Document:

EX-10.6

 Exhibit 10.6 

Execution Version 
 ASSET
REPRESENTATIONS REVIEW AGREEMENT 
 among 

GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2021-2, 

Issuer 
 AMERICREDIT FINANCIAL
SERVICES, INC. 
 D/B/A GM FINANCIAL, 

Servicer 
 and 

CLAYTON FIXED INCOME SERVICES LLC, 

Asset Representations Reviewer 

Dated as of April 14, 2021 

 TABLE OF CONTENTS 
  

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

   ASSET REPRESENTATIONS REVIEW AGREEMENT dated as of
April 14, 2021 (this “Agreement”), among GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2021-2, a Delaware statutory trust (the “Issuer”), AMERICREDIT FINANCIAL
SERVICES, INC. D/B/A GM FINANCIAL, a Delaware corporation (“GM Financial”), in its capacity as Servicer (in such capacity, the “Servicer”) and CLAYTON FIXED INCOME SERVICES LLC, a Delaware limited liability company,
as Asset Representations Reviewer (the “Asset Representations Reviewer”). 
   WHEREAS, in the
regular course of its business, GM Financial purchases retail installment sale contracts secured by new and used automobiles, light-duty trucks and utility vehicles from motor vehicle dealers. 

  WHEREAS, in connection with a securitization transaction sponsored by GM Financial, GM Financial sold a pool of
Receivables to AFS SenSub Corp. (the “Seller”) which, in turn, sold those Receivables to the Issuer. 

  WHEREAS, the Issuer has granted a security interest in the Receivables to the Trust Collateral Agent, for the
benefit of the Issuer Secured Parties, pursuant to the Indenture. 
   WHEREAS, the Issuer has determined to
engage the Asset Representations Reviewer to perform reviews of certain Receivables for compliance with the representations and warranties made by GM Financial and the Seller about the Receivables in the pool. 

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

DEFINITIONS 

  Section 1.1.    Definitions. Capitalized terms that are used but are not otherwise
defined in this Agreement have the meanings assigned to them in the Sale and Servicing Agreement, dated as of April 14, 2021, by and among the Issuer, the Seller, the Servicer and The Bank of New York Mellon, as Trust Collateral Agent. 

  Section 1.2.    Additional Definitions. The following terms have the meanings
given below: 
   “Asset Review” means the performance by the Asset Representations Reviewer of
the testing procedures for each Test and each Asset Review Receivable in accordance with Section 3.4. 

  “Asset Review Demand Date” means, for an Asset Review, the date when the Trust Collateral Agent
determines that each of (a) the Delinquency Trigger has occurred and (b) the required percentage of Noteholders has voted to direct an Asset Review under Section 7.2(f) of the Indenture. 

  “Asset Review Fee” has the meaning assigned to such term in Section 4.3(b). 

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

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

  “Asset Review Report” means, with respect to any Asset Review, the report of the Asset
Representations Reviewer prepared in accordance with Section 3.5. 
   “Basic Documents” has
the meaning assigned to such term in Section 1.1 of the Sale and Servicing Agreement. 

  “Clayton” means Clayton Fixed Income Services LLC. 

  “Confidential Information” has the meaning assigned to such term in Section 4.8(a). 

  “Eligible Asset Representations Reviewer” means a Person that (a) is not an Affiliate of GM
Financial, the Seller, the Servicer, the Trustee, the Trust Collateral Agent, the Owner Trustee or any of their Affiliates and (b) was not, and is not an Affiliate of a Person that was, engaged by GM Financial or any Underwriter to perform any
due diligence on the Receivables prior to the Closing Date. 
   “Test” has the meaning assigned
to such term in Section 3.4(a). 
   “Test Complete” has the meaning assigned to such term
in Section 3.4(c). 
   “Test Fail” has the meaning assigned to such term in
Section 3.4(a). 
   “Test Pass” has the meaning assigned to such term in
Section 3.4(a). 
   “Trustee” has the meaning assigned to such term in Section 1.1 of
the Sale and Servicing Agreement. 
 ARTICLE II 

ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER 

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

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

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

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

  Section 3.3.    Asset Review Materials. 

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

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

  
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Performed” in Schedule A for each representation and warranty (each, a “Test”), using the Asset Review Materials listed for each such Test in Schedule A. For each Test and
Asset Review Receivable, the Asset Representations Reviewer will determine if the Test has been satisfied (a “Test Pass”) or if the Test has not been satisfied (a “Test Fail”). 

(b)    Asset Review Period. The Asset Representations Reviewer will complete the Asset Review of
all of the Asset Review Receivables within sixty (60) days of receiving access to the Asset Review Materials under Section 3.3(a). However, if additional Asset Review Materials are provided to the Asset Representations Reviewer in
accordance with Section 3.3(b), the Asset Review period will be extended for an additional thirty (30) days. 

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

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

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

  Section 3.6.    Asset Review Representatives. 

(a)    Servicer Representative. The Servicer will designate one or more representatives who will be
available to assist the Asset Representations Reviewer in performing the Asset Review, including responding to requests and answering questions from the Asset Representations Reviewer about access to Asset Review Materials on the Servicer’s
receivables systems, obtaining missing or 

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

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

(c)    Questions About Asset Review. The Asset Representations Reviewer will make appropriate
personnel available to respond in writing to written questions or requests for clarification of any Asset Review Report from the Trustee or the Servicer until the earlier of (i) the payment in full of the Notes and (ii) one year after the
delivery of the Asset Review Report. The Asset Representations Reviewer will have no obligation to respond to questions or requests for clarification from Noteholders or any other Person and will direct such Persons to submit written questions or
requests to the Trustee. 
   Section 3.7.    Dispute Resolution. If an Asset
Review Receivable that was reviewed by the Asset Representations Reviewer is the subject of a dispute resolution proceeding under Section 3.13 of the Sale and Servicing Agreement, the Asset Representations Reviewer will participate in the
dispute resolution proceeding on request of a party to the proceeding. The reasonable out-of-pocket expenses of the Asset Representations Reviewer for its participation
in any dispute resolution proceeding will be considered expenses of the requesting party for the dispute resolution and will be paid by a party to the dispute resolution as determined by the mediator or arbitrator for the dispute resolution
according to Section 3.13 of the Sale and Servicing Agreement; provided, however, if such amounts are paid by the Trustee or the Trust Collateral Agent and are not reimbursed by directing Noteholders, the Trustee or Trust Collateral Agent, as
applicable, shall be reimbursed by the Issuer pursuant to Section 5.7(a)(ii) of the Sale and Servicing Agreement without counting toward the calculation of any cap on fees, expenses or indemnities thereunder. If not paid by a party to the
dispute resolution, the expenses will be reimbursed by the Issuer according to Section 4.3(d). 

  Section 3.8.    Limitations on Asset Review Obligations. 

(a)    Asset Review Process Limitations. The Asset Representations Reviewer will have no
obligation: 
       (i)    to determine whether a
Delinquency Trigger has occurred or whether the required percentage of Noteholders has voted to direct an Asset Review under the Indenture, and is entitled to rely on the information in any Asset Review Notice delivered by the Trustee; 

      (ii)    to determine which Receivables are subject to
an Asset Review, and is entitled to rely on the lists of Asset Review Receivables provided by the Servicer; 

      (iii)    to obtain or confirm the validity of the
Asset Review Materials and will be entitled to rely on the accuracy and completeness of the Asset Review Materials; 

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

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

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

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

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

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

      (i)    Organization and Qualification. The
Asset Representations Reviewer is duly organized and validly existing as a limited liability company in good standing under the laws of Delaware. The Asset Representations Reviewer is qualified as a limited liability company in good standing and has
obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications,
licenses or approvals would not reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement. 

      (ii)    Power, Authority and Enforceability.
The Asset Representations Reviewer has the power and authority to execute, deliver and perform its obligations under this Agreement. The Asset Representations Reviewer has authorized the execution, delivery and performance of this Agreement. This
Agreement is the legal, valid and binding obligation of the Asset Representations Reviewer enforceable against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the
enforcement of creditors’ rights or by general equitable principles. 

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

  
 6 

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

      (iv)    No Proceedings. To the Asset
Representations Reviewer’s knowledge, there are no proceedings or investigations pending or threatened in writing before any court, regulatory body, administrative agency, or other governmental instrumentality having jurisdiction over the Asset
Representations Reviewer or its properties: (A) asserting the invalidity of this Agreement, (B) seeking to prevent the completion of any of the transactions contemplated by this Agreement or (C) seeking any determination or ruling
that would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under, or the validity or enforceability of, this Agreement. 

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

   Section 4.2.    Covenants. The Asset Representations Reviewer covenants and
agrees that: 
 (a)    Eligibility. It will notify the Issuer and the Servicer promptly if it is
not, or on the occurrence of any action that would result in it not being, an Eligible Asset Representations Reviewer. 

(b)    Review Systems. It will maintain business process management and/or other systems necessary
to ensure that it can perform each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will ensure that these systems allow for each Asset Review Receivable and the related Asset
Review Materials to be individually tracked and stored as contemplated by this Agreement. 

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

  
 7 

 
confidentiality obligations) the provisions of which are no less protective than those set forth in this Agreement. Any such Agent must be approved by Servicer prior to engaging in any Asset
Review under this Agreement. The Asset Representations Reviewer shall be responsible to Servicer for the Asset Reviews provided by its Agents to the same extent as if provided by the Asset Representations Reviewer under this Agreement. Servicer
agrees to look solely to the Asset Representations Reviewer and not to any Agent for satisfaction of any claims the Servicer may have arising out of this Agreement or due to the performance or non-performance
of Services. 
 (d)    Changes to Personnel. It will promptly notify Servicer in the event that
it undergoes significant management or staffing changes which would negatively impact its ability to fulfill its obligations under this Agreement. 

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

  Section 4.3.    Fees and Expenses. 

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

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

(c)    Reimbursement of Travel Expenses. If the Servicer provides access to the Asset Review
Materials at one of its properties, the Issuer will, or will cause the Servicer to, reimburse the Asset Representations Reviewer for its reasonable travel expenses incurred in connection with 

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

Section 4.4.    Limitation on Liability. The Asset Representations Reviewer will not be liable
to any person for (i) any action taken, or not taken, in good faith under this Agreement, (ii) for errors in judgment or (iii) for any errors contained in the Asset Review Materials. However, the Asset Representations Reviewer will be
liable for its willful misconduct, bad faith or negligence in performing its obligations under this Agreement. In no event shall either party be liable to the other party for any incidental, special, indirect, punitive, exemplary or consequential
damages. 
 Section 4.5.    Indemnification  

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

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

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

  Section 4.7.    Delegation of Obligations. Subject to the terms of
Section 4.2(c) of this Agreement, the Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person without the consent of the Issuer and the Servicer. 

  Section 4.8.    Confidential Information. 

(a)    Definitions. 

      (i)    In performing its obligations pursuant to this
Agreement, the parties may have access to and receive disclosure of certain Confidential Information about or belonging to the other, including but not limited to marketing philosophy, strategies (including tax mitigation strategies), techniques,
and objectives; advertising and promotional copy; competitive advantages and disadvantages; financial results; technological developments; loan evaluation programs; customer lists; account information, profiles, demographics and Non-Public Personal Information (defined below); credit scoring criteria, formulas and programs; research and development efforts; any investor, financial, commercial, technical or scientific information (including,
but not limited to, patents, copyrights, trademarks, service marks, trade names and dress, and applications relating to same, trade secrets, software, code, inventions, know-how and similar information) and
any and all other business information (hereinafter “Confidential Information”). 
       (ii)    “Non-Public Personal Information” shall include all Personally Identifiable Financial Information in any list, description or other grouping
of consumers/customers, and publicly available information pertaining to them, that is derived using any Personally Identifiable Financial Information that is not publicly available, and shall further include all
Non-Public Personal Information as defined by Federal regulations implementing the Gramm-Leach-Bliley Act, as amended from time to time, and any state statutes or regulations governing this agreement. 

      (iii)    “Personally Identifiable Financial
Information” means any information a consumer provides to a party in order to obtain a financial product or service, any information 

  
 10 

 
a party otherwise obtains about a consumer in connection with providing a financial product or service to that consumer, and any information about a consumer resulting from any transaction
involving a financial product or service between a party and a consumer. Personally Identifiable Financial Information may include, without limitation, a consumer’s first and last name, physical address, zip code,
e-mail address, phone number, Social Security number, birth date, account number and any information that identifies, or when tied to the above information may identify, a consumer.

(b)    Use of Confidential Information. The parties agree that during the term of this Agreement
and thereafter, Confidential Information is to be used solely in connection with satisfying their obligations pursuant to this Agreement, and that a party shall neither disclose Confidential Information to any third party, nor use Confidential
Information for its own benefit, except as may be necessary to perform its obligations pursuant to this Agreement or as expressly authorized in writing by the other party, as the case may be. 

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

(d)    Use by Agents, Employees, Subcontractors. The parties shall take reasonable measures to
prevent its Agents, employees and subcontractors from using or disclosing any Confidential Information, except as may be necessary for each party to perform its obligations pursuant to this Agreement. Such measures shall include, but not be
limited to, (i) education of such Agents, employees and subcontractors as to the confidential nature of the Confidential Information; and (ii) securing a written acknowledgment and agreement from such Agents, employees and subcontractors
that the Confidential Information shall be handled only in accordance with provisions no less restrictive than those contained in this Agreement. This provision shall survive termination of this Agreement.

  
 11 

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

(f)    Exceptions. Confidential Information shall not include, and this Agreement imposes no
obligations with respect to, information that: 
 (i)    is or becomes part of the
public domain other than by disclosure by a Party or its Agents in violation of this Agreement; 

(ii)    was disclosed to a Party prior to the Effective Date without a duty of
confidentiality; 
 (iii)    is independently developed by a Party outside of this
Agreement and without reference to or reliance on any Confidential Information of the other Party; or 

(iv)    was obtained from a third party not known after reasonable inquiry to be under a
duty of confidentiality. 
 The foregoing exceptions shall not apply to any
Non-Public Personal Information or Personally Identifiable Financial Information, which shall remain confidential in all circumstances, except as required or permitted to be disclosed by applicable law,
statute, or regulation. 
 (g)    Return of Confidential Information. Subject to
Section 4.2(e) of this Agreement, upon the request of a party, the other party shall return all Confidential Information to the other; provided, however, (i) each party shall be permitted to retain copies of the other party’s
Confidential Information solely for archival, audit, disaster recovery, legal and/or regulatory purposes, and (ii) neither party will be required to search archived electronic back-up files of its
computer systems for the other party’s Confidential Information in order to purge the other party’s Confidential Information from its archived files; provided further, that any Confidential Information so retained will (x) remain
subject to the obligations and restrictions contained in this Agreement, (y) will be maintained in accordance with the retaining party’s document retention policies and procedures, and (z) the retaining party will not use the retained
Confidential Information for any other purpose. 
   Section 4.9.    Security and
Safeguarding Information  
 (a)    Confidential Information that contains Non-Public Personal Information about customers is subject to the protections created by the Gramm-Leach-Bliley Act of 1999 (the “Act”) and under the standards for safeguarding Confidential
Information, 16 CFR Part 314 (2002) adopted by Federal Trade Commission (the “FTC”) (the “Safeguards Rule”). Additionally, state specific laws may regulate how certain confidential or personal information is
safeguarded. The parties agree with respect to the Non-Public Personal Information to take all appropriate measures in accordance with the Act, and any state specific laws, as are necessary to protect the
security of the Non-Public Personal Information and to specifically assure there is no disclosure of the Non-Public 

  
 12 

 
Personal Information other than as authorized under the Act, and any state specific laws, and this Agreement. 

With respect to Confidential Information, including Non-Public Personal Information
and Personally Identifiable Financial Information as applicable, each of the parties agrees that: 

      (i)    It will use commercially reasonable efforts to
safeguard and protect the confidentiality of any Confidential Information and agrees, warrants, and represents that it has or will implement and maintain appropriate safeguards designed to safeguard and protect the confidentiality of any
Confidential Information. 
       (ii)    It will not
disclose or use Confidential Information provided except for the purposes as set in the Agreement, including as permitted under the Act and its implementing regulations, or other applicable law. 

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

      (iv)    It understands that the FTC may, from time to
time, issue amendments to and interpretations of its regulations implementing the provisions of the Act, and that pursuant to its regulations, either or both of the parties hereto may be required to modify their policies and procedures regarding the
collection, use, protection, and/or dissemination of Non-Public Personal Information. Additionally, states may issue amendments to and interpretations of existing regulations, or may issue new
regulations, which both of the parties hereto may be required to modify their policies and procedures. To the extent such regulations are so amended or interpreted, each party hereto agrees to use reasonable efforts to adjust the Agreement in order
to comply with any such new requirements. 

      (v)    By the signing of this Agreement, each party
certifies that it has a written, comprehensive information security program that is in compliance with federal and state laws that are applicable to its respective organization and the types of Confidential Information it receives. 

(b)    The Asset Representations Reviewer represents and warrants that it has, and will continue to have,
adequate administrative, technical, and physical safeguards designed to (i) protect the security, confidentiality and integrity of Non-Public Personal Information, (ii) ensure against anticipated
threats or hazards to the security or integrity of Non-Public Personal Information, (iii) protect against unauthorized access to or use of Non-Public Personal
Information and (iv) otherwise comply with its obligations under this Agreement. These safeguards include a written data security plan, employee training, information access controls, restricted disclosures, systems protections (e.g., intrusion
protection, data storage protection and data transmission protection) and physical security measures. 

(c)    The Asset Representations Reviewer will promptly notify the Servicer in the event it becomes aware
of any unauthorized or suspected acquisition of data or Confidential Information 

  
 13 

 
that compromises the security, confidentiality or integrity of Servicer’s Confidential Information, whether internal or external. The disclosure will include the date and time of the
breach along with specific information compromised along with the monitoring logs, to the extent then known. The Asset Representations Reviewer will use commercially reasonable efforts to take remedial action to resolve such breach. 

(d)    The Asset Representations Reviewer will cooperate with and provide information to the Issuer and
the Servicer regarding the Asset Representations Reviewer’s compliance with this Section 4.9. 
 ARTICLE V. 

RESIGNATION AND REMOVAL 

  Section 5.1.    Resignation and Removal of Asset Representations Reviewer. 

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

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

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

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

(c)    Effectiveness of Resignation or Removal. No resignation or removal of the Asset
Representations Reviewer will become effective until a successor Asset Representations Reviewer is in place. The predecessor Asset Representations Reviewer will continue to perform its obligations under this Agreement until a successor Asset
Representations Reviewer is in place. 

  
 14 

   Section 5.2.    Engagement of
Successor. 
 (a)    Successor Asset Representations Reviewer. Following the resignation or
removal of the Asset Representations Reviewer under Section 5.1, the Issuer will engage as the successor Asset Representations Reviewer a Person that is an Eligible Asset Representations Reviewer. The successor Asset Representations Reviewer
will accept its engagement or appointment by executing and delivering to the Issuer and the Servicer an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement or entering into a new Asset Representations
Review Agreement with the Issuer that is on substantially the same terms as this Agreement. 

(b)    Transition and Expenses. The predecessor Asset Representations Reviewer will cooperate with
the successor Asset Representations Reviewer engaged by the Issuer in effecting the transition of the Asset Representations Reviewer’s obligations and rights under this Agreement. The predecessor Asset Representations Reviewer will pay the
reasonable expenses of the successor Asset Representations Reviewer in transitioning the Asset Representations Reviewer’s obligations under this Agreement and preparing the successor Asset Representations Reviewer to take on the obligations on
receipt of an invoice with reasonable detail of the expenses from the successor Asset Representations Reviewer. 

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

OTHER AGREEMENTS 

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

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

  
 15 

 
Trustee, by accepting the benefits of this Agreement, agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after payment in full of
(a) all securities issued by the Seller or by a trust for which the Seller was a Seller or (b) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, the Seller or the Issuer any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law. This Section 6.2 will survive the termination of this Agreement. 

  Section 6.3.    Limitation of Liability of Owner Trustee . It is expressly
understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority
conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is
made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or
implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (iv) Wilmington Trust Company has made no investigation as to the accuracy or
completeness of any representations or warranties made by the Issuer in this Agreement and (v) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable
for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other related documents 

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

ARTICLE VII 
 MISCELLANEOUS
PROVISIONS 
   Section 7.1.    Amendments. 

(a)    The parties may amend this Agreement: 

      (i)    without the consent of the Noteholders, to
clarify an ambiguity or to correct or supplement any term of this Agreement that may be defective or inconsistent with the other terms of this Agreement or to provide for, or facilitate the acceptance of this Agreement by, a successor Asset
Representations Reviewer; 
       (ii)    without the
consent of the Noteholders, if the Servicer delivers an Officer’s Certificate to the Issuer, the Owner Trustee, the Trust Collateral Agent and the Trustee stating that the amendment will not have a material adverse effect on the Notes; or 

      (iii)    with the consent of the Noteholders of a
majority of the Note Balance of each Class of Notes materially and adversely affected by the amendment (with each affected Class 

  
 16 

 
voting separately, except that all Noteholders of Class A Notes will vote together as a single class). 

(b)    Notice of Amendments. The Servicer will give prior notice of any amendment to the Rating
Agencies. Promptly after the execution of an amendment, the Servicer will deliver a copy of the amendment to the Rating Agencies. 

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

(a)    Assignment. Except as stated in Section 5.3, this Agreement may not be assigned by the
Asset Representations Reviewer without the consent of the Issuer and the Servicer. 
 (b)    Benefit
of the Agreement; Third-Party Beneficiaries. This Agreement is for the benefit of and will be binding on the parties to this Agreement and their permitted successors and assigns. The Owner Trustee, the Trust Collateral Agent and the Trustee
(both in its individual capacity and in its capacity as Trustee for the benefit of the Noteholders), will be third-party beneficiaries of this Agreement entitled to enforce this Agreement against the Asset Representations Reviewer and the Servicer.
No other Person will have any right or obligation under this Agreement. 

  Section 7.3.    Notices. 

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

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

      (ii)    for a fax, when receipt is confirmed by
telephone, reply email or reply fax from the recipient; 

      (iii)    for an email, when receipt is confirmed by
telephone or reply email from the recipient; and 

      (iv)    for an electronic posting to a
password-protected website to which the recipient has access, on delivery (without the requirement of confirmation of receipt) of an email to that recipient stating that the electronic posting has occurred. 

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

  Section 7.4.    GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH, AND THIS AGREEMENT AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT SHALL BE, GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF 

  
 17 

 
LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

  Section 7.5.    Submission to Jurisdiction. Each of the parties hereto hereby
irrevocably and unconditionally: 
 (a)    submits for itself and, as applicable, its property, in any
legal action relating to this Agreement, the Basic Documents or any other documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the
courts of the State of New York, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof; 

(b)    consents that any such action may be brought in such courts and waives any objection that it may
now or hereafter have to the venue of such action in any such court or that such action was brought in an inconvenient court and agrees not to plead or claim the same; and 

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

  Section 7.6.    No Waiver; Remedies. No party’s failure or delay in
exercising any power, right or remedy under this Agreement will operate as a waiver. No single or partial exercise of any power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other
power, right or remedy. The powers, rights and remedies under this Agreement are in addition to any powers, rights and remedies under law. 

  Section 7.7.    Severability. Any provision of this Agreement that is prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

  Section 7.8.    Headings. The headings of the various Articles and Sections herein
are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 

  Section 7.9.    Counterparts and Consent to Do Business Electronically. This
Agreement may be executed in multiple counterparts, each of which shall be deemed to be an original, but together they shall constitute one and the same instrument. Facsimile and .pdf signatures shall be deemed valid and binding to the same extent
as the original and the parties affirmatively consent to the use thereof, with no such consent having been withdrawn. Each party agrees that this Agreement and any documents to be delivered in connection with this Agreement may be executed by means
of an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, in each case to
the extent applicable. Any electronic signatures appearing on this Agreement and such other documents are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility. Each party hereto shall be entitled to
conclusively rely upon, and shall have no liability with respect to, any electronic 

  
 18 

 
signature or faxed, scanned, or photocopied manual signature of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. 

[Remainder of Page Intentionally Left Blank] 

  
 19 

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

					
	 GM FINANCIAL CONSUMER AUTOMOBILE
        RECEIVABLES TRUST 2021-2

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

		
	By:	 	 /s/ Clarice Wright

		 	Name:	 	Clarice Wright
		 	Title:	 	Vice President
	
	 AMERICREDIT FINANCIAL SERVICES, INC. d/b/a GM Financial, as Servicer

		
	By:	 	 /s/ Robert T. Pigott III

		 	Name:	 	Robert T. Pigott III
		 	Title:	 	Senior Vice President, Corporate Treasury
	
	 CLAYTON FIXED INCOME SERVICES LLC, as Asset Representations Reviewer

		
	By:	 	 /s/ Susan Connally

		 	Name:	 	Susan Connally
		 	Title:	 	Vice President

  
 [Signature Page to Asset
Representations Review Agreement] 

 Schedule A 

Representations and Warranties and Procedures to be Performed 

Representation 

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

Documents 
 Receivable File 

GM Financial’s Policies 
 Data Tape 

Dealer Agreement 
 Procedures to be Performed 

 

	 	A.	 Origination Entity of Each Receivable 

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

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

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

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

	 	B.	 Receivable originated for Retail Sale of a Financed Vehicle 

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

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

	 	

  
 Schedule A -1 

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

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

	 	C.	 Contract contains customary and enforceable provisions 

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

	 	D.	 Original Receivable Contract intact 

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

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

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

  
 Schedule A -2 

 Representation 

2.        Compliance with Law. All requirements of applicable federal, state
and local laws, and regulations thereunder (including, without limitation, usury laws, the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair
Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Federal Reserve Board’s Regulations “B” and “Z” (including amendments to the Federal
Reserve’s Official Staff Commentary to Regulation Z, effective October 1, 1998, concerning negative equity loans), the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Servicemembers Civil Relief Act, each applicable state
Motor Vehicle Retail Installment Sales Act, the Gramm-Leach-Bliley Act and state adaptations of the National Consumer Act and of the Uniform Consumer Credit Code and other consumer credit laws and equal credit opportunity and disclosure laws) in
respect of the Receivables and the Financed Vehicles, have been complied with in all material respects. 
 Documents 

Receivable File 
 Sale Contract 

Procedures to be Performed 
  

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

	 	  i.	 Name and address of Creditor 

	 	 ii.	 APR 

	 	iii.	 Finance Charge 

	 	iv.	 Amount Financed 

	 	 v.	 Total of Payments 

	 	vi.	 Total Sale Price 

	 	B.	 Confirm a Payment Schedule is present and complete. 

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

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

	 	  i.	 Prepayment disclosure 

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

	 	iii.	 Security Interest disclosure 

	 	iv.	 Contract Reference 

	 	 v.	 Insurance Requirements 

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

  
 Schedule A -3 

 Representation 

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

 Retail Sale Contract 
 Procedures to be
Performed 
  

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

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

  
 Schedule A -4 

 Representation 

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

Documents 
 Data Tape 

Procedures to be Performed 
  

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

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

  
 Schedule A -5 

 Representation 

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

System Reports 
 Procedures to be Performed 

 

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

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

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

  
 Schedule A -6 

 Representation 

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

Receivable File 
 Imaging System Access 

Procedures to be Performed 
  

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

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

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

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

  
 Schedule A -7 

 Representation 

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

Documents 
 Receivable File 

E-Vault 

Procedures to be Performed 
  

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

	 	  i.	 Ensure that all parties have signed the contract. 

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

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

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

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

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

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

  
 Schedule A -8 

 Representation 

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

Documents 

E-Vault 

Procedures to be Performed 
  

	 	A.	 Confirm if there is a single authoritative copy; 

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

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

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

  
 Schedule A -9 

 Representation 

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

Documents 

E-Vault 

Procedures to be Performed 
  

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

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

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

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

  
 Schedule A -10 

 Representation 

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

 

	 	A.	 Review the authoritative copy of the Contract; 

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

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

  
 Schedule A -11 

 Representation 

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

Documents 
 Receivable File 

Modification Agreements (if applicable) 

Procedures to be Performed 
  

	 	A.	 Confirm the Receivable File is Completed; 

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

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

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

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

  
 Schedule A -12 

 Representation 

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

Documents 
 Receivable File 

Assignment 
 Data Tape 

Procedures to be Performed 
  

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

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

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

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

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

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

  
 Schedule A -13 

 Representation 

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

Documents 
 Receivable File 

Dealer Agreement 
 Procedures to be Performed 

 

	 	A.	 Review the Receivable; 

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

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

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

  
 Schedule A -14 

 Representation 

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

Receivable File 
 Procedures to be Performed 

 

	 	A.	 Confirm first priority for GM Financial; 

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

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

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

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

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

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

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

  
 Schedule A -15 

 Representation 

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

Documents 
 Receivable File 

Procedures to be Performed 
  

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

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

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

  
 Schedule A -16 

 Representation 

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

Receivable File 
 Dealer Agreement 

Procedures to be Performed 
  

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

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

	 	B.	 If step A is confirmed, Test Pass. 

  
 Schedule A -17 

 Representation 

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

  

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

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

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

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

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

  
 Schedule A -18 

 Representation 

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

Receivable File 
 Agreement to Provide Insurance 

Procedures to be Performed 
  

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

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

  
 Schedule A -19 

 Representation 

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

Documents 
 Receivable File 

Retail Installment Contract 
 Procedures to be Performed

  

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

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

  
 Schedule A -20 

 Representation 

20.        Certain Characteristics of the Receivables. 

   (A) Each Receivable had a remaining maturity, as of the Cutoff Date, of not less than 3
months and not more than 84 months. 
    (B) Each Receivable had an original maturity, as of
the Cutoff Date, of not less than 3 months and not more than 84 months. 
    (C) Each
Receivable had a remaining Principal Balance, as of the Cutoff Date, of at least $250 and not more than $150,000. 

   (D) Each Receivable had an Annual Percentage Rate, as of the Cutoff Date, of not more than
20%. 
    (E) No Receivable was more than 30 days past due as of the Cutoff Date. 

   (F) Each Receivable arose under a Contract that is governed by the laws of the United States
or any State thereof. 
    (G) Each Obligor had a billing address in the United States or a
United States territory as of the date of origination of the related Receivable. 
    (H)
Each Receivable is denominated in, and each Contract provides for payment in, United States dollars. 

   (I) Each Receivable arose under a Contract that is assignable without the consent of, or
notice to, the Obligor thereunder, and does not contain a confidentiality provision that purports to restrict the ability of the Servicer to exercise its rights under the Sale and Servicing Agreement, including, without limitation, its right to
review the Contract. Each Receivable prohibits the sale or transfer of the Financed Vehicle without the consent of the Servicer. 

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

   (M) No Obligor is the United States of America or any State or any agency, department,
subdivision or instrumentality thereof. 

  
 Schedule A -21 

 Documents 

Data Tape 
 Receivable File 

Procedures to be Performed 
  

	 	A.	 Review the data tape and confirm that the remaining maturity date is more than or equal to 3 months but less
than or equal to 84 months from the Cutoff Date. 

	 	B.	 Review the data tape and confirm that the original maturity date is more than or equal to 3 months but less
than or equal to 84 months from the Cutoff Date. 

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

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

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

	 	F.	 Confirm the following: 

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

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

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

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

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

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

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

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

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

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

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

  
 Schedule A -22 

 Representation 

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

Retail Sale Contract 
 Procedures to be Performed

  

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

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

  
 Schedule A -23EX-4.3

 Exhibit 4.3 

CONFIDENTIAL 
 SIDE
AGREEMENT OF HAVRE GLOBAL AB 
 This SIDE AGREEMENT (this “Agreement”), dated as of Feb. 9 2021, is entered into
by and among: 
  

	(i)	 Nativus Company Limited (the “Lead Investor”); 

 

	(ii)	 those Persons from time to time listed in Schedule A (the “Co-Investors”);

  

	(iii)	 those Persons from time to time listed in Schedule B (the “2020 Investors” and
collectively with the Lead Investors and the Co-Investors, the “Investors”); 

  

	(iv)	 Havre Global AB, reg. no 559081-1989 (the “Company”); 

 

	(v)	 Verlinvest S.A. (“Verlinvest”); 

 

	(vi)	 China Resources Verlinvest Health Investment Ltd. (“CRVV”); and 

 

	(vii)	 Blossom Key Holdings Limited. 

W I T N E S S E T H 

WHEREAS, Verlinvest and CRC indirectly own the Lead Investor through CRVV and the Lead Investor in turn directly owns Shares in the Company;

 WHEREAS, the Investors are direct shareholders in the Company, and the Investors and the Company are parties to an amended and restated
shareholders’ agreement of the Company dated July 21, 2020 (the “Shareholders’ Agreement”); 
 WHEREAS, it is
proposed that the Company pursue a potential initial public offering and sale of the Shares of the Company in the United States (the “U.S. Offering”); 

WHEREAS, pursuant to the Shareholders’ Agreement, the Lead Investor has ultimate control over the timing and manner of the U.S. Offering,
including the initiation thereof, and as a condition and material inducement to the Lead Investor’s approval of the preparation by the Company for a U.S. Offering, the parties hereto are entering into this Agreement, which provides for certain
matters as agreed by and among the parties hereto. 
 NOW, THEREFORE, for and in consideration of the foregoing premises and the mutual
promises, covenants and obligations contained herein, the parties hereto hereby agree as follows: 
  

	1.	 Definitions and Interpretation 

 

	1.1.	 As used herein, the following terms shall have the following meanings: 

“Affiliate” means, with respect to a Person, any other person which, directly or indirectly through one or more
intermediaries, Controls, or is Controlled by, or is under common Control with such person, and the term “Affiliated with” shall have a correlative meaning. 

 “Control” means the possession, directly or indirectly, of the power to
direct or cause the direction of the management policies of a person, whether through the ownership of voting securities, by contract or otherwise, and the terms “Controlled by” and “under common Control with” shall
have correlative meanings. 
 “Additional Listing” means, in addition to the U.S. Offering and listing in the U.S., (i) the
listing of the Company’s Shares or depositary receipts (or the shares or depositary receipts of an alternative listing vehicle in the event that the Company is required to be re-domiciled or reorganized) on the Hong Kong Stock Exchange through
a secondary listing, or otherwise (ii) the listing of the Company’s Shares or depositary receipts on the Hong Kong Stock Exchange through a primary or dual primary listing if the Company does not satisfy the requirements for a secondary
listing on the Hong Kong Stock Exchange. 
 “Applicable Laws” means, with respect to any Person, any transnational, domestic
or foreign federal, national, state, provincial, local or municipal law (statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation, executive order, injunction, judgment, decree, ruling or other similar
requirement enacted, adopted, promulgated or applied by, or governmental approval, concession, grant, franchise, license, agreement, directive, or other governmental restriction or any similar form of decision of, or determination by, or any
formally issued written interpretation or administration of any of the foregoing by, a Governmental Authority that is binding upon or applicable to such Person or any of such Person’s assets, rights or properties. 

“CRC” means China Resources (Holdings) Co. Limited or any of its Affiliates holding or beneficially owning any Shares in the
Company from time to time (as applicable). 
 “CRC Investor” means Blossom Key Holdings Limited or any of the Affiliates of
CRC that holds or beneficially owns Shares in the Company from time to time (as applicable). 
 “Governmental Authority”
means any international, supranational or national government, any state, provincial, local or other political subdivision thereof, any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of
or pertaining to government, including any government authority, agency, department, board, commission or instrumentality of any nation or jurisdiction, or any political subdivision thereof, any court, tribunal or arbitration panel, or any
self-regulatory organization. 
 “Hong Kong” means the Hong Kong Special Administrative Region of the People’s Republic
of China. 
 “Material Adverse Effect” means any: 
  

	 	(i)	 restriction on the ability of any director of the Company appointed or nominated by CRC or its Affiliates to
receive information from the Company otherwise available to other directors of the Company, or share such information with CRVV and CRC (in circumstances where such information could be shared by directors nominated by other shareholders of the
Company), in each case as a result of U.S. Measures; 

  

	 	(ii)	 requirement or request from any U.S. Governmental Authority, or as a result of any Applicable Laws in the
United States (or any proposed law, regulation or proceeding) or U.S. Measures, for any shareholder or beneficial owner of the Company or CRVV or any 

  
 2 

	 	
of such shareholder’s or beneficial owner’s Affiliates to divest any of its direct or indirect shareholdings or interest in any of the Company, CRVV or their respective Affiliates;

  

	 	(iii)	 suspension of trading of any Shares of the Company (excluding short term suspensions in trading resulting from
ordinary course activities of the Company); 

  

	 	(iv)	 prohibition or restriction on the investment, trading, purchase, ownership, or providing or obtaining any
economic exposure, with respect to any Shares, securities or interest in the Company, CRVV or any of their respective Affiliates as a result of U.S. Measures; or 

 

	 	(v)	 the directors appointed or nominated by CRC, the Lead Investor or their respective Affiliates on the board of
directors of the Company from time to time are disqualified, suspended or otherwise restricted from exercising their powers, rights, duties, authorities or responsibilities as directors, as required or requested from any U.S. Governmental Authority,
or as a result of any Applicable Laws in the United States (or any proposed law, regulation or proceeding) or any U.S. Measures, provided that CRC, the Lead Investor or their respective Affiliates, as the case may be, (A) have used reasonable
efforts but fail to replace such directors with persons nominated by CRC, the Lead Investor or their respective Affiliates, as the case may be, who are not restricted from exercising their powers, rights, duties, authorities or responsibilities as
directors, or (B) would not be able to do so in any event even if reasonable efforts were to be used, 

 other than
where any of the above events occur as a result of any action or step taken by CRC Investor or its Affiliates which is voluntary in nature and not required by Applicable Law or U.S. Measures. 

“Person” means an individual, corporation, partnership, joint venture, limited liability company, joint stock company,
association, unincorporated organization, trust or other entity or organization, including any Governmental Authority, officer, department, commission, board, bureau or instrumentality thereof. 

“Preparatory Actions” means the following and any other actions of the Company, in each case as may be necessary for
completing the Additional Listing in a timely manner (as reasonably determined by the lead sponsors in the Additional Listing): 
  

	 	(i)	 pre-IPO consultation with the Hong Kong Stock Exchange; 

 

	 	(ii)	 providing relevant information relating to the Company and its shareholders to the sponsors, the Hong Kong
Stock Exchange and any other applicable Governmental Authorities as may be reasonably requested; 

  

	 	(iii)	 amending the Company’s constitutional documents to comply with the listing requirements of the Hong Kong
Stock Exchange or any other applicable Governmental Authority; 

  

	 	(iv)	 changing the structure of the board of directors of the Company; 

 

	 	(v)	 adjusting shareholder protection mechanisms; 

 

	 	(vi)	 changing the domicile of the Company in the event that Sweden is not approved as an acceptable jurisdiction by
the Hong Kong Stock Exchange; and 

  
 3 

	 	(vii)	 making other changes to the corporate governance of the Company. 

“Shares” means ordinary shares of the Company. 

“U.S. Measures” means any U.S. governmental, legislative, regulatory or administrative action, enactment, sanction,
investigation, order, rule, regulation, proceeding, inquiry, statement, directive or other measures. 
  

	1.2.	 The words “hereof”, “herein” and “hereunder” and words of like import used in
this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for convenience of reference only and shall be disregarded in the construction or interpretation hereof.
References to paragraphs, Exhibits and Schedules are to paragraphs, Exhibits and Schedules of this Agreement unless otherwise specified. All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of
this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein shall have the meanings given to them in this Agreement. Any singular term in this Agreement shall be deemed to
include the plural, and any plural term the singular. Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”,
whether or not they are in fact followed by those words or words of like import. “Writing”, “written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible
form. References to any Person include the successors and permitted assigns of that Person. References from or through any date mean, unless otherwise specified, from and including or through and including, respectively. References to
“law”, “laws” or to a particular statute or law shall be deemed also to include any and all Applicable Laws. References to any statute shall be deemed to refer to such statute as amended from time to time and to any rules or
regulations promulgated thereunder. References to “dollars”, “$” or “US$” are to U.S. dollars. 

  

	2.	 Additional Listing 

 

	2.1.	 Subject to the limitations set forth herein, the Company shall, and CRVV and the Lead Investor shall cause the
Company to, upon a written request by the CRC Investor, promptly take the Preparatory Actions to complete the Additional Listing, in the event that: 

  

	 	(a)	 the Company’s application or preparation for the U.S. Offering or its status as a listed company in the
U.S. has or results in a Material Adverse Effect as a result of the status of the Company, CRVV, CRC or any of their respective shareholders or beneficial owners or Affiliates of any of the foregoing, or their respective directors, officers or
employees, as being owned or Controlled by, or otherwise Affiliated with, a non-U.S. state, Governmental Authority or political party (or perceived as such), at any time for so long as such Material Adverse Effect subsists; or 

 

	 	(b)	 at any time, and from time to time, after the second (2nd) anniversary of the completion of the U.S. Offering,
the Company and its subsidiaries generate more than 25% of its consolidated revenue from sales in the Asia-Pacific Region for each of the two (2) consecutive fiscal quarters for which financial statements are available prior to the CRC
Investor’s request described pursuant to this paragraph 2.1 (it being understood that if there are multiple two (2)-fiscal quarter periods during which the foregoing condition is satisfied, the CRC Investor may make such request after the end
of any of such two (2)-fiscal quarter periods), 

  
 4 

 provided, however, that if the Company’s board of directors determines in
good faith, upon consultation with the financial advisors or sponsors in such Additional Listing, that the marketing or pricing of the Additional Listing should be postponed due to market conditions, the Company’s board of directors may
postpone the Additional Listing and shall discuss timing for completing the Alterative Listing with CRC in good faith, and notwithstanding anything to the contrary in this proviso, the Company shall still be obligated to, and CRVV and the Lead
Investor shall still be obligated to cause the Company to, commence and take Preparatory Actions in connection with the Additional Listing promptly upon request by the CRC Investor; 

provided, further, that notwithstanding anything to the contrary herein, if the Company fails to complete an Additional Listing
as required in accordance with the foregoing in this paragraph 2.1, the CRC Investor’s right to require the Company to, and CRVV and the Lead Investor to cause the Company to, pursue the Additional Listing shall continue in full force and
effect and shall not lapse or be waived or prejudiced notwithstanding any time limit stated elsewhere in this paragraph 2.1. 
  

	2.2.	 Notwithstanding anything to the contrary in paragraph 2.1, the Company, Lead Investor and CRVV shall not be
required to seek an Additional Listing or take any Preparatory Actions pursuant to paragraph 2.1 if: 

  

	 	(a)	 at the time of such request, (A) CRC and its Affiliates no longer beneficially own, in the aggregate, the
number of Shares in the Company representing at least fifteen per cent (15)% of the voting power of all issued and outstanding Shares of the Company immediately after the consummation of the U.S. Offering, as adjusted appropriately to reflect any
share subdivision, combination, consolidation, reverse share split, reclassification, share dividend or share distribution that may have occurred subsequent thereto, or (B) the voting power of the shares beneficially owned, in the aggregate, by
CRC and its Affiliates in the Company is lower than that of Verlinvest and its Affiliates (it being understood that, for purposes of this Agreement, CRC and its Affiliates are deemed to beneficially own the same percentage of the Shares of the
Company that may be held by the Lead Investor as their percentage of beneficial ownership in the Lead Investor); 

  

	 	(b)	 listing with the Hong Kong Stock Exchange (or maintaining such listing) would reasonably be expected to have a
material adverse impact on the valuation of the Company or its overall operations as determined by the board of directors of the Company based on reasonable advice from its external financial and legal advisors, and only if the board of directors of
the Company, upon consultation with its external financial and legal advisors, determines in good faith that completing such Additional Listing shall be in contravention of their fiduciary duty under Applicable Laws for the reasons referred to in
this paragraph (b). 

  

	3.	 Facilitation of Exit 

Without limiting or prejudicing paragraph 2, in the event that there is or would reasonably be expected to be a Material Adverse Effect, the
Company and CRVV shall promptly take all reasonable actions to facilitate the exit of any shareholder of the Company or CRVV affected or involved in such Material Adverse Effect, including the sale of such shareholders’ Shares in the Company to
a third party at fair market value and terms, and/or registering the Shares of the Company with the applicable exchange or regulatory body(ies) to allow for the public sale of the Shares, if requested by such shareholder. 

 

	4.	 Exculpation 

  
 5 

 The parties hereto acknowledge and agree that if: 

 

	 	(i)	 the U.S. Offering or Additional Listing is unsuccessful or adversely affected, or 

 

	 	(ii)	 after the completion of the U.S. Offering, the Company encounters a loss of market valuation, or the risk of
delisting or suspension of trading or listing, 

 in each case of (i) and (ii) above, as a result of CRC, CRVV, the
Company or their respective shareholders or Affiliates being a target of any U.S. Measures as a result of the status of any of the foregoing entities or beneficial owners or their respective directors, officers or employees as being owned or
Controlled by, or otherwise Affiliated with, a non-U.S. state, Governmental Authority or political party (or perceived as such), then: 
  

	 	(a)	 CRVV, CRC and their respective Affiliates will not be liable to Verlinvest, the Company, CRVV or any of their
respective shareholders or beneficial owners or Affiliates of any of the forgoing for any loss, damages or diminution in value suffered by any of the foregoing resulting from (i) or (ii) as a result of such U.S. Measures; and

  

	 	(b)	 none of the Company, Verlinvest or the Investors or their beneficial owners or the Affiliates of any of the
foregoing shall have, or assert that they have, the right or claim against any of CRVV, CRC or their respective shareholders or beneficial owners or Affiliates of any of the foregoing as a result of the matters described in this paragraph 4, and
such matters shall not constitute, or be used as, the basis of any claim against CRVV, CRC or their respective shareholders or Affiliates of any of the foregoing. 

 

	5.	 General Provisions 

 

	5.1.	 Subject to the terms and conditions of this Agreement, each party hereto will use their reasonable best efforts
to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary or desirable under Applicable Laws to consummate the transactions contemplated by this Agreement (including the Additional Listing if required). From
time to time following the date hereof, the parties hereto shall execute and deliver such other instruments of assignment, transfer and delivery and shall take such other actions as any other party hereto reasonably may request in order to
consummate, complete and carry out the transactions contemplated by this Agreement. 

  

	5.2.	 Each Investor and Verlinvest shall (and shall, to the extent it is able to do so, cause its Affiliates who
beneficially own any Shares or any shares of CRVV to), prior to the sale, transfer or any other disposition of any Shares to any of their respective Affiliates and as a condition thereto, cause such transferee to execute and deliver to each of the
Company, the Lead Investor and CRC copies of a deed of accession (unless already bound hereby), pursuant to which such transferee agrees to be subject to and bound by the provisions of this Agreement to the same extent as the transferring Investor
or Verlinvest. 

  

	5.3.	 Except as otherwise expressly provided in this Agreement, none of the parties hereto may, without the prior
written consent of the other parties, assign or otherwise transfer or assign the whole or any part of this Agreement, except that CRC may assign its rights, interest and entitlements under this Agreement to any of its Affiliates that hold or
beneficially own any Shares. 

  

	5.4.	 Each of the parties agrees to keep secret and confidential and not to use or disclose to any third party or
enable or cause any person to become aware of any confidential information relating to this Agreement or the Company, except as agreed by the Company, CRC, Verlinvest and the Lead 

  
 6 

	 	
Investor, but excluding any information which is in the public domain (other than through the wrongful disclosure by any party) or which they are required to disclose by law or by the rules of
any regulatory body to which the Company is subject. Notwithstanding the foregoing, each of CRC, CRVV, Verlinvest and the Investors (as applicable) shall be entitled to disclose confidential information to its and its Affiliates and its and its
Affiliates’ respective employees, officers, directors and professional advisors (including legal counsel). 

  

	5.5.	 Each party hereto acknowledges that the remedies at law of the other parties for a breach or threatened breach
of this Agreement would be inadequate and, in recognition of this fact, any party to this Agreement, without posting any bond, and in addition to all other remedies that may be available, shall be entitled to obtain equitable relief in the form of
specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy that may then be available. 

  

	5.6.	 This Agreement shall be governed by and construed in accordance with the laws of Sweden, without regard to the
principles of conflicts of law of any jurisdiction. 

  

	5.7.	 Any dispute arising out of or in connection with paragraph 4 of this Agreement shall be referred to and finally
settled by arbitration at the Hong Kong International Arbitration Centre (the “HKIAC”) for arbitration in Hong Kong. The seat of the arbitration shall be Hong Kong. The arbitration shall be conducted in accordance with the HKIAC
Administered Arbitration Rules in force at the time of the initiation of the arbitration, which rules are deemed to be incorporated by reference into this paragraph 5.7. There shall be one (1) arbitrator jointly nominated by the parties to the
arbitration, who shall be qualified to practice the laws of the Hong Kong. In the event that the parties to the arbitration cannot jointly agree on an arbitrator, the HKIAC shall appoint an arbitrator. The arbitral proceedings shall be conducted in
English. 

  

	5.8.	 Any dispute, controversy or claim arising out of or in connection with this Agreement (other than paragraph 4),
or the breach, termination or invalidity thereof, shall be finally settled by arbitration in accordance with the Arbitration Rules of the Arbitration Institute of the Stockholm Chamber of Commerce (the “SCC”). The arbitral tribunal
shall be composed of one (1) arbitrator jointly appointed by the parties to the arbitration. In the event that the parties to the arbitration cannot jointly agree on an arbitrator, the SCC shall appoint an arbitrator in accordance with the
Arbitration Rules of the SCC. The seat of arbitration shall be Stockholm. The language to be used in the arbitration shall be English. 

  

	5.9.	 The award of the arbitral tribunal in accordance with paragraphs of 5.7 and 5.8 shall be final and binding upon
the parties thereto. By agreeing to arbitration, the parties shall not be precluded from seeking injunctive relief and/or interim or provisional remedies from a court of competent jurisdiction in aid of arbitration, or pending the establishment of
the arbitral tribunal or the arbitral tribunal’s determination of the dispute. 

  

	5.10.	 This Agreement shall become effective (i) as of the date hereof as between the Company, CRVV, Verlinvest,
the Lead Investor and the CRC Investor when each of the Company, CRVV, Verlinvest, the Lead Investor and the CRC Investor shall have executed and delivered this Agreement to each other and (ii) in respect of any Investor when each of such
Investor, the Company, the CRC Investor and the Lead Investor shall have executed and delivered this Agreement to each other. The Company, CRVV and Lead Investor shall use their reasonable best efforts to procure the execution and delivery of this
Agreement by all Investors as soon as practicable after the date hereof and in any event by March 15, 2021. 

  
 7 

	5.11.	 If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as
the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party hereto. Upon such a determination, the parties hereto shall 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 so that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

[Signature Pages Follow] 

  
 8 

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

			
	NATIVUS COMPANY LIMITED
		
	 By:
	 	 /s/ Patrice Thys

		 	 Name: Patrice Thys

		 	 Title: Director

 [Signature Page to Oatly Side Letter] 

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

			
	HAVRE GLOBAL AB
		
	By:	 	 /s/ Toni Petersson

		 	Name: Toni Petersson
		 	Title: CEO

 [Signature Page to Oatly Side Letter] 

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

			
	VERLINVEST S.A.
		
	By:	 	 /s/ Eric Melloul   /s/ Rafael
Hulpiau

		 	 Name: Eric Melloul    Rafael Hulpiau

		 	 Title: Director     Joint Proxy-holder

 [Signature Page to Oatly Side Letter] 

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

			
	CHINA RESOURCES VERLINVEST
	HEALTH INVESTMENT LTD.
		
	By:	 	 /s/ Eric Melloul

		 	Name: Eric Melloul
		 	Title: Director

 [Signature Page to Oatly Side Letter] 

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

			
	CHINA RESOURCES VERLINVEST
	HEALTH INVESTMENT LTD.
		
	By:	 	 /s/

		 	Name:
		 	Title:

 [Signature Page to Oatly Side Letter] 

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

			
	BLOSSOM KEY HOLDINGS LIMITED
		
	By:	 	 /s/

		 	Name:
		 	Title:

 [Signature Page to Oatly Side Letter] 

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

			
	ÖSTERSJÖSTIFTELSEN
		
	By:	 	 /s/ Mattias Klintemar

		 	Name: Mattias Klintemar
		 	Title: Director

 [Signature Page to Oatly Side Letter] 

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

			
	ÖSTE VENTURES AB
		
	By:	 	 /s/ Rickard Öste

		 	Name: Rickard Öste
		 	Title: CEO

 [Signature Page to Oatly Side Letter] 

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

			
	BXG REDHAWK S.A.R.L
		
	By:	 	 /s/ John Sutherland

		 	Name: John Sutherland
		 	Title: Manager
		
	By:	 	Blackstone Capital Partners Holdings Director LLC
		
	By:	 	 /s/ Kevin Kelly

		 	Name: Kevin Kelly
		 	Title: Authorized Signatory
	
	BXG SPV ESC (CYM) L.P.
	
	By: BXG Side-by-Side GP L.L.C., its general partner
		
	By:	 	 /s/ Christopher James

		 	Name: Christopher James
		 	Title: Authorized Signatory

 [Signature Page to Oatly Side Letter] 

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

			
	BXG REDHAWK S.A.R.L
		
	By:	 	 /s/ John Sutherland

		 	Name: John Sutherland
		 	Title: Sole Manager
	
	BXG SPV ESC (CYM) L.P.
	
	By: BXG Side-by-Side GP L.L.C., its general partner
		
	By:	 	 /s/ Christopher James

		 	Name: Christopher James
		 	Title: Authorized Signatory

 [Signature Page to Oatly Side Letter] 

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

			
	BLACKSTONE GROWTH L.P.
	By: Blackstone Growth Associates L.P., its general partner
		
	By:	 	 /s/ Christopher James

		 	Name: Christopher James
		 	Title: Authorized Signatory

 [Signature Page to Oatly Side Letter] 

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

			
	[OTHER SHAREHOLDERS/INVESTORS]

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Oatly Side Letter]

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