Document:

EX-10.5

 Exhibit 10.5 
  

 
  

ASSET REPRESENTATIONS REVIEW AGREEMENT 

SANTANDER DRIVE AUTO RECEIVABLES TRUST 2016-1, 

as Issuer 
 and 

SANTANDER CONSUMER USA INC., 
 as
Sponsor and Servicer 
 and 

CLAYTON FIXED INCOME SERVICES LLC, 

as Asset Representations Reviewer 
  

 
 Dated as of
February 17, 2016 
  
  

 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	 ARTICLE I.
	  	 DEFINITIONS
	  	 	1	  
			
	 Section 1.01
	  	 Definitions
	  	 	1	  
			
	 ARTICLE II.
	  	 ENGAGEMENT; ACCEPTANCE
	  	 	3	  
			
	 Section 2.01
	  	 Engagement; Acceptance
	  	 	3	  
			
	 Section 2.02
	  	 Eligibility of Asset Representations Reviewer
	  	 	3	  
			
	 Section 2.03
	  	 Independence of the Asset Representations Reviewer
	  	 	3	  
			
	 ARTICLE III.
	  	 DUTIES OF THE ASSET REPRESENTATIONS REVIEWER
	  	 	3	  
			
	 Section 3.01
	  	 Review Scope
	  	 	3	  
			
	 Section 3.02
	  	 Review Notices
	  	 	3	  
			
	 Section 3.03
	  	 Review Materials
	  	 	4	  
			
	 Section 3.04
	  	 Missing or Incomplete Review Materials
	  	 	4	  
			
	 Section 3.05
	  	 The Asset Representations Review
	  	 	5	  
			
	 Section 3.06
	  	 Review Period
	  	 	5	  
			
	 Section 3.07
	  	 Review Report
	  	 	5	  
			
	 Section 3.08
	  	 Completion of Review for Certain Subject Receivables
	  	 	5	  
			
	 Section 3.09
	  	 Termination of Review
	  	 	6	  
			
	 Section 3.10
	  	 Review and Procedure Limitations
	  	 	6	  
			
	 Section 3.11
	  	 Review Systems
	  	 	6	  
			
	 Section 3.12
	  	 Representatives
	  	 	6	  
			
	 Section 3.13
	  	 Dispute Resolution
	  	 	7	  
			
	 Section 3.14
	  	 Records Retention
	  	 	7	  
			
	 Section 3.15
	  	 No Delegation
	  	 	7	  
			
	 ARTICLE IV.
	  	 PAYMENTS TO ASSET REPRESENTATIONS REVIEW
	  	 	7	  
			
	 Section 4.01
	  	 Annual Fee
	  	 	7	  
			
	 Section 4.02
	  	 Review Fee
	  	 	8	  
			
	 Section 4.03
	  	 Dispute Resolution Expenses
	  	 	8	  
			
	 Section 4.04
	  	 Payment
	  	 	8	  
			
	 Section 4.05
	  	 Payments by the Issuer
	  	 	8	  

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 ARTICLE V.
	  	 OTHER MATTERS PERTAINING TO THE ASSET REPRESENTATIONS REVIEWER
	  	 	9	  
			
	 Section 5.01
	  	 Representations and Warranties of the Asset Representations Reviewer
	  	 	9	  
			
	 Section 5.02
	  	 Limitation of Liability of Asset Representations Reviewer
	  	 	10	  
			
	 Section 5.03
	  	 Indemnification of Asset Representations Reviewer
	  	 	10	  
			
	 Section 5.04
	  	 Indemnification by Asset Representations Reviewer
	  	 	10	  
			
	 ARTICLE VI.
	  	 REMOVAL, RESIGNATION; SUCCESSOR ASSET REPRESENTATION REVIEWER
	  	 	11	  
			
	 Section 6.01
	  	 Eligibility Requirements for Asset Representations Reviewer
	  	 	11	  
			
	 Section 6.02
	  	 Resignation and Removal of Asset Representations Reviewer
	  	 	11	  
			
	 Section 6.03
	  	 Successor Asset Representations Reviewer
	  	 	12	  
			
	 Section 6.04
	  	 Merger, Consolidation or Succession
	  	 	12	  
			
	 ARTICLE VII.
	  	 TREATMENT OF CONFIDENTIAL INFORMATION
	  	 	13	  
			
	 Section 7.01
	  	 Confidential Information
	  	 	13	  
			
	 Section 7.02
	  	 Safeguarding Personally Identifiable Information
	  	 	14	  
			
	 ARTICLE VIII.
	  	 OTHER MATTERS PERTAINING TO THE ISSUER
	  	 	15	  
			
	 Section 8.01
	  	 Termination of this Agreement
	  	 	15	  
			
	 Section 8.02
	  	 Limitation of Liability
	  	 	16	  
			
	 ARTICLE IX.
	  	 MISCELLANEOUS PROVISIONS
	  	 	16	  
			
	 Section 9.01
	  	 Amendment
	  	 	16	  
			
	 Section 9.02
	  	 Notices, Etc
	  	 	17	  
			
	 Section 9.03
	  	 Severability Clause
	  	 	18	  
			
	 Section 9.04
	  	 Counterparts
	  	 	18	  
			
	 Section 9.05
	  	 Governing Law
	  	 	18	  
			
	 Section 9.06
	  	 Headings
	  	 	18	  
			
	 Section 9.07
	  	 Counterparts
	  	 	18	  
			
	 Section 9.08
	  	 Waivers
	  	 	18	  
			
	 Section 9.09
	  	 Entire Agreement
	  	 	18	  
			
	 Section 9.10
	  	 Severability of Provisions
	  	 	19	  
			
	 Section 9.11
	  	 Binding Effect
	  	 	19	  
			
	 Section 9.12
	  	 Cumulative Remedies
	  	 	19	  
			
	 Section 9.13
	  	 Nonpetition Covenant
	  	 	19	  

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 Section 9.14
	  	 Submission to Jurisdiction; Waiver of Jury Trial
	  	 	19	  
			
	 Section 9.15
	  	 Third-Party Beneficiaries
	  	 	20	  
		
	Exhibit A - Agreed Upon Procedures	  			

  
 -iii- 

 ASSET REPRESENTATIONS REVIEW AGREEMENT 

This ASSET REPRESENTATIONS REVIEW AGREEMENT is made and entered into as of February 17, 2016 (this “Agreement”), by and
between Santander Drive Auto Receivables Trust 2016-1, a Delaware statutory trust (the “Issuer”), Santander Consumer USA Inc., an Illinois corporation (“SCUSA”, and in its capacity as sponsor, the
“Sponsor” and in its capacity as servicer, the “Servicer”), and Clayton Fixed Income Services LLC, a Delaware limited liability company (“Clayton”, and in its capacity as asset representations
reviewer, the “Asset Representations Reviewer”). 
 WHEREAS, the Issuer will engage the Asset Representations Reviewer to
perform reviews of Receivables for compliance with the representations and warranties made by the Sponsor regarding such Receivables. 

NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 
 ARTICLE I.

 DEFINITIONS 

Section 1.01 Definitions. Except as otherwise defined herein or as the context may otherwise require, capitalized terms used but
not otherwise defined herein are defined in Appendix A to the Sale and Servicing Agreement dated as of the date hereof (as from time to time amended, supplemented or otherwise modified and in effect, the “Sale and
Servicing Agreement”) between the Issuer, the Servicer, Santander Drive Auto Receivables LLC and Wells Fargo Bank, National Association, as indenture trustee, which also contains rules as to usage that are applicable herein. 

Whenever used in this Agreement, the following words and phrases shall have the following meanings: 

“Annual ARR Fee” has the meaning set forth in Section 4.01. 

“Asset Review” means the completion by the Asset Representations Reviewer of the procedures listed under “Tests” in
Exhibit A for each Subject Receivable as further described in Section 3.05. 
 “Client Records” has the meaning set
forth in Section 3.14. 
 “Confidential Information” has the meaning set forth in Section 7.01. 

“Disclosing Party” has the meaning set forth in Section 7.01. 

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

 “Eligibility Representations” shall mean those representations identified within
the “Tests” included in Exhibit A. 
 “Indemnified Person” has the meaning set forth in Section 5.03. 

“Personally Identifiable Information” or “PII” has the meaning set forth in Section 7.02. 

“Privacy Laws” has the meaning set forth in Section 7.02. 

“Receiving Party” has the meaning set forth in Section 7.01. 

“Representatives” has the meaning set forth in Section 7.01. 

“Review Fee” has the meaning set forth in Section 4.02. 

“Review Invoice” means, with respect to any Asset Review, a detailed invoice prepared by the Asset Representations Reviewer
setting forth the calculation of the applicable Review Fee for such Asset Review. 
 “Review Materials” means the
documents, data, and other information required for each “Test” in Exhibit A. 
 “Review Period” has the meaning
set forth in Section 3.06. 
 “Review Report” has the meaning set forth in Section 3.07. 

“Subject Receivables” means, for any Asset Review, all Receivables which are 60-Day Delinquent Receivables as of the related
Review Satisfaction Date; provided, that any Receivable repurchased by the Sponsor or the Servicer in accordance with the Transaction Documents after the Review Satisfaction Date will no longer be a Subject Receivable. 

“Tests” mean the procedures listed in Exhibit A as applied to the process described in Section 3.05. 

“Test Complete” has the meeting set forth in Section 3.08. 

“Test Fail” has the meaning set forth in Section 3.05. 

“Test Incomplete” has the meaning set forth in Section 3.05. 

“Test Pass” has the meaning set forth in Section 3.05. 

  
 2 

 ARTICLE II. 

ENGAGEMENT; ACCEPTANCE 

Section 2.01 Engagement; Acceptance. 

The Issuer hereby engages Clayton to act as the Asset Representations Reviewer for the Issuer. Clayton hereby accepts the engagement and
agrees to perform the obligations of the Asset Representations Reviewer on the terms stated in this Agreement. 
 Section 2.02
Eligibility of Asset Representations Reviewer. 
 Clayton represents and warrants to the Issuer and the Sponsor that it is an
Eligible Asset Representations Reviewer. The Asset Representations Reviewer will notify the Issuer, the Sponsor 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. 
 Section 2.03 Independence of the Asset Representations Reviewer. 

The Asset Representations Reviewer will be an independent contractor and will not be subject to the supervision of the Issuer, the Indenture
Trustee or the Owner Trustee for the manner in which it accomplishes the performance of its obligations under this Agreement. Unless expressly authorized by the Issuer, the Indenture Trustee or the Owner Trustee, the Asset Representations
Reviewer will have no authority to act for or represent the Issuer, the Indenture Trustee or the Owner Trustee, respectively, and will not be considered an agent of the Issuer, the Indenture Trustee or the Owner Trustee. Nothing in this
Agreement will make the Asset Representations Reviewer and any of the Issuer, the Indenture Trustee or the Owner Trustee members of any partnership, joint venture or other separate entity or impose any liability as such on any of them. 

ARTICLE III. 
 DUTIES OF
THE ASSET REPRESENTATIONS REVIEWER 
 Section 3.01 Review Scope. 

The parties confirm that the Asset Representations Review is not responsible for (a) reviewing the Receivables for compliance with the
representations and warranties under the Transaction Documents, except as described in this Agreement or (b) determining whether noncompliance with the representations and warranties constitutes a breach of the Eligibility Representations. For
the avoidance of doubt, the parties confirm that the review is not designed to determine why an Obligor is delinquent or the creditworthiness of the Obligor, either at the time of any Asset Review or at the time of origination of the related
Receivable. Further, the Asset Review is not designed to establish cause, materiality or recourse for any Test Fail (as defined in Section 3.05). 

Section 3.02 Review Notices. 

Upon receipt of (i) a Review Notice from the Indenture Trustee in accordance with Section 7.6(b) of the Indenture
and (ii) the Review Materials in accordance with Section 3.03 of this Agreement, the Asset Representations Reviewer will start an Asset Review. The Asset Representations Reviewer will not be obligated to begin, and may not begin, an
Asset Review 

  
 3 

 
until the Asset Representations Reviewer receives a Review Notice. Within ten Business Days of receipt of a Review Notice, the Servicer shall provide the list of Subject Receivables to the
Asset Representations Reviewer in the format selected by the Servicer to the address specified in Section 9.02. 
 None of the
Issuer, the Servicer, the Sponsor nor the Asset Representations Reviewer is obligated to verify whether the Indenture Trustee properly determined that a Review Notice was required. None or the Issuer, the Sponsor nor the Asset Representations
Reviewer is obligated to verify the accuracy or completeness of the list of Subject Receivables provided by the Servicer. 
 Section 3.03
Review Materials. 
 The Servicer will provide reasonable assistance to the Asset Representations Reviewer to facilitate the Asset
Review. Within 60 days of receipt by the Servicer of the Review Notice, the Servicer will provide the Asset Representations Reviewer with the Review Materials for all Subject Receivables in one or more of the following ways, as elected by the
Servicer: (i) by providing access to the Servicer’s receivables system, either remotely or at one or more of the properties of the Servicer; (ii) by electronic posting of Review Materials to a password-protected website to which the Asset
Representations Reviewer has access; (iii) by providing originals or photocopies at one or more of the properties of the Servicer where the Receivables Files are located; (iv) by sending originals or photocopies of Review Materials to the Asset
Representations Reviewer at the address specified in Section 9.02; or (v) in another manner agreed to by the Servicer and the Asset Representations Reviewer. The Servicer may redact or remove Personally Identifiable Information from the
Review Materials so long as such redaction or removal does not result in a change in the meaning or usefulness of the Review Materials. The Asset Representations Reviewer shall not be liable for any failure of the Review Materials to be accurate and
complete, including any failure that results in the Review Materials being misleading in any material respect. 
 Section 3.04 Missing or
Incomplete Review Materials. 
 The Asset Representations Reviewer will complete the Tests for each Eligible Representation only using
documentation that is made available. Upon receipt of the Review Materials, the Asset Representations Reviewer will complete an initial document inventory to verify there are no systemic documentation errors, including but not limited to
consistently missing or incomplete information in each Subject Receivable File. Once the Asset Representations Reviewer has confirmed the majority of the Review Materials have been provided in accordance with Section 3.03, the Asset
Representations Reviewer will commence the Asset Review. In instances where Review Material is not accessible, clearly unidentifiable, and/or illegible, the Asset Representations Reviewer will request that the Servicer (with a copy to the
Sponsor) provide an updated copy of such Review Material. If the Servicer and the Sponsor have not provided the missing Review Material for a Subject Receivable to the Asset Representations Reviewer within 60 days of notification by the Asset
Representations Reviewer, the parties agree that such Subject Receivable will have a Test Incomplete for the related Test(s) and the Review Report will indicate the reason for the Test Incomplete. 

  
 4 

 Section 3.05 The Asset Representations Review. 

For an Asset Review, the Asset Representations Reviewer will perform the applicable procedures listed under “Tests” in Exhibit A for
each Eligibility Representation. In the course of its review, the Asset Representations Reviewer will use the Review Materials listed in Exhibit A. For each Test, the Asset Representations Reviewer will determine if the Test has been satisfied (a
“Test Pass”), if the Test has not been satisfied (a “Test Fail”) or if the Test could not be concluded as a result of missing or incomplete Review Materials (a “Test Incomplete”). 

If a Subject Receivable was included in a prior Asset Review, the Asset Representations Reviewer will not conduct additional Tests on any such
duplicate Subject Receivable unless such Subject Receivable was deemed a Test Incomplete as a result of the failure of the Servicer and the Sponsor to provide missing Review Material for such Subject Receivable and the Sponsor elects to have such
Subject Receivable included in the current Asset Review. The Asset Representations Reviewer will include the previously reported Test results for any such duplicate Subject Receivable within the Review Report for the current Asset Review. 

Section 3.06 Review Period. 

The Asset Representations Reviewer will complete the Review within 60 days of receiving access to the Review Materials in accordance with
Section 3.03 (such time period, the “Review Period”); provided, that if additional Review Materials are provided to the Asset Representations Reviewer as described in Section 3.04, the Review Period will be
extended for an additional 30 days. 
 Section 3.07 Review Report. 

Within five Business Days following the applicable Review Period described in Section 3.06, the Asset Representations Reviewer will
provide the Issuer, the Sponsor, the Servicer and Indenture Trustee with (i) a report (a “Review Report”) specifying for each Subject Receivable whether there was a Test Pass, a Test Fail, a Test Incomplete (as contemplated by
Section 3.05) or a Test Complete (as contemplated by Section 3.08) for each Test and Subject Receivable and (ii) the related Review Invoice. The Review Report will include a summary of the findings and conclusions of the Asset
Representations Reviewer with respect to the Asset Review to be included in the Form 10-D for the Issuer for the Collection Period in which the Review Report is received. The Asset Representations Reviewer will ensure that the Review Report
does not contain any Personally Identifiable Information. For the avoidance of doubt, the Indenture Trustee shall have no obligation to forward the Review Report to any Noteholder or any other person. 

Section 3.08 Completion of Review for Certain Subject Receivables. 

Following the delivery of the list of the Subject Receivables and before the delivery of the Review Report by the Asset Representations
Reviewer, the Servicer may notify the Asset Representations Reviewer if a Subject Receivable is paid in full by or on behalf of the Obligor or purchased from the Issuer by the Sponsor or the Servicer in accordance with the Transaction Documents. On
receipt of notice, the Asset Representations Reviewer will immediately terminate all Tests of such Receivables and the Asset Review of such Receivables will be considered complete (a “Test Complete”). In this case, the Review Report
will indicate a Test Complete for the Receivables and the related reason. 

  
 5 

 Section 3.09 Termination of Review. 

If an Asset Review is in process and the Notes will be paid in full on the next Payment Date (including any payment in full as a result of any
early redemption of the Notes), the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than ten days before that Payment Date. On receipt of notice, the Asset Representations Reviewer will terminate the
Asset Review immediately and will not be obligated to deliver a Review Report. 
 Section 3.10 Review and Procedure Limitations. 

The Asset Representations Reviewer will have no obligation (i) to determine whether a Delinquency Trigger has occurred, (ii) to determine
whether the required percentage of Noteholders has voted to direct an Asset Review and may rely on the information in any Review Notice delivered by the Indenture Trustee, (iii) to determine which Receivables are Subject Receivables and may rely on
the list of Subject Receivables provided by the Servicer, (iv) to confirm the validity of the Review Materials, (v) other than as specified in Section 3.03, to obtain missing or insufficient Review Materials, or (vi) to take any action or to
cause any other party to take any action under any of the Transaction Documents to enforce any remedies for any breach of a representation, warranty or covenant, including any Eligibility Representation. 

The Asset Representations Reviewer shall only be required to perform the testing procedures listed under “Tests” in Exhibit
A, and shall have no obligation to perform to perform additional testing procedures on any Subject Receivables or to consider any additional information provided by any party. The Asset Representations Reviewer shall have no obligation to
provide reporting or other information other than the Review Report described in Section 3.07. However, the Asset Representations Reviewer may provide additional information about any Subject Receivable that it determines in good faith
to be material to its performance of an Asset Review. 
 Section 3.11 Review Systems. 

The Asset Representations Reviewer shall maintain and utilize an electronic case management system to manage the Tests and to provide
systematic control over each step in the Review process and ensure consistency and repeatability for the Tests. The Asset Representations Reviewer will ensure that these systems allow for each Subject Receivable and the related Review Materials to
be individually tracked and stored as contemplated by this Agreement. The Asset Representations Reviewer will maintain adequate staff that is properly trained to conduct Asset Reviews as required by this Agreement. 

Section 3.12 Representatives. 

(a) Servicer Representative. The Servicer will provide reasonable access to one or more designated representatives to respond to
reasonable requests and inquiries made by the Asset Representations Reviewer in its completion of an Asset Review. 

  
 6 

 (b) Asset Representations Review Representative. The Asset Representations Reviewer will
provide reasonable access to one or more designated representatives to respond to reasonable requests and inquiries made by the Servicer, the Sponsor, the Issuer or the Indenture Trustee during the Asset Representations Reviewer’s completion of
an Asset Review. The Asset Representations Reviewer shall have no obligation to respond to requests or inquires, and other than as specified in Section 3.13 shall not respond to requests or inquiries, made by any Person not party to this
Agreement other than the Indenture Trustee; provided, that if the Asset Representations Reviewer receives any request or inquiry from a Person not a party to this Agreement, then the Asset Representations Reviewer may inform such Person that
they may contact the Servicer and/or the Indenture Trustee with respect to such request or inquiry. 
 Section 3.13 Dispute
Resolution. 
 If a Subject Receivable that was reviewed by the Asset Representations Reviewer during an Asset Review is the subject of
a dispute resolution proceeding under Section 9.24 of the Sale and Servicing Agreement, the Asset Representations Reviewer shall participate in the dispute resolution proceeding on request of a party to the proceeding. The reasonable
out-of-pocket expenses and reasonable compensation 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 (subject to
Section 4.03) will be paid by a party to the dispute resolution as determined by the mediator or arbitrator for the dispute resolution according to Section 9.24 of the Sale and Servicing Agreement. 

Section 3.14 Records Retention. 

The Asset Representations Reviewer will maintain copies of Review Materials, Review Reports and internal work papers and correspondence
(collectively the “Client Records”) for a period of two years after the termination of this Agreement. At the expiration of the retention period, the Asset Representations Reviewer shall return all Client Records to the Servicer, in
electronic format or, to the extent held in tangible form, in that form. Upon the return of the Client Records, the Asset Representations Reviewer shall have no obligation to retain such Client Records or to respond to inquiries concerning the Asset
Review. 
 Section 3.15 No Delegation. 

The Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person without the consent of
the Issuer, the Sponsor and the Servicer. 
 ARTICLE IV. 

PAYMENTS TO ASSET REPRESENTATIONS REVIEW 

Section 4.01 Annual Fee. 

As compensation for its activities hereunder, the Asset Representations Reviewer shall be entitled to receive an annual fee in an amount equal
to $7,500.00 (the “Annual ARR Fee”) during the term of this Agreement, which shall be paid by or on behalf of the Sponsor within 30 days of 

  
 7 

 
the date hereof, with respect to the initial Annual ARR Fee, and within 30 days of the annual anniversary of this Agreement; provided, however, that if the Asset Representations Reviewer resigns
or is removed in accordance with Section 6.02, then the Asset Representations Reviewer shall refund to the Sponsor a portion of the Annual ARR Fee attributable to the portion of the annual period during which Clayton will no longer act as the
Asset Representations Reviewer, assuming for purposes of such calculation that the Annual ARR Fee for each day during the annual period is an amount equal to the Annual ARR Fee divided by 365. 

Section 4.02 Review Fee. 

Following the completion of an Asset Review and delivery to the Indenture Trustee, the Sponsor, the Servicer and the Issuer of the Review
Report and the related Review Invoice, the Sponsor shall pay to the Asset Representations Reviewer a fee of $200.00 for each Subject Receivable for which the Asset Review was completed plus reasonable out-of-pocket expenses incurred in connection
with travel to the location at which Review Materials are made available in accordance with Section 3.03 (the “Review Fee”). However, no Review Fee will be charged for any Subject Receivable which was included in a prior
Asset Review or for which no Tests were completed prior to the Asset Representations Reviewer being notified of a termination of the Asset review according to Section 3.09. To the extent not paid by the Sponsor and outstanding for at
least 90 days after receipt by the Indenture Trustee, the Sponsor, the Servicer and the Issuer of the Review Invoice, the Review Fee shall be paid by the Issuer pursuant to the priority of payments sets forth in Section 4.4 of the Sale and
Servicing Agreement or Section 5.4(b) of the Indenture, as applicable. For the avoidance of doubt, there shall be no aggregate limit on the Review Fee paid by the Sponsor to the Asset Representations Reviewer pursuant to this Section
4.02. 
 Section 4.03 Dispute Resolution Expenses.  

If the Asset Representations Reviewer participates in a dispute resolution proceeding under Section 3.13 and its reasonable
out-of-pocket expenses and reasonable compensation for the time 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 Sponsor will reimburse the Asset
Representations Reviewer for such expenses upon receipt of a detailed invoice. 
 Section 4.04 Payment.  
 All payments made to the Asset Representations Reviewer shall be made to the account
specified by the Asset Representations Reviewer from time to time in writing to the Indenture Trustee, the Sponsor, the Servicer and the Issuer. 

Section 4.05 Payments by the Issuer. 

The Asset Representations Reviewer acknowledges and agrees that any payments payable by the Issuer under this Agreement, including pursuant to
this Article IV or Section 5.03, shall be limited to amounts available to make such payments pursuant to Section 4.4 of the Sale and Servicing Agreement and Section 5.4(b) of the Indenture, as applicable. 

  
 8 

 ARTICLE V. 

OTHER MATTERS PERTAINING TO THE ASSET REPRESENTATIONS REVIEWER 

Section 5.01 Representations and Warranties of the Asset Representations Reviewer. 

Clayton hereby makes the following representations and warranties as of the date hereof: 

(a) Existence and Power. Clayton is a corporation validly existing and in good standing under the laws of its state of
organization and has, in all material respects, full power and authority to own its assets and operate its business as presently owned or operated, and to execute, to deliver and to perform its obligations under this Agreement. Clayton has
obtained all necessary licenses and approvals in each jurisdiction where the failure to do so would materially and adversely affect the ability of Clayton to perform its obligations under this Agreement. 

(b) Authorization and No Contravention. The execution, delivery and performance by Clayton of the Transaction Documents to which
it is a party have been duly authorized by all necessary corporate action on the part of Clayton and do not contravene or constitute a default under (i) any applicable law, rule or regulation, (ii) its organizational documents or (iii) any material
indenture or material agreement or instrument to which Clayton is a party or by which its properties are bound (other than violations of such laws, rules, regulations, organizational documents, indentures, agreements or instruments which do not
affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or Clayton’s ability to perform its obligations
under, this Agreement). 
 (c) No Consent Required. No approval or authorization by, or filing with, any Governmental Authority
is required in connection with the execution, delivery and performance by Clayton of this Agreement other than (i) approvals and authorizations that have previously been obtained and filings that have previously been made and (ii) approvals,
authorizations or filings which, if not obtained or made, would not have a material adverse effect on the ability of Clayton to perform its obligations under this Agreement. 

(d) Binding Effect. This Agreement constitutes the legal, valid and binding obligation of Clayton enforceable against Clayton in
accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar laws affecting the enforcement of creditors’ rights
generally and, if applicable, the rights of creditors of corporations from time to time in effect or by general principles of equity. 
 (e)
No Proceedings. There are no actions, orders, suits or proceedings pending or, to the knowledge of Clayton, threatened against Clayton before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this
Agreement or (ii) seek any determination or ruling that would materially and adversely affect the performance by Clayton of its obligations under this Agreement. 

(f) Eligibility. The Asset Representations Reviewer is an Eligible Asset Representations Reviewer. 

  
 9 

 Section 5.02 Limitation of Liability of Asset Representations Reviewer. 

To the fullest extent permitted by applicable law, the Asset Representations Reviewer shall not be under any liability to the Issuer, the
Servicer, the Depositor, the Indenture Trustee, the Owner Trustee, any Noteholder or any other Person for any action taken or for refraining from the taking of an action in its capacity as Asset Representations Reviewer pursuant to this Agreement,
or for errors in judgment, whether arising from express or implied duties under this Agreement; provided, however, that this provision shall not protect the Asset Representations Reviewer against any liability which would otherwise be
imposed by reason of willful misconduct, bad faith, breach of this Agreement or negligence in the performance of its duties. In no event will the Asset Representations Reviewer be liable for special, indirect or consequential loss or damage
(including loss of profit) even if the Asset Representations Reviewer has been advised of the likelihood of the loss or damage and regardless of the form of action. 

The Asset Representations Reviewer and any director, officer, employee, or agent may rely in good faith on any document of any kind prima
facie properly executed and submitted by any Person respecting any matters arising hereunder. The Asset Representations Reviewer shall not be under any obligation to appear in, prosecute or defend any legal action which is not incidental to its
duties as Asset Representations Reviewer hereunder. 
 Section 5.03 Indemnification of Asset Representations Reviewer. 

(a) The Sponsor will indemnify the Asset Representations Reviewer and its officers, directors, employees and agents (each, an
“Indemnified Person”), for all costs, expenses, losses, damages and liabilities resulting from the performance of the Asset Representations Reviewer’s 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, warranties or covenants in this Agreement. 
 (b) The indemnification
set forth in this Section 5.03 will survive the termination of this Agreement and the resignation or removal of the Asset Representations Reviewer. 

Section 5.04 Indemnification by Asset Representations Reviewer. 

(a) To the fullest extent permitted by law, the Asset Representations Reviewer shall indemnify and hold harmless each of the Issuer, the
Servicer, the Sponsor and the Indenture Trustee, and its officers, directors, successors, assigns, legal representatives, agents, and servants (each an “Indemnified Person”), from and against any and all liabilities, obligations,
losses, damages, penalties, taxes, claims, actions, investigations, proceedings, costs, expenses or disbursements (including reasonable legal fees and expenses) of any kind and nature whatsoever which may be imposed on, incurred by, or asserted at
any time against an Indemnified Person (whether or not also indemnified against by any other person) which arose out of the negligence, willful misconduct or bad faith of the Asset Representations Reviewer in the performance of its obligations and
duties under this Agreement; provided, however, that the Asset Representations 

  
 10 

 
Reviewer shall not be liable for or required to indemnify an Indemnified Person from and against expenses arising or resulting from (i) the Indemnified Person’s own willful misconduct, bad
faith or negligence, or (ii) the breach of any representation, warranty or covenant made by the Indemnified Person. 
 (b) In case any such
action, investigation or proceeding will be brought involving an Indemnified Person as contemplated by Section 5.04(a), the Asset Representations Reviewer will assume the defense thereof, including the employment of counsel and the payment of
all expenses. The Issuer, the Servicer, the Sponsor and the Indenture Trustee each will have the right to employ separate counsel in any such action, investigation or proceeding and to participate in the defense thereof and the reasonable fees
and expenses of such counsel will be paid by the Asset Representations Reviewer. In the event of any claim, action, or proceeding for which indemnity will be sought pursuant to this Section, the Issuer’s, the Servicer’s, the Sponsor’s
and the Indenture Trustee’s choice of legal counsel shall be subject to the good faith objection by the Asset Representations Reviewer to a conflict of interest under the applicable rules of professional conduct. 

(c) The indemnification set forth in this Section 5.04 will survive the termination or assignment of this Agreement and the resignation
or removal of the Asset Representations Reviewer or any Indemnified Person. 
 ARTICLE VI. 

REMOVAL, RESIGNATION; SUCCESSOR ASSET REPRESENTATION REVIEWER 

Section 6.01 Eligibility Requirements for Asset Representations Reviewer. The Asset Representations Reviewer must be an Eligible
Asset Representations Reviewer. 
 Section 6.02 Resignation and Removal of Asset Representations Reviewer. 

(a) No Resignation of Asset Representations Reviewer. The Asset Representations Reviewer may not resign as Asset Representations
Reviewer except (i) if the Asset Representations Reviewer is no longer an Eligible Asset Representations Reviewer, (ii) upon a determination that the performance of its duties under this Agreement is no longer permissible under applicable law or
(iii) if it does not receive payment in full of any amounts required to be paid to the Asset Representations Reviewer in accordance with Article IV and pursuant to an undisputed invoice, which failure continues unremedied for a period of ninety (90)
days after written notice of such failure shall have been given to the Issuer, the Sponsor and the Indenture Trustee. Without limiting the foregoing, the Asset Representations Review shall promptly resign if it is no longer an Eligible Asset
Representations Reviewer. If the Asset Representations Reviewer resigns pursuant to clause (ii) above, the Asset Representations Reviewer shall deliver a notice of resignation to the Issuer and the Servicer, with a copy to the Indenture Trustee, no
less than thirty (30) days prior to the date of its resignation. 
 (b) Removal of Asset Representations Reviewer. If any of the
following events occur, the Indenture Trustee may, or, at the direction of Noteholders evidencing a majority of the aggregate Outstanding Amount of the Notes shall, by notice to the Asset Representations Reviewer, remove the Asset Representations
Reviewer and terminate its rights and obligations under this Agreement: 
 (i) the Asset Representations Reviewer is no
longer an Eligible Asset Representations Reviewer; 

  
 11 

 (ii) the Asset Representations Reviewer breaches of any of its representations,
warranties, covenants or obligations in this Agreement; or 
 (iii) a Bankruptcy Event of the Asset Representations Reviewer
occurs. 
 (c) Notice of Resignation or Removal. The Servicer will notify the Issuer, the Owner Trustee and the Indenture
Trustee of any resignation or removal of the Asset Representations Reviewer. 
 Section 6.03 Successor Asset Representations
Reviewer. 
 (a) Engagement of Successor Asset Representations Reviewer. Following the resignation or removal of the Asset
Representations Reviewer, (i) if the Delinquency Percentage has exceeded the Delinquency Trigger as of the most recent Payment Date, the Indenture Trustee (at the direction of the Noteholders, provided, that if the Indenture Trustee has received
conflicting or inconsistent requests from two or more groups of Noteholders, each representing less than the majority of the Note Balance, the Indenture Trustee shall follow the direction of the Noteholders representing the greater percentage of the
Note Balance) and (ii) if the Delinquency Percentage has not exceeded the Delinquency Trigger as of the most recent Payment Date, the Sponsor, will appoint a successor Asset Representations Reviewer which is an Eligible Asset Representations
Reviewer. 
 (b) Effectiveness of Resignation or Removal. No resignation or removal of the Asset Representations Reviewer will
be effective until the successor Asset Representations Reviewer has executed and delivered to the Issuer and the Servicer an agreement accepting its engagement and agreeing to perform the obligations of the Asset Representations Reviewer under this
Agreement or entered into a new agreement with the Issuer on substantially the same terms as this Agreement. 
 (c) Transition and
Expenses. If the Asset Representations Review resigns or is removed, the Asset Representations Reviewer will cooperate with the Issuer and take all actions reasonably requested to assist the Issuer in making an orderly transition of the Asset
Representations Reviewer’s rights and obligations under this Agreement to the successor Asset Representations Reviewer. The Asset Representations Reviewer will pay the reasonable expenses (including the fees and expenses of counsel) of
transitioning the Asset Representations Reviewer’s obligations under this Agreement and preparing the successor Asset Representations Reviewer to take on such obligations on receipt of an invoice with reasonable detail of the expenses from the
Issuer or the successor Asset Representations Reviewer. 
 Section 6.04 Merger, Consolidation or Succession. Any Person (a) into
which the Asset Representations Reviewer is merged or consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the 

  
 12 

 
business of the Asset Representations Reviewer, if that 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). 

ARTICLE VII. 
 TREATMENT
OF CONFIDENTIAL INFORMATION 
 Section 7.01 Confidential Information. 

(a) Confidential Information Defined. For the purposes of this Agreement, “Confidential Information” means nonpublic
proprietary information of a Party (the “Disclosing Party”) that is disclosed to the other Party (the “Receiving Party”), including but not limited to: (i) business or technical processes, formulae, source codes, object
code, product designs, sales, cost and other unpublished financial information, customer information, product and business plans, projections, marketing data or strategies, trade secrets, intellectual property rights, know-how, expertise, methods
and procedures for operation, information about employees, customer names, business or technical proposals, and any other information which is or should reasonably be understood to be confidential or proprietary to the Disclosing Party; (ii) PII (as
defined in Section 7.02 of this Agreement. The foregoing definition of Confidential Information applies to: (i) all such information, whether tangible or intangible and regardless of the medium in which it is stored or presented; and
(ii) all copies of such information, as well as all memoranda, notes, summaries, analyses, computer records, and other materials prepared by the Receiving Party or any of its employees, agents, advisors, directors, officers, and subcontractors
(collectively “Representatives”) that contain or reflect the Confidential Information. 
 (b) Use of Confidential
Information. Each party acknowledges that during the term of this Agreement it may be exposed to or acquire Confidential Information of the other party or its Affiliates. The Receiving Party shall hold the Confidential Information of the
Disclosing Party in strict confidence and will not disclose such information except to its Representatives who have a need to know such information for the purpose of effecting the terms and conditions of this Agreement and who have entered into an
agreement with the Receiving Party with confidentiality restrictions materially equivalent to those contained herein. The Receiving Party shall be responsible for the breach of this Agreement by any of its Representatives. The Receiving Party will
protect the Disclosing Party’s Confidential Information using the same degree of care that it uses to protect its own information of like import, but in no event with less than a commercially reasonable standard of care. 

(c) 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 in violation of this Agreement; 

  
 13 

	 	(ii)	was disclosed to a party prior to the effective date of this Agreement 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 inquire to be under a duty of confidentiality. 

The foregoing exceptions shall not apply to any PII, which shall remain confidential in all circumstances, except as required or permitted to
be disclosed by applicable law, statute, or regulation. 
 (d) Disclosure by Operation of Law. If either party is requested to
disclose all or any part of any Confidential Information under a subpoena, or inquiry issued by a court of competent jurisdiction or by a judicial or administrative agency or legislative body or committee, such party shall (i) to the extent
permitted by law, promptly notify the other party of the existence, terms and circumstances surrounding such request; (ii) consult with the other party on the advisability of taking legally available steps to resist or narrow such request and
cooperate with such Party on any steps it considers advisable; and (iii) if disclosure of the Confidential Information is required or deemed advisable, exercise commercially reasonable efforts to obtain an order, stipulation or other reliable
assurance that confidential treatment shall be accorded to such portion of the Confidential Information to be disclosed. Each party shall reimburse the other party for reasonable legal fees and expenses incurred in connection with such
party’s effort to comply with this section. 
 (e) Return of Confidential Information. Upon the request of the Disclosing Party,
the Receiving Party shall return all Confidential Information to the Disclosing Party provided to it pursuant to this Agreement; provided, however, (i) the Receiving Party shall be permitted to retain copies of the Disclosing 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. 

(f) Remedies. The parties agree that an actual or threatened breach of this Section by it or its Representatives may cause
irreparable damage to the Disclosing Party and that damages may not be an adequate remedy for any such breach. Accordingly, each party shall be entitled to seek injunctive relief to restrain any such breach, threatened or actual, without the
necessity of posting bond, in addition to any other remedies available to such party at law or in equity. 
 Section 7.02 Safeguarding
Personally Identifiable Information. 
 (a) Definition. “Personally Identifiable Information”, or
“PII”, means information in any format about an identifiable individual, including, name, address, phone number, e-mail 

  
 14 

 
address, account number(s), identification number(s), any other actual or assigned attribute associated with or identifiable to an individual and any information that when used separately or in
combination with other information could identify an individual, as further described in § 501(b) of the Gramm-Leach-Bliley Act and the Interagency Guidelines Establishing Standards for Safeguarding Customer Information (12 C.F.R. Section 208,
Appendix D-2) (collectively, the “Privacy Laws”), that is provided or made available to the Asset Representations Reviewer pursuant to this Agreement. 

(b) Non-Disclosure. To the extent the Asset Representations Reviewer receives Personally Identifiable Information in the
performance its obligations hereunder, the Asset Representations Reviewer agrees that it will not disclose or use any Personally Identifiable Information except (i) to the extent necessary to carry out its obligations under the Agreement and for no
other purpose; or (ii) as may be required by valid operation of law. 
 (c) Safeguards. To the extent Asset Representations Reviewer
receives Personally Identifiable Information in the performance of services under this Agreement, the Asset Representations Reviewer represents and warrants that it has, and will continue to have adequate administrative, technical, and physical
safeguards: (i) to ensure the security and confidentiality of Personally Identifiable Information; (ii) to protect against any anticipated threats or hazards to the security or integrity of Personally Identifiable Information; and (iii) to protect
against unauthorized acquisition of, access to or use of Personally Identifiable Information which could result in a “breach” as that term is defined under applicable Privacy Laws. 

(d) Information. The Asset Representations Reviewer agrees to provide the Issuer and the Sponsor with information regarding its privacy
and information security systems, policies and procedures as the Issuer may reasonably request relating to compliance with this Agreement and applicable Privacy Laws. The Asset Representations Reviewer agrees to provide training in the Privacy Laws
and the Asset Representations Reviewer’s information security policies to all personnel whose duties pursuant to this Agreement could bring them in contact with Personally Identifiable Information. 

(e) Breach. In the event of any actual or apparent theft, unauthorized use or disclosure of any Personally Identifiable
Information, the Asset Representations Reviewer will commence all reasonable efforts to investigate and correct the causes and remediate the results thereof, and as soon as practicable following discovery of any such event, provide the Issuer and
the Sponsor notice thereof, and such further information and assistance as may be reasonably requested. 
 ARTICLE VIII. 

OTHER MATTERS PERTAINING TO THE ISSUER 

Section 8.01 Termination of this Agreement. 

This Agreement will terminate, except for obligations under Section 5.03, Section 5.04, Section 9.13 and Article
VII, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture and (b) the date the Issuer is terminated under the Trust Agreement. 

  
 15 

 Section 8.02 Limitation of Liability. It is expressly understood and agreed by the
parties that (a) this document is executed and delivered by Wilmington Trust, National Association, not individually or personally, but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it,
pursuant to the Trust Agreement, (b) each of the representations, warranties, covenants, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, warranties, covenants undertakings and
agreements by Wilmington Trust, National Association, but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust, National Association,
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, and (d)
under no circumstances shall Wilmington Trust, National Association 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 under the Notes or any of the other Transaction Documents or in any of the certificates, notices or agreements delivered pursuant thereto, as to all of which recourse shall be had solely to
the assets of the Issuer. 
 ARTICLE IX. 

MISCELLANEOUS PROVISIONS 

Section 9.01 Amendment. 

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

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

provided, that no amendment pursuant to this Section 9.01(a) shall be effective which affects the rights, protections or duties of the Indenture
Trustee or the Owner Trustee without the prior written consent of such Person. 
 (b) This Agreement may also be amended from time to time
by the Sponsor, the Servicer and the Asset Representations Reviewer, with the consent of the Holders of Notes evidencing not less than a majority of the aggregate principal balance of the Controlling Class, for the purpose of adding any provisions
to or changing in any manner or eliminating any of the 

  
 16 

 
provisions of this Agreement or of modifying in any manner the rights of the Noteholders, provided, that no amendment pursuant to this Section 9.01(b) shall be effective which
affects the rights, protections or duties of the Indenture Trustee or the Owner Trustee without the prior written consent of such Person. It will not be necessary for the consent of Noteholders to approve the particular form of any proposed
amendment or consent, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of
the execution thereof by Noteholders will be subject to such reasonable requirements as the Indenture Trustee may prescribe, including the establishment of record dates pursuant to the Depository Agreement. 

(c) Any term or provision of this Agreement may also be amended from time to time by the Sponsor, the Servicer and the Asset Representations
Reviewer for the purpose of conforming the terms of this Agreement to the description thereof in the Prospectus or, to the extent not contrary to the Prospectus, to the description thereof in an offering memorandum with respect to the Non-Investment
Grade Notes or the Certificates without the consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person, provided, however, that the Sponsor, the Servicer and the Asset Representations Reviewer
shall provide written notification of the substance of such amendment to the Indenture Trustee, the Issuer and the Owner Trustee and promptly after the execution of such amendment, the Sponsor and the Servicer shall furnish a copy of such amendment
to the Indenture Trustee, the Issuer and the Owner Trustee. 
 (d) Prior to the execution of any amendment or consent pursuant to this
Section 9.01, the Sponsor shall provide written notification of the substance of such amendment to each Rating Agency; and promptly after the execution of any such amendment or consent, the Sponsor shall furnish a copy of such amendment or
consent to each Rating Agency and the Indenture Trustee. 
 (e) Prior to the execution of any amendment to this Agreement, the Owner Trustee
and the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the execution and
delivery of such amendment have been satisfied. The Owner Trustee and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment which adversely affects the Owner Trustee’s or the Indenture Trustee’s, as
applicable, own rights, duties or immunities under this Agreement. 
 Section 9.02 Notices, Etc. All demands, notices and
communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile or by electronic transmission, and
addressed in each case as specified on Schedule I to the Sale and Servicing Agreement or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto. Delivery shall
occur only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder. 

  
 17 

 Section 9.03 Severability Clause. 

This Agreement constitutes the entire agreement between the Asset Representations Reviewer, the Issuer, Servicer, and the Sponsor. All
prior representations, statements, negotiations and undertakings with regard to the subject matter hereof are superseded hereby. 
 If any
term or provision of this Agreement or the application thereof to any person or circumstance shall, to any extent, be invalid or unenforceable, the remaining terms and provisions of this Agreement, or the application of such terms or provisions to
persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each term and provision of this Agreement shall be valid and enforced to the fullest extent permitted by law. 

Section 9.04 Counterparts. 

This Agreement may be executed simultaneously in any number of counterparts. Each counterpart shall be deemed to be an original, and all
such counterparts shall constitute one and the same instrument. 
 Section 9.05 Governing Law. THIS AGREEMENT SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 Section 9.06
Headings. The section headings hereof have been inserted for convenience only and shall not be construed to affect the meaning, construction or effect of this Agreement. 

Section 9.07 Counterparts. This Agreement may be executed in any number of counterparts, each of which so executed shall be deemed
to be an original, but all of such counterparts shall together constitute but one and the same instrument. 
 Section 9.08
Waivers. No failure or delay on the part of the Sponsor, the Servicer, the Asset Representations Reviewer, the Issuer or the Indenture Trustee in exercising any power or right hereunder (to the extent such Person has any power or right
hereunder) shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of any other power or right. No notice to or demand on the any
party hereto in any case shall entitle it to any notice or demand in similar or other circumstances. No waiver or approval by either party under this Agreement shall, except as may otherwise be stated in such waiver or approval, be applicable
to subsequent transactions. No waiver or approval under this Agreement shall require any similar or dissimilar waiver or approval thereafter to be granted hereunder. 

Section 9.09 Entire Agreement. This Agreement contain a final and complete integration of all prior expressions by the parties
hereto with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter thereof, superseding all prior oral or written understandings. There are no unwritten
agreements among the parties. 

  
 18 

 Section 9.10 Severability of Provisions. If any one or more of the covenants,
agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this
Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement. 
 Section 9.11 Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. This Agreement shall create and constitute the continuing obligations of the parties
hereto in accordance with its terms, and shall remain in full force and effect until such time as the parties hereto shall agree. 
 Section
9.12 Cumulative Remedies. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 

Section 9.13 Nonpetition Covenant. Each party hereto agrees that, prior to the date which is one year and one day after payment in
full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party hereto shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary
case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking
the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of
or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of its creditors generally, any party hereto or any other creditor
of such Bankruptcy Remote Party, and (ii) such party shall not commence, join with any other Person in commencing or institute with any other Person, any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization,
liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. This Section shall survive the termination of this Agreement. 

Section 9.14 Submission to Jurisdiction; Waiver of Jury Trial. Each of the parties hereto hereby irrevocably and unconditionally:

 (a) submits for itself and its property in any legal action or proceeding relating to this Agreement or any documents executed and
delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern
District of New York and appellate courts from any thereof; 
 (b) consents that any such action or proceeding may be brought and maintained
in such courts and waives any objection that it may now or hereafter have to the venue of such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;

  
 19 

 (c) agrees that service of process in any such action or proceeding may be effected by mailing a
copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 9.02 of this Agreement; 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction; and 
 (e) to the extent permitted by applicable law, each party hereto irrevocably waives all
right of trial by jury in any action, proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or thereunder. 

Section 9.15 Third-Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties hereto and
their respective successors and permitted assigns and the Indenture Trustee shall be an express third-party beneficiary hereof and may enforce the provisions hereof as if it were a party hereto. Except as otherwise provided in this Section, no
other Person will have any right hereunder. 

  
 20 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first
written above. 
  

					
	SANTANDER CONSUMER USA INC.
		
	By:	 	 /s/ Andrew Kang

		 	Name:	 	Andrew Kang
		 	Title:	 	Executive Vice President
	
	SANTANDER DRIVE AUTO RECEIVABLES TRUST 2016-1
		
	By:	 	Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee
		
	By:	 	 /s/ Dorri Costello

		 	Name:	 	Dorri Costello
		 	Title:	 	Vice President
	
	CLAYTON FIXED INCOME SERVICES LLC,
	as Asset Representations Reviewer
		
	By:	 	 /s/ Robert Harris

		 	Name:	 	Robert Harris
		 	Title:	 	Secretary

  
 21 

 EXHIBIT A 
  

 
  
  

Santander Consumer USA Agreed Upon Procedures 

Representation 
  

	 	(a)	Characteristics of Receivables 

 As of the Cut-Off Date (or such other date as may be specifically set
forth below), each Receivable: 
 (i) has been fully and properly executed or electronically authenticated by the Obligor thereto; 

(ii) either (A) has been originated by a Dealer to finance the retail sale by that Dealer of the related Financed Vehicle and has been purchased by
Santander Consumer in accordance with the terms of a dealer agreement between Santander Consumer and that Dealer, (B) has been originated by Santander Consumer or (C) has been acquired by Santander Consumer in accordance with the terms of
a purchase agreement between the applicable Originator and Santander Consumer; 
 (iii) as of the Closing Date, is secured by a first priority validly
perfected security interest in the Financed Vehicle in favor of the applicable Originator, as secured party, or all necessary actions have been commenced that would result in a first priority security interest in the Financed Vehicle in favor of the
applicable Originator, as secured party; 
 (iv) contains customary and enforceable provisions such that the rights and remedies of the holder thereof are
adequate for realization against the collateral of the benefits of the security; 
 (v) provided, at origination, for level monthly payments which fully
amortize the initial Principal Balance over the original term; provided, that the amount of the first or last payment may be different from the level payment but in no event more than three times the level monthly payment; 

(vi) provides for interest at the Contract Rate specified in the Schedule of Receivables; 

(vii) was originated in the United States and denominated in Dollars; 

(viii) is secured by a new or used automobile, light-duty truck or van; 

(ix) has a Contract Rate of at least 0.00%; 
 (x) had an
original term to maturity of not more than 75 months and each Receivable has a remaining term to maturity, as of the Cut-Off Date, of not more than 75 months and not less than 4 months; 

(xi) has an outstanding Principal Balance of at least $505.23 and no more than $114,503.79; 

  
 Exh. A-1 

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 (xii) has a final scheduled payment due on or before May 30, 2022; 

(xiii) was not more than 30 days past due as of the Cut-Off Date; 

(xiv) was not noted in the records of the Originator or the Servicer as being the subject of any bankruptcy or insolvency proceeding; 

(xv) is not subject to a force-placed Insurance Policy on the related Financed Vehicle; 

(xvi) is a Simple Interest Receivable, and scheduled payments under such Receivable have been applied in accordance with the method for allocating principal
and interest set forth in such Receivable; and 
 (xvii) provides that a prepayment by the related Obligor will fully pay the Principal Balance and accrued
interest through the date of prepayment based on the Receivable’s Contract Rate. 
 Documents 

Retail Sale Contract 
 Title Documents 

Receivable File 
 Schedule of Receivables 

Servicing System/Data Tape 
 Procedures to be Performed

  

	i)	Confirm the contract was signed or electronically authenticated by the obligor 

  

	ii)	Origination of the Receivable 

 a) Review the Retail Sale Contract and confirm that Santander
Consumer USA or another Approved Party is listed as the Assignee within the Assignment Section.1 
  

	iii)	Security Interest Enforcement 

  

	 	a)	Confirm the title documents show Santander Consumer USA or another Approved Party as the first lienholder 

 

	1 	“Approved Party” means a party specified as an “Approved Party” on the list of Approved Parties provided by Santander Consumer to Clayton. 

  
 Exh. A-2 

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

	 	b)	Review the servicing system and confirm the Pool ID in the system matches the Pool ID for the transaction related to the deal 

  

	iv)	Customary and Enforceable Provisions 

  

	 	a)	Confirm the Contract form number is listed on the Approved Contract Form List2 

  

	v)	Fully Amortizing Payment Schedule 

  

	 	a)	Confirm all payments are equivalent with the possible exception that the first and last payments may be different from the level monthly payment 

 

	 	I)	If the first and last payments are different from the level monthly payment, confirm that these payments are no more than three times the level monthly payment amount 

 

	 	b)	Review the Truth in Lending section of the Retail Sale Contract and calculate the product of the Amount of Payments with the Number of Payments and confirm that this amount is equal to the Total of Payments

  

	vi)	Provides for Interest at the Contract Rate 

  

	 	a)	Review the Schedule of Receivables and confirm that the stated rate is equal to the APR as shown in the Federal Truth in Lending section of the Retail Sale Contract 

 

	vii)	Origination of the Receivable 

  

	 	a)	Review the Retail Sale Contract and confirm the Dealer address is in the United States 

  

	 	b)	Review the Retail Sale Contract and confirm that the amounts stated within the Truth in Lending section are denominated in US dollars 

 

	viii)	Condition, Make and Model of Financed Vehicle 

  

	 	a)	Review the New/Used section of the Retail Sale Contract and confirm that the Financed Vehicle is stated to be new or used 

  

	 	b)	Review the “Year and Make” and “Model” sections of the Retail Sale Contract and confirm that the Financed Vehicle constitutes a light-duty truck or van 

 

	ix)	Contract Annual Percentage Rate 

  

	 	a)	Review the Federal Truth in Lending Section of the Retail Sale Contract and Confirm that the Annual Percentage Rate is greater than the minimum allowed percentage rate 

 

	x)	Remaining Maturity Date 

  

	 	a)	Confirm that the Number of Payments section within the Truth in Lending section of the Retail Sale Contract indicates a number of payments that does not exceed the maximum allowable number of payments 

 

	 	b)	Review the Data Tape and confirm that the remaining term to maturity is within the stated allowable limits 

  

	xi)	Outstanding Principal Balance 

  

	2 	“Approved Contract Form List” means a list of Approved Contract Forms provided by Santander Consumer to Clayton. 

  
 Exh. A-3 

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

	 	a)	Review the Data and confirm that the Unpaid Principal Balance as of the Cutoff Date is within the stated allowable limits 

  

	xii)	Final Schedule Payment Date 

  

	 	a)	Review the Data Tape and confirm that the Final Scheduled Payment Due Date will occur on or before the latest allowable final payment date 

 

	xiii)	Days Past Due 

  

	 	a)	Review the data file and confirm the Receivable was not more than 30 days past due as of the Cutoff Date 

  

	xiv)	Bankruptcy 

	 	a)	Review the Receivable File and any applicable servicing notes and confirm there is no indication of pending bankruptcy or insolvency proceedings 

 

	xv)	Force Place Insurance 

  

	 	a)	Review the servicing system and confirm the Receivable did not have Force Place Insurance as of the Cutoff Date 

  

	xvi)	Simple Interest Receivable 

  

	 	a)	Confirm the Contract is a Simple Interest Contract 

  

	 	b)	Review the payment history and confirm the first payment was appropriately applied to principal and interest 

  

	xvii)	Prepayment 

  

	 	a)	Confirm the contract contains the appropriate Prepayment Disclosures 

  

	xviii) 	If sections i through xvii are confirmed, then Test Pass 

  
 Exh. A-4 

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	(b)	Compliance with Law 

 The Receivable complied at the time it was originated or made in all material
respects with all requirements of applicable federal, state and local laws, and regulations thereunder. 
 Document 

Retail Sale Contract 
 Servicing System/Data Tape 

Procedures to be Performed 
  

	i)	Confirm the Contract Form number and revision date are on the Approved Contract Form List 

  

	ii)	Confirm the Contract is complete 

  

	 	a)	Confirm that all lines in the contract are filled out appropriately 

  

	 	b)	Confirm the Name and address of Creditor, APR, Finance Charge, Amount of Payments, Total of Payments and Total Sale Price are properly filled out 

 

	 	c)	Confirm all lines on the contract are completed or properly left blank 

  

	iii)	Confirm the Amount Financed is correctly calculated 

  

	 	a)	Calculate the Amount Financed using the Cash Price, Total Down Payment and Total Amount Paid on Buyer’s Behalf 

  

	 	b)	Confirm the Calculated Amount Financed matches the Amount Financed as stated within the Truth in Lending section of the Contract 

  

	iv)	Confirm the Total Sale Price is correctly calculated 

  

	 	a)	Calculate the Total Sale Price by taking the difference of the Total of Payments as stated within the Truth in Lending section and the Total Down Payment as stated within the Itemization of Amount Financed

  

	 	b)	Confirm the Calculated Total Sale Price matches the Total Sale Price as stated within the Truth in Lending section of the Contract 

  

	v)	Confirm the Total of Payments is correctly calculated 

  

	 	a)	Calculate the Total of Payments by taking the product of the Number of Payments and Amount of Payments as stated within the Truth in Lending section of the Contract 

  
 Exh. A-5 

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

	 	b)	Confirm the Calculated Total of Payments from step (a) is equal to the Total of Payments as stated within the Truth in Lending section of the Contract 

 

	 	c)	Calculate the Total of Payment by taking the sum of the Finance Charge and Amount Financed as stated within the Truth in Lending section of the Contract 

 

	 	d)	Confirm the Calculated Total of Payments from step (c) is equal to the Total of Payments as stated within the Truth in Lending section of the Contract 

 

	vi)	Confirm the APR is correctly calculated 

  

	 	a)	Calculate the APR using information within the Truth in Lending section of the Contract 

  

	 	b)	Confirm the Calculated APR is within an acceptable range of the APR as stated within the Truth in Lending Section of the Contract 

  

	vii)	Confirm the first payment due date as stated within the When Payments are Due section of the Truth in Lending section of the Contract is within an acceptable timeframe of the Contract Date 

 

	viii)	If Steps i through vii are confirmed, then Test Pass 

  
 Exh. A-6 

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	(c)	Binding Obligation 

 The Receivable constitutes the legal, valid and binding payment obligation in
writing of the related Obligor, enforceable by the holder thereof in accordance with its terms, except (i) as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, liquidation or other similar laws and equitable
principles relating to or affecting the enforcement of creditors’ rights generally and (ii) as such Receivable may be modified by the application after the Cut-Off Date of the Servicemembers Civil Relief Act, as amended, to the extent
applicable to the related Obligor. 
 Documents 

Retail Sale Contract 
 Procedures to be Performed

  

	i)	Confirm the Contract Form number is on the Approved Contract Form List.  

  

	ii)	Confirm the borrower and co-borrower (if applicable) signed the contract 

  

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

  
 Exh. A-7 

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	(d)	Receivable in Force 

 The Receivable has not been satisfied, subordinated or rescinded nor has the
related Financed Vehicle been released from the lien of such Receivable in whole or in part. 
 Documents 

Servicing System/Data Tape 
 Title Documents 

Procedures to be Performed 
  

	i)	Confirm the Receivable exists on the Servicing System as an active Receivable 

  

	ii)	Confirm the title documents show Santander Consumer USA or another Approved Party as the first lienholder 

  

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

  
 Exh. A-8 

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	(f)	No Default; No Waiver 

 Except for payment delinquencies continuing for a period of not more than 30
days as of the Cut-Off Date, the records of the Servicer did not disclose that any default, breach, violation or event permitting acceleration under the terms of the Receivable existed as of the Cut-Off Date or that any continuing condition that
with notice or lapse of time, or both, would constitute a Default, breach, violation or event permitting acceleration under the terms of the Receivable had arisen as of the Cut-Off Date and the Seller has not waived any of the foregoing. 

Documents 
 Receivable File 

Servicing System/Data Tape 
 Procedures to be Performed

  

	i)	Confirm there is no indication of a default, breach, violation or event that would permit acceleration under the terms of the Receivable except for payment default within 30 days of the Cut-Off Date 

 

	ii)	Confirm that no continuing condition would constitute a default, breach, violation or event permitting acceleration under the terms of the Receivable other than documented deferrals and waivers of late payment charges
or fees 

  

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

  
 Exh. A-9 

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	(g)	Insurance 

 The Receivable requires that the Obligor thereunder obtain comprehensive and collision
insurance covering the related Financed Vehicle. 
 Documents 

Retail Sale Contract 
 Procedures to be Performed

  

	i)	Confirm the Retail Sale Contract contact language that required the Obligor to obtain and maintain insurance against physical damage to the Financed Vehicle 

 

	ii)	If confirmed, the Test Pass 

  
 Exh. A-10 

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	(h)	No Government Obligor 

 The Obligor on the Receivable is not the United States of America or any state
thereof or any local government, or any agency, department, political subdivision or instrumentality of the United States of America or any state thereof or any local government. 

Documents 
 Retail Sale Contract 

Procedures to be Performed 
  

	i)	Review the buyer section on the Contract and confirm a person’s or business name is reported 

  

	ii)	If the buyer section on the Contract does not report a person’s or business name, confirm internet search results do not indicate the buyer to be a government agency, department, political subdivision or
instrumentality. 

  

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

  
 Exh. A-11 

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	(i)	Assignment 

 No Receivable has been originated in, or is subject to the laws of, any jurisdiction under
which the sale, transfer, assignment, setting over, conveyance or pledge of such Receivable would be unlawful, void, or voidable. 
 Documents

 Retail Sale Contract 
 Receivable File 

Servicing System 
 Procedures to be Performed 

 

	i)	Confirm the Retail Sale Contract was completed on a contract form included in the Approved Contract Form List 

  

	ii)	If Step i is confirmed, then Test Pass 

  
 Exh. A-12 

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	(j)	Good Title 

 As of the Closing Date and immediately prior to the sale and transfer contemplated in the
Sale and Servicing Agreement, the Seller had good and marketable title to and was the sole owner of each Receivable free and clear of all Liens (except any Lien which will be released prior to assignment of such Receivable hereunder), and,
immediately upon the sale and transfer thereof, the Issuer will have good and marketable title to each Receivable, free and clear of all Liens (other than Permitted Liens). 

Documents 
 Title Documents 

Procedures to be Performed 
  

	i)	Confirm the title documents show Santander Consumer USA or another Approved Party as the first lienholder 

  

	ii)	Review the servicing system and confirm the Pool ID in the system matches the Pool ID for the transaction related to the deal 

  

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

  
 Exh. A-13 

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	(m)	Characterizations of Receivables 

 Each Receivable constitutes either “tangible chattel
paper”, an “account”, an “instrument”, or a “general intangible”, each defined in the UCC. 
 Documents

 Contract 
 Title Documents 

Procedures to be Performed 
  

	i)	Confirm the Contract form number is on the Approved Contract Form List 

  

	ii)	Confirm the Amount Financed as reported on the Contract is greater than zero 

  

	iii)	Confirm there is documentation of a lien against the financed vehicle 

  

	iv)	If tests (i) through (iii) are confirmed, then Test Pass 

  
 Exh. A-14 

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	(n)	One Original 

 There is only one executed original of the Contract (in each case within the meaning of
the UCC) related to each Receivable. 
 Documents 

Contract 
 Procedures to be Performed 

 

	i)	Confirm there is a final version of the Contract available for review 

  

	ii)	Confirm the Contract was signed by the buyer(s) and the Dealer 

  

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

  
 Exh. A-15 

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	(o)	No Defenses 

 The records of the Servicer do not reflect any facts which would give rise to any right of
rescission, offset, claim, counterclaim or defense with respect to such Receivable or the same being asserted or threatened with respect to such Receivable. 

Documents 
 Receivable File 

Procedures to be Performed 
  

	i)	Review the Receivable file and servicing system and confirm there is no evidence of litigation or other attorney involvement as of the Cut-Off Date. 

 

	ii)	If confirmed, Test Pass. 

  
 Exh. A-16SunOpta Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

Exhibit 10.1 

SUPPORT AND VOTING AGREEMENT

THIS AGREEMENT is made as of the 11th day of
February, 2016. 

BETWEEN:

	 	 	
      SUNOPTA INC. (the "Shareholder") 
	 
	 	 	
       
	 
	 	 	-and- 	 
	 	 	
       
	 
			
      WEDGE ACQUISITION INC., a corporation existing
      under the laws of Canada (the "Acquiror") 
	
	 	 	
       
	 
	 	 	-and- 	 
	 	 	
       
	 
			
      WEDGE ACQUISITION HOLDINGS INC., a corporation
      existing under the laws of British Columbia (the "Acquiror
      Parent") 
	

WHEREAS the Shareholder is the registered and beneficial
owner of 11,933,900 common shares (the "Subject Securities") in the
issued and outstanding share capital of Opta Minerals Inc. (the
"Corporation"); 

AND WHEREAS the Acquiror, the Acquiror Parent and the
Corporation have entered into an acquisition agreement (the "Acquisition
Agreement") concurrently with the entering into of this support and voting
agreement (the "Agreement");

AND WHEREAS the Acquisition Agreement provides for the
Acquiror to take the Corporation private pursuant to an amalgamation of the
Acquiror and the Corporation under Section 181 of the Canada Business
Corporations Act; 

AND WHEREAS the Shareholder acknowledges that the
Acquiror and the Acquiror Parent would not enter into the Acquisition Agreement
but for the execution and delivery of this Agreement by the Shareholder;

NOW THEREFORE in consideration of the mutual covenants
and agreements set forth in this Agreement and for other good and valuable
consideration (the receipt and sufficiency of which are hereby acknowledged) the
parties hereto agree as follows:

- 2 - 

ARTICLE 1. 
INTERPRETATION

	Section 1.1 	Definitions in Acquisition Agreement
  

All terms used in this Agreement that are not defined herein
and that are defined in the Acquisition Agreement shall have the respective
meanings ascribed to them in the Acquisition Agreement. 

ARTICLE 2. 
COVENANTS OF THE
SHAREHOLDER

	Section 2.1 	General 

The Shareholder hereby covenants and agrees in favour of the
Acquiror and the Acquiror Parent that, from the date hereof until the earlier of
(i) the Effective Date, and (ii) the termination of this Agreement in accordance
with Article 5, except as permitted by this Agreement:

	 	(a) 	
      at the Meeting (including in connection with any separate
      vote of any sub-group of securityholders of the Corporation that may be
      required to be held and of which sub-group the Shareholder forms part) or
      at any adjournment thereof or in any other circumstances upon which a
      vote, consent or other approval (including by written consent in lieu of a
      meeting) with respect to the Amalgamation Resolution (or a resolution with
      respect to an Alternative Transaction) is sought, the Shareholder shall
      cause its Subject Securities to be counted as present for purposes of
      establishing quorum and shall vote (or cause to be voted) its Subject
      Securities and any other common shares of the Corporation which it may
      then beneficially own (i) in favour of the approval of the Amalgamation
      Resolution (or a resolution with respect to an Alternative Transaction),
      and (ii) in favour of any other matter necessary for the consummation of
      transactions contemplated by the Acquisition Agreement;

	 	 	 
	 	(b) 	
      at any meeting of securityholders of the Corporation
      (including in connection with any separate vote of any sub-group of
      securityholders of the Corporation that may be required to be held and of
      which sub-group the Shareholder forms part) or at any adjournment thereof
      or in any other circumstances upon which a vote, consent or other approval
      of all or some of the securityholders of the Corporation is sought
      (including by written consent in lieu of a meeting), the Shareholder shall
      cause its Subject Securities to be counted as present for purposes of
      establishing quorum and shall vote (or cause to be voted) its Subject
      Securities and any other common shares of the Corporation which it may
      then beneficially own against any (i) Acquisition Proposal and/or any
      matter that could reasonably be expected to delay, prevent or frustrate
      the successful completion of the Amalgamation (or an Alternative
      Transaction) or any of the transactions contemplated by the Acquisition
      Agreement, or (ii) action or agreement (including, without limitation, any
      amendment of any agreement) that would result in a breach of any
      representation, warranty, covenant, agreement or other obligation of the
      Corporation in the Acquisition Agreement or the Shareholder in this
      Agreement;

- 3 - 

	 	(c) 	
      as soon as practicable following the mailing of the
      Circular and in any event no later than ten Business Days prior to the
      date of the Meeting, the Shareholder shall deliver or cause to be
      delivered to the Corporation, with a copy to the Acquiror and the Acquiror
      Parent concurrently, a duly executed proxy or proxies directing those
      individuals as may be designated by the Corporation in the Circular to
      vote (i) in favour of the approval of the Amalgamation Resolution (or a
      resolution in favour of an Alternative Transaction), and (ii) in favour of
      any other matter necessary for the consummation of transactions
      contemplated by the Acquisition Agreement, and each such proxy or proxies
      shall not be revoked without the written consent of the Acquiror and the
      Acquiror Parent;

	 	 	 
	 	(d) 	
      the Shareholder shall tender the Subject Securities and
      any other common shares of the Corporation which it may then beneficially
      own to any Alternative Transaction, if applicable;

	 	 	 
	 	(e) 	
      in the event that any transaction (other than the
      Amalgamation or any Alternative Transaction) is presented for approval of,
      or acceptance by, the Corporation, whether or not it may be recommended by
      the board of directors of the Corporation, not to directly or indirectly,
      accept, assist or otherwise further the successful completion of such
      transaction or purport to tender or deposit into any such transaction any
      of the Subject Securities or any other common shares of the Corporation
      which it may then beneficially own, and the Shareholder will, if requested
      by the Acquiror or the Acquiror Parent, publicly affirm his, her or its
      commitment to vote in favour of the Amalgamation (or any Alternative
      Transaction).

	 	 	 
	 	(f) 	
      the Shareholder shall not, directly or indirectly, or, if
      applicable, through any officer, director, employee, representative or
      agent of the Shareholder or the Corporation:

	 	(i) 	
      solicit, assist, initiate, encourage or facilitate
      (including, without limitation, by way of furnishing non-public
      information, entering into any form of written or oral agreement,
      arrangement or understanding or soliciting proxies) any inquiries,
      proposals or offers regarding an Acquisition Proposal;

	 	 	 
	 	(ii) 	
      engage in or facilitate any discussions or negotiations
      regarding, or provide any confidential information with respect to, any
      Acquisition Proposal;

	 	 	 
	 	(iii) 	
      approve or recommend, or propose publicly to approve or
      recommend, any Acquisition Proposal;

	 	 	 
	 	(iv) 	
      withdraw support, or propose publicly to withdraw
      support, from the transactions contemplated by the Acquisition
      Agreement;

	 	 	 
	 	(v) 	
      influence the board of directors of the Corporation to
      withdraw or modify in a manner adverse to the Acquiror or the Acquiror
      Parent, its approval of the transactions contemplated in the Acquisition
      Agreement;

- 4 - 

	 	(vi) 	
      enter, or propose publicly to enter, into any agreement
      related to any Acquisition Proposal; and

	 	 	 
	 	(vii) 	
      join in the requisition of any meeting of the
      securityholders of the Corporation for the purpose of considering any
      resolution related to any Acquisition
Proposal.

	 	(g) 	
      the Shareholder shall immediately cease and cause to be
      terminated any existing solicitation, discussion or negotiation commenced
      prior to the date of this Agreement with any person (other than the
      Acquiror, the Acquiror Parent and their respective affiliates) by the
      Shareholder or, if applicable, any of the officers, directors, employees,
      representatives or agents of the Shareholder with respect to any potential
      Acquisition Proposal, whether or not initiated by Shareholder or any of
      the officers, directors, employees, representatives or agents of the
      Shareholder;

	 	 	 
	 	(h) 	
      the Shareholder shall promptly notify the Acquiror and
      the Acquiror Parent, at first orally and then in writing, of any
      Acquisition Proposal received by the Shareholder after the date hereof,
      any approach made by a third party to the Shareholder regarding a
      potential Acquisition Proposal or any request received by the Shareholder
      after the date hereof for non-public information relating to an
      Acquisition Proposal. Such notice shall include a description of the
      material terms and conditions (including but not limited to the purchase
      price, break fee, closing conditions and any other material terms and
      conditions) of any proposal received by the Shareholder and provide such
      details of the proposal, enquiry or contact as the Acquiror or the
      Acquiror Parent may reasonably request, including the identity of the
      person making such proposal, inquiry or contact;

	 	 	 
	 	(i) 	
      the Shareholder shall not release or permit the release
      of any third party from or waive any confidentiality, non-solicitation or
      standstill agreement to which the Shareholder and any such third party are
      parties;

	 	 	 
	 	(j) 	
      the Shareholder shall not directly or indirectly, (i)
      sell, transfer, gift, assign, grant a participation interest in, option,
      pledge, hypothecate, grant a security or voting interest in or otherwise
      convey or encumber (each, a "Transfer"), or enter into any
      agreement, option or other arrangement (including any profit sharing
      arrangement) with respect to the Transfer of any of its Subject Securities
      to any person, other than pursuant to the Acquisition Agreement, (ii)
      grant any proxies or power of attorney, deposit any of its Subject
      Securities into any voting trust or enter into any voting arrangement,
      whether by proxy, voting agreement or otherwise, with respect to its
      Subject Securities, other than pursuant to this Agreement or (iii) agree
      to take any of the actions described in the foregoing clauses (i) and
      (ii);

	 	 	 
	 	(k) 	
      the Shareholder shall not take any other action of any
      kind, directly or indirectly, which would make any representation or
      warranty of the Shareholder set forth in this Agreement untrue or
      incorrect in any material respect or might reasonably be regarded,
      individually or in the aggregate, as likely to reduce the success of, or
      delay or interfere with, the completion of the transactions contemplated
      by the Acquisition Agreement;

- 5 - 

	 	(l) 	
      the Shareholder shall not exercise any rights of
      appraisal or rights of dissent provided under any applicable Laws or
      otherwise in connection with the Amalgamation, an Alternative Transaction
      or the transactions contemplated by the Acquisition Agreement considered
      at the Meeting in connection therewith;

	 	 	 
	 	(m) 	
      the Shareholder shall promptly notify the Acquiror and
      the Acquiror Parent of the amount of any debt or equity securities or
      other interests in the Corporation acquired by the Shareholder, to the
      extent it is permitted to do so, after the date hereof. Any such
      securities or other interests shall be subject to the terms of this
      Agreement as though owned by the Shareholder on the date hereof and shall
      be included in the definition of "Subject Securities." Without limiting
      the foregoing, in the event of any stock split, stock dividend or other
      change in the capital structure of the Corporation affecting the
      securities of the Corporation, the number of securities constituting
      Subject Securities shall be adjusted appropriately and this Agreement and
      the obligations hereunder shall attach to any securities of the
      Corporation issued to the Shareholder in connection therewith;
  and

	 	 	 
	 	(n) 	
      the Shareholder shall, from time to time, execute and
      deliver, or cause to be executed and delivered, such additional or further
      consents, documents and other instruments and shall take all such other
      action necessary or as the Acquiror may reasonably request for the purpose
      of effectively carrying out the transactions contemplated by this
      Agreement and the Acquisition Agreement.

	Section 2.2 	Election of Cash and Note Option
  

The Shareholder hereby covenants and agrees in favour of the
Acquiror and the Acquiror Parent that it irrevocably elects to receive the Cash
and Note Option, and that it shall deposit with the Depositary a duly completed
and executed letter of transmittal and election form indicating such election
prior to the election deadline indicated therein, together with all documents
and certificates required to be accompanied therewith. 

	Section 2.3 	Breach 

The Shareholder shall promptly advise the Acquiror and the
Acquiror Parent, at first orally and then in writing, of any development that
causes, or that would reasonably be expected to cause, a breach by the
Shareholder of any representation, warranty, covenant or agreement contained in
this Agreement.

ARTICLE 3. 
NO FIDUCIARY DUTIES AS
SHAREHOLDER

Notwithstanding any provision of this Agreement to the
contrary, an officer or director of the Shareholder that is a director or
officer of the Corporation shall not be limited or restricted in any way
whatsoever in the exercise of his fiduciary duties as a director or officer of
the Corporation, provided that the Shareholder agrees and acknowledges that this
Agreement may not be terminated by the Shareholder in the event of a Superior
Proposal and the performance of such duties as a director or officer may not
impact the Shareholder's obligations under this Agreement, including Section
2.1, or otherwise entitle the Shareholder to terminate this Agreement in the
event of a Superior Proposal. 

- 6 - 

ARTICLE 4. 
REPRESENTATIONS AND
WARRANTIES

	Section 4.1 	Representations and Warranties of the
      Shareholder 

The Shareholder represents and warrants to the Acquiror and the
Acquiror Parent as follows, and acknowledges that the Acquiror and the Acquiror
Parent are relying upon such representations and warranties in entering into
this Agreement and the Acquisition Agreement and that such representations and
warranties will survive the completion of the Amalgamation or the transactions
contemplated by the Acquisition Agreement for an indefinite period:

	 	(a) 	
      Capacity. The Shareholder has the corporate power
      and capacity to execute and deliver this Agreement and to perform its
      obligations hereunder.

	 	 	 
	 	(b) 	
      Authorization. The execution, delivery and
      performance of this Agreement by the Shareholder have been duly authorized
      by its board of directors or other authorized decision-making body and no
      other internal approvals or proceedings on its part are necessary to
      authorize this Agreement.

	 	 	 
	 	(c) 	
      Enforceable. This Agreement has been duly executed
      and delivered by the Shareholder and constitutes its legal, valid and
      binding obligation, enforceable against the Shareholder in accordance with
      its terms, subject to bankruptcy, insolvency and other similar Laws
      affecting creditors' rights generally, and to general principles of
      equity.

	 	 	 
	 	(d) 	
      Ownership of Shares. The Shareholder is the sole
      beneficial owner of the Subject Securities. The Shareholder is and will
      be, immediately prior to the Effective Date, the beneficial owner of its
      Subject Securities, with good and marketable title thereto free and clear
      of any and all mortgages, liens, charges, restrictions, security
      interests, adverse claims, pledges, encumbrances and demands or rights of
      others of any nature or kind whatsoever.

	 	 	 
	 	(e) 	
      Exercise of control or direction. Other than the
      Subject Securities, the Shareholder, to the best of its knowledge, does
      not own of record or beneficially, or exercise control or direction over,
      or hold any right to acquire, any securities of the Corporation.

	 	 	 
	 	(f) 	
      No Breach. Neither the execution and delivery of
      this Agreement by the Shareholder, nor the compliance by the Shareholder
      with any of the provisions hereof will:

	 	(i) 	
      result in any breach of, or constitute a default (or an
      event which with notice or lapse of time or both would become a default)
      (or give rise to any third party right of termination, cancellation,
      material modification, acceleration, purchase or right of first refusal)
      under any term or provision of any constating or governing documents,
      by-laws or resolutions of the Shareholder, or under any of the terms,
      conditions or provisions of any note, loan agreement, bond, mortgage,
      indenture, contract, license, agreement, lease, permit or other instrument
      or obligation to which the Shareholder is a party or by which the
      Shareholder or any of its properties or assets (including the Subject
      Securities) may be bound; or

- 7 - 

	 	(ii) 	
      subject to compliance with any approval contemplated by
      the Acquisition Agreement and Laws, violate or conflict with any
      judgement, order, notice, decree, statute, law, ordinance, rule or
      regulation applicable to the Shareholder or any of its properties or
      assets.

	 	(g) 	
      No Agreements. No Person has any agreement or
      option, or any right or privilege (whether by law, pre-emptive or
      contractual) capable of becoming an agreement or option, for the purchase,
      acquisition or transfer of any of the Subject Securities, or any interest
      therein or right thereto, except pursuant to this Agreement or the
      Acquisition Agreement.

	 	 	 
	 	(h) 	
      Voting. The Shareholder has the sole and exclusive
      right to enter into this Agreement and to vote the Subject Securities as
      contemplated herein. None of the Subject Securities is subject to any
      proxy, power of attorney, attorney-in-fact, voting trust, vote pooling or
      other agreement with respect to the right to vote, call meetings of
      shareholders or give consents or approvals of any kind.

	 	 	 
	 	(i) 	
      Consents. Except for the consent of the Lenders
      (as defined below) in accordance with each of the pledges (collectively,
      the "Share Pledges") of, inter alia, the Subject Securities
      made by the Shareholder in favour of its principal lenders (collectively,
      the "Lenders") pursuant to the seventh amended and restated credit
      agreement made as of July 27, 2012 (as amended) and the bridge loan
      agreement dated October 8, 2015 in each case among the Shareholder and the
      Lenders (which consents have been obtained by the Shareholder), no
      consent, approval, order or authorization of, or declaration or filing
      with, any Governmental Entity or other Person is required to be obtained
      by the Shareholder in connection with the execution, delivery or
      performance of this Agreement.

	 	 	 
	 	(j) 	
      Legal Proceedings. There are no legal proceedings
      in progress or pending before any Governmental Entity or, to the knowledge
      of the Shareholder, threatened against the Shareholder or any judgment,
      decree or order against the Shareholder that would adversely affect in any
      manner the ability of the Shareholder to enter into this Agreement and to
      perform its obligations hereunder or the title of the Shareholder to any
      of the Subject Securities.

	 	 	 
	 	(k) 	
      Reporting of Prior Trading Activity. All prior
      acquisitions, dispositions, trades or other hedging or monetization
      activities in shares or other securities of the Corporation undertaken
      prior to the date hereof by the Shareholder, affiliates of the Shareholder
      or parties acting jointly or in concert with the Shareholder have been
      duly reported at www.sedi.ca in accordance with applicable Canadian
      securities laws and regulations.

- 8 - 

	Section 4.2 	Additional Representations and Warranties of
      the Shareholder 

The Shareholder hereby makes in favour of the Acquiror and the
Acquiror Parent the representations and warranties with respect to the
Corporation and the Opta Minerals Subsidiaries contained in Schedule "A"
attached hereto (which forms an integral part of this Agreement), and
acknowledges that the Acquiror and Acquiror Parent are relying upon such
representations and warranties in entering into this Agreement and the
Acquisition Agreement. Such representations and warranties will survive the
completion of the Amalgamation or the transactions contemplated by the
Acquisition Agreement for the period contemplated in Schedule "A" attached
hereto.

	Section 4.3 	Representations and Warranties of the
      Acquiror and the Acquiror Parent 

The Acquiror and the Acquiror Parent hereby represent and
warrant to the Shareholder as follows, and acknowledge that the Shareholder is
relying upon such representations and warranties in entering into this Agreement
that: 

	 	(a) 	
      Capacity. The Acquiror and the Acquiror Parent
      have the requisite corporate power and capacity to execute and deliver
      this Agreement and the Acquisition Agreement and to perform their
      respective obligations hereunder.

	 	 	 
	 	(b) 	
      Authorization. The execution, delivery and
      performance of this Agreement and the Acquisition Agreement by the
      Acquiror and the Acquiror Parent have been duly authorized by their
      respective board of directors and no other internal proceedings on their
      part are necessary to authorize this Agreement and the Acquisition
      Agreement.

	 	 	 
	 	(c) 	
      Enforceable. Each of this Agreement and the
      Acquisition Agreement has been duly executed and delivered by the Acquiror
      and the Acquiror Parent and constitutes their legal, valid and binding
      obligations, enforceable against them in accordance with its terms,
      subject to bankruptcy, insolvency and other similar Laws affecting
      creditors' rights generally, and to general principles of
equity.

	 	 	 
	 	(d) 	
      No Breach. Neither the execution and delivery of
      this Agreement or the Acquisition Agreement by the Acquiror or the
      Acquiror Parent nor the compliance by them with any of the provisions
      hereof or thereof will result in a violation or breach of, require any
      consent to be obtained under or give rise to any termination rights or
      payment obligation under any provision of:

	 	(A) 	
      their respective articles or by-laws (or other constating
      documents);

	 	 	 
	 	(B) 	
      any resolution of their respective board of directors (or
      any committee thereof) or of their respective shareholders; or

	 	 	 
	 	(C) 	
      any material Contract to which the Acquiror or the
      Acquiror Parent or any of their respective Subsidiaries is a party or by
      which any of them is bound or their respective properties or assets are
      bound.

	 	(e) 	
      Consents. Other than as disclosed in the
      disclosure schedules to the Acquisition Agreement, no consent, approval,
      order or authorization of, or declaration or filing with, any Governmental
      Entity or other Person is required to be obtained by the Acquiror or the
      Acquiror Parent in connection with the execution, delivery or performance
      of this Agreement or the Acquisition
Agreement.

- 9 - 

	 	(f) 	
      Legal Proceedings. There are no legal proceedings
      in progress or pending before any Governmental Entity or, to the knowledge
      of the Acquiror or the Acquiror Parent, threatened against the Acquiror or
      the Acquiror Parent or any judgment, decree or order against the Acquiror
      or the Acquiror Parent that would adversely affect in any manner their
      ability to enter into this Agreement or the Acquisition Agreement and to
      perform their obligations hereunder.

	 	 	 
	 	(g) 	
      Sufficient Funds. The Acquiror or the Acquiror
      Parent will have on the Effective Date sufficient immediately available
      funds to pay or cause the Corporation to pay in full the aggregate
      Consideration in accordance with Section 2.6 of the Acquisition
      Agreement.

ARTICLE 5. 
TERMINATION

	Section 5.1 	Automatic Termination

This Agreement shall automatically terminate upon the valid
termination of the Acquisition Agreement in accordance with its terms. 

	Section 5.2 	Termination by the Shareholder, the Acquiror
      or the Acquiror Parent 

This Agreement may be terminated by notice in writing: 

	 	(a) 	
      at any time prior to the Effective Time, by the mutual
      agreement of the parties;

	 	 	 
	 	(b) 	
      by the Acquiror or the Acquiror Parent if (i) the
      Shareholder breaches or is in default of any of the covenants or
      obligations of the Shareholder under this Agreement and such breach or
      such default has or may reasonably be expected to have an adverse effect
      on the consummation of the transactions contemplated by the Acquisition
      Agreement, or (ii) any of the representations or warranties of the
      Shareholder under this Agreement shall have been at the date hereof, or
      subsequently become, untrue or incorrect in any material respect; provided
      in each case that the Acquiror or the Acquiror Parent has notified the
      Shareholder in writing of any of the foregoing events and the same has not
      been cured by the Shareholder within ten days of the date such notice was
      received by the Shareholder;

	 	 	 
	 	(c) 	
      by the Shareholder if (i) the Acquiror or the Acquiror
      Parent breaches or is in default of any of the covenants or obligations of
      the Acquiror or the Acquiror Parent under this Agreement and such breach
      or such default has or may reasonably be expected to have an adverse
      effect on the consummation of the transactions contemplated by the
      Acquisition Agreement or (ii) any of the representations or warranties of
      the Acquiror or the Acquiror Parent under this Agreement shall have been
      at the date hereof, or subsequently become, untrue or incorrect in any
      material respect, except to the extent any such failure to be true or
      correct would not have a material adverse effect on the Acquiror's or the
      Acquiror Parent's ability to consummate the Amalgamation; provided in each
      case that the Shareholder has notified the Acquiror or the Acquiror Parent
      in writing of any of the foregoing events and the same has not been cured
      by the Acquiror or the Acquiror Parent within ten days of the date such
      notice was received by the Acquiror or the Acquiror Parent;
  or

- 10 - 

	 	(d) 	
      by the Shareholder if, without the Shareholder's prior
      written consent (such consent not to be unreasonably withheld, conditioned
      or delayed), the Acquisition Agreement is amended in any material respect
      in such a manner that would be materially adverse to the interests of the
      Shareholder, including, without limitation, to provide for any decrease in
      the Consideration set out in the Acquisition Agreement otherwise than
      pursuant to adjustments provided for in the Acquisition
  Agreement.

	Section 5.3 	Effect of Termination

If this Agreement is terminated in accordance with this Article
5, the provisions of this Agreement will become void and no party shall have
liability to any other party, except in respect of a breach of a representation,
warranty or covenant of this Agreement which occurred prior to such termination.
The Shareholder shall be entitled to withdraw any form of proxy in respect of
the Amalgamation Resolution in the event this Agreement is duly terminated in
accordance with this Article 5. 

ARTICLE 6. 
GENERAL

	Section 6.1 	Headings, etc. 

The division of this Agreement into Articles, Sections and
Schedules and the insertion of the recitals and headings are for convenience of
reference only and will not affect the construction or interpretation of this
Agreement and, unless otherwise stated, all references in this Agreement or in
the Schedules hereto to Articles, Sections and Schedules refer to Articles,
Sections and Schedules of and to this Agreement or of the Schedules in which
such reference is made, as applicable. 

	Section 6.2 	Incorporation of Schedules

Schedule "A" attached hereto, for all purposes hereof, forms an
integral part of this Agreement. 

	Section 6.3 	Further Assurances 

The Shareholder, the Acquiror and the Acquiror Parent will,
from time to time, execute and deliver all such further documents and
instruments and do all such acts and things as the other party may reasonably
require to effectively carry out or better evidence or perfect the full intent
and meaning of this Agreement. Subject to the terms and conditions herein, the
Shareholder, the Acquiror and the Acquiror Parent agree to use commercially
reasonable efforts to take, or cause to be taken, all action and to do, or cause
to be done, all things necessary, proper or advisable under applicable Law to
consummate the transactions contemplated by this Agreement, by the Acquisition
Agreement and by the Amalgamation Agreement. 

- 11 - 

	Section 6.4 	Disclosure 

Except as required by applicable Laws or regulations or by any
Governmental Entity or in accordance with the requirements of any stock
exchange, no party shall make any public announcement or statement with respect
to this Agreement without the approval of the other, which shall not be
unreasonably withheld or delayed. Moreover, the parties agree to consult with
each other prior to issuing each public announcement or statement with respect
to this Agreement, subject to the overriding obligations of applicable Laws.
Provided that the Shareholder has first been given a reasonable opportunity to
review and comment on any such proposed disclosure, the Shareholder consents to
the details of this Agreement being described in any information circular or
press release prepared by the Corporation in connection with the Amalgamation,
in any take-over bid circular prepared by the Acquiror or the Acquiror Parent
with respect to any offer to acquire securities of the Corporation and in any
material change report prepared by the Corporation in connection with the
execution and delivery of this Agreement and the Acquisition Agreement, and this
Agreement being made publicly available, including by filing on SEDAR.

	Section 6.5 	Time 

Any date, time or period referred to in this Agreement will be
of the essence.

	Section 6.6 	Governing Law 

This Agreement will be governed, including as to validity,
interpretation and effect, by the laws of the Province of Ontario and the laws
of Canada applicable therein, and will be construed and treated in all respects
as an Ontario contract. Each of the parties hereby irrevocably attorns to the
exclusive jurisdiction of the Courts of the Province of Ontario in respect of
all matters arising under and in relation to this Agreement. 

	Section 6.7 	Entire Agreement 

This Agreement and the provisions of the Acquisition Agreement
incorporated herein by reference, and the Amalgamation Agreement constitute the
entire agreement and understanding between and among the parties hereto with
respect to the subject matter hereof and supersede any prior agreement,
representation or understanding with respect thereto.

	Section 6.8 	Amendments and Waivers

Each party hereto agrees and confirms that any provision of
this Agreement may be amended modified, altered, supplemented or waived if, and
only if, such amendment, modification, alteration, supplement or waiver is in
writing and signed, in the case of an amendment, by all of the parties hereto,
or in the case of a waiver, by the party against whom the waiver is to be
effective, and no failure or delay by any party in exercising any right, power
or privilege hereunder will operate as a waiver thereof nor will any single or
partial exercise thereof preclude any other or further exercise thereof or the
exercise of any other right, power or privilege. No waiver of any of the
provisions of this Agreement will be deemed to constitute a waiver of any other
provision (whether or not similar). 

- 12 - 

	Section 6.9 	Severability 

To the extent permitted by applicable Law, the parties waive
any provision of applicable Law which renders any provision of this Agreement
invalid or unenforceable in any respect. If any term or other provision of this
Agreement is invalid, illegal or incapable of being enforced by any applicable
Law or public policy, all other conditions and provisions of this Agreement will
nevertheless remain in full force and effect so long as the economic or legal
substance of the transactions contemplated hereby is not affected in any manner
materially adverse to any party. Upon such determination that any term or other
provision is invalid, illegal or incapable of being enforced, the parties hereto
will negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties as closely as possible in an acceptable manner in
order that the transactions contemplated hereby are fulfilled to the fullest
extent possible. 

	Section 6.10 	Assignment 

The provisions of this Agreement shall be binding upon and
enure to the benefit of the parties hereto and their respective successors,
permitted assigns and legal personal representatives, provided that no party may
assign, delegate or otherwise transfer any of its rights, interests or
obligations under this Agreement without the prior written consent of the other
parties hereto, except that the Acquiror and the Acquiror Parent may assign,
delegate or otherwise transfer any of their respective rights, interests or
obligations under this Agreement to an affiliate, without reducing their own
respective obligations hereunder.

	Section 6.11 	Notices 

All notices and other communications given or made pursuant to
this Agreement shall be in writing and shall be deemed to have been duly given
and received on the day it is delivered, provided that it is delivered on a
Business Day prior to 5:00 p.m. local time in the place of delivery or receipt.
However, if notice is delivered after 5:00 p.m. local time or if such day is not
a Business Day then the notice shall be deemed to have been given and received
on the next Business Day. Notice shall be sufficiently given if delivered
(either in person, by courier service or other personal method of delivery), or
if transmitted by facsimile to the parties at the following addresses (or at
such other addresses as shall be specified by any party by notice to the other
given in accordance with these provisions). 

The address for service for each of the Parties hereto shall be
as follows: 

	 	(a) 	If to the Acquiror or the Acquiror Parent (c/o
      Speyside Equity Fund I LP): 
	 	  	  
	 	  	55 Bridge Street 
	 	  	Lambertville, NJ 
	 	  	08530, USA 

- 13 - 

	 	  	Attention: Kevin Daugherty 
	 	  	Fax: (514) 397-3581 
	 	  	  	  
	 	  	with a copy (which shall not
      constitute notice) to: 
	 	 	 
	 	  	       Stikeman
      Elliott LLP 
	 	  	       1155
      René-Lévesque Blvd. W. 
	 	  	       40th Floor 	  
	 	  	       Montreal,
      Québec, H3B 3V2 
	 	  	  	  
	 	  	       Attention: 	 John W. Leopold and David Massé 
	 	  	       Fax: 	 514-397-3222 
	 	  	  	  
	 	(b) 	If to the Shareholder: 
	 	  	  	  
	 	  	       SunOpta Inc. 	  
	 	  	       2233
      Argentia Road 
	 	  	       Suite 401 	  
	 	  	     
       Mississauga ON L5N 2X7 
	 	  	  	  
	 	  	       Attention: 	 Chief Financial Officer 
	 	  	       Fax: 	 905-819-7971 
	 	  	  	  
	 	  	- 	and to - 
	 	  	  	  
	 	  	       SunOpta Inc. 	  
	 	  	       7301 Ohms
      Lane, Suite 600 
	 	  	       Edina, MN
      55439 
	 	  	  	  
	 	  	       Attention: 	 General Counsel 
	 	  	       Fax: 	 952-835-1991 

or to such other address as the relevant person may from time
to time advise by notice in writing given pursuant to this Section 6.11.

	Section 6.12 	Specific Performance and other Equitable
      Rights 

	 	(a) 	
      The parties hereby agree that irreparable damage would
      occur in the event that any provision of this Agreement were not performed
      in accordance with its specific terms or were otherwise breached, and that
      money damages or other legal remedies would not be an adequate remedy for
      any such damages. Accordingly, the parties acknowledge and hereby agree
      that in the event of any breach or threatened breach by any of the
      Shareholder, on the one hand, or the Acquiror or the Acquiror Parent, on
      the other hand, of any of their respective covenants or obligations set
      forth in this Agreement, the Acquiror or the Acquiror Parent, on the one
      hand, or the Shareholder, on the other hand, shall be entitled to an
      injunction or injunctions to prevent or restrain breaches or threatened
      breaches of this Agreement by the other, and to specifically enforce the
      terms and provisions of this Agreement to prevent breaches or threatened
      breaches of, or to enforce compliance with, the covenants and obligations
      of the other under this Agreement. Each of the parties hereby agrees not
      to raise any objections to the availability of the equitable remedy of
      specific performance to prevent or restrain breaches or threatened
      breaches of this Agreement by it, and to specifically enforce the terms
      and provisions of this Agreement to prevent breaches or threatened
      breaches of, or to enforce compliance with, the covenants and obligations
      of the other parties under this Agreement.

- 14 - 

	 	(b) 	
      The parties hereto further agree that (x) by seeking the
      remedies provided for in this Section 6.12, a party shall not in any
      respect waive its right to seek any other form of relief that may be
      available to a party under this Agreement in the event that this Agreement
      has been terminated or in the event that the remedies provided for in this
      Section 6.12 are not available or otherwise are not granted, and (y)
      nothing set forth in this Section 6.12 shall require any party hereto to
      institute any proceeding for (or limit any party's right to institute any
      proceeding for) specific performance under this Section 6.12 prior or as a
      condition to exercising any termination right under Section 5.1 or Section
      5.2 (and pursuing damages after such termination), nor shall the
      commencement of any legal proceeding restrict or limit any party's right
      to terminate this Agreement in accordance with the terms of Section 5.1 or
      Section 5.2 or pursue any other remedies under this Agreement that may be
      available then or thereafter.

	 	 	 
	 	(c) 	
      Any amount that the Acquiror or the Acquiror Parent may
      be entitled to in the event of any breach by the Shareholder of its
      covenants or obligations set forth in this Agreement to vote in favour of
      the Amalgamation or tender to any Alternative Transaction will be reduced
      by an amount equal to any amount paid to the Acquiror by the Corporation
      as a Termination Payment pursuant to the Acquisition Agreement, provided
      that such Termination Payment has been paid within the time specified in
      Section 9.3 of the Acquisition Agreement in respect of a Termination
      Payment Event.

	Section 6.13 	Expenses 

Each of the parties shall pay its respective legal, financial
advisory and accounting costs and expenses incurred in connection with the
preparation, execution and delivery of this Agreement and all documents and
instruments executed or prepared pursuant hereto and any other costs and
expenses whatsoever and howsoever incurred, provided that each party (the
"Breaching Party") shall pay the fees and disbursements of legal counsel
to another party (the "Non-Breaching Party") to the extent related to any
proceedings brought by a Non-Breaching party to enforce this Agreement as a
result of a breach of any provision of this Agreement by the Breaching Party.

	Section 6.14 	Independent Legal Advice

Each of the parties hereby acknowledges that it has been
afforded the opportunity to obtain independent legal advice and confirms by the
execution and delivery of this Agreement that they have either done so or waived
their right to do so in connection with the entering into of this Agreement.

- 15 - 

	Section 6.15 	Financial Information

The Acquiror and the Acquiror Parent hereby covenant and agree
to: 

	 	(a) 	
      cause the Corporation to provide and make available to
      the Shareholder the following information in respect of the Corporation as
      at and for the periods specified in the table below no later than the
      dates specified below:

	Fiscal
      Period 	Required Information 	Delivery Date 
	
      Each fiscal quarter ended prior to the Effective Date
      

	
      Unaudited balance sheet, income statement and complete
      trial balance 
	
      Within 20 days of the end of such fiscal quarter
  

	
      “Stub” period commencing on the first day of the fiscal
      quarter commencing immediately prior to the Effective Date and ending on
      the Effective Date 
	
      Unaudited balance sheet, income statement and complete
      trial balance 
	
      Within 30 days of the Effective Date, and in no scenario
      longer than 20 days following the end of a scheduled fiscal quarter
  

	 	(b) 	
      upon reasonable notice (including following the
      Corporation's fiscal year ended December 31, 2016), cause the Corporation
      to provide the Shareholder and its auditors and each of their respective
      representatives reasonable access during normal business hours to all
      books and financial records relating to and in the possession of the
      Corporation that are reasonably required for the preparation of the
      Shareholder's financial statements for such periods, together with the
      assistance of those employees of the Corporation involved with financial
      reporting that the Shareholder may reasonably
request.

The Shareholder hereby covenants and agrees to reimburse the
Corporation for any incremental expenses incurred by the Corporation in
providing the foregoing financial information, access or assistance of
employees. The Corporation agrees that it shall in good faith advise the
Shareholder of such expenses prior to incurring expenses in an amount exceeding
$2,000. 

Section
6.16               Execution
and Delivery 

This Agreement may be executed by the parties in counterparts
and may be executed and delivered by facsimile, e-mail transmission of Adobe
Acrobat files or other electronic means and all the counterparts and facsimile,
e-mail or other electronic copies together constitute one and the same
agreement, and such facsimile, e-mail or other electronic copies will be legally
effective to create a valid and binding agreement between the parties. 

- 16 - 

 

[signature page follows] 

IN WITNESS WHEREOF the parties have executed this
Agreement as of the date first written above.

	 	SUNOPTA INC. 
	 	 
	 	By:
      (signed) “Craig Hanna” 
	 	 
	 	Name: Craig Hanna 
	 	 
	 	Title: Vice President Corporate Development
  

	 	WEDGE ACQUISITION INC. 
	 	 
	 	By:
      (signed) “Kevin Daugherty” 
	 	 
	 	Name: Kevin Daugherty 
	 	 
	 	Title: Director 
	 	  
	 	WEDGE ACQUISITION HOLDINGS INC. 
	 	 
	 	By:
      (signed) “Kevin Daugherty” 
	 	 
	 	Name: Kevin Daugherty 
	 	 
	 	Title: Director 

A-1 

SCHEDULE “A” 

REPRESENTATIONS AND WARRANTIES OF THE SHAREHOLDER 
AS TO
THE CORPORATION 

	1.1 	
      Representations and Warranties of the Shareholder as
      to the Corporation

The Shareholder represents and warrants to the Acquiror and the
Acquiror Parent, in each case to the best of its Knowledge, as follows, and
acknowledges that the Acquiror and the Acquiror Parent are each relying upon
such representations, warranties and covenants in entering into this Agreement
and the Acquisition Agreement. For purposes of this Schedule "A", "Knowledge"
shall mean the knowledge of Steve Bromley or Jeremy Kendall, after due inquiry,
including inquiries with the relevant officers and employees the Corporation, or
such knowledge as Steve Bromley or Jeremy Kendall would reasonably be expected
to have acquired in fulfilling his duties as a director of the Corporation: 

Environmental: 

	 	(a) 	
      Except as disclosed in Section 23 of the Disclosure
      Letter:

	 	(i) 	
      the operation of the businesses of the Corporation and
      the Opta Minerals Subsidiaries, the property and assets owned or used by
      the Corporation and the Opta Minerals Subsidiaries and the use,
      maintenance and operation thereof have been and are in compliance with all
      Environmental Laws;

	 	 	 
	 	(ii) 	
      each of the Corporation and the Opta Minerals
      Subsidiaries has complied in all material respects with all reporting and
      monitoring requirements under all Environmental Laws; and

	 	 	 
	 	(iii) 	
      each of the Corporation and the Opta Minerals
      Subsidiaries has obtained all Environmental Permits necessary to conduct
      its business and to own, use and operate its properties and
  assets.

	 	(b) 	
      Except as disclosed in 23 of the Disclosure
      Letter:

	 	(iv) 	
      neither the Corporation nor any Opta Minerals Subsidiary
      has ever been convicted of an offence for non-compliance with any
      Environmental Laws or Environmental Permits or been fined or otherwise
      sentenced or settled such prosecution short of conviction;

	 	 	 
	 	(v) 	
      neither the Corporation nor any Opta Minerals Subsidiary
      has received any notice of any non-compliance with any Environmental Laws
      or Environmental Permits;

	 	 	 
	 	(vi) 	
      the operation of the businesses of the Corporation and
      the Opta Minerals Subsidiaries, the property and assets owned or used by
      the Corporation and the Opta Minerals Subsidiaries and the use,
      maintenance and operation thereof have been and are in compliance with all
      Environmental Permits; and

A-2 

	 	(vii) 	
      each of the Corporation and the Opta Minerals
      Subsidiaries has, at all times, used, generated, treated, stored,
      transported, disposed of or otherwise handled its Hazardous Substances in
      compliance with all Environmental Laws and Environmental
  Permits.

	 	(c) 	
      Neither the Corporation nor any Opta Minerals Subsidiary
      is, and there is no reasonable basis upon which the Corporation or any of
      the Opta Minerals Subsidiaries could become, responsible for any material
      clean-up or corrective action under any Environmental Laws.

	 	 	 
	 	(d) 	
      The Corporation has provided to the Acquiror true and
      complete copies of all reports or other documents in its possession or the
      possession of the Opta Minerals Subsidiaries relating to compliance with
      Environmental Laws or Environmental Permits.

Tax Matters 

	 	(a) 	
      Except as disclosed in Section 19(a) of the Disclosure
      Letter, each of the Corporation and the Opta Minerals Subsidiaries has
      duly and in a timely manner filed all Tax returns required to be filed by
      it and all such returns were correct and complete in all material respects
      at the time of filing. Each of the Corporation and the Opta Minerals
      Subsidiaries has paid on a timely basis all Taxes, including instalments,
      which are due and payable, and has paid all assessments and reassessments,
      and all other Taxes due and payable by it on or before the date hereof,
      other than those which are being contested in good faith and in respect of
      which reserves have been provided in the most recently published financial
      statements of the Corporation (if such reserves are required under IFRS).
      Adequate provision has been made on the consolidated financial statements
      of the Corporation for all Taxes assessed and all Taxes owing by any of
      the Corporation or any Opta Minerals Subsidiary that are not yet due and
      payable and that relate to periods ending on or prior to the date hereof
      in conformity with IFRS and all other applicable accounting rules and
      principles. Except as disclosed in Section 19(a) of the Disclosure Letter,
      there are no actions, suits, proceedings, investigations or claims
      outstanding, pending or threatened against the Corporation or any of the
      Opta Minerals Subsidiaries in respect of Taxes or assessments or any
      matters under discussion with any Governmental Entity relating to Taxes or
      assessments asserted by any such authority.

	 	 	 
	 	(b) 	
      Neither the Corporation nor any Opta Minerals Subsidiary
      is party to any material tax sharing agreement, tax indemnification
      agreement or other agreement or arrangement relating to Taxes with any
      person (other than the Corporation or any Opta Minerals
  Subsidiary).

	 	 	 
	 	(c) 	
      Each of the Corporation and the Opta Minerals
      Subsidiaries has withheld from each payment made to all of its current and
      former officers, directors and employees, and from each other payment of
      any nature made to any person, the amount of all Taxes including, but not
      limited to, income tax and other deductions required to be withheld
      therefrom and has paid the same to the applicable Governmental Entity
      within the time required under applicable
Laws.

A-3 

	 	(d) 	
      Each of the Corporation and the Opta Minerals
      Subsidiaries has collected from any of the past and present customers (or
      other persons paying amounts to the Corporation or an Opta Minerals
      Subsidiary) the amount of all Taxes (including goods and services tax and
      provincial sales taxes) required to be collected and has paid and remitted
      such Taxes when due in the form required under applicable Laws.

	 	 	 
	 	(e) 	
      For all transactions between the Corporation or an Opta
      Minerals Subsidiary, on the one hand, and any non-resident person with
      whom the Corporation or an Opta Minerals Subsidiary was not dealing at
      arm's length, for the purposes of the Tax Act, on the other hand, the
      Corporation or the Opta Minerals Subsidiary has made or obtained records
      or documents that satisfy the requirements of paragraphs 247(4)(a) to (c)
      of the Tax Act or any similar applicable transfer pricing
    provisions.

Qualifications and Licenses 

	 	(a) 	
      Each of the Corporation and the Opta Minerals
      Subsidiaries is in compliance, and has complied, in all material respects,
      with all Laws applicable to the operation of its business and each of the
      Corporation and the Opta Minerals Subsidiaries is duly qualified or
      licensed to do business and is in good standing in each jurisdiction where
      the character of the properties owned, leased or operated by it or the
      nature of its business makes such qualification or licensing necessary,
      and each of the Corporation and the Opta Minerals Subsidiaries is in
      compliance, and has complied, in all material respects, with all such
      qualifications and licences.

Health and Safety Compliance 

	 	(a) 	
      Each of the Corporation and the Opta Minerals
      Subsidiaries has operated in accordance, in all material respects, with
      all applicable Laws with respect to occupational health and safety, and
      there are no current, pending or threatened proceedings before any board
      or tribunal with respect to such matters.

	 	 	 
	 	(b) 	
      The Corporation has made available to the Acquiror for
      review any inspection reports, workplace audits or written equivalent,
      made under any occupational health and safety legislation received by it
      since January 1, 2012. There are no outstanding inspection orders or
      written equivalent made under any occupational health and safety
      legislation which relate to or affect the Corporation or any of the Opta
      Minerals Subsidiaries. Each of the Corporation and the Opta Minerals
      Subsidiaries has complied in all material respects with any orders issued
      under any occupational health and safety legislation of which the
      Corporation has received written notice.

A-4 

	1.2 	
      Liability for Representations and Warranties of the
      Shareholder

	 	(a) 	
      The representations and warranties contained in this
      Schedule "A" will survive consummation of the Amalgamation (or any
      Alternative Transaction) and, notwithstanding consummation of the
      Amalgamation (or any Alternative Transaction) and any investigation made
      by or on behalf of the Acquiror or Acquiror Parent, continue in full force
      and effect for a period of 180 days after the consummation of the
      Amalgamation (or any Alternative Transaction).

	 	 	 
	 	(b) 	
      The Shareholder shall not have any obligation or
      liability with respect to any representation or warranty made by the
      Shareholder in this Schedule “A” after the end of the 180-day period after
      the consummation of the Amalgamation except for claims relating to the
      representations and warranties that the Shareholder has been notified of
      prior to the end of such time period.

	1.3 	
      Indemnification in Favour of the Acquiror and the
      Acquiror Parent

For the purposes of this Schedule A, "Damages" means any
losses, liabilities, damages or expenses (including legal fees and expenses on a
full indemnity basis without reduction for tariff rates or similar reductions)
whether resulting from an action, suit, proceeding, arbitration, claim or demand
that is instituted or asserted by a third party, including a Governmental
Entity, or a cause, matter, thing, act, omission or state of facts not involving
a third party. 

Subject to paragraph 1.5 below, the Shareholder shall indemnify
and save each of the Corporation, the Acquiror and the Acquiror Parent and their
respective successors, shareholders, directors, officers, employees, agents and
representatives harmless of and from, and shall pay for, any Damages suffered
by, imposed upon or asserted against it or any of them as a result of, in
respect of, connected with, or arising out of, under, or pursuant to: 

	 	(a) 	
      any breach or inaccuracy of any representation or
      warranty given by the Shareholder contained in Section 4.1 of the
      Agreement;

	 	 	 
	 	(b) 	
      any breach or inaccuracy of any representation or
      warranty as to the Corporation or the Opta Minerals Subsidiaries given by
      the Shareholder contained in this Schedule "A"; and

	 	 	 
	 	(c) 	
      any failure of the Shareholder to hold immediately prior
      to the Amalgamation or Alternative Transaction, and transfer to the
      Acquiror pursuant to the Amalgamation or Alternative Transaction, good and
      valid title to the Subject Securities to the Acquiror, free and clear of
      any and all mortgages, liens, charges, restrictions, security interests,
      adverse claims, pledges, encumbrances and demands or rights of others of
      any nature or kind whatsoever.

	1.4 	
      Indemnification in favour of Acquiror and Acquiror
      Parent for Transaction Costs

	 	(a) 	
      Within 90 days following the Effective Date (or such
      other date as is mutually agreed to by the Shareholder and the Acquiror or
      Acquiror Parent in writing), the Acquiror or Acquiror Parent shall prepare
      and deliver to the Shareholder a draft statement detailing the Final
      Transaction Costs (as defined below) (the "Draft Transaction Costs
      Statement").

A-5 

"Final Transaction Costs" means
the aggregate amount of any and all fees and expenses paid, payable, incurred,
or for which services have either been rendered to or ordered by the Corporation
or the Opta Minerals Subsidiaries up until and including the Effective Date in
connection with the negotiation, preparation and execution of the Acquisition
Agreement, the Amalgamation Agreement, the Meeting or the Circular and the other
transactions contemplated thereunder, including, but not limited to, legal fees
and expenses, investment banking fees, financial advisory fees and expenses
(including any success fees that may be payable), fees paid to the Fiscal
Advisor in connection with the preparation and delivery of the Fairness Opinion,
change of control and retention payments to management and employees, costs of
Opta Mineral’s D&O liability run-off insurance valid for six (6) years
following the Effective Date, fees payable to directors, printing and mailing
costs of the Circular, transfer agent fees, and any other out-of-pocket costs
and expenses incurred in connection with the Acquisition Agreement, the
Amalgamation Agreement and other transactions contemplated thereunder, including
all fees and expenses which were deducted from the Share Consideration in
accordance with the Acquisition Agreement, provided, however, that the payments
referred to in Section 1.1 of the Disclosure Letter are each to be excluded from
the Final Transaction Costs and shall therefore not be deducted from the Share
Consideration.

	 	(b) 	
      The Shareholder shall have ten (10) Business Days to
      review the Draft Transaction Costs Statement following receipt thereof and
      Shareholder must notify the Acquiror in writing if it has any objection to
      the Draft Transaction Costs Statement within such ten (10) Business Day
      period. The notice of objection must contain a statement of the basis of
      the Shareholder's objections and the amounts in dispute.

	 	 	 
	 	(c) 	
      If Shareholder sends a written notice of objection to the
      Draft Transaction Costs Statement in accordance with Section 1(b), the
      Acquiror and the Shareholder shall work expeditiously and in good faith in
      an attempt to resolve such objections within 10 Business Days following
      receipt of the notice. Failing resolution of any such objection raised by
      the Shareholder, the dispute will be submitted for determination to an
      independent firm of chartered accountants mutually agreed to by the
      Acquiror and the Shareholder, and failing such mutual agreement, to KPMG
      LLP (the "Third Party Accountants"). The determination of the Third
      Party Accountants will be final and binding upon the Acquiror, the
      Acquiror Parent and the Shareholder and will not be subject to appeal,
      absent manifest error. The Third Party Accountants are deemed to be acting
      as experts and not as arbitrators.

	 	 	 
	 	(d) 	
      The Draft Transaction Costs Statement shall be revised to
      reflect either the agreement of the parties or the determination of the
      Third Party Accountants, as applicable, within two (2) Business Days
      following such final agreement of the parties or determination. The Draft
      Transaction Costs Statement, as revised in accordance with the foregoing,
      will automatically become the "Final Transaction Costs
      Statement".

A-6 

	 	(e) 	
      If the Shareholder does not notify the Acquiror of any
      objection to the Draft Transaction Costs Statement within the ten (10)
      Business Day period in accordance with Section 1(b), the Shareholder is
      deemed to have accepted and approved the Draft Transaction Costs Statement
      and such Draft Transaction Costs Statement will be final, conclusive and
      binding upon the Shareholder, and will not be subject to appeal. The Draft
      Transaction Costs Statement will become the "Final Transaction Costs
      Statement" on the first Business Day following the end of such ten
      (10) Business Day period.

	 	 	 
	 	(f) 	
      In the case of a dispute and the retention of Third Party
      Accountants to determine such dispute, the costs and expenses of the Third
      Party Accountants will be borne equally by Vendor and Purchaser. However,
      Vendor and Purchaser shall each bear their own costs in presenting their
      respective cases to the Third Party Accountants.

	 	 	 
	 	(g) 	
      If the Final Transaction Costs as reflected on the Final
      Transaction Costs Statement exceed the Estimated Transaction Costs
      deducted from the Consideration upon closing of the Amalgamation by more
      than $75,000, the Shareholder shall pay to the Acquiror or Acquiror Parent
      (or to such other person as either the Acquiror or Acquiror Parent shall
      direct) the amount of such difference in excess of $75,000 by wire
      transfer of immediately available funds within five (5) Business Days
      after determination of the Final Transaction Costs as reflected on the
      Final Transaction Costs Statement.

	1.5 	
      Limitations on
Indemnification

	 	(a) 	
      The Shareholder shall only be obligated to make any
      payment for Damages for indemnification or otherwise with respect to the
      matters described in paragraph 1.3(b) up to a maximum amount of $700,000
      (the "Indemnification Limit") nor shall the Shareholder be
      obligated to make any payment for Damages for indemnification or otherwise
      unless the aggregate amount of such Damages is at least $50,000 (the
      "Threshold") (and once the Threshold is exceeded, the Shareholder
      will be obligated to make a payment for all such Damages starting from the
      first dollar).

	 	 	 
	 	(b) 	
      Any payment for Damages from the Shareholder for
      indemnification with respect to the matters described in paragraph 1.3(b)
      may be claimed by the Acquiror Parent through (i) a reduction of the
      principal amount owed by Amalco (a then subsidiary of the Acquiror Parent)
      to the Shareholder under the subordinated unsecured promissory note issued
      to the Shareholder in connection with the Amalgamation (or set-off against
      any amount payable thereunder) up to a maximum amount of reduction or
      set-off equal to the Indemnification Limit, or, at the election of the
      Acquiror Parent, (ii) a cash payment from the Shareholder to Speyside
      Equity Fund I LP or to an affiliate thereof or a fund managed thereby up
      to a maximum of $350,000, with any remaining portion of Damages over and
      above such cash payment and up to the Indemnification Limited being
      claimed and paid through reduction of the principal amount owed by Amalco
      (a then subsidiary of the Acquiror Parent) to the Shareholder under the
      subordinated unsecured promissory note issued to the Shareholder in
      connection with the Amalgamation (or set-off against any amount payable
      thereunder).

A-7 

	 	(c) 	
      In no circumstances shall the Shareholder be obligated to
      make any payment for Damages for indemnification directly to the
      Interested Shareholder with respect to the matters described in paragraphs
      1.3(b).

	 	 	 
	 	(d) 	
      The Indemnification Limit and the Threshold will not
      apply to, and the Shareholder shall be liable for all Damages with respect
      to: (i) any claims for indemnification under paragraphs 1.3(a) and 1.3(c);
      or (ii) any claim involving fraud or fraudulent or intentional
      misrepresentation.

	 	 	 
	 	(e) 	
      Subject to Section 1.5(b), any payment for Damages (or a
      portion thereof) owed by the Shareholder for indemnification or otherwise
      pursuant to this Agreement may, at the election of the Acquiror Parent,
      either (i) be satisfied by a reduction from the principal amount owed by
      Amalco to the Shareholder under the subordinated unsecured promissory note
      issued to the Shareholder in connection with the Amalgamation (or set-off
      against any amount payable thereunder), or (ii) be made as a cash payment
      directly to Speyside Equity Fund I LP or to an affiliate thereof or a fund
      managed thereby.

	1.6 	
      Notification

	 	(a) 	
      If a Third Party Claim is instituted or asserted against
      a person with indemnification rights or benefits contained in the Schedule
      "A" (an "Indemnified Person"), the Indemnified Person shall notify
      the Shareholder in writing of the Third Party Claim.

	 	 	 
	 	(b) 	
      If an Indemnified Person becomes aware of a Direct Claim
      (as such term is defined in paragraph 1.7), the Indemnified Person shall
      notify the Shareholder in writing of the Direct Claim.

	 	 	 
	 	(c) 	
      Notice to the Shareholder under this paragraph of a
      Direct Claim or a Third Party Claim is assertion of a claim for
      indemnification against the Shareholder under this Agreement. Upon receipt
      of such notice, the provisions of paragraph 1.8 will apply to any Third
      Party Claim and the provisions of paragraph 1.7 will apply to any Direct
      Claim.

	 	 	 
	 	(d) 	
      The omission to notify the Shareholder shall not relieve
      the Shareholder from any obligation to indemnify the Indemnified Person,
      unless the notification occurs after the expiration of the specified
      period set out paragraph 1.2 to the extent that such specified period
      applies to the relevant obligation to
indemnify.

A-8 

	1.7 	
      Direct Claims

For the purposes of the Schedule A, "Direct Claim" means
any cause, matter, thing, act, omission or state of facts not involving a Third
Party Claim which entitles an Indemnified Person to make a claim for
indemnification under this Agreement. 

	 	(a) 	
      Following receipt of notice of a Direct Claim, the
      Shareholder has 30 days to investigate the Direct Claim and respond in
      writing. For purposes of the investigation, the Indemnified Person shall
      make available to the Shareholder the information relied upon by the
      Indemnified Person to substantiate the Direct Claim, together with such
      other information as the Indemnifying Party may reasonably
  request.

	 	 	 
	 	(b) 	
      If the Shareholder disputes the validity or amount of the
      Direct Claim, the Shareholder shall provide written notice of the dispute
      to the Indemnified Person within the 30-day period specified in the
      paragraph above. The dispute notice must describe in reasonable detail the
      nature of the Shareholder's dispute. During the 30-day period immediately
      following receipt of a dispute notice by the Indemnified Person, the
      Shareholder and the Indemnified Person shall attempt in good faith to
      resolve the dispute. If the Shareholder and the Indemnified Person fail to
      resolve the dispute within that 30-day period, the Indemnified Person is
      free to pursue all rights and remedies available to it, subject only to
      this Agreement. If the Shareholder fails to respond in writing to the
      Direct Claim within the 30-day period specified in the paragraph above,
      the Shareholder is deemed to have agreed to the validity and amount of the
      Direct Claim and shall promptly pay in full the amount of the Direct Claim
      to the Indemnified Person.

	1.8 	
      Third Party Claims

For the purposes of the Schedule A, "Third Party Claim"
means any action, suit, proceeding, arbitration, claim or demand that is
instituted or asserted by a third party, including a Governmental Entity,
against an Indemnified Person which entitles the Indemnified Person to make a
claim for indemnification under this Agreement. 

	 	(a) 	
      Subject to the terms of this paragraph 1.8, upon
      receiving notice of a Third Party Claim, the Shareholder may participate
      in the investigation and defense of the Third Party Claim. The Shareholder
      shall cooperate on a timely basis with the Indemnified Person in the
      defense of any Third Party Claim, as the Indemnified Person shall
      reasonably request.

	 	 	 
	 	(b) 	
      The Indemnified Person has the right (but not the
      obligation) to undertake the defense of the Third Party Claim. The
      Indemnified Person may compromise and settle the Third Party claim but the
      Shareholder shall not be bound by any compromise or settlement of the
      Third Party Claim effected without its consent (which consent may not be
      unreasonably withheld or delayed). The Indemnified Person agrees to keep
      the Shareholder fully informed of the status of any Third Party Claim and
      any related proceedings.

A-9 

	1.9 	
      Fraud and Other Remedies

The rights and remedies of the Acquiror and Acquiror Parent
under this Schedule "A" are cumulative and are without prejudice and in addition
to any rights or remedies the Acquiror or Acquiror Parent may have at law or in
equity. In addition, nothing in this Schedule "A", limits or restricts in any
way any remedies available, or Damages payable, for claims involving fraud or
fraudulent misrepresentation. 

	1.10 	
      Reductions and Subrogation

If the amount of any Damages incurred by an Indemnified Person
is reduced by any recovery or settlement pursuant to any insurance coverage, the
amount of such reduction (less any costs, expenses, deductibles or premiums
incurred in connection therewith), shall promptly be repaid to the Shareholder
upon receipt by the Indemnified Person of the full payment of such amount. If
any Damages or loss can be reduced by any recovery or settlement pursuant to any
insurance coverage, the Indemnified Person shall take all commercially
reasonable steps to obtain such insurance recovery or settlement, and all cost
of such enforcement incurred by such Indemnified Person shall be borne by the
Shareholder.

	1.12 	
      One Recovery

An Indemnified Person shall not be entitled to double recovery
for any Damages even though they may have resulted from the breach of more than
one of the representations, warranties, agreements and covenants made by the
Shareholder pursuant to the Agreement or this Schedule "A".

	1.13 	
      Duty to Mitigate

Nothing in this Schedule "A" shall in any way restrict or limit
the general obligation under applicable Law of an Indemnified Person to mitigate
the Damages which it may suffer or incur by reason of the breach by the
Shareholder of any representation or warranty under this Schedule "A".

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00254-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00254-of-00352.parquet"}]]