writing the budget for the 7th Floor Tenant Improvements (the “Approved Budget”).  Prior to Landlord’s approval of the Approved Budget, Tenant shall pay all of the costs and expenses incurred in connection with the 7th Floor Tenant Improvements as they become due.  Subject to Landlord’s obligations under Section 2.3(a) of this Work Letter regarding costs incurred with respect to any Change requested by Landlord, Landlord shall not be obligated to reimburse Tenant for costs or expenses relating to the 7th Floor Tenant Improvements that exceed the amount of the 7th Floor TI Allowance (as the same may be adjusted pursuant to the 7th Floor TI Allowance Reallocation Right).  Landlord shall not unreasonably withhold, condition or delay its approval of any budget for the 7th Floor Tenant Improvements that is proposed by Tenant.

6.3    Fund Requests.  

(a)    7th Floor Test Fit Allowance.  Upon submission by Tenant to Landlord of an itemized invoice for the test fit plan costs, then Landlord shall, within thirty (30) days following receipt of such invoice, pay to the applicable architect the amount of the test fit plan costs, up to the amount of the 7th Floor Test Fit Allowance. 
(b)    7th Floor TI Allowance.  Tenant may periodically (but no more frequently than monthly) submit written requests for disbursements of the 7th Floor TI Allowance.  Each request for funding (a “Fund Request”) shall include the following:  (i) the total amount of the 7th Floor TI Allowance requested, (ii) a summary of the 7th Floor Tenant Improvements performed using AIA standard form Application for Payment (G 702) executed by the general contractor and by the architect or other reasonable form, (iii) invoices from the general contractor, the architect, and any subcontractors, material suppliers and other parties requesting payment with respect to the amount of the 7th Floor TI Allowance then being requested, (iv) unconditional lien releases from the general contractor and each subcontractor and material supplier with respect to previous payments made by either Landlord or Tenant for the 7th Floor Tenant Improvements in a form reasonably acceptable to Landlord and complying with Applicable Laws and (v) conditional lien releases from the general contractor and each subcontractor and material supplier with respect to the 7th Floor Tenant Improvements performed that correspond to the Fund Request, each in a form reasonably acceptable to Landlord and complying with Applicable Laws; provided, however, for purposes of clauses (iv) and (v) above, with respect to subcontractors and material suppliers providing less than $50,000 in the aggregate of labor, materials or services, Tenant shall not be required to provide lien releases so long as the total amount of the unpaid labor, services and materials for all subcontractors for which no lien releases have been obtained, is less than $50,000 in the aggregate.  Within thirty (30) days following receipt by Landlord of a Fund Request and the accompanying materials required by this Section, Landlord shall pay to (as elected by Tenant) the applicable contractors, subcontractors and material suppliers or Tenant the amount of 7th Floor Tenant Improvement costs set forth in such Fund Request; provided, however, that Landlord shall not be obligated to make any payments under this Section until the budget for the 7th Floor Tenant Improvements is approved in accordance with Section 6.2, and any Fund Request under this Section shall be subject to the payment limits set forth in Section 6.2 above and Section 8 of the Lease Amendment.
6.4    Accrual Information.  In addition to the other requirements of this Section 6, Tenant shall, no more often than once every calendar quarter during construction of the 7th Floor Tenant Improvements, provide Landlord with a written summary of all work performed by Tenant or its agents, employees or contractors for which a Fund Request has not yet been issued to Landlord, including the following:  the amount that Tenant will seek from Landlord related to such work and the dates on which such work was performed.  Such information shall be provided to Landlord within ten (10) Business Days after Landlord’s request therefor.

7.Miscellaneous.

7.1    Incorporation of Lease Provisions.  Sections 17.1 through 17.3, Section 17.5, Sections 17.7 through 17.10, and Sections 40.6 through 40.20 of the Existing Lease are incorporated into this Work Letter by reference, and shall apply to this Work Letter in the same way that they apply to the Lease.

7.2    General.  Except as otherwise set forth in the Lease Amendment or this Work Letter, this Work Letter shall not apply to improvements performed in any additional premises added to the Premises at any time or from time to time, whether by any options under the Lease or otherwise; or to any portion of the Premises or any additions to the Premises in the event of a renewal or extension of the original Term, whether by any options under the Lease or otherwise, unless the Lease or any amendment or supplement to the Lease expressly provides that such additional premises are to be delivered to Tenant in the same condition as the 7th Floor Premises.
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IN WITNESS WHEREOF, Landlord and Tenant have executed this Work Letter to be effective on the date first above written.
LANDLORD:
BMR-500 FAIRVIEW AVENUE LLC,
a Delaware limited liability company
By:    /s/ Kevin M. Simonsen                    
Name:    Kevin M. Simonsen        
Title:    Sr. VP, Real Estate Legal            
TENANT:
NANOSTRING TECHNOLOGIES, INC.,
a Delaware corporation
By:    /s/ Wayne D. Burns                    
Name:    Wayne D. Burns            
Title:    Sr. VP, Operations & Administration            

EXHIBIT B-1
TENANT WORK INSURANCE SCHEDULE
Tenant shall be responsible for requiring all of Tenant contractors doing construction or renovation work or other Tenant Work to purchase and maintain such insurance as shall protect it from the claims set forth below which may arise out of or result from any Tenant Work whether such Tenant Work is completed by Tenant or by any Tenant contractors or by any person directly or indirectly employed by Tenant or any Tenant contractors, or by any person for whose acts Tenant or any Tenant contractors may be liable:
1.    Claims under workers’ compensation, disability benefit and other similar employee benefit acts which are applicable to the Tenant Work to be performed.
2.    Claims for damages because of bodily injury, occupational sickness or disease, or death of employees under any applicable employer’s liability law.
3.    Claims for damages because of bodily injury, or death of any person other than Tenant’s or any Tenant contractors’ employees.
4.    Claims for damages insured by usual personal injury liability coverage which are sustained (a) by any person as a result of an offense directly or indirectly related to the employment of such person by Tenant or any Tenant contractors or (b) by any other person.
5.    Claims for damages, other than to the Tenant Work itself, because of injury to or destruction of tangible property, including loss of use therefrom.
6.    Claims for damages because of bodily injury or death of any person or property damage arising out of the ownership, maintenance or use of any motor vehicle.
Tenant contractors’ Commercial General Liability Insurance shall include premises/operations (including explosion, collapse and underground coverage if such Tenant Work involves any underground work), elevators, independent contractors, products and completed operations, and blanket contractual liability on all written contracts, all including broad form property damage coverage.
Tenant contractors’ Commercial General, Automobile, Employers and Umbrella Liability Insurance shall be written for not less than limits of liability as follows:
	
		
	a.Commercial General Liability:
Bodily Injury and Property Damage
	Commercially reasonable amounts, but in any event no less than $1,000,000 per occurrence and $2,000,000 general aggregate, with $2,000,000 products and completed operations aggregate.

	b.Commercial Automobile Liability:
Bodily Injury and Property Damage
	$1,000,000 per accident

	c.Employer’s Liability:
Each Accident
Disease - Policy Limit
Disease - Each Employee
	

$500,000
$500,000
$500,000

	d.Umbrella Liability:
Bodily Injury and Property Damage
	Commercially reasonable amounts (excess of coverages a, b and c above), but in any event no less than $5,000,000 per occurrence / aggregate.

All subcontractors for Tenant contractors shall carry the same coverages and limits as specified above, unless different limits are reasonably approved by Landlord.  The foregoing policies shall contain a provision that coverages afforded under the policies shall not be canceled or not renewed until at least thirty (30) days’ prior written notice has been given to the Landlord.  Certificates of insurance including required endorsements showing such coverages to be in force shall be filed with Landlord prior to the commencement of any Tenant Work and prior to each renewal.  Coverage for completed operations must be maintained for the lesser of ten (10) years and the applicable statue of repose following completion of the Tenant Work, and certificates evidencing this coverage must be provided to Landlord.  The minimum A.M. Best’s rating of each insurer shall be A- VII.  Landlord and its affiliates and their respective lenders and mortgagees shall be named as an additional insureds under Tenant contractors’ Commercial General Liability, Commercial Automobile Liability and Umbrella Liability Insurance policies as respects liability arising from work or operations performed, or ownership, maintenance or use of autos, by or on behalf of such contractors.  Each contractor and its insurers shall provide waivers of subrogation with respect to any claims covered or that should have been covered by valid and collectible insurance, including any deductibles or self-insurance maintained thereunder.
If any contractor’s work involves the handling or removal of asbestos (as determined by Landlord in its sole and absolute discretion), such contractor shall also carry Pollution Legal Liability insurance.  Such coverage shall include bodily injury, sickness, disease, death or mental anguish or shock sustained by any person; property damage, including physical injury to or destruction of tangible property (including the resulting loss of use thereof), clean-up costs and the loss of use of tangible property that has not been physically injured or destroyed; and defense costs, charges and expenses incurred in the investigation, adjustment or defense of claims for such damages.  Coverage shall apply to both sudden and non-sudden pollution conditions including the discharge, dispersal, release or escape of smoke, vapors, soot, fumes, acids, alkalis, toxic chemicals, liquids or gases, waste materials or other irritants, contaminants or pollutants into or upon land, the atmosphere or any watercourse or body of water.  Claims-made coverage is permitted, provided the policy retroactive date is continuously maintained prior to the 7th Floor Term Commencement Date, and coverage is continuously maintained during all periods in which Tenant occupies the Premises.  Coverage shall be maintained with limits of not less than $1,000,000 per incident with a $2,000,000 policy aggregate.

EXHIBIT C
7TH FLOOR TI ALLOWANCE REALLOCATION AGREEMENT
THIS 7TH FLOOR TI ALLOWANCE REALLOCATION AGREEMENT (this “Agreement”) is entered into as of this 27th day of June, 2016, by and between BMR-500 FAIRVIEW AVENUE LLC, a Delaware limited liability company (“Landlord”), and NANOSTRING TECHNOLOGIES, INC., a Delaware corporation (“Tenant”), and is attached to and made a part of that certain First Amendment to Lease dated of even date herewith (the “Lease Amendment”), by and between Landlord and Tenant, which amends that certain Lease dated as of December 22, 2014 (as amended by the Lease Amendment, and as the same may be further amended, amended and restated, supplemented or otherwise modified from time to time, the “Lease”), by and between Landlord and Tenant, for the Premises located at 500 Fairview Avenue North, Seattle, Washington 98109.  All capitalized terms used but not otherwise defined herein shall have the meanings given them in the Lease Amendment. 
RECITALS
A.WHEREAS, pursuant to the Lease Amendment, Landlord has agreed to contribute a tenant improvement allowance in the amount of Two Million Four Hundred Seventy Two Thousand Nine Hundred Eighty and 15/100 Dollars ($2,472,980.15) (the “7th Floor TI Allowance”) to be used for the construction of certain tenant improvements (the “7th Floor Tenant Improvements”) in the 7th Floor Premises by Tenant; and

B.WHEREAS, pursuant to the Lease, Landlord has agreed to contribute a tenant improvement allowance in the amount of Two Million Five Hundred Ninety Thousand Five Hundred Ten and No/100 Dollars ($2,590,510.00) (the “Original Premises TI Allowance”) to be used for the construction of certain tenant improvements (the “Original Premises Tenant Improvements”) in the Original Premises by Tenant; and

C.WHEREAS, Tenant has requested, and Landlord has agreed to grant to Tenant, the 7th Floor TI Allowance Reallocation Right (as defined below), on the terms and conditions set forth in the Lease Amendment and in this Agreement.  
D.

AGREEMENT
NOW, THEREFORE, Landlord and Tenant, in consideration of the Recitals set forth above which are incorporated herein by this reference, and in consideration of mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, agree as follows:
1.Reallocation of TI Allowance.  If the cost of the 7th Floor Tenant Improvements exceeds the amount of the 7th Floor TI Allowance, then Tenant shall have the right (the “7th Floor TI Allowance Reallocation Right”) to reallocate all or a portion of any unused Original Premises TI Allowance to pay such excess cost of the 7th Floor Tenant Improvements up to three (3) times (subject to the limitations set forth in the Lease and this Agreement), provided, however, that all of the following conditions must be satisfied at the time that Tenant exercises the 7th Floor TI Allowance Relocation Right:

(a)Tenant shall have expended all of the 7th Floor TI Allowance;

(b)No later than the TI Deadline for the Original Premises TI Allowance, Tenant shall have delivered to Landlord a written request to reallocate a portion of the unused Original Premises TI Allowance to pay the remaining cost to complete the construction of the 7th Floor Tenant Improvements, setting forth the amount of the Original Premises TI Allowance that Tenant desires to reallocate (the “7th Floor Reallocated TI Allowance Amount”); and

(c)Tenant shall not be in default beyond any applicable notice and cure periods under the Lease.

2.Effect of 7th Floor TI Allowance Reallocation.  Immediately upon Tenant’s exercise of the 7th Floor TI Allowance Reallocation Right in accordance with Section 1 above, (a) the Original Premises TI Allowance shall be reduced by the 7th Floor Reallocated TI Allowance Amount, and Landlord shall have no further obligation to fund the 7th Floor Reallocated TI Allowance Amount for the performance of the Original Premises Tenant Improvements, and (b) the 7th Floor TI Allowance shall be increased by the 7th Floor Reallocated TI Allowance Amount, and Landlord shall be obligated to disburse the 7th Floor Reallocated TI Allowance Amount to pay the cost of the 7th Floor Tenant Improvements in accordance with and subject to the limitations of the Lease Amendment and this Agreement. 

3.Time of the Essence.  Time shall be of the essence with respect to Tenant’s exercise of the 7th Floor TI Allowance Reallocation Right.  Tenant acknowledges that it would be inequitable to require Landlord to allow any reallocation of the Original Premises TI Allowance after the TI Deadline for the Original Premises TI Allowance.  The period of time within which Tenant may exercise the 7th Floor TI Allowance Reallocation Right shall not be extended or enlarged by reason of Tenant’s inability to exercise the 7th Floor TI Allowance Reallocation Right due to a failure of any of the conditions set forth in Section 1 above.

4.TI Deadline.  Landlord and Tenant hereby acknowledge that the TI Deadline for the Original Premises TI Allowance is February 12, 2017.

5.Incorporation of Lease Provisions.  Sections 40.6 through 40.19 of the Existing Lease are incorporated into this Agreement by reference, and shall apply to this Agreement in the same way that they apply to the Lease.

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]
IN WITNESS WHEREOF, Landlord and Tenant have executed this Agreement to be effective on the date first above written.
LANDLORD:
BMR-500 FAIRVIEW AVENUE LLC,
a Delaware limited liability company
By:    /s/ Kevin M. Simonsen                    
Name:    Kevin M. Simonsen        
Title:    Sr. VP, Real Estate Legal            
TENANT:
NANOSTRING TECHNOLOGIES, INC.,
a Delaware corporation
By:    /s/ Wayne D. Burns                
Name:    Wayne D. Burns            
Title:    Sr. VP, Operations & Administration            

    

EXHIBIT D
LANDLORD IMPROVEMENTS
The work described in this Exhibit to be completed by Landlord (collectively, the “Landlord Improvements”) shall be performed by Landlord at Landlord’s sole cost.  To the extent such improvements are required to meet the requirements of this Exhibit, such improvements shall be part of the Landlord Improvements and will not be deducted from the 7th Floor TI Allowance or passed through as an Operating Expense.  This shall include any hidden conditions that may be discovered during execution of the either the Landlord Improvements or the 7th Floor Tenant Improvements. 
		
	1.
	GENERAL INFORMATION

		
	a.
	Occupancy Type:        B (Lab/Office)

		
	b.
	Number of Floors:        7+ Mechanical Penthouse + 2 1⁄2 level garage

		
	c.
	Building Area:        approximately 122,702 rentable square feet

		
	d.
	Floor Dimension:        approximately 170’ x 98

		
	e.
	Floor to Floor:         16’-0” (Level 1); minimum 14’-0” (Levels 2-7)

		
	2.
	SYSTEMS

		
	a.
	Perimeter Interior Wall: Landlord to provide perimeter window stool trim/sill material for install by Tenant.

		
	b.
	Restrooms: Men's and women's restrooms at 7th Floor Premises as-is.  

		
	c.
	Parking Ratio: approximately 1.0 / 1,000.  

		
	3.
	STRUCTURE

		
	a.
	Construction Type: Reinforced Concrete 

		
	b.
	Bay Size: approximately 21’ x 31' 

		
	c.
	Floor Loads: 100 psf live load. 

		
	d.
	Floor Levelness: Ff35 (25 local) and Fl 25 (15 local) 

		
	e.
	Floor Sleeves:  Landlord to provide floor plan which identifies engineered zones for future floor penetrations.  All penetrations to be performed by Tenant and must be submitted to Landlord for review and approval.   

		
	4.
	MEPFP

		
	a.
	Water: 4” service 

		
	b.
	Fire protection and life safety: Per NFPA 13 and City of Seattle Fire Code. Includes 6” fire service with onsite fire storage tank and fire pump. For the 7th Floor Premises, system includes, where applicable, a main loop and secondary distribution installed through or below bottom of floor framing, sized to handle open space plan layout. Routing of piping will be tight to core and shell structure, where possible. 

		
	c.
	Switchboards: One (1) 3000A, three (3) 800A, and one (1) 400A. 

		
	d.
	Base-building Switchgear: included 

		
	e.
	Shaft space: dedicated for tenant use per the attached Proposed Shaft Allocation Plan (see Exhibit D-1).  The Proposed Shaft Allocation Plan is subject to change, however Landlord will provide Tenant with substantially the same amount of supply air and exhaust shafts as are shown on the Proposed Shaft Allocation Plan.

		
	5.
	VENTILATION AND AIR DISTRIBUTION SYSTEM 

		
	a.
	Air handling units: The 7th Floor Premises will receive up to 20,000 cfm via a system that is shared across multiple floors of the Building.  Units are 100% outside-air type, suitable for lab build-out. The system also includes a run-around glycol heat recovery coil, cooling coil, heating coil and final filtration. 

		
	b.
	Air distribution: The system supplies and exhausts air into duct mains installed on the roof. Supply and exhaust ductwork is routed from the duct mains down shafts and extended to the 7th Floor Premises and capped. The system is designed for Tenant Improvement supply and exhaust ductwork to be looped, interconnecting the shafts. 

		
	c.
	Dampers: Fire smoke dampers are included at all supply and return air branch terminations at shafts. Control dampers will be provided by Tenant. 

		
	d.
	Fume Exhausts.  See Proposed Shaft Allocation and Proposed Roof Allocation plans, attached as Exhibits D-1 and D-2 respectively.    All fume exhaust requirements are Tenant’s responsibility to design, procure, and install as part of Tenant Improvements.

		
	6.
	HEATING SYSTEM 

		
	a.
	Boilers: The 7th Floor Premises will receive 50gpm, 140F in, 110F out hot water via a system that is shared across multiple floors of the Building. 

		
	b.
	Hot water distribution: Hot water reheat distribution will be capped and valved at the  7th Floor Premises.  

		
	c.
	Heating System.  Heating system is designed to a low of ASHRAE 99.6%/24F. 18  ̊F outside design temperature will be accomplished by the backup boiler and control system programming. 

		
	7.
	VARIABLE REFRIGERANT FLOW (VRF) SYSTEM:  Space is allocated on the roof and in the shafts for installed VRF units, ducting and piping.  Landlord will reimburse Tenant for up to 24 Tons of roof top VRF equipment and piping to the floor. Tenant to provide indoor unit, complete refrigeration piping from shaft to units, controls and electrical during buildout.  Tenant shall be responsible for designing and permitting complete VRF system.  See Proposed Shaft Allocation and Proposed Roof Allocation plans attached as Exhibits D-1 and D-2 respectively.  The Proposed Shaft Allocation Plan and the Proposed Roof Allocation Plan are subject to change, however Landlord will provide Tenant with substantially the same amount of supply air and exhaust shafts as are shown on the Proposed Shaft Allocation Plan and substantially the same amount of roof allocations as are shown on the Proposed Roof Allocation Plan.

		
	8.
	COOLING SYSTEM:  Cooling system is designed to a high of ASHRAE 0.4%/86.1F. 95 ̊F outside design temperature will be accomplished by the backup chiller and control system programming. 

		
	9.
	HVAC CONTROLS 

		
	a.
	System: Includes a head-end DDC system to control the air handling units, boilers, chillers and pumps with dedicated capacity for 40 Tenant devices. Local control panels will be provided by Tenant.  

		
	b.
	Integration: Tenant’s controls are to integrate with the base Building head-end DDC system. Graphics and programming of Tenant Improvement controls are a Tenant cost as a part of the Tenant Improvement work. 

		
	10.
	WATER 

		
	a.
	Domestic hot water and cold water: Mains are capped and valved at 7th Floor Premises for Tenant use. 

		
	b.
	Non-Potable hot and cold water: Non-Potable Lab Water and Emergency Eyewash/shower to utilize domestic water risers at the 7th Floor Premises. All piping, accessory equipment, devices, and heating will be provided by Tenant. 

All water systems are to be stubbed outside of shaft or located in accessible area within corridors.
		
	11.
	WASTE NEUTRALIZATION: Such system will be provided by Tenant. Waste neutralization needs to occur before connecting to base Building piping systems.  

		
	12.
	POWER: The 7th Floor Premises will have one (1) dedicated 277/480V 600amp panel for normal power.  The rooftop/mechanical penthouse will have a 277/480V, 1200amp main panel, of which Tenant will have dedicated use of Tenant’s Pro Rata Share, with a sub-panel to be provided by Tenant. 

		
	13.
	FIRE ALARM: The fire alarm panel has dedicated capacity for 150 addressable devices for Tenant’s use.

 
		
	14.
	TENANT STANDBY GENERATOR: The Landlord system includes a 750kW generator located in the basement, basement distribution panels, vertical bus duct, one (1) 150amp, 277/480V distribution panel dedicated for Tenant’s use in the 7th Floor Premises, of which Tenant will have dedicated use of Tenant’s Pro Rata Share, with a sub-panel to be provided by Tenant.

		
	15.
	TELECOM: A raceway from the base Building main panel to a coordinated tenant IDF location within the 7th Floor Premises is dedicated for Tenant’s use. 

 
		
	16.
	SECURITY: Tenant is responsible for providing, installing, and maintaining security system within the 7th Floor Premises. 

		
	17.
	WINDOW COVERINGS:  To be provided by Landlord in accordance with Building standard.

EXHIBIT - D-1
PROPOSED SHAFT ALLOCATION PLANS
[See attached]

EXHIBIT - D-2
PROPOSED ROOF ALLOCATION PLANS
[See attached]

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