Document:

Pooling Agreement

 EXHIBIT 4.3 

 
  

 
 POOLING AGREEMENT

 BETWEEN 
 ALLY AUTO ASSETS LLC 
 AND 

ALLY BANK 

DATED AS OF JANUARY 18, 2012 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	  
			
	 SECTION 1.01
	  	 Definitions
	  	 	1	  
	 SECTION 1.02
	  	 Owner of a Receivable
	  	 	1	  
		
	 ARTICLE II PURCHASE AND SALE OF RECEIVABLES
	  	 	2	  
			
	 SECTION 2.01
	  	 Purchase and Sale of Receivables
	  	 	2	  
	 SECTION 2.02
	  	 Receivables Purchase Price
	  	 	3	  
	 SECTION 2.03
	  	 The Closing
	  	 	3	  
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	 	3	  
			
	 SECTION 3.01
	  	 Representations and Warranties as to the Receivables
	  	 	3	  
	 SECTION 3.02
	  	 Additional Representations and Warranties of the Seller
	  	 	6	  
	 SECTION 3.03
	  	 Representations and Warranties of Ally Auto
	  	 	7	  
		
	 ARTICLE IV ADDITIONAL AGREEMENTS
	  	 	8	  
			
	 SECTION 4.01
	  	 Conflicts With Further Transfer Agreements
	  	 	8	  
	 SECTION 4.02
	  	 Protection of Title
	  	 	8	  
	 SECTION 4.03
	  	 Other Liens or Interests
	  	 	9	  
	 SECTION 4.04
	  	 Repurchase Events
	  	 	9	  
	 SECTION 4.05
	  	 Indemnification
	  	 	9	  
	 SECTION 4.06
	  	 Further Assignments
	  	 	10	  
	 SECTION 4.07
	  	 Pre-Closing Collections
	  	 	10	  
	 SECTION 4.08
	  	 Compliance with the FDIC Rule
	  	 	10	  
		
	 ARTICLE V CONDITIONS
	  	 	10	  
			
	 SECTION 5.01
	  	 Conditions to Obligation of Ally Auto
	  	 	10	  
	 SECTION 5.02
	  	 Conditions to Obligation of the Seller
	  	 	11	  
		
	 ARTICLE VI MISCELLANEOUS PROVISIONS
	  	 	11	  
			
	 SECTION 6.01
	  	 Amendment
	  	 	11	  
	 SECTION 6.02
	  	 Survival
	  	 	11	  
	 SECTION 6.03
	  	 Notices
	  	 	11	  
	 SECTION 6.04
	  	 Governing Law
	  	 	11	  
	 SECTION 6.05
	  	 Waivers
	  	 	12	  
	 SECTION 6.06
	  	 Costs and Expenses
	  	 	12	  
	 SECTION 6.07
	  	 Confidential Information
	  	 	12	  
	 SECTION 6.08
	  	 Headings
	  	 	12	  
	 SECTION 6.09
	  	 Counterparts
	  	 	12	  
	 SECTION 6.10
	  	 No Petition Covenant
	  	 	12	  
	 SECTION 6.11
	  	 Limitations on Rights of Others
	  	 	12	  
	 SECTION 6.12
	  	 Merger and Consolidation of the Seller or Ally Auto
	  	 	13	  
	 SECTION 6.13
	  	 Assignment
	  	 	13	  
	 SECTION 6.14
	  	 Official Record
	  	 	13	  
			
	 EXHIBIT A
	  	 Form of First Step Receivables Assignment
	  			
			
	 SCHEDULE A
	  	 Schedule of Receivables
	  			
			
	 APPENDIX A
	  	 Definitions, Rules of Construction and Notices
	  			
			
	 APPENDIX B
	  	 Additional Representations and Warranties
	  			

  
 i 

 THIS POOLING AGREEMENT, dated as of January 18, 2012, between ALLY AUTO ASSETS LLC, a
Delaware limited liability company (“Ally Auto”), and ALLY BANK, a Utah chartered bank (the “Seller”). 
 WHEREAS, Ally Auto desires to purchase on the date hereof a portfolio of automobile and light truck retail instalment sale contracts, direct purchase money loans and related rights owned by the Seller;

 WHEREAS, the Seller is willing to sell on the date hereof such contracts and related rights to Ally Auto; 

WHEREAS, Ally Auto may wish to sell or otherwise transfer on the date hereof such contracts and related rights, or interests therein, to
a trust, corporation, partnership or other entity (any such entity being the “Issuing Entity”); and 
 WHEREAS,
the Issuing Entity may issue debentures, notes, participations, certificates of beneficial interest, partnership interests or other interests or securities (collectively, any such issued interests or securities being “Securities”)
to fund its acquisition of such contracts and related rights. 
 NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 
 SECTION 1.01 Definitions. Certain capitalized terms used in this Agreement are defined in and shall have the respective meanings assigned to them in Part I of Appendix A to this Agreement.
All references herein to “the Agreement” or “this Agreement” are to this Pooling Agreement as it may be amended, supplemented or modified from time to time, and all references herein to Articles and Sections are to
Articles or Sections of this Agreement unless otherwise specified. The rules of construction set forth in Part II of such Appendix A shall be applicable to this Agreement. 

SECTION 1.02 Owner of a Receivable. For purposes of this Agreement, the “Owner” of a Receivable shall mean Ally
Auto until the sale, transfer, assignment or other conveyance of such Receivable by Ally Auto pursuant to the terms of the applicable Further Transfer Agreements, and thereafter shall mean the Issuing Entity; provided, that the Seller, the
Servicer or Ally Auto, as applicable, shall be the “Owner” of any Receivable from and after the time that such Person shall acquire such Receivable, whether pursuant to Section 4.04 of this Agreement, any provision of
the Further Transfer Agreements, Section 2.07 of the Servicing Agreement or otherwise. 

 ARTICLE II 
 PURCHASE AND SALE OF RECEIVABLES 
 SECTION 2.01 Purchase and Sale of
Receivables. 
 (a) Purchase. On the Closing Date, subject to satisfaction of the conditions specified
in Article V and the First Step Receivables Assignment (and, in any event, immediately prior to consummation of the related transactions contemplated by the Further Transfer Agreements, if any), the Seller shall sell, transfer, assign and
otherwise convey to Ally Auto, without recourse: 
 (i) all right, title and interest of the Seller in, to and
under the Receivables listed on the Schedule of Receivables and all monies received thereon on and after the Cutoff Date, exclusive of any amounts allocable to the premium for physical damage collateral protection insurance required by the Seller or
the Servicer covering any related Financed Vehicle; 
 (ii) the interest of the Seller in the security interests
in the Financed Vehicles granted by Obligors pursuant to the Receivables and, to the extent permitted by law, any accessions thereto; 
 (iii) the interest of the Seller in any proceeds from claims on any physical damage, credit life, credit disability or other insurance policies covering Financed Vehicles or Obligors; 

(iv) the interest of the Seller in any proceeds from recourse against Dealers on the Receivables; 

(v) all right, title and interest of the Seller in, to and under the First Step Receivables Assignment; and 

(vi) all present and future claims, demands, causes and choses in action in respect of any or all the foregoing described
in clauses (i) through (v) above and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all the foregoing, including all proceeds of the conversion of any or all of the
foregoing, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, investment property, payment
intangibles, general intangibles, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds
of any of the foregoing. 
 The property described in clauses (i) through (vi) above is referred to
herein collectively as the “Purchased Property.” 
 (b) It is the intention of the Seller and
Ally Auto that the sale, transfer, assignment and other conveyances of the Receivables contemplated by this Agreement and the First Step Receivables Assignment shall constitute a sale of the Receivables from the Seller to Ally Auto and the
beneficial interest in and title to the Receivables shall not be part of the Seller’s estate in the event of the filing of a petition for insolvency, receivership or conservatorship by or against the Seller or placement into receivership or
conservatorship of the Seller under any relevant bankruptcy, insolvency, receivership or conservatorship law. 

  
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 (c) The sale, transfer, assignment and other conveyances of Receivables
contemplated by this Agreement and the First Step Receivables Assignment do not constitute and are not intended to result in the creation of or an assumption by Ally Auto of any obligation of the Seller, the Servicer or any other Person to the
Obligors, Dealers, insurers or any other Person in connection with the Receivables, any Dealer Agreements, any insurance policies or any other agreement or instrument relating to any of them. 

SECTION 2.02 Receivables Purchase Price. In consideration for the Purchased Property, Ally Auto shall, on the Closing Date, pay to
the Seller an amount equal to the Initial Aggregate Receivables Principal Balance in respect of the Receivables and the Seller shall execute and deliver to Ally Auto an assignment in the form attached hereto as Exhibit A (the “First
Step Receivables Assignment”). The Initial Aggregate Receivables Principal Balance is equal to $1,624,516,673.06. A portion of the Initial Aggregate Receivables Principal Balance, equal to $1,565,322,580.19, shall be paid to the Seller in
immediately available funds and the balance of such purchase price shall be paid through an increase in the amount owing from Ally Auto to the Seller under the Intercompany Advance Agreement (as a result of an advance made thereunder from the Seller
to Ally Auto), equal to $59,194,092.87. The amount advanced under the Intercompany Advance Agreement shall be duly recorded by the Seller and Ally Auto. 
 SECTION 2.03 The Closing. The sale and purchase of the Receivables shall take place at the offices of Kirkland & Ellis LLP, 300 North LaSalle Street, Chicago, Illinois 60654, on the
Closing Date at a time mutually agreeable to the Seller and Ally Auto, and will occur simultaneously with the closing of transactions contemplated by the Further Transfer Agreements. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES 
 SECTION 3.01 Representations and Warranties as to the Receivables. The Seller makes the following representations and warranties as to each Receivable, on which Ally Auto relies in accepting the
Receivables. Such representations and warranties speak as of the Closing Date, and shall survive the sale, transfer and assignment of the Receivables to Ally Auto and the subsequent assignment and transfer pursuant to the Further Transfer
Agreements: 
 (a) Characteristics of Receivables. 

(i) General. Each Receivable: 

(1) is secured by a Financed Vehicle, was originated in the United States by the Seller or one of its subsidiaries or a
Dealer for the retail sale of a Financed Vehicle in the ordinary course of business, was fully and properly executed by the parties thereto, if not originated by the Seller, was purchased by the Seller from one of its subsidiaries or from such
Dealer under an existing Dealer Agreement, and was validly assigned by such subsidiary or such Dealer to the Seller in accordance with its terms, 

  
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 (2) has created or shall create a valid, binding and enforceable first
priority security interest in favor of the Seller in the Financed Vehicle, which security interest is assignable by the Seller to Ally Auto, 
 (3) contains customary and enforceable provisions such as to render the rights and remedies of the holder thereof adequate for realization against the collateral of the benefits of the security,

 (4) is a Simple Interest Receivable, 

(5) provides for level monthly payments which may vary from one another by no more than $5, which shall amortize the
Amount Financed by maturity and shall yield interest at the Annual Percentage Rate, 
 (6) has an original term
of not less than twelve (12) months and not greater than seventy-two (72) months and a remaining term of not less than nine (9) months, and 
 (7) with respect to which at least one monthly payment has been made. 
 (ii) Receivables. In addition to the characteristics set forth in Section 3.01(a)(i) above, each Receivable (1) has a first scheduled payment due date on or after May 19,
2006, (2) was originated on or after April 20, 2006, (3) as of the Cutoff Date, was not considered past due (that is, no payments due on that Receivable in excess of $25 were more than thirty (30) days delinquent), and was not a
Liquidating Receivable, and (4) has an Annual Percentage Rate not greater than 17.00%. 
 (b) Creation,
Perfection and Priority of Security Interests. The representations and warranties regarding creation, perfection and priority of security interests in the Purchased Property, which are attached to this Agreement as Appendix B, are true
and correct to the extent that they are applicable. 
 (c) Schedule of Receivables. The information set
forth in the Schedule of Receivables relating to each Receivable is true and correct in all material respects, and no selection procedures believed to be adverse to Ally Auto or to holders of the Securities issued under the Further Transfer
Agreements were utilized in selecting the Receivables from those receivables of the Seller that meet the selection criteria set forth in this Agreement. 
 (d) Compliance With Law. All requirements of applicable federal, state and local laws, and regulations thereunder, including usury laws, Utah banking laws, the Federal Truth-in-Lending Act, the
Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Federal Reserve Board’s Regulations
“B” and “Z,” the Servicemembers Civil Relief Act of 2003, the Texas Consumer Credit Code, and state 

  
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adaptations of the National Consumer Act and the Uniform Consumer Credit Code and other consumer credit laws and equal credit opportunity and disclosure laws, in respect of each such Receivable
and other Purchased Property, have been complied with in all material respects, and each such Receivable and the sale of the Financed Vehicle evidenced thereby complied at the time it was originated or made and now complies in all material respects
with all legal requirements of the jurisdiction in which it was originated or made. 
 (e) Binding
Obligation. Each such Receivable represents the genuine, legal, valid and binding payment obligation in writing of the Obligor thereon, enforceable by the holder thereof in accordance with its terms, except as enforceability may be limited by
bankruptcy, insolvency, reorganization or similar laws affecting the enforcement of creditors’ rights in general and by equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

(f) Security Interest in Financed Vehicle. Immediately prior to the sale, transfer and assignment thereof pursuant
hereto and the First Step Receivables Assignment, each Receivable was secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the Seller as secured party or all necessary and appropriate action had been
commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the Seller as secured party. 
 (g) Receivables In Force. Each such Receivable has not been satisfied, subordinated or rescinded, and the Financed Vehicle securing each such Receivable has not been released from the lien of the
related Receivable in whole or in part. 
 (h) No Waiver. Since the Cutoff Date no provision of any such
Receivable has been waived, altered or modified in any respect. 
 (i) No Defenses. No right of
rescission, setoff, counterclaim or defense has been asserted or threatened with respect to any such Receivable. 

(j) No Liens. To the best of the Seller’s knowledge: (1) there are no liens or claims that have been
filed for work, labor or materials affecting any Financed Vehicle securing any Receivable that are or may be liens prior to, or equal or coordinate with, the security interest in the Financed Vehicle granted by such Receivable; (2) no
contribution failure has occurred with respect to any Benefit Plan which is sufficient to give rise to a lien under Section 303 (k) of ERISA with respect to any Receivable; and (3) no tax lien has been filed and no claim related
thereto is being asserted with respect to any such Receivable. 
 (k) Insurance. The Obligor under each
such Receivable is required to maintain a physical damage insurance policy of the type that the Seller requires in accordance with its customary underwriting standards for the purchase of motor vehicle related receivables. 

(l) Good Title. Each such Receivable has not been sold, transferred, assigned or pledged by the Seller to any
Person other than Ally Auto; immediately prior to the conveyance of each such Receivable pursuant to this Agreement and the First Step Receivables Assignment, the Seller had good and marketable title thereto, free of any Lien; and, upon execution
and delivery of this Agreement by the Seller, Ally Auto shall have all of the right, title and interest of the Seller in and to each such Receivable, the unpaid indebtedness evidenced thereby and the collateral security therefor, free of any Lien.

  
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 (m) Lawful Assignment. Each such Receivable was not originated
in, or is not subject to the laws of, any jurisdiction the laws of which would make unlawful the sale, transfer and assignment of each such Receivable under this Agreement, the Trust Sale Agreement or the Indenture, as applicable. 

(n) All Filings Made. All filings (including UCC filings) necessary in any jurisdiction to give Ally Auto a first
priority perfected ownership interest in each such Receivable shall have been made. 
 (o) One Original.
There is only one original executed copy of each such Receivable. 
 (p) No Documents or Instruments. No
such Receivable, or constituent part thereof, constitutes a “negotiable instrument” or “negotiable document of title” (as such terms are used in the UCC). 

(q) No Amendment. Each such Receivable has not been amended or otherwise modified such that the number of
originally scheduled due dates has been increased or such that the Amount Financed has been increased. 
 SECTION 3.02
Additional Representations and Warranties of the Seller. The Seller hereby represents and warrants to Ally Auto as of the Closing Date that: 
 (a) Organization and Good Standing; FDIC. The Seller has been duly organized and is validly existing as a Utah chartered bank, with power and authority to own its properties and to conduct its
business as such properties are presently owned and such business is presently conducted; and as of the date hereof, the Seller is insured by the Federal Deposit Insurance Corporation and is subject to the Federal Deposit Insurance Act; 

(b) Due Qualification. The Seller is duly qualified to do business as a foreign entity in good standing, and has
obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business requires or shall require such qualification; 

(c) Power and Authority. The Seller has the power and authority to execute and deliver this Agreement and the First
Step Receivables Assignment and to carry out its terms; the Seller has full power and authority to sell and assign the property to be sold and assigned to Ally Auto, and has duly authorized such sale and assignment to Ally Auto by all necessary
corporate action; and the execution, delivery and performance of this Agreement and the First Step Receivables Assignment have been duly authorized by the Seller by all necessary corporate action; 

(d) Valid Sale; Binding Obligation. This Agreement and the First Step Receivables Assignment, when duly executed
and delivered, shall constitute a valid sale, transfer and assignment of the Receivables, in each case, enforceable against creditors of and purchasers 

  
 6 

 
from the Seller; and this Agreement together with the First Step Receivables Assignment, when duly executed and delivered, shall constitute a legal, valid and binding obligation of the Seller
enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, receivership, conservatorship, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights in general and by
general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law; 
 (e) No Violation. The consummation of the transactions contemplated by this Agreement and the First Step Receivables Assignment and the fulfillment of the terms of this Agreement and the First Step
Receivables Assignment shall not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the articles of incorporation or bylaws (or similar organizational
documents) of the Seller, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Seller is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the
terms of any such indenture, agreement, mortgage, deed of trust or other instrument, other than this Agreement and the First Step Receivables Assignment or violate any law or, to the best of the Seller’s knowledge, any order, rule or regulation
applicable to the Seller of any court or of any federal or State regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Seller or any of its properties; and 

(f) No Proceedings. To the Seller’s knowledge, there are no proceedings or investigations pending, or
threatened, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Seller or its properties (A) asserting the invalidity of this Agreement and the First Step
Receivables Assignment, (B) seeking to prevent the consummation of any of the transactions contemplated by this Agreement and the First Step Receivables Assignment, or (C) seeking any determination or ruling that might materially and
adversely affect the performance by the Seller of its obligations under, or the validity or enforceability of, this Agreement and the First Step Receivables Assignment. 
 SECTION 3.03 Representations and Warranties of Ally Auto. Ally Auto hereby represents and warrants to the Seller as of the Closing Date: 

(a) Organization and Good Standing. Ally Auto has been duly formed and is validly existing as an entity in good
standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are presently owned and such business is presently conducted; 

(b) Due Qualification. Ally Auto is duly qualified to do business as a foreign entity in good standing, and has
obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualification; 

(c) Power and Authority. Ally Auto has the power and authority to execute and deliver this Agreement and the First
Step Receivables Assignment and to carry out its terms; Ally Auto had at all relevant times, and now has, power, authority and legal right to acquire and own the Receivables and the execution, delivery and performance of this Agreement and the First
Step Receivables Assignment have been duly authorized by Ally Auto by all necessary limited liability company action; 

  
 7 

 (d) No Violation. The consummation of the transactions contemplated
by this Agreement and the First Step Receivables Assignment and the fulfillment of the terms of this Agreement and the First Step Receivables Assignment shall not conflict with, result in any breach of any of the terms and provisions of or
constitute (with or without notice or lapse of time) a default under, the certificate of formation or limited liability company agreement of Ally Auto, or any indenture, agreement, mortgage, deed of trust or other instrument to which Ally Auto is a
party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument, other than any Further Transfer Agreement or violate any law
or, to the best of Ally Auto’s knowledge, any order, rule or regulation applicable to Ally Auto of any court or of any federal or State regulatory body, administrative agency or other governmental instrumentality having jurisdiction over Ally
Auto or any of its properties; and 
 (e) No Proceedings. To Ally Auto’s knowledge, there are no
proceedings or investigations pending, or threatened, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over Ally Auto or its properties (i) asserting the invalidity
of this Agreement and the First Step Receivables Assignment, or (ii) seeking any determination or ruling that might materially and adversely affect the performance by Ally Auto of its obligations under, or the validity or enforceability of,
this Agreement and the First Step Receivables Assignment. 
 ARTICLE IV 

ADDITIONAL AGREEMENTS 
 SECTION 4.01 Conflicts With Further Transfer Agreements. To the extent that any provision of Sections 4.02 through 4.04 of this Agreement conflicts with any provision of the Further
Transfer Agreements, the Further Transfer Agreements shall govern. 
 SECTION 4.02 Protection of Title. 

(a) Filings. The Seller shall authorize and execute, as applicable, and file such financing statements or
amendments to financing statements and cause to be authorized and executed, as applicable, and filed such continuation and other statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the
interest of Ally Auto under this Agreement and the First Step Receivables Assignment in the Receivables and the other Purchased Property and in the proceeds thereof. The Seller shall deliver (or cause to be delivered) to Ally Auto file-stamped
copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing, and the Seller hereby authorizes Ally Auto and its assigns to file all such financing statements without its signature. 

  
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 (b) Name Change. The Seller shall not change its State of
incorporation or its name, identity or entity structure in any manner that would, could or might make any financing statement or continuation statement filed by the Seller, Ally Auto or Ally Auto’s assigns in accordance with
Section 4.02(a) seriously misleading within the meaning of the UCC, unless it shall give Ally Auto written notice thereof within ten (10) days of such change. 

(c) Executive Office; Maintenance of Offices. The Seller shall give Ally Auto written notice within ten
(10) days of any relocation of its principal executive office if, as a result of such relocation, the applicable provisions of the UCC would require the filing of any amendment of any previously filed financing or continuation statement or of
any new financing statement. The Seller shall at all times maintain each office from which it originates Receivables and its principal executive office within the United States of America. 

(d) New Debtor. In the event that the Seller shall change the jurisdiction in which it is formed or otherwise enter
into any transaction which would result in a “new debtor” (as defined in the UCC) succeeding to the obligations of the Seller hereunder, the Seller shall comply fully with the obligations of Section 4.02(a). 

SECTION 4.03 Other Liens or Interests. Except for the conveyances hereunder and under the First Step Receivables Assignment and as
contemplated by the Further Transfer Agreements, the Seller shall not sell, pledge, assign or transfer the Receivables or other Purchased Property to any other Person, or grant, create, incur, assume or suffer to exist any Lien on any interest
therein, and the Seller shall defend the right, title and interest of Ally Auto in, to and under such Receivables or other Purchased Property against all claims of third parties claiming through or under the Seller. 

SECTION 4.04 Repurchase Events. By its execution of the Further Transfer Agreements to which it is a party, the Seller shall
acknowledge the assignment by Ally Auto of such of its right, title and interest in, to and under this Agreement and the First Step Receivables Assignment to the Issuing Entity as shall be provided in the Further Transfer Agreements. The Seller
hereby covenants and agrees with Ally Auto for the benefit of Ally Auto and the Interested Parties that in the event of a breach of any of the Seller’s representations and warranties contained in Section 3.01 hereof with respect to
any Receivable (a “Repurchase Event”), the Seller will repurchase such Receivable from the Issuing Entity (if the Issuing Entity is then the Owner of such Receivable) on the date and for the amount specified in the Further Transfer
Agreements, without further notice from Ally Auto hereunder. Upon the occurrence of a Repurchase Event with respect to a Receivable for which Ally Auto is the Owner, the Seller agrees to repurchase such Receivable from Ally Auto for an amount and
upon the same terms as the Seller would be obligated to repurchase such Receivable from the Issuing Entity if the Issuing Entity was then the Owner thereof, and upon payment of such amount, the Seller shall have such rights with respect to such
Receivable as if the Seller had purchased such Receivable from the Issuing Entity as the Owner thereof. It is understood and agreed that the obligation of the Seller to repurchase any Receivable as to which a breach has occurred and is continuing
shall, if such obligation is fulfilled, constitute the sole remedy against the Seller for such breach available to Ally Auto or any Interested Party. 
 SECTION 4.05 Indemnification. The Seller shall indemnify Ally Auto for any liability as a result of the failure of a Receivable to be originated in compliance with all requirements of law. This
indemnity obligation shall be in addition to any obligation that the Seller may otherwise have. 

  
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 SECTION 4.06 Further Assignments. The Seller acknowledges that Ally Auto may,
pursuant to the Further Transfer Agreements, sell the Receivables to the Issuing Entity and assign its rights hereunder and under the First Step Receivables Assignment to the Issuing Entity, subject to the terms and conditions of the Further
Transfer Agreements, and that the Issuing Entity may in turn further pledge, assign or transfer its rights in the Receivables and this Agreement and the First Step Receivables Assignment. The Seller further acknowledges that Ally Auto may assign its
rights under the Custodian Agreement to the Issuing Entity. 
 SECTION 4.07 Pre-Closing Collections. Within two
(2) Business Days after the Closing Date the Seller shall transfer to the account or accounts designated by Ally Auto (or by the Issuing Entity under the Further Transfer Agreements) all collections on the Receivables held by the Seller on the
Closing Date, and conveyed to Ally Auto pursuant to Section 2.01. 
 SECTION 4.08 Compliance with the FDIC
Rule. The Seller agrees to (i) perform the covenants set forth in Article XII of the Indenture applicable to it and (ii) facilitate compliance with Article XII of the Indenture by the Ally Parties. 

ARTICLE V 

CONDITIONS 

SECTION 5.01 Conditions to Obligation of Ally Auto. The obligation of Ally Auto to purchase the Receivables hereunder and pursuant
to the First Step Receivables Assignment is subject to the satisfaction of the following conditions: 
 (a)
Representations and Warranties True. The representations and warranties of the Seller hereunder, shall be true and correct at the time of the Closing Date, and the Seller shall have performed all obligations to be performed by it hereunder on
or prior to the Closing Date. 
 (b) No Repurchase Event. No Repurchase Event shall have occurred on or
prior to the Closing Date. 
 (c) Computer Files Marked. The Seller shall have or shall have caused to
have, at its own expense, on or prior to the Closing Date, indicated in its computer files created in connection with the Receivables that the Receivables have been sold to Ally Auto pursuant to this Agreement and the First Step Receivables
Assignment and deliver to Ally Auto the Schedule of Receivables, certified by an officer of the Seller to be true, correct and complete. 
 (d) Documents to be Delivered By the Seller. 
 (i) The
Assignments. On the Closing Date, the Seller shall execute and deliver the First Step Receivables Assignment. 

  
 10 

 (ii) Evidence of UCC Filing. On or prior to the Closing Date, the
Seller shall record and file, at its own expense, a UCC-1 financing statement in each jurisdiction in which required by applicable law, authorized by and naming the Seller as seller or debtor, naming Ally Auto as purchaser or secured party, naming
the Receivables and the other Purchased Property as collateral, meeting the requirements of the laws of each such jurisdiction and in such manner as is necessary to perfect the sale, transfer, assignment and conveyance of such Receivables to Ally
Auto. The Seller shall deliver a file-stamped copy, or other evidence satisfactory to Ally Auto of such filing, to Ally Auto on or prior to the Closing Date. 
 (iii) Other Documents. On the Closing Date the Seller shall provide such other documents as Ally Auto may reasonably request. 

(e) Other Transactions. The transactions contemplated by the Further Transfer Agreements shall be consummated to
the extent that such transactions are intended to be substantially contemporaneous with the transactions hereunder. 
 SECTION
5.02 Conditions to Obligation of the Seller. The obligation of the Seller to sell the Receivables to Ally Auto hereunder or pursuant to the First Step Receivables Assignment is subject to the satisfaction of the following conditions:

 (a) Representations and Warranties True. The representations and warranties of Ally Auto hereunder
shall be true and correct as of the Closing Date with respect to the Receivables, and Ally Auto shall have performed all obligations to be performed by it hereunder or pursuant to the First Step Receivables Assignment on or prior to the closing
hereunder. 
 (b) Receivables Purchase Price. On the Closing Date, Ally Auto shall pay to the Seller that
portion of the Initial Aggregate Receivables Principal Balance as provided in Section 2.02. 
 ARTICLE VI

 MISCELLANEOUS PROVISIONS 
 SECTION 6.01 Amendment. This Agreement may be amended from time to time (subject to any expressly applicable amendment provision of the Further Transfer Agreements or the Servicing Agreement) by a
written amendment duly executed and delivered by the Seller and Ally Auto. 
 SECTION 6.02 Survival. The representations
and warranties of the Seller set forth in Articles III and IV of this Agreement shall remain in full force and effect and shall survive the Closing Date under Section 2.03 hereof and the closing under the Further Transfer
Agreements. 
 SECTION 6.03 Notices. All demands, notices and communications upon or to the Seller or Ally Auto under
this Agreement shall be delivered as specified in Part III of Appendix A to this Agreement. 
 SECTION 6.04
Governing Law. THIS AGREEMENT AND THE FIRST STEP RECEIVABLES ASSIGNMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR OF
ANY OTHER JURISDICTION OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER THIS AGREEMENT SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

  
 11 

 SECTION 6.05 Waivers. No failure or delay on the part of Ally Auto in exercising any
power, right or remedy under this Agreement or the First Step Receivables Assignment shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other or further exercise thereof or the
exercise of any other power, right or remedy. 
 SECTION 6.06 Costs and Expenses. The Seller agrees to pay all reasonable
out-of-pocket costs and expenses of Ally Auto, including fees and expenses of counsel, in connection with the perfection as against third parties of Ally Auto’s right, title and interest in, to and under the Receivables and the enforcement of
any obligation of the Seller hereunder. 
 SECTION 6.07 Confidential Information. Ally Auto agrees that it shall neither
use nor disclose to any person the names and addresses of the Obligors, except in connection with the enforcement of Ally Auto’s rights hereunder, under the Receivables, under the Further Transfer Agreements or as required by law. 

SECTION 6.08 Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall
not define or limit any of the terms or provisions hereof. 
 SECTION 6.09 Counterparts. This Agreement may be executed
in two or more counterparts and by different parties on separate counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument. 

SECTION 6.10 No Petition Covenant. Notwithstanding any prior termination of this Agreement, the Seller shall not, prior to the
date which is one year and one day after the final distribution with respect to the Notes to the Note Distribution Account, acquiesce, petition or otherwise invoke or cause Ally Auto or the Issuing Entity to invoke the process of any court or
government authority for the purpose of commencing or sustaining a case against Ally Auto or the Issuing Entity under any federal or State bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of Ally Auto or the Issuing Entity or any substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of Ally Auto or the Issuing Entity under any federal or
State bankruptcy or insolvency proceeding. 
 SECTION 6.11 Limitations on Rights of Others. The provisions of this
Agreement and the First Step Receivables Assignment are solely for the benefit of the Seller and Ally Auto and, to the extent expressly provided herein, the Interested Parties, and nothing in this Agreement, whether express or implied, shall be
construed to give to any other Person any legal or equitable right, remedy or claim in, under, or in respect of this Agreement or any covenants, conditions or provisions contained herein. 

  
 12 

 SECTION 6.12 Merger and Consolidation of the Seller or Ally Auto. Any corporation,
limited liability company or other entity (i) into which either the Seller, or Ally Auto may be merged or consolidated, (ii) resulting from any merger or consolidation to which either the Seller or Ally Auto shall be a party,
(iii) succeeding to the business of either the Seller or Ally Auto, or (iv) 25% or more of the voting stock (or, if not a corporation, other voting interests) of which is owned, directly or indirectly, by General Motors or Ally Financial,
which corporation, limited liability company or other entity in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Seller or Ally Auto (as applicable) under this Agreement and the other Basic Documents,
shall be the successor to the Seller or Ally Auto (as applicable) under this Agreement without the execution or filing of any document or any further act on the part of any of the parties to this Agreement. 

SECTION 6.13 Assignment. Notwithstanding anything to the contrary contained in this Agreement, this Agreement may be assigned by
the Seller or Ally Auto without the consent of any other Person to a corporation, limited liability company or other entity that is a successor (by merger, consolidation or purchase of assets) to the Seller or Ally Auto (as applicable), or 25% or
more of the voting interests of which is owned, directly or indirectly, by General Motors or by Ally Financial, provided that the assignee of Ally Auto executes an agreement of assumption, as provided in Section 3.03(a) of the Trust Sale
Agreement. 
 SECTION 6.14 Official Record. This Agreement is, and the Seller agrees to maintain this Agreement from and
after the date hereof as, an official record (within the meaning of Section 13(e) of the Federal Deposit Insurance Act) of the Seller. 
 * * * * * 

  
 13 

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

			
	ALLY BANK
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	ALLY AUTO ASSETS LLC
		
	By:	 	 
	Name:	 	
	Title:	 	

 EXHIBIT A 
 FORM OF 
 FIRST STEP RECEIVABLES ASSIGNMENT 

PURSUANT TO POOLING AGREEMENT 
 For value received, in accordance with the Pooling Agreement, dated as of January 18, 2012 (the “Pooling Agreement”), between Ally Bank, a Utah chartered bank (the
“Seller”), and Ally Auto Assets LLC, a Delaware limited liability company (“Ally Auto”), the Seller does hereby sell, assign, transfer and otherwise convey unto Ally Auto, without recourse, as of January 18,
2012, (i) all right, title and interest of the Seller in, to and under the Receivables listed on the Schedule of Receivables attached as Schedule A hereto and all monies received thereon on and after the Cutoff Date, exclusive of any
amounts allocable to the premium for physical damage collateral protection insurance required by the Seller or the Servicer covering any related Financed Vehicle; (ii) the interest of the Seller in the security interests in the Financed
Vehicles granted by Obligors pursuant to the Receivables and, to the extent permitted by law, any accessions thereto; (iii) the interest of the Seller in any proceeds from claims on any physical damage, credit life, credit disability or other
insurance policies covering Financed Vehicles or Obligors; (iv) the interest of the Seller in any proceeds from recourse against Dealers on the Receivables; and (v) all right, title and interest of the Seller in, to and under the First
Step Receivables Assignment; and (vi) all present and future claims, demands, causes and choses in action in respect of any or all the foregoing described in clauses (i), (ii), (iii), (iv), and (v) above and all payments on or under and
all proceeds of every kind and nature whatsoever in respect of any or all the foregoing, including all proceeds of the conversion of any or all of the foregoing, voluntary or involuntary, into cash or other liquid property, all cash proceeds,
accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, investment property, payment intangibles, general intangibles, condemnation awards, rights to payment of any and every kind and
other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing. 
 It is the intention of the Seller and Ally Auto that the sale, transfer, assignment and other conveyances of the Receivables contemplated by the Pooling Agreement and this First Step Receivables
Assignment shall constitute a sale of the Receivables from the Seller to Ally Auto and the beneficial interest in and title to the Receivables shall not be part of the Seller’s estate in the event of the filing of a petition for insolvency,
receivership or conservatorship by or against the Seller or placement into receivership or conservatorship of the Seller under any relevant bankruptcy, insolvency, receivership or conservatorship law. 

The foregoing sale, transfer, assignment and other conveyances of the Receivables contemplated by the Pooling Agreement and this First
Step Receivables Assignment do not constitute and are not intended to result in any assumption by Ally Auto of any obligation of the undersigned to the Obligors, Dealers, insurers or any other Person in connection with the Receivables, any Dealer
Agreements, any insurance policies or any other agreement or instrument relating to any of them. 

  
 Ex. A-1

 This First Step Receivables Assignment is made pursuant to and upon the representations,
warranties and agreements on the part of the undersigned contained in the Pooling Agreement and is to be governed by the Pooling Agreement. 
 Capitalized terms used herein and not otherwise defined herein shall have the meaning assigned to them in the Pooling Agreement. 
 * * * * * 

  
 Ex. A-2

 IN WITNESS WHEREOF, the undersigned has caused this First Step Receivables Assignment to be
duly executed as of the day and year first above written. 
  

			
	ALLY BANK
		
	By: 	 	 

 
			
	Name:	 	
	Title:	 	

  
 Ex. A-3

 SCHEDULE A 

SCHEDULE OF RECEIVABLES 
 The Schedule of Receivables is 
 on file at the offices of: 

 

	1.	The Indenture Trustee 

  

	2.	The Owner Trustee 

  

	3.	The Servicer 

  

	4.	The Seller 

  

	5.	Ally Auto Assets LLC 

  
 Sch. A

 APPENDIX A 
 Part I 
 For ease of reference, capitalized terms defined herein have
been consolidated with and are contained in Part I of Appendix A to the Servicing Agreement of even date herewith among Ally Financial Inc., Ally Auto Assets LLC and Ally Auto Receivables Trust 2012-1, as amended and supplemented from time to
time. 
 Part II 
 For ease of reference, the rules of construction have been consolidated with and are contained in Part II of Appendix A to the Servicing Agreement of even date herewith among Ally Financial Inc.,
Ally Auto Assets LLC and Ally Auto Receivables Trust 2012-1, as amended and supplemented from time to time. 
 Part III

 For ease of reference, the notice addresses and procedures have been consolidated with and are contained in
Appendix B to the Servicing Agreement of even date herewith among Ally Financial Inc., Ally Auto Assets LLC and Ally Auto Receivables Trust 2012-1, as amended and supplemented from time to time. 

  
 App. A

 APPENDIX B 
 Additional Representations and Warranties 
  

	1.	While it is the intention of the Seller and Ally Auto that the transfer and assignment contemplated by this Agreement and the First Step Receivables Assignment shall
constitute sales of the Purchased Property from the Seller to Ally Auto, this Agreement, the Trust Sale Agreement and the Indenture create a valid and continuing security interest (as defined in the applicable UCC) in the Purchased Property in favor
of Ally Auto, the Trust and the Indenture Trustee, as applicable, which security interest is prior to all other Liens, and is enforceable as such as against creditors of and purchasers from the Seller, Ally Auto and the Issuing Entity, respectively.

  

	2.	All steps necessary to perfect the Seller’s security interest against each Obligor in the property securing the Purchased Property have been taken.

  

	3.	Prior to the sale of the Purchased Property to Ally Auto under this Agreement, the Receivables constitute “tangible chattel paper” within the meaning of the
applicable UCC. 

  

	4.	The Seller owns and has good and marketable title to the Purchased Property free and clear of any Lien, claim or encumbrance of any Person. 

 

	5.	The Seller has caused or will have caused, within ten (10) days, the filing of all appropriate financing statements in the proper filing office in the appropriate
jurisdictions under applicable law in order to perfect the security interest in the Purchased Property granted to Ally Auto hereunder, the Issuing Entity under the Trust Sale Agreement and the Indenture Trustee under the Indenture.

  

	6.	Other than the security interest granted to Ally Auto pursuant to the Basic Documents, the Issuing Entity under the Trust Sale Agreement and the Indenture Trustee under
the Indenture none of the Seller, Ally Auto or the Issuing Entity has pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Purchased Property. None of the Seller, Ally Auto or the Issuing Entity has authorized
the filing of, nor is the Seller aware of, any financing statements against the Seller, Ally Auto or the Issuing Entity that include a description of collateral covering the Purchased Property other than the financing statements relating to the
security interests granted to Ally Auto, the Issuing Entity and the Indenture Trustee under the Basic Documents or any financing statement that has been terminated. The Seller is not aware of any judgment or tax lien filings against the Seller, Ally
Auto or the Issuing Entity. 

  

	7.	 The Custodian has in its possession or with third party vendors all original copies of the Receivables Files and other documents that constitute or
evidence the Receivables and the Purchased Property. The Receivables Files and other documents that constitute or evidence the Purchased Property do not have any marks or notations indicating that they have been pledged, assigned or otherwise
conveyed to any Person other than Ally Auto. 

  
 App. B-1

	 	
All financing statements filed or to be filed against the Seller in favor of Ally Auto in connection herewith describing the Receivables contain a statement to the following effect: “A
purchase of or security interest in any collateral described in this financing statement will violate the rights of Ally Auto.” 

  
 App. B-2Warrant to Purchase Stock

 Exhibit 4.2 
 THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AND PURSUANT TO
THE PROVISIONS OF ARTICLE 5 BELOW, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAW OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE
SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS EXEMPT FROM REGISTRATION. 
 THE SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT ARE SUBJECT TO A LOCK-UP PERIOD OF UP TO 180 DAYS (SUBJECT TO CERTAIN EXTENSIONS) FOLLOWING THE EFFECTIVE DATE OF A REGISTRATION STATEMENT OF THE COMPANY
FILED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AS SET FORTH IN SECTION 5.11 OF THIS WARRANT. SUCH LOCK-UP IS BINDING ON ANY TRANSFEREES OF THIS WARRANT. 
 WARRANT TO PURCHASE STOCK 
  

			
	 Company:
	  	 AUDIENCE, INC., a California corporation

	 Number of Shares:
	  	 40,000

	 Class of Stock:
	  	 At Holder’s option, Series D Preferred or Next Round Stock. In the event that Holder fails to make such election within ninety (90) days after
receipt of notice from the Company of the closing of the Next Round, then Holder shall be deemed to have elected the Class of Stock having the lower Warrant Price.

	 Warrant Price:
	  	 If the Class of Stock is Series D Preferred, then $0.1711 per share; and if the Class of Stock is Next Round Stock, then the lowest price per share paid by an
investor for a share of Next Round Stock. As used herein, “Next Round Stock” means the class or series of the Company’s preferred equity securities issued in connection with the Company’s next bona fide round of preferred stock
financing resulting in net proceeds to the Company of not less than $2,000,000 (the “Next Round”).

	 Issue Date:
	  	 July 31, 2009

	 Expiration Date:
	  	 The tenth (10th) anniversary after the Issue Date

	 Credit Facility:
	  	 This Warrant is issued in connection with the Loan and Security Agreement between Company and Silicon Valley Bank dated of even date
herewith.

 THIS WARRANT CERTIFIES THAT, for good and valuable consideration, SILICON VALLEY BANK
(Silicon Valley Bank, together with any registered holder from time to time of this Warrant or any holder of the shares issuable or issued upon exercise of this Warrant, “Holder”) is entitled to purchase the number of fully paid and
nonassessable shares of the class of securities (the “Shares”) of the Company at the Warrant Price, all as set forth above and as adjusted pursuant to Article 2 of this Warrant, subject to the provisions and upon the terms and
conditions set forth in this Warrant. 

 ARTICLE 1 
 EXERCISE 
 1.1 Method of Exercise. Holder may
exercise this Warrant by delivering a duly executed Notice of Exercise in substantially the form attached as Appendix 1 to the principal office of the Company. Unless Holder is exercising the conversion right set forth in Article 1.2, Holder
shall also deliver to the Company a check, wire transfer (to an account designated by the Company), or other form of payment acceptable to the Company for the aggregate Warrant Price for the Shares being purchased. 

1.2 Conversion Right. In lieu of exercising this Warrant as specified in Article 1.1, Holder may from time to
time convert this Warrant, in whole or in part, into a number of Shares determined by dividing (a) the aggregate fair market value of the Shares or other securities otherwise issuable upon exercise of this Warrant minus the aggregate Warrant
Price of such Shares by (b) the fair market value of one Share. The fair market value of the Shares shall be determined pursuant to Article 1.3. 
 1.3 Fair Market Value. If the Company’s common stock is traded in a public market and the Shares are common stock, the fair market value of each Share shall be the closing price of a Share
reported for the business day immediately before Holder delivers its Notice of Exercise to the Company (or in the instance where the Warrant is exercised immediately prior to the effectiveness of the Company’s initial public offering, the
“price to public” per share price specified in the final prospectus relating to such offering). If the Company’s common stock is traded in a public market and the Shares are preferred stock, the fair market value of a Share shall be
the closing price of a share of the Company’s common stock reported for the business day immediately before Holder delivers its Notice of Exercise to the Company (or, in the instance where the Warrant is exercised immediately prior to the
effectiveness of the Company’s initial public offering, the initial “price to public” per share price specified in the final prospectus relating to such offering), in both cases, multiplied by the number of shares of the
Company’s common stock into which a Share is convertible. If the Company’s common stock is not traded in a public market, the Board of Directors of the Company shall determine fair market value in its reasonable good faith judgment.

 1.4 Delivery of Certificate and New Warrant. Promptly after Holder exercises or converts this Warrant
and, if applicable, the Company receives payment of the aggregate Warrant Price, the Company shall deliver to Holder certificates for the Shares acquired and, if this Warrant has not been fully exercised or converted and has not expired, a new
Warrant representing the Shares not so acquired. 
 1.5 Replacement of Warrants. On receipt of evidence
reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company or,
in the case of mutilation or surrender and cancellation of this Warrant, the Company shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor. 

1.6 Treatment of Warrant Upon Acquisition of Company. 

1.6.1 “Acquisition”. For the purpose of this Warrant, “Acquisition” means any sale, license,
or other disposition of all or substantially all of the assets of the Company, or any reorganization, consolidation, or merger of the Company where the holders of 

  
 2 

 
the Company’s securities before the transaction beneficially own less than 50% of the outstanding voting securities of the surviving entity after the transaction. Notwithstanding the
foregoing, “Acquisition” shall not include the sale by the Company of its equity securities (or securities convertible into equity securities) in connection with a bona fide capital raising transaction. 

1.6.2 Treatment of Warrant at Acquisition. 

(A) Upon the written request of the Company, Holder agrees that, in the event of an Acquisition that is not an asset sale
and in which the sole consideration is cash, either (a) Holder shall exercise its conversion or purchase right under this Warrant and such exercise will be deemed effective immediately prior to the consummation of such Acquisition or
(b) if Holder elects not to exercise the Warrant, this Warrant will expire upon the consummation of such Acquisition. The Company shall provide Holder with written notice of its request relating to the foregoing (together with such reasonable
information as Holder may request in connection with such contemplated Acquisition giving rise to such notice), which is to be delivered to Holder not less than ten (10) days prior to the closing of the proposed Acquisition. 

(B) Upon the written request of the Company, Holder agrees that, in the event of an Acquisition that is an “arms
length” sale of all or substantially all of the Company’s assets (and only its assets) to a third party that is not an Affiliate (as defined below) of the Company (a “True Asset Sale”), either (a) Holder shall exercise its
conversion or purchase right under this Warrant and such exercise will be deemed effective immediately prior to the consummation of such Acquisition or (b) if Holder elects not to exercise the Warrant, this Warrant will continue until the
Expiration Date if the Company continues as a going concern following the closing of any such True Asset Sale. The Company shall provide Holder with written notice of its request relating to the foregoing (together with such reasonable information
as Holder may request in connection with such contemplated Acquisition giving rise to such notice), which is to be delivered to Holder not less than ten (10) days prior to the closing of the proposed Acquisition. 

(C) Upon the written request of the Company, Holder agrees that, in the event of a stock for stock (or stock and cash)
Acquisition of the Company by a publicly traded acquirer if, on the record date for the Acquisition, the fair market value of the Shares (or other securities issuable upon exercise of this Warrant) is equal to or greater than three (3) times
the Warrant Price, the Company may require the Warrant to be deemed automatically exercised and the Holder shall participate in the Acquisition as a holder of the Shares (or other securities issuable upon exercise of the Warrant) on the same terms
as other holders of the same class of securities of the Company. 
 (D) Upon the closing of any Acquisition
other than those particularly described in subsections (A), (B) and (C) above, the successor entity shall assume the obligations of this Warrant, and this Warrant shall be exercisable for the same securities, cash, and property as would be
payable for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding on the record date for the Acquisition and subsequent closing. The Warrant Price and/or number of Shares shall be adjusted
accordingly. 
 As used herein “Affiliate” shall mean any person or entity that owns or controls directly or
indirectly ten (10) percent or more of the stock of Company, any person or entity that controls or is controlled by or is under common control with such persons or entities, and each of such person’s or entity’s officers, directors,
joint venturers or partners, as applicable. 

  
 3 

 ARTICLE 2 
 ADJUSTMENTS TO THE SHARES 
 2.1 Stock Dividends, Splits,
Etc. If the Company declares or pays a dividend on the Shares payable in common stock, or other securities, then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without cost to Holder, the total number and kind of
securities to which Holder would have been entitled had Holder owned the Shares of record as of the date the dividend occurred. If the Company subdivides the Shares by reclassification or otherwise into a greater number of shares or takes any other
action which increases the amount of stock into which the Shares are convertible, the number of shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased. If the outstanding shares are
combined or consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased. 

2.2 Reclassification, Exchange, Combinations or Substitution. Upon any reclassification, exchange, substitution,
or other event that results in a change of the number and/or class of the securities issuable upon exercise or conversion of this Warrant, Holder shall be entitled to receive, upon exercise or conversion of this Warrant, the number and kind of
securities and property that Holder would have received for the Shares if this Warrant had been exercised immediately before such reclassification, exchange, substitution, or other event. Such an event shall include any automatic conversion of the
outstanding or issuable securities of the Company of the same class or series as the Shares to common stock pursuant to the terms of the Company’s Articles or Certificate (as applicable) of Incorporation upon the closing of a registered public
offering of the Company’s common stock. The Company or its successor shall promptly issue to Holder an amendment to this Warrant setting forth the number and kind of such new securities or other property issuable upon exercise or conversion of
this Warrant as a result of such reclassification, exchange, substitution or other event that results in a change of the number and/or class of securities issuable upon exercise or conversion of this Warrant. The amendment to this Warrant shall
provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article 2 including, without limitation, adjustments to the Warrant Price and to the number of securities or property
issuable upon exercise of the new Warrant. The provisions of this Article 2.2 shall similarly apply to successive reclassifications, exchanges, substitutions, or other events. 

2.3 Adjustments for Diluting Issuances. The Warrant Price and the number of Shares issuable upon exercise of this
Warrant or, if the Shares are preferred stock, the number of shares of common stock issuable upon conversion of the Shares, shall be subject to adjustment, from time to time in the manner set forth in the Company’s Amended and Restated Articles
or Certificate of Incorporation, as amended from time to time (the “Restated Articles”), as if the Shares were issued and outstanding on and as of the date of any such required adjustment. The provisions set forth for the Shares in the
Restated Articles relating to the above in effect as of the Issue Date may not be amended, modified or waived, without the prior written consent of Holder unless such amendment, modification or waiver affects the rights associated with the Shares in
the same manner as such amendment, modification or waiver affects the rights associated with all other shares of the same series and class as the Shares granted to Holder. 

  
 4 

 2.4 No Impairment. The Company shall not, by amendment of its
Articles or Certificate (as applicable) of Incorporation or through a reorganization, transfer of assets, consolidation, merger, dissolution, issue, or sale of securities or any other voluntary action, avoid or seek to avoid the observance or
performance of any of the terms to be observed or performed under this Warrant by the Company, but shall at all times in good faith assist in carrying out of all the provisions of this Article 2 and in taking all such action as may be necessary
or appropriate to protect Holder’s rights under this Article against impairment; provided, however, any action taken in good faith by the Company which affects all of the shares of the series or class of stock in the same manner as the Shares
shall not be deemed a breach of this Section 2.4. 
 2.5 Fractional Shares. No fractional Shares
shall be issuable upon exercise or conversion of this Warrant and the number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional share interest arises upon any exercise or conversion of the Warrant, the Company
shall eliminate such fractional share interest by paying Holder the amount computed by multiplying the fractional interest by the fair market value of a full Share. 

2.6 Certificate as to Adjustments. Upon each adjustment of the Warrant Price, the Company shall promptly notify
Holder in writing, and, at the Company’s expense, promptly compute such adjustment, and furnish Holder with a certificate of its President & Chief Executive Officer setting forth such adjustment and the facts upon which such adjustment
is based. The Company shall, upon written request, furnish Holder a certificate setting forth the Warrant Price in effect upon the date thereof and the series of adjustments leading to such Warrant Price. 

ARTICLE 3 

REPRESENTATIONS AND COVENANTS OF THE COMPANY 

3.1 Representations and Warranties. The Company represents and warrants to Holder as follows: 

(a) The initial Warrant Price referenced on the first page of this Warrant is not greater than (i) the price per
share at which the Shares were last issued in an arms-length transaction in which at least $500,000 of the Shares were sold and (ii) the fair market value of the Shares as of the date of this Warrant. 

(b) All Shares which may be issued upon the exercise of the purchase right represented by this Warrant, and all
securities, if any, issuable upon conversion of the Shares, shall, upon issuance, be duly authorized, validly issued, fully paid and nonassessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or
under applicable federal and state securities laws. 
 (c) The Company’s capitalization table attached
hereto as Schedule 1 is true and complete as of the Issue Date. 
 3.2 Notice of Certain
Events. If the Company proposes at any time (a) to declare any dividend or distribution upon any of its stock, whether in cash, property, stock, or other securities and whether or not a regular cash dividend; (b) to offer for sale any
shares of the Company’s capital stock (or other securities convertible into such capital stock), other than (i) pursuant to the Company’s stock option or other compensatory plans, (ii) in connection with commercial credit
arrangements or equipment financings, or (iii) in connection with strategic 

  
 5 

 
transactions for purposes other than capital raising; (c) to effect any reclassification or recapitalization of any of its stock; (d) to merge or consolidate with or into any other
corporation, or sell, lease, license, or convey all or substantially all of its assets, or to liquidate, dissolve or wind up; or (e) offer holders of registration rights the opportunity to participate in an underwritten public offering of the
Company’s securities for cash, then, in connection with each such event, the Company shall give Holder: (1) at least 10 days prior written notice of the date on which a record will be taken for such dividend, distribution, or subscription
rights (and specifying the date on which the holders of common stock will be entitled thereto) or for determining rights to vote, if any, in respect of the matters referred to in (a) and (b) above; (2) in the case of the matters
referred to in (c) and (d) above at least 10 days prior written notice of the date when the same will take place (and specifying the date on which the holders of common stock will be entitled to exchange their common stock for securities
or other property deliverable upon the occurrence of such event); and (3) in the case of the matter referred to in (e) above, the same notice as is given to the holders of such registration rights. Company will also provide information
requested by Holder reasonably necessary to enable Holder to comply with Holder’s accounting or reporting requirements. 
 3.3 Registration Under Securities Act of 1933, as amended. The Company agrees that the Shares or, if the Shares are convertible into common stock of the Company, such common stock, shall have
certain “piggyback” and S-3 registration rights pursuant to and as set forth in the Company’s Investor Rights Agreement or similar agreement as in effect from time to time (the “IRA”). The provisions set forth in the IRA
relating to the above in effect as of the Issue Date may not be amended, modified or waived without the prior written consent of Holder unless such amendment, modification or waiver affects the rights associated with the Shares in the same manner as
such amendment, modification, or waiver affects the rights associated with all other shares of the same series and class as the Shares granted to Holder. 
 3.4 No Shareholder Rights. Except as provided in this Warrant, Holder will not have any rights as a shareholder of the Company until the exercise of this Warrant. 

ARTICLE 4 

REPRESENTATIONS, WARRANTIES OF HOLDER 
 Holder represents and warrants to the Company as follows: 
 4.1
Purchase for Own Account. This Warrant and the securities to be acquired upon exercise of this Warrant by Holder will be acquired for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or
distribution within the meaning of the Act. Holder also represents that Holder has not been formed for the specific purpose of acquiring this Warrant or the Shares (or the shares of common stock issuable upon conversion of the Shares). 

4.2 Disclosure of Information. Holder has received or has had full access to all the information it considers
necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities. Holder further has had an opportunity to ask questions and receive answers from the Company regarding the
terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to
verify any information furnished to Holder or to which Holder has access. 

  
 6 

 4.3 Investment Experience. Holder understands that the purchase of
this Warrant and its underlying securities involves substantial risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder’s investment
in this Warrant and its underlying securities and has such knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has
a preexisting personal or business relationship with the Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances of
such persons. 
 4.4 Accredited Investor Status. Holder is an “accredited investor” within the
meaning of Regulation D promulgated under the Act. 
 4.5 The Act. Holder understands that this
Warrant and the Shares issuable upon exercise or conversion hereof have not been registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Holder’s
investment intent as expressed herein. Holder understands that this Warrant and the Shares issued upon any exercise or conversion hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state
securities laws, or unless exemption from such registration and qualification are otherwise available. 
 ARTICLE 5 

MISCELLANEOUS 
 5.1 Term. This Warrant is exercisable in whole or in part at any time and from time to time on or before the Expiration Date. 

5.2 Legends. This Warrant and the Shares (and the securities issuable, directly or indirectly, upon conversion of
the Shares, if any) shall be imprinted with a legend in substantially the following form: 
 THIS WARRANT AND THE
SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AND PURSUANT TO THE PROVISIONS OF ARTICLE 5 BELOW, MAY NOT BE OFFERED, SOLD
OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAW OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER,
SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS EXEMPT FROM REGISTRATION. 
 THE SHARES ISSUABLE UPON EXERCISE OF
THIS WARRANT ARE SUBJECT TO A LOCK-UP PERIOD OF UP TO 180 DAYS (SUBJECT TO CERTAIN EXTENSIONS) FOLLOWING THE EFFECTIVE DATE OF A REGISTRATION STATEMENT OF THE COMPANY FILED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AS SET FORTH IN SECTION 5.11
OF THIS WARRANT. SUCH LOCK-UP IS BINDING ON ANY TRANSFEREES OF THIS WARRANT. 

  
 7 

 5.3 Compliance with Securities Laws on Transfer. This Warrant and the
Shares issuable upon exercise of this Warrant (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part without compliance with applicable federal and state
securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company). The Company
shall not require Silicon Valley Bank (“Bank”) to provide an opinion of counsel if the transfer is to Bank’s parent company, SVB Financial Group (formerly Silicon Valley Bancshares), or any other affiliate of Bank. Additionally, the
Company shall also not require an opinion of counsel if there is no material question as to the availability of current information as referenced in Rule 144(c), Holder represents that it has complied with Rule 144(d) and (e) in
reasonable detail, the selling broker represents that it has complied with Rule 144(f), and the Company is provided with a copy of Holder’s notice of proposed sale. 

5.4 Transfer Procedure. After receipt by Bank of the executed Warrant, Bank will transfer all of this Warrant to
SVB Financial Group by execution of an Assignment substantially in the form of Appendix 2. Subject to the provisions of Article 5.3 and upon providing the Company with written notice, SVB Financial Group and any subsequent Holder may transfer
all or part of this Warrant or the Shares issuable upon exercise of this Warrant (or the Shares issuable directly or indirectly, upon conversion of the Shares, if any) to any transferee, provided, however, in connection with any such transfer, SVB
Financial Group or any subsequent Holder will give the Company notice of the portion of the Warrant being transferred with the name, address and taxpayer identification number of the transferee and Holder will surrender this Warrant to the Company
for reissuance to the transferee(s) (and Holder if applicable). The Company may refuse to transfer this Warrant or the Shares to any person who directly competes with the Company, unless, in either case, the stock of the Company is publicly traded.

 5.5 Notices. All notices and other communications from the Company to Holder, or vice versa, shall be
deemed delivered and effective when given personally or mailed by first-class registered or certified mail, postage prepaid, at such address as may have been furnished to the Company or Holder, as the case may (or on the first business day after
transmission by facsimile) be, in writing by the Company or such Holder from time to time. Effective upon receipt of the fully executed Warrant and the initial transfer described in Article 5.4 above, all notices to Holder shall be addressed as
follows until the Company receives notice of a change of address in connection with a transfer or otherwise: 
  

			
	 SVB Financial Group
 Attn: Treasury Department
 [address]

Telephone:
[                    ]

Facsimile:
[                    ]
	  	

 Notice to the Company shall be addressed as follows until Holder receives notice of a change in address:

  

					
	 Audience, Inc.
 440 Clyde Avenue
 Mountain View, California 94043

Attn: Peter Santos, President & Chief Executive Officer

	 Telephone:
	  	  
	  	
	 Facsimile:
	  	  
	  	

  
 8 

 5.6 Waiver. This Warrant and any term hereof may be changed, waived,
discharged or terminated only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 

5.7 Attorneys’ Fees. In the event of any dispute between the parties concerning the terms and provisions of
this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees. 

5.8 Automatic Conversion upon Expiration. In the event that, upon the Expiration Date, the fair market value of
one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date
to be converted pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised or converted, and the Company shall promptly deliver a certificate representing the Shares (or such
other securities) issued upon such conversion to Holder. 
 5.9 Counterparts. This Warrant may be
executed in counterparts, all of which together shall constitute one and the same agreement. 
 5.10
Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of California, without giving effect to its principles regarding conflicts of law. 

5.11 Market Standoff Agreement. Holder hereby agrees to be bound by the “ Standoff Agreement” provision
(the “Market Standoff Provision”) in Section 1.14 of the IRA. The Market Standoff Provision set forth in the IRA may not be amended, modified or waived without the prior written consent of Holder unless such amendment, modification or
waiver affects the rights associated with the Shares in the same manner as such amendment, modification or waiver affects the rights associated with all other shares of the same series and class as the Shares granted pursuant to this Warrant.

 [Signature page follows.] 

  
 9 

			
	 “COMPANY”

	
	 AUDIENCE, INC.

		
	 By:
	 	 /s/ Peter Santos

	 Name:
	 	 Peter Santos

	 Title: 
	 	 President & Chief Executive Officer

  

			
	 “HOLDER”

	
	 SILICON VALLEY BANK

		
	 By:
	 	 /s/ Matthew Wright

	 Name:
	 	 Matthew Wright

	 Title: 
	 	 Rm

  
 [Signature
Page to Warrant] 

 SCHEDULE 1 
 CAPITALIZATION TABLE 
 [See attached.] 

 APPENDIX 1 
 NOTICE OF EXERCISE 
 1. Holder elects to purchase
             shares of the Common/Series              Preferred [strike one] Stock of Audience, Inc. pursuant to the terms of the
attached Warrant, and tenders payment of the purchase price of the shares in full. 
 [or] 

1. Holder elects to convert the attached Warrant into Shares/cash [strike one] in the manner specified in the Warrant.
This conversion is exercised for                      of the Shares covered by the Warrant. 

[Strike paragraph that does not apply.] 

2. Please issue a certificate or certificates representing the shares in the name specified below: 

 

					
		  	  
	  	
		  	 Holders Name
	  	
			
		  	  
	  	
			
		  	  
	  	
		  	 (Address)
	  	

 3. By its execution below and for the benefit of the Company, Holder hereby restates each
of the representations and warranties in Article 4 of the Warrant as the date hereof. 
  

			
	 HOLDER:

	
	  

		
	 By:
	 	  

		
	 Name:
	 	  

		
	 Title:
	 	  

		
	 (Date):
	 	  

 APPENDIX 2 
 ASSIGNMENT 
 For value received, Silicon Valley Bank
hereby sells, assigns and transfers unto 
  

							
		  	 Name:
	 	 SVB Financial Group
	  	
		  	 Address:
	 	 [address]
	  	
		  		 		  	
		  	 Tax ID:
	 	
[                    ]
	  	

 that certain Warrant to Purchase Stock issued by Audience, Inc. (the “Company”), on
July     , 2009 (the “Warrant”) together with all rights, title and interest therein. 
  

									
		 		 		 	 SILICON VALLEY BANK

					
		 		 		 	 By:
	 	  

		 		 		 	 Name:
	 	
		 		 		 	 Title:
	 	
	 Date:
	 	  
	 		 		 	

 By its execution below, and for the benefit of the Company, SVB Financial Group makes
each of the representations and warranties set forth in Article 4 of the Warrant and agrees to all other provisions of the Warrant as of the date hereof. 
  

									
		 		 		 	 SVB FINANCIAL GROUP

					
		 		 		 	 By:
	 	  

		 		 		 	 Name:
	 	
		 		 		 	 Title:
	 	
	 Date:

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