Document:

EX-10.6

 Exhibit 10.6 

Execution Version 
 ASSET
REPRESENTATIONS REVIEW AGREEMENT 
 among 

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2019-2, 

Issuer 
 AMERICREDIT FINANCIAL
SERVICES, INC., 
 Servicer 
 and

 CLAYTON FIXED INCOME SERVICES LLC, 

Asset Representations Reviewer 
  

Dated as of June 12, 2019 

 TABLE OF CONTENTS 
  

							
	 ARTICLE I DEFINITIONS
	  	 	1	 
	 Section 1.1.
	  	Definitions	  	 	1	 
	 Section 1.2.
	  	Additional Definitions	  	 	1	 
	 ARTICLE II ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER
	  	 	2	 
	 Section 2.1.
	  	Engagement; Acceptance	  	 	2	 
	 Section 2.2.
	  	Confirmation of Status	  	 	3	 
	 ARTICLE III ASSET REPRESENTATIONS REVIEW PROCESS
	  	 	3	 
	 Section 3.1.
	  	Asset Review Notices	  	 	3	 
	 Section 3.2.
	  	Identification of Asset Review Receivables	  	 	3	 
	 Section 3.3.
	  	Asset Review Materials	  	 	3	 
	 Section 3.4.
	  	Performance of Asset Reviews	  	 	4	 
	 Section 3.5.
	  	Asset Review Reports	  	 	4	 
	 Section 3.6.
	  	Asset Review Representatives	  	 	5	 
	 Section 3.7.
	  	Dispute Resolution	  	 	5	 
	 Section 3.8.
	  	Limitations on Asset Review Obligations	  	 	5	 
	 ARTICLE IV ASSET REPRESENTATIONS REVIEWER
	  	 	6	 
	 Section 4.1.
	  	Representations and Warranties	  	 	6	 
	 Section 4.2.
	  	Covenants	  	 	7	 
	 Section 4.3.
	  	Fees and Expenses	  	 	8	 
	 Section 4.4.
	  	Limitation on Liability	  	 	9	 
	 Section 4.5.
	  	Indemnification	  	 	9	 
	 Section 4.6.
	  	Right to Audit	  	 	10	 
	 Section 4.7.
	  	Delegation of Obligations	  	 	10	 
	 Section 4.8.
	  	Confidential Information	  	 	10	 
	 Section 4.9.
	  	Security and Safeguarding Information	  	 	13	 
	 ARTICLE V . RESIGNATION AND REMOVAL
	  	 	14	 
	 Section 5.1.
	  	Resignation and Removal of Asset Representations Reviewer	  	 	14	 
	 Section 5.2.
	  	Engagement of Successor	  	 	15	 
	 Section 5.3.
	  	Merger, Consolidation or Succession	  	 	15	 
	 ARTICLE VI OTHER AGREEMENTS
	  	 	16	 
	 Section 6.1.
	  	Independence of Asset Representations Reviewer	  	 	16	 
	 Section 6.2.
	  	No Petition	  	 	16	 
	 Section 6.3.
	  	Limitation of Liability of Owner Trustee	  	 	16	 
	 Section 6.4.
	  	Termination of Agreement	  	 	16	 
	 ARTICLE VII MISCELLANEOUS PROVISIONS
	  	 	17	 
	 Section 7.1.
	  	Amendments	  	 	17	 
	 Section 7.2.
	  	Assignment; Benefit of Agreement; Third Party Beneficiaries	  	 	17	 
	 Section 7.3.
	  	Notices	  	 	17	 
	 Section 7.4.
	  	GOVERNING LAW	  	 	18	 
	 Section 7.5.
	  	Submission to Jurisdiction	  	 	18	 
	 Section 7.6.
	  	No Waiver; Remedies	  	 	18	 
	 Section 7.7.
	  	Severability	  	 	18	 
	 Section 7.8.
	  	Headings	  	 	19	 
	 Section 7.9.
	  	Counterparts	  	 	19	 

 SCHEDULES 

Schedule A     Representations and Warranties and Procedures to be Performed 

 

  
 i 

 ASSET REPRESENTATIONS REVIEW AGREEMENT dated as of June 12, 2019 (this
“Agreement”), among AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2019-2, a Delaware statutory trust (the “Issuer”), AMERICREDIT FINANCIAL SERVICES, INC., a Delaware corporation
(“AmeriCredit”), in its capacity as Servicer (in such capacity, the “Servicer”) and CLAYTON FIXED INCOME SERVICES LLC, a Delaware limited liability company, as Asset Representations Reviewer (the “Asset
Representations Reviewer”). 
 WHEREAS, in the regular course of its business, AmeriCredit purchases retail
installment sale contracts secured by new and used automobiles, light-duty trucks, vans and minivans and utility vehicles from motor vehicle dealers. 

WHEREAS, in connection with a securitization transaction sponsored by AmeriCredit, AmeriCredit sold a pool of Receivables to
AFS SenSub Corp. (the “Seller”) which, in turn, sold those Receivables to the Issuer. 
 WHEREAS, the
Issuer has granted a security interest in the Receivables to the Trust Collateral Agent, for the benefit of the Issuer Secured Parties, pursuant to the Indenture. 

WHEREAS, the Issuer has determined to engage the Asset Representations Reviewer to perform reviews of certain Receivables for
compliance with the representations and warranties made by AmeriCredit and the Seller about the Receivables in the pool. 

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

ARTICLE I 
 DEFINITIONS 

Section 1.1.    Definitions. Capitalized terms that are used but are not otherwise defined in
this Agreement have the meanings assigned to them in the Sale and Servicing Agreement, dated as of June 12, 2019, by and among the Issuer, the Seller, the Servicer and The Bank of New York Mellon, a New York banking corporation, 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
AmeriCredit, the Seller, the Servicer, the Trustee, the Trust Collateral Agent, the Owner Trustee or any of their Affiliates and (b) was not, and is not an Affiliate of a Person that was, engaged by AmeriCredit or any Underwriter to perform any
due diligence on the Receivables prior to the Closing Date. 
 “Test” has the meaning assigned to such term
in Section 3.4(a). 
 “Test Complete” has the meaning assigned to such term in Section 3.4(c).

 “Test Fail” has the meaning assigned to such term in Section 3.4(a). 

“Test Pass” has the meaning assigned to such term in Section 3.4(a). 

“Trustee” has the meaning assigned to such term in Section 1.1 of the Sale 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. 
 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 Asset Receivable Files are located; or (iv) in another manner agreed by the Servicer and the Asset Representations Reviewer. The Servicer may redact or remove
Non-Public Personal Information (as defined in Section 4.8) from the Asset Review Materials so long as such redaction or removal does not change the meaning or usefulness of the Asset Review Materials for
purposes of the Asset Review. 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. 

  
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 Section 3.4.    Performance of Asset Reviews.

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

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

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

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

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

  
 4 

 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 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; 

  
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 (iii)    to obtain or confirm the validity of
the Asset Review Materials and no liability for any errors contained in the Asset Review Materials and will be entitled to rely on the accuracy and completeness of the Asset Review Materials; 

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

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

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

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

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

(ii)    Power, Authority and Enforceability. The Asset Representations Reviewer has
the power and authority to execute, deliver and perform its obligations under this 

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

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

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

Section 4.2.    Covenants. The Asset Representations Reviewer covenants and agrees that: 

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

  
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 (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 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. 

(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 

  
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the priority of payments in Section 5.7 of the Sale and Servicing Agreement starting on or before the Distribution Date in that month. However, if an Asset Review is terminated according to
Section 3.4(e), the Asset Representations Reviewer must submit its invoice for the Asset Review 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 the reasonable travel expenses incurred in connection with the
Asset Review upon receipt of a detailed invoice, payable pursuant to the priority of payments in Section 5.7 of the Sale and Servicing Agreement. To the extent that such amounts were not previously paid by the Servicer or any other party, upon
receipt of a detailed invoice, the Asset Representations Reviewer shall be entitled to payment by the Servicer of incurred but otherwise unpaid travel expenses. 

(d)    Dispute Resolution Expenses. If the Asset Representations Reviewer participates in a dispute
resolution proceeding under Section 3.7 and its reasonable out-of-pocket expenses it incurs in participating in the proceeding are not paid by a party to the
dispute resolution within ninety (90) days of the end of the proceeding, the Issuer will reimburse the Asset Representations Reviewer for such expenses upon receipt of a detailed invoice, payable pursuant to the priority of payments in
Section 5.7 of the Sale and Servicing Agreement. To the extent that such amounts were not previously paid by the Servicer or any other party, upon receipt of a detailed invoice, the Asset Representations Reviewer shall be entitled to payment by
the Servicer of incurred but otherwise unpaid expenses. 
 Section 4.4.    Limitation on
Liability. The Asset Representations Reviewer will not be liable to any person for any action taken, or not taken, in good faith under this Agreement or for errors in judgment. However, the Asset Representations Reviewer will be liable for its
willful misconduct, bad faith or negligence in performing its obligations under this Agreement. In no event shall either party be liable to the other party for any incidental, special, indirect, punitive, exemplary or consequential damages. 

Section 4.5.    Indemnification  

(a)    Indemnification by Asset Representations Reviewer. The Asset Representations Reviewer will
indemnify each of the Issuer, the Seller, the Servicer, the Owner Trustee, the Trust Collateral Agent and the Trustee (both in its individual capacity and in its capacity as Trustee on behalf of the Noteholders) and their respective directors,
officers, employees and agents for all costs, expenses, losses, damages and liabilities resulting from (i) the willful misconduct, fraud, bad faith or negligence of the Asset Representations Reviewer in performing its obligations under this
Agreement (ii) the Asset Representations Reviewer’s breach of any of its representations or warranties or other obligations under this Agreement (iii) its breach of confidentiality obligations or (iv) any third party intellectual
property claim. The Asset Representations Reviewer’s 

  
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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 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, 

  
 10 

 
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 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 

  
 11 

 
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. 

(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

  
 12 

 
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 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 

  
 13 

 
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 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. 

  
 14 

 (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. 
 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. 

  
 15 

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

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

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

  
 16 

 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 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; 

  
 17 

 (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 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 

  
 18 

 
such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

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

Section 7.9.    Counterparts. This Agreement may be executed in multiple counterparts. Each
counterpart shall be an original regardless of whether delivered in physical or electronic form, and all counterparts will together be one document. 

[Remainder of Page Intentionally Left Blank] 

  
 19 

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

			
	 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2019-2

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

 
			
		
	 By:
	 	 /s/ Drew Davis

	 Name:
	 	 Drew Davis

	 Title:
	 	 Vice President

 
			
	
	AMERICREDIT FINANCIAL SERVICES, INC., as Servicer

 
			
		
	 By:
	 	 /s/ Robert T. Pigott III

	 Name:
	 	 Robert T. Pigott III

	 Title:
	 	Senior Vice President, Corporate Treasury

 
			
	
	CLAYTON FIXED INCOME SERVICES LLC,
	 as Asset Representations Reviewer

			
		
	 By:
	 	 /s/ Robert Harris

	 Name:
	 	 Robert Harris

	 Title:
	 	 Secretary

 [Signature Page to Asset Representations Review Agreement] 

 

 Schedule A 

Representations and Warranties and Procedures to be Performed 

Representation 

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

Documents 
 Receivable File 

AmeriCredit’s Policies 
 Data Tape 

Dealer Agreement 
 Procedures to be Performed 

 

	 	A.	 Origination Entity of Each Receivable 

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

	 	   ii.	 Review the Contract and verify it was originated by AmeriCredit or 

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

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

	 	B.	 Receivable originated for Retail Sale of a Financed Vehicle 

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

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

  
 Schedule A -1 

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

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

System Reports 
 Procedures to be Performed 

 

	 	A.	 Verified through the transaction documents and Schedule of Receivables 

	 	B.	 Verify AmeriCredit 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.	 Receivables constitute “tangible chattel paper” or “electronic chattel paper”

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

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

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

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

  
 Schedule A -7 

 Representation 

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

Documents 
 Receivable File 

E-Vault 

Procedures to be Performed 
  

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

	 	   i.	 Ensure that all parties have signed the contract. 

	 	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 AmeriCredit. 

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

Receivable File 
 Procedures to be Performed 

 

	 	A.	   Confirm first priority for AmeriCredit 

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

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

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

	 	i.	 Verify the Receivable has been secured by a security interest in the Financed Vehicle in favor of the Trust
Collateral Agent as the secured party. 

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

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

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

  
 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, thenTest 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
AmeriCredit or a Dealer, each Financed Vehicle is required to be covered by a comprehensive and collision insurance policy, and each Receivable permits the holder thereof to obtain physical loss and damage insurance at the expense of the Obligor if
the Obligor fails to do so. 
 Documents 

Receivable File 
 Agreement to Provide Insurance 

Procedures to be Performed 
  

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

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

  
 Schedule A -19 

 Representation 

19.        Certain Characteristics of the Receivables. 

(A) Each Receivable had a remaining maturity, as of the Cutoff Date, of not less than 3 months and not more than 75 months.

 (B) Each Receivable had an original maturity, as of the Cutoff Date, of not less than 3 months and not
more than 75 months. 
 (C) Each Receivable had a remaining Principal Balance, as of the Cutoff Date, of at
least $250 and not more than $85,000. 
 (D) Each Receivable had an Annual Percentage Rate, as of the Cutoff
Date, of at least 1% and not more than 33%. 
 (E) No Receivable was more than 30 days past due as of the
Cutoff Date. 
 (F) Each Receivable arose under a Contract that is governed by the laws of the United States
or any State thereof. 
 (G) Each Obligor had a billing address in the United States as of the date of
origination of the related Receivable. 
 (H) Each Receivable is denominated in, and each Contract provides
for payment in, United States dollars. 
 (I) Each Receivable arose under a Contract that is assignable
without the consent of, or notice to, the Obligor thereunder, and does not contain a confidentiality provision that purports to restrict the ability of the Servicer to exercise its rights under the Sale and Servicing Agreement, including, without
limitation, its right to review the Contract. Each Receivable prohibits the sale or transfer of the Financed Vehicle without the consent of the Servicer. 

(J) Each Receivable arose under a Contract with respect to which AmeriCredit has performed all obligations
required to be performed by it thereunder. 
 (K) No automobile related to a Receivable was held in
repossession inventory as of the Cutoff Date. 
 (L) The Servicer’s records do not indicate that any
Obligor was in bankruptcy as of the Cutoff Date. 
 (M) No Obligor is the United States of America or any
State or any agency, department, subdivision or instrumentality thereof. 

  
 Schedule A -20 

 Documents 

Data Tape 
 Receivable File 

Procedures to be Performed 
  

	 	A.	 Review the Data Tape and confirm that the remaining maturity date is more than or equal to three months but
less than or equal to 75 months from the Cutoff Date. 

  

	 	B.	 Review the Data Tape and confirm that the original maturity date is more than or equal to three months but
less than or equal to 75 months from the Cutoff Date. 

  

	 	C.	 Review the Data Tape and confirm that the remaining principal balance is more than or equal to $250 but less
than or equal to $85,000. 

  

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

  

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

  

	 	F.	 Confirm the following: 

 

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

 

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

  

	 	iii)	 The test for Compliance with Law representation was passed 

 

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

  

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

  

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

  

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

 

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

  

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

  

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

  

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

  
 Schedule A -21 

 Representation 

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

Retail Sale Contract 
 Procedures to be Performed

  

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

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

  
 Schedule A -22Exhibit

SEPARATION AGREEMENT AND GENERAL RELEASE
This Separation Agreement and General Release (the “Separation Agreement”) is entered into by and between Martin Lippert (“Lippert”), MetLife, Inc. and MetLife Group, Inc. (collectively “MetLife” or the “Company”) as of the 8th day of May June, 2019. The parties agree as follows, in exchange for the mutual consideration described herein, the sufficiency of which is mutually acknowledged:
1.     (a)      The parties acknowledge and agree that Lippert’s employment with MetLife, Inc. terminated effective April 30, 2019 (the “Termination Date”).  The Company will provide Lippert with the benefits set forth in Sections 2 and 8(b) below in consideration for the promises, commitments, and representations he makes in this Separation Agreement and the performance of its terms and conditions, so long as he executes this Separation Agreement, does not revoke it, and fulfills the promises and commitments to which he has agreed herein and in any Equity Award Agreements as defined below. 
(b)    To the extent Lippert is a director, trustee, or officer of any Company entity or any Company Affiliate, or is a member of any committee of the Company or any Company Affiliate, he hereby resigns from such capacity effective as of the Separation Agreement Effective Date and agrees to execute any additional, reasonable and more specific resignation documents the Company may reasonably request. 
(c)    Lippert acknowledges that he will not receive: (i) any stock-based long term incentive award in connection with his services during 2019 (including any stock options, restricted stock units, or performance shares), or (ii) any cash-based incentive award (e.g., Annual Variable Incentive Plan) for 2019 performance. 
(d)    Lippert’s rights regarding any awards under the MetLife, Inc. 2015 Stock and Incentive Compensation Plan and the MetLife, Inc. 2005 Stock and Incentive Compensation Plan (the “Plans”) shall be governed by the written agreements to which each of his awards is subject (the “Equity Award Agreements”) and the Plans themselves.  Lippert should refer to the terms of the Equity Award Agreements regarding how his separation from service affects his awards. A list of all of Lippert’s Equity Award Agreements and the corresponding equity amounts is attached hereto as Exhibit A (all of such equity in the aggregate, the “Equity Awards”).

2.    Provided that Lippert is in compliance with all of his obligations under this Separation Agreement, Lippert shall receive a payment of One Million One Hundred Seventy Two Thousand Seven Hundred and Fifty Dollars ($1,172,750.00).  This amount will be subject to applicable federal, state and local tax withholding, and will be reported on the Form W-2 for the tax year in which the payment is made.  MetLife shall make the payment on the next available payroll date following the Separation Agreement Effective Date (as defined below) or as soon thereafter as is practicable, but in any event in 2019.
3.    Other than (a) as expressly set forth in this Separation Agreement or the Equity Award

 Agreements; (b) pursuant to any Company or Affiliate employee benefit plan (other than a severance plan) under which Lippert has accrued vested benefits; (c) pursuant to any indemnification rights under the Company’s Articles of Organization or by-laws or under the terms of the applicable Company directors’ and officers’ liability insurance policy; (d) with respect to any unreimbursed business expense; or (e) as required by law, Lippert will not be eligible for any other compensation or benefits from the Company or any of its Affiliates.
4.    Lippert makes the following promises, commitments, and representations to the Company in consideration for the execution by the Company of this Separation Agreement and the performance of its terms and conditions: 
(a)Lippert hereby voluntarily, irrevocably, and unconditionally agrees that he hereby fully and forever releases and discharges the Released Parties (as defined in Section 7 herein) from any and all claims, actions, liability, damages, back pay, front pay, attorneys’ fees, costs, and rights of any and every kind or nature that he ever had, now has, or may have, whether known or unknown, against the Company or its Affiliates, or any of the Released Parties, arising out of any act, omission, transaction, or occurrence, up to and including the date he executes this Separation Agreement, including, but not limited to: (i) any claim arising out of or related to his employment by and affiliation with the Company or its Affiliates, or his entering into this Separation Agreement; and his termination of employment; (ii) any claim of employment discrimination, harassment, or retaliation under, or any alleged violation of, any federal, state, or local law, rule, regulation, executive order, or ordinance, including, but not limited to, Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Americans with Disabilities Act of 1990; the Employee Retirement Income Security Act of 1974 (“ERISA”); the Family and Medical Leave Act of 1993 (“FMLA”); 42 U.S.C. sections 1981-1988; the Equal Pay Act of 1963; the Worker Adjustment and Retraining Notification (WARN) Act of 1988; the Immigration Reform and Control Act of 1986; the Uniformed Services Employment and Reemployment Rights Act of 1994; Executive Order 11,246; Section 503 of the Rehabilitation Act of 1973; the Vietnam Era Veterans’ Readjustment Assistance Act of 1974; the Sarbanes-Oxley Act of 2002; Sections 748(h)(i), 922(h)(i), and 1057 of the Dodd-Frank Wall Street and Consumer Protection Act of 2009; the False Claims Act of 1863; the Age Discrimination in Employment Act of 1967; and the Older Workers Benefit Protection Act of 1990; all as amended; (iii) any claim based on alleged violation of any duty or obligation arising out of contract, tort, libel or slander, defamation, public policy, law, or equity, or allegations of wrongful or retaliatory discharge, or of whistleblower retaliation; (iv) except as otherwise specifically stated in this Agreement, any claim based on an alleged expectation, anticipation, right, or claim to incentive compensation under any Company incentive compensation plan, including, but not limited to, the MetLife Annual Variable Incentive Plan; the Performance Incentive Plan; and the MetLife, Inc. 2015 Stock and Incentive Compensation Plan; the MetLife, Inc. 2005 Stock and Incentive Compensation Plan; the MetLife, Inc. 2000 Stock Incentive Plan; and the Long Term Performance Compensation Plan; (v) any claim for benefit plan accruals based upon the payments enumerated in this Agreement or compensation, whether classified as 

2

back pay, front pay, or any other compensation paid by MetLife or awarded post-termination, including, but not limited to, compensation awarded by a regulatory body, arbitration panel, or court of competent jurisdiction; and (vi) any claim for any enhancement or differential calculation over and above the benefit vested or otherwise payable to him under the standard terms of the MetLife Options and Choices Plan, the MetLife Retirement Plan, the MetLife Auxiliary Retirement Plan, the MetLife 401(k) Plan, the MetLife Auxiliary Match Plan, or any other MetLife benefit plan.  No amount paid or payable under this Separation Agreement shall be deemed compensation for purposes of computing benefits under any retirement plan of the Company or its Affiliates nor affect any benefits under any other benefit plan of the Company now or subsequently in effect under which the availability or amount of benefits is related to the level of compensation.

(b)Except as otherwise provided in Section 5 below, Lippert specifically and expressly acknowledges that the release set forth in Section 4(a) above (the “Release”) is intended to and does include, waive, and extinguish all claims, known or unknown, suspected or unsuspected, that he may have against any and all of the Released Parties that exist as of, or which have ever existed at any time up to and including, the date that he signs this Separation Agreement, but that it does not waive or extinguish any rights or claims that cannot be waived by law.  Lippert further acknowledges that no possible claim or claims against the Company or any of the other Released Parties would affect or change his complete and voluntary acceptance of this Separation Agreement and, in particular, the Release, even if such claim or claims were unknown or unsuspected at the time he signs this Separation Agreement and discovered after he signs this Separation Agreement.

(c)Lippert represents and warrants that he has the full power and authority to enter into this Separation Agreement, he does so knowingly and voluntarily, and has not assigned, pledged, encumbered, or in any manner conveyed all or any portion of the claims covered by the Release.  Lippert agrees that anyone who succeeds to any rights he may have, such as representatives, assigns, agents, administrators, heirs, or executors, is bound by the Release.

(d)Except as provided in Section 2, Lippert waives any right he may have to participate in or receive severance pay or benefits under: (i) any program, arrangement, policy, practice, or plan of any of the Released Parties (including, but not limited to, the MetLife Plan for Transition Assistance for Grades 14 and Above (“MPTA”)), or (ii) any agreement or understanding with any of the Released Parties.

(e)Lippert confirms that he has had the opportunity to disclose, and has so disclosed, to the Company all material matters relating to his terms and conditions of Employment, his separation from employment, and the business and affairs of the Company and its Affiliates, and that he is not aware of any other matter that could give rise to a claim by him against or with respect to the Company or its Affiliates.

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5.    Notwithstanding the terms of Section 4 above, nothing therein shall adversely affect any right Lippert may have:  (a) under this Separation Agreement or the Equity Award Agreements; (b) to wages earned through the date he signs this Separation Agreement that he has not been paid; (c) to reimbursement for reasonable business expenses incurred through the date he signs this Separation Agreement for which he has not been reimbursed; (d) to benefits under the terms of the Equity Award Agreements, or accrued and vested benefits under any employee benefit plan of the Company or any of its Affiliates (other than severance benefits under the MPTA) pursuant to the terms of the applicable employee benefit plan; (e) rights as a consumer or owner of MetLife products, or (f) to indemnification under the Company’s Articles of Organization or by-laws or under the terms of the applicable Company directors’ and officers’ liability insurance policy.  
6.    Lippert acknowledges and agrees that: 
(a)The Release set forth in Section 4(a) above is a part of an agreement between the Company and him that is written in a manner that he understands. Under this Separation Agreement, the Company is giving him things of value (“Consideration”) that he would not otherwise be entitled to receive, and Lippert acknowledges that such Consideration exceeds any payment, benefit, or thing of value to which he might otherwise be entitled under any policy, plan, or procedure of the Company.

(b)He is being given twenty-one (21) days to consider and to sign this Separation Agreement. 

(c)He is hereby advised by the Company to consult with an attorney prior to signing this Separation Agreement. 

(d)If he should sign this Separation Agreement before the end of the 21-day consideration period, such signing shall be considered notice to the Company that he has given up his right to consider this Separation Agreement for the full twenty-one (21) days.

(e)He has seven (7) days following his signing of this Separation Agreement to revoke this Separation Agreement. This Separation Agreement will not become effective or enforceable until the eighth day following Lippert’s execution of this Separation Agreement (i.e. after the seven (7) day revocation period has expired) (“Separation Agreement Effective Date”). In the event that Lippert exercises his right to revoke this Separation Agreement, neither the Company nor Lippert will have any obligations under this Separation Agreement.  If Lippert chooses to revoke this Separation Agreement, he must do so in writing addressed and delivered to Susan Podlogar, MetLife, Inc., 200 Park Avenue, New York, New York, 10166, spodlogar@metlife.com, before the expiration of the seven (7) day revocation period. If Lippert delivers the revocation by hand or by electronic mail, the revocation will be considered timely if it is delivered or e-mailed as provided herein at the above address and/or e-mail addresses within seven (7) days of Lippert’s signing of this Separation Agreement. If Lippert delivers the 

4

revocation by mail, the revocation will be considered timely if it is mailed to Susan Podlogar at the above address and postmarked within seven (7) days of Lippert’s signing of this Separation Agreement.

(f)By signing this Separation Agreement, except as provided in Section 5 above, Lippert is releasing and waiving all claims against the Released Parties, including, without limitation, any rights or claims arising under the Age Discrimination in Employment Act (29 U.S.C. § 621, et seq.) or other similar laws. He is not releasing or waiving any rights or claims that may arise under the Age Discrimination in Employment Act after the date he signs this Separation Agreement.

(g)Nothing in this Separation Agreement shall be construed to constitute a waiver of future claims or to prohibit Lippert from filing or participating in the investigation of a Charge of Discrimination with the Equal Employment Opportunity Commission (“EEOC”) or its state or local counterpart (i.e., a state or local fair employment practices agency). However, to the fullest extent permitted by law, Lippert is releasing his right to file a court action or to seek or to accept individual remedies or damages, including monetary damages, in any action filed on his behalf by any such federal, state, or local administrative agency or other third party against any of the Released Parties, and this release shall apply with full force and effect to any proceeding arising from or relating to such recourse including, but not limited to, the right to monetary damages or other individual legal or equitable relief. This release does not include any claims that are expressly excluded in Section 5 above or that cannot by law be released through this Separation Agreement. Neither this Section 6 nor any other provision of this Separation Agreement prohibits or restricts Lippert or his attorney from providing information or testimony to, otherwise assisting or participating in an investigation or proceeding with or brought by, or filing a charge or complaint with any government agency, law enforcement organization, legislative body, regulatory organization, or self-regulatory organization (“SRO”), including, but not limited to, EEOC, NYSDFS, SEC, FINRA, DOL, Internal Revenue Service (“IRS”), Commodity Futures Trading Commission (“CFTC”), Department of Justice (“DOJ”), and the National Labor Relations Board (“NLRB”), or as required by court order or subpoena, or as may be necessary for the prosecution of claims relating to the performance or enforcement of this Agreement, or from providing any other disclosure required by law. However, by executing this Agreement Lippert waives all rights to recover any compensation, damages, or other relief in connection with any such investigation, proceeding, charge, or complaint, except that he does not waive any right he may have to receive a monetary award from the SEC as a whistleblower pursuant to the bounty provision under Section 922(a)-(g) of the Dodd-Frank Wall Street and Consumer Protection Act of 2009, as amended, or directly from any other federal, state, or local agency pursuant to a similar program. The investigations and proceedings referenced in this Section 6(g) include, but are not limited to, those relating to an alleged violation of the Sarbanes-Oxley Act of 2002, as amended; any federal, state, or local law relating to fraud; or any rule or regulation of the NYSDFS, the SEC, FINRA, CFTC, the New York Stock Exchange, or of any other regulatory organization or SRO.

5

(h)Lippert has had the opportunity to review and reflect on all terms of this Separation Agreement, and he has not been subject to any duress or other undue or improper influence interfering with the exercise of his free will to sign this Separation Agreement. He knowingly and voluntarily agrees to all of the terms set forth in this Separation Agreement, and he knowingly and voluntarily intends to be legally bound by them.

(i)Lippert represents and warrants that as of the Termination Date he conducted a diligent search and, on the basis of that diligent search he delivered to the Company, all Company property, information, documents, and other materials (including but not limited to memoranda, correspondence, reports, records, transcripts, notes, records of conversations, keys, computer and other equipment, and identification cards), in whatever form or medium (including papers, e-mail, disks, tapes, and any and all electronic storage), including all duplicates, copies, or versions, concerning or in any way related to the business affairs or operations of the Company and its Affiliates, interaction by or among employees, customers, vendors, or other associates of the Company and its Affiliates, or his  job duties, responsibilities, assignments, or actions on behalf of or in furtherance of the interests of the Company and its Affiliates, that are in his custody, possession, or control (“Company Material”). Company Material does not include documents he received from an authorized representative of the Company solely regarding his employment relationship with the Company (e.g., summary plan descriptions, performance evaluations, benefits statements), any policy or product purchased by him or on his behalf from the Company or its Affiliates, or securities of the Company held by him, or other documents he is entitled by law to retain.  To the extent he has not already done so, Lippert will deliver to the Company’s designee a copy of any Company Material stored electronically on any of his personal hard drives or other non-portable electronic storage devices and he will destroy such Company Material stored on such devices and not retain any Company Material in any form. He agrees that if he discovers or receives any Company Material he will return such Company Material to the Company’s designee promptly following such discovery.

(j)Lippert warrants and agrees that: (i) he will reasonably cooperate with the Company in transferring all information on business matters he handled during his employment with the Company; (ii) he will not incur any unauthorized credit card charges or other liabilities for which the Company or any of its Affiliates may be liable; and (iii) he will reasonably cooperate with the Company in documenting all outstanding travel, entertainment, and other expenses. 

(k)Subject to Section 6(g), Lippert warrants and agrees that, he will assist and reasonably cooperate with the Company and its attorneys in connection with any proceeding brought against or by the Company or any of its Affiliates, or in connection with any investigation, audit, inspection or examination of or by the Company or any of its Affiliates, and such assistance and cooperation shall take place at reasonable times and on reasonable notice, at times and places mutually convenient to him and the Company, including telephonically as appropriate.  If Lippert is required to travel for such assistance and cooperation, the Company 

6

shall reimburse him for reasonable expenses approved in advance or the Company shall advance such expenses to the extent feasible.  This includes, but is not limited to, any investigation, inspection or examination brought or initiated by the NYSDFS, FINRA, or the SEC. He agrees to perform all acts and sign and deliver any documents that may be necessary to carry out the provisions of this Section 6(k). The Company shall pay for all reasonable and pre-approved travel and lodging and other business expenses incurred by Lippert in connection with the assistance and cooperation referenced in this Section 6(k). Nothing herein is intended to prevent Lippert from filing a charge with or cooperating in an investigation conducted by a government agency. 

7.    As used in this Separation Agreement, the term “Released Parties” means the Company (as defined above), Metropolitan Life Insurance Company, and each of its and their past and present parents, subsidiaries, Affiliates, and agents and each of its and their past, present, and future directors, officers, and employees, agents, representatives, employee benefit plans or funds and the fiduciaries thereof, successors, and assigns of each. As used in this Separation Agreement, the term “Affiliate” or “Affiliates” means, with respect to the Company, any other entity (whether such other entity is a corporation, organization, association, partnership, sole proprietorship, or other type of entity), whether incorporated or unincorporated, that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with the Company.
8.    (a)    Except as provided in Section 8(b), nothing contained herein shall modify or replace any of the terms and conditions set forth in the Equity Award Agreements listed in the attached Exhibit A, or the Agreements to Protect Corporate Property referenced therein (including, but not limited to, the Agreement to Protect Corporate Property signed by Lippert on July 6, 2016 (the “July APCP”)) (such Agreements to Protect Corporate Property (including, but not limited to, the July APCP) referred to collectively as the “APCPs”), and those agreements remain in full force and effect and a breach of any such agreement will also constitute a breach of this Separation Agreement. 
(b)    Notwithstanding Section 8(a) of this Separation Agreement:
(i)  The terms of any non-disparagement obligations under any Equity Award Agreements shall remain in full force.
(ii)  The terms of any post-employment non-compete obligations under any Equity Award Agreements shall (A) remain in full force but (B) apply solely to Prudential Financial, Inc. (“Prudential”), The Hartford (“Hartford”), and Lincoln National Corporation (“Lincoln”), and each entity that is a parent company or a subsidiary or affiliate controlled by Prudential, Hartford or Lincoln.  The ownership of less than 1% of the outstanding common stock, preferred stock and/or debt of Prudential, Hartford or Lincoln shall not constitute a breach of any non-compete obligation.
7
        

(iii)  The parties acknowledge and agree that Internal Revenue Code Section 457A does not apply to any equity award covered by any Equity Award Agreement.  
(iv)  The terms of any post-employment obligations of any Agreement to Protect Corporate Property shall continue in force through eighteen (18) months following the Termination Date.
(v)  Disclosure shall be allowed under Section 4 of the July APCP and the same or similar provision in any of the APCPs to the extent required by applicable law, rule or regulation.  
9.    (a)    Subject to Section 6(g) above, Lippert warrants and agrees that he will not make or induce others to make any written or oral statements that disparage or demean the Company or any of its Affiliates, or the Company’s or any of its Affiliates’ officers, directors, employees, stockholders, managers, members, products, or services other than to his immediate family members or to his financial or legal advisors.  Nothing herein is intended to prevent Mr. Lippert testifying truthfully under oath pursuant to a lawful court order or subpoena or the equivalent, or otherwise making statements required by applicable law, rule or regulation, including arbitral orders, or from filing a charge with or cooperating in an investigation conducted by any governmental agency. 
(b)    MetLife agrees to instruct  See Below * the Board of Directors, the Executive Group, and the Executive Vice Presidents not to make any personally or professionally disparaging or demeaning remarks about Mr. Lippert provided, however, that no statement required to be made by applicable law, rule or regulation shall be considered personally or professionally disparaging or demeaning, and no statement made to any person that relates to any of the finances or business of the Company or its affiliates, either historical, present, or future, shall be considered personally or professionally disparaging or otherwise be contrary to the Company’s instruction.    
10.     Lippert represents and warrants that he has complied with all applicable laws that apply to the purchase or sale of securities and that prohibit insider trading, trading in the stock of MetLife, Inc. or any other company on the basis of material nonpublic information, or any other impermissible trading practices.
		
	11. 
	409A and Other Tax Matters.

(a)All payments and benefits payable hereunder shall be subject to applicable federal, state and local withholding requirements. The intent of the parties is that payments and benefits under this Separation Agreement comply with or be exempt from Section 409A of the Internal Revenue Code and the regulations and guidance promulgated thereunder (“Section 409A”) and, accordingly, this Separation Agreement shall be interpreted in a manner consistent with such intent.  In any event, the parties hereto agree that the payments, equity rights and benefits as contemplated by and as set forth in this Separation Agreement comply with or are exempt from the requirements of Section 409A and agree not to take any position, and to cause 

8

	
		
	*
	The Board of Directors

	 
	The Executive Group

	 
	Executive Vice Presidents

 their agents, affiliates, accountants, successors and assigns not to take any position, inconsistent with such interpretation for any reporting purposes, whether internal or external.  A termination of service shall not be deemed to have occurred for purposes of any provision of this Separation Agreement providing for the payment of any amounts or benefits upon or following a termination of service unless such termination is also a “separation from service” within the meaning of Section 409A and, for purposes of any such provision of this Separation Agreement, references to a “termination,” “termination of service” or like terms shall mean “separation from service.”  Each installment of the payments and benefits provided under this Separation Agreement (if any) shall be treated as a “separate payment” for purposes of Section 409A.  Notwithstanding any other provision of this Separation Agreement to the contrary, if Lippert is a “specified employee” within the meaning of Section 409A, and a payment or benefit provided for in this Separation Agreement would be subject to additional tax under Section 409A if such payment or benefit is paid within six (6) months after Lippert’s “separation from service” within the meaning of Section 409A), then such payment or benefit required under this Separation Agreement shall not be paid (or commence) during the six (6) month period immediately following Lippert’s separation from service except as provided in the immediately following sentence.  In such an event, any payments or benefits that would otherwise have been made or provided during such six (6) month period and which would have incurred such additional tax under Section 409A shall instead be paid to Lippert in a lump-sum cash payment on the earlier of (i) the first regular payroll date of the seventh (7th) month following Lippert’s separation from service or (ii) the tenth (10th) day following Lippert’s death.  

(b)All expenses or other reimbursements paid to Lippert under this Separation Agreement that are taxable income to Lippert shall be paid promptly but in no event later than the end of the calendar year next following the calendar year in which Lippert incurs such expense or pays such related tax.
 
(c)Lippert acknowledges that the Company has advised him to obtain his own tax advice regarding this Separation Agreement.  Lippert further agrees and understands that he shall be solely liable for any and all taxes, interest and/or penalties imposed by any lawful taxing authority relating to taxes due as a result of Section 409A on account of any payments made or deemed to be made to him hereunder or pursuant to any Company arrangements that may be deemed to be deferred compensation under Section 409A, and the Company shall not indemnify him against any and all taxes, interest and/or penalties that may be imposed by any taxing authority in the event of a determination of non-compliance with Section 409A.
 
12.    Subject to Section 6(g) above, Lippert further agrees that, except for the provision of information to governmental agencies or self-regulatory organizations, including but not limited to the NYSDFS, EEOC, DOL, IRS, FINRA, SEC, or as required by subpoena, neither he nor his agents, attorneys, or representatives will publish, publicize, or reveal any information concerning his employment with the Company or the cessation of his employment with the Company.  Nothing contained herein shall prohibit Lippert from including his employment with the 
9

Company on his resume or from discussing his duties and responsibilities in connection with potential employment.       
13.    If any provision of this Separation Agreement is held to be unenforceable, such provision shall be considered to be distinct and severable from the other provisions of this Separation Agreement, and such unenforceability shall not affect the validity and enforceability of the remaining provisions. 
14.    Lippert and the Company acknowledge that in executing this Separation Agreement they have not relied on any statements, promises, or representations made by the other party except as specifically memorialized in this Separation Agreement. This Separation Agreement constitutes the complete agreement of the parties on or in any way related to the subject matter addressed herein, and, except as expressly set forth herein, this Separation Agreement supersedes and cancels all previous agreements or understandings between Lippert and the Company. 
15.    The waiver by any party hereto of a breach of any of the provisions of this Separation Agreement shall not operate or be construed as a waiver of any other provision of this Separation Agreement or a waiver of any subsequent breach of the same provision.
16.    The parties agree and acknowledge that: (i) this Separation Agreement may not be modified, altered, or changed except upon the express written consent of both Lippert and MetLife Inc.’s Chief Executive Officer; and (ii) this Separation Agreement will be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of laws principles thereof.
17.    Any claim or controversy between Lippert and the Company and/or its Affiliates, including but not limited to those arising out of or relating to this Agreement (or any breach thereof), shall be submitted to arbitration in New York, New York, pursuant to the applicable JAMS rules, before an experienced arbitrator licensed to practice law in New York, in the arbitral forum, and selected in accordance with the JAMS rules. Arbitration in accordance with the terms of this Separation Agreement shall constitute the sole and exclusive means of seeking or obtaining a remedy for any claim or controversy between Lippert and the Company and/or its Affiliates arising out of or relating to this Agreement; provided, however, that the Company shall be entitled to seek provisional remedies (including a temporary restraining order and/or preliminary injunctive relief) in a court of competent jurisdiction in the event of any actual or threatened breach of the obligations set forth in Section 7 above. Either Party desiring to arbitrate shall give written notice to the other Party within a reasonable period of time after the Party becomes aware of the need for arbitration. The decision of the arbitrator shall be final and binding. Judgment on any award rendered by such arbitrator may be entered in any court having jurisdiction over the subject matter of the controversy. The fees and costs of the arbitrator shall be borne by the Company, however half of the fees and costs of the arbitrator shall be recoverable from Lippert in the event the Company is the prevailing party. Further, the 
10

prevailing party shall be entitled to recover costs and reasonable attorneys’ fees unless otherwise prohibited by law. 
18.    The language of all parts of this Separation Agreement shall in all cases be construed as a whole, according to its fair meaning, and not strictly for or against any of the parties. 
19.    This Separation Agreement will bind, inure to the benefit of, and be enforceable by, Lippert and his heirs, executors, administrators, and legal representatives, and the Company and its successors and assigns. If the Company is merged into or consolidated with another entity, the provisions of this Separation Agreement will be binding upon and inure to the benefit of each entity surviving such merger or resulting from such consolidation. The Company may also assign its rights under this Separation Agreement to any of its Affiliates. 
20.    Any payment required to be made by the Company to or on behalf of Lippert pursuant to this Separation Agreement may be made by the Company or any of its Affiliates.
21.    The parties may execute this Separation Agreement in one or more counterparts, all of which together shall constitute a single instrument.
22.    The making of this Separation Agreement is not intended, and shall not be construed as, an admission that the Company has violated any law or committed any wrongdoing against Lippert or otherwise.

    
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

11
    

Each of the undersigned acknowledges that he or it (a) has read and fully understands all the terms and conditions of this Separation Agreement, (b) has had sufficient time to consider this Separation Agreement and to consult about it with an attorney, and (c) is signing it knowingly, voluntarily, and willingly.                	
				
	 
	 
	 
	Martin Lippert

	Date:
	8 June 2019
	 
	/s/ Martin J. Lippert

	 
	 
	 
	 

	 
	 
	 
	METLIFE GROUP, INC.

	Date:
	17 | June | 2019
	 
	/s/ Susan M. Podlogar

	 
	 
	 
	By: MetLife, Inc., sole shareholder

	 
	 
	 
	By: Susan M. Podlogar

	 
	 
	 
	MetLife, Inc. title: Executive Vice President and Chief Human Resources Officer

	 
	 
	 
	 

	 
	 
	 
	METLIFE, INC.

	Date:
	17 | June | 2019
	 
	/s/ Susan M. Podlogar

	 
	 
	 
	By: Susan M. Podlogar

	 
	 
	 
	MetLife, Inc. title: Executive Vice President and Chief Human Resources Officer

12

Exhibit A

Pre-2015 Stock Options:  Since Lippert will not have achieved the required age and service as of April 30, 2019 to be considered retirement eligible as outlined in the respective award agreements, all stock options awarded prior to 2015 that are vested and exercisable must be exercised within 30 days of his separation date or May 30, 2019.
	
						
	Grant Date
	Exercise Price
	Total Options Granted
	Vested and Exercisable Options as of 4/30/2019
	Unvested Options as of 4/30/2019
	Expiration Date

	09/06/2011
	$26.36
	41,976
	41,976
	0
	05/30/2019

	02/28/2012
	$34.21
	36,715
	36,715
	0
	05/30/2019

	02/26/2013
	$31.15
	61,055
	61,055
	0
	05/30/2019

	02/25/2014
	$45.15
	41,968
	41,968
	0
	05/30/2019

Post-2014 Stock Options:  Since Lippert will have achieved the required age and service as of April 30, 2019 to meet the Rule of 65 as outlined in the respective award agreements, all unvested stock options awarded in 2015 and later will continue to vest over their normal vesting schedule and all vested and exercisable options will remain exercisable for the remainder of their respective expiration periods.
	
						
	Grant Date
	Exercise Price
	Total Options Granted
	Vested and Exercisable Options as of 4/30/2019
	Unvested Options as of 4/30/2019
	Expiration Date

	02/24/2015
	$45.91
	44,108
	44,108
	0
	02/23/2025

	02/23/2016
	$34.33
	61,167
	61,167
	0
	02/22/2026

	02/28/2017
	$46.85
	48,028
	32,019
	16,009
	02/27/2027

	03/02/2018
	$45.50
	34,608
	11,536
	23,072
	03/01/2028

	02/26/2019
	$44.65
	45,363
	0
	45,363
	02/25/2029

Restricted Stock Units (RSU):  Since Lippert will have achieved the required age and service as of April 30, 2019 to meet the Rule of 65 as outlined in the respective award agreements, all unvested RSUs will continue to vest and be payable after each applicable Restriction Period has lapsed, assuming any applicable company performance criteria have also been satisfied.
	
				
	Grant Date
	Units Granted
	Units Vested and Distributed as of 4/30/2019
	Unvested Units as of 4/30/2019

	2/23/2016
	20,394
	20,394
	0

	2/28/2017
	16,010
	10,673
	5,337

	3/2/2018
	11,539
	3,846
	7,693

	2/26/2019
	15,118
	0
	15,118

Performance Shares:  Since Lippert will have achieved the required age and service as of April 30, 2019 to meet the Rule of 65 as outlined in the respective award agreements, all unvested Performance Shares will continue to vest and be payable after the end of each respective performance period.
	
				
	Grant Date
	Units Granted
	Vested Units as of 4/30/2019
	Unvested Units as of 4/30/2019

	2/23/2016
	40,789
	40,789
	0

 

	
				
	2/28/2017
	32,019
	0
	32,019

	3/2/2018
	53,847
	0
	53,847

	2/26/2019
	70,549
	0
	70,549

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