Document:

Exhibit

Exhibit 4.3

CST BRANDS, INC.
EMPLOYEE STOCK PURCHASE PLAN
Effective January 1, 2016

CST BRANDS, INC.
EMPLOYEE STOCK PURCHASE PLAN

Table of Contents
	
							
	 
	 
	 
	 
	 
	 
	 

ARTICLE I   PURPOSE AND TERM...............................................................4
SECTION 1.1   PURPOSE 
SECTION 1.2   TERM OF PLAN

ARTICLE II   DEFINITIONS.........................................................................5
SECTION 2.1   DEFINITIONS
SECTION 2.2   CONSTRUCTION

ARTICLE III   ELIGIBILITY AND PARTICIPATON..........................9
SECTION 3.1   ELIGIBILITY 
SECTION 3.2   PARTICIPATION
SECTION 3.3   TERMINATION OF EMPLOYMENT OR LOSS OF ELIGIBILITY
SECTION 3.4   VOLUNTARY WITHDRAWAL FROM PLAN

ARTICLE IV  PAYROLL DEDUCTIONS AND PARTICIPANT ACCOUNTS.........11
SECTION 4.1   PAYROLL DEDUCTIONS
SECTION 4.2   PARTICIPANT ACCOUNTS

ARTICLE V   GRANT OF PURCHASE RIGHT..................................................12
SECTION 5.1   GENERAL
SECTION 5.2   TERMS OF PURCHASE RIGHT
SECTION 5.3   NUMBER OF SHARES SUBJECT TO A PURCHASE RIGHT
SECTION 5.4   LIMITATION UNDER CODE SECTION 423(B)(8)
SECTION 5.5   NO ASSIGNMENT
SECTION 5.6   RIGHTS AS SHAREHOLDER AND EMPLOYEE
SECTION 5.7   NOTICES

ARTICLE VI   EXERCISE OF PURCHASE RIGHT........................................14
SECTION 6.1   EXERCISE OF PURCHASE RIGHT
SECTION 6.2   OVERSUBSCRIPTION
SECTION 6.3   DELIVERY OF STOCK
SECTION 6.4   TAX WITHHOLDING
SECTION 6.5   EXPIRATION OF PURCHASE RIGHT
SECTION 6.6   REPORTS TO PARTICIPANTS
SECTION 6.7   NOTIFICATION OF SALE OF SHARES
      
ARTICLE VII   STOCK SUBJECT TO THE PLAN.......................................17

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SECTION 7.1   STOCK SUBJECT TO THE PLAN
SECTION 7.2   LEGENDS
SECTION 7.3   SECURITIES LAWS

ARTICLE VIII   RECAPITALIZATION, REORGANIZATION AND CHANGE OF CONTROL....................................................................18
SECTION 8.1   ADJUSTMENTS FOR CHANGES IN STOCK
SECTION 8.2   CHANGE OF CONTROL

ARTICLE IX   PLAN ADMINISTRATION.......................................19
SECTION 9.1   ADMINISTRATION BY THE BOARD
SECTION 9.2   AUTHORITY OF OFFICERS
SECTION 9.3   POLICIES AND PROCEDURES ESTABLISHED BY THE COMPANY

ARTICLE X   INDEMNIFICATION.......................................21
SECTION 10.1   INDEMNIFICATION

ARTICLE XI   PLAN AMENDMENT OR TERMINATION..................................22
SECTION 11.1   TERMINATION
SECTION 11.2   AMENDMENT

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CST BRANDS, INC.
EMPLOYEE STOCK PURCHASE PLAN

SECTION 1

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PURPOSE AND TERM
		
	1.1
	Purpose. 

The purpose of the CST Brands, Inc. Employee Stock Purchase Plan (the “Plan”) is to provide an incentive for Eligible Employees to devote their best efforts to the success of CST Brands, Inc. (the “Company”), and to afford such employees an opportunity to obtain a proprietary interest in the continued growth and prosperity of the Company through ownership of its common stock. The Company intends that the Plan qualify as an “employee stock purchase plan” under Code Section 423 (including any amendments or replacements of such section), and all provisions of the Plan shall be construed in a manner consistent with the requirements of that Code Section. 
		
	1.2
	Term of Plan. 

The Plan shall continue in effect until the earlier of (a) its termination by the Board, or (b) the date on which all of the shares of Stock available for issuance under the Plan have been issued.

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SECTION 2
DEFINITIONS
 

2.1    Definitions. 

Any term not expressly defined in the Plan shall have the same definition as set forth in Code Section 423. Whenever the following words and phrases are used in the Plan, they shall have the respective meanings set forth below:
 
		
	(a)
	“Act” means the Securities Exchange Act of 1934, as amended from time to time.

 
		
	(b)
	“Administrator” means each individual or committee designated by the Company to assist with day-to-day operation and administration of this Plan. The Administrator shall also include any third party vendor hired by the Company to assist with the day-to-day operation and administration of this Plan.

 
		
	(c)
	“Board” means the Board of Directors of the Company. If one or more Committees have been appointed by the Board to administer the Plan, “Board” also means such Committee(s).

 
(d)    “Change of Control” shall be deemed to occur upon the earliest to occur after the date of this Plan of any of the effective dates of any following events:
(i)    Acquisition of Stock by Third Party.  Any person is or becomes the beneficial owner (as such term is defined in Rule 13d-3(d) promulgated under the Act), directly or indirectly, of securities of the Company representing twenty percent (20%) or more of the combined voting power of the Company’s then outstanding shares of capital stock; 
(ii)    Change in Board.  During any period of two (2) consecutive years (not including any period prior to the Effective Date), individuals who at the beginning of such period constitute the Board of Directors of Company (the “Board”), and any new director (other than a director designated by a person who has effected a transaction described in subparagraph (i) of this definition without the consent of the Board) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a least a majority of the members of the Board;

(iii)    Corporate Transactions.  The effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation that would result in the voting securities of the Company outstanding immediately prior to such merger or 

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consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than a majority of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation which such shares give the holder(s) thereof the power to elect at least a majority of the board or other governing body of such surviving entity;
(iv)      Liquidation.  The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets; or
(v)    Other Events.  There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Act, whether or not the Company is then subject to such reporting requirement.
 
		
	(e)
	“Code” means the United States Internal Revenue Code of 1986, as amended, and any applicable regulations promulgated thereunder.

 
		
	(f)
	“Committee” means the Compensation Committee of the Company’s Board of Directors, or another committee of the Board duly appointed to administer the Plan and having such powers as shall be specified by the Board as described in Section 9. Unless the powers of the Committee have been specifically limited, the Committee shall have all of the powers of the Board granted herein, including, without limitation, the power to amend or terminate the Plan at any time, subject to the terms of the Plan and any applicable limitations imposed by law.

    
		
	(g)
	“Company” means CST Brands, Inc. and any present or future parent corporation of the Company (as defined in Code Section 424(e).

 
		
	(h)
	“Compensation” means, with respect to each payroll period in any Offering Period, the actual wages or salary paid to a Participant for services actually rendered at the Participant’s base rate of pay prior to any salary reductions, annual bonus and overtime; provided, however, that Compensation for purposes of this Plan does not include any other extra pay such as holiday, premiums, other bonuses, or living or other allowances.

 
		
	(i)
	“Effective Date” means January 1, 2016, subject to stockholder approval as provided in Section 11.3 hereof.

 
		
	(j)
	“Eligible Employee” means an individual who, on the Offering Date, has been an Employee of a Participating Company for at least six (6) months; provided, however, that any Employee who, immediately after the grant of a Purchase Right hereunder, would own (within the meaning of Code Section 424(d)) Common Stock (including stock that such employee may purchase under outstanding options) possessing five percent (5%) or 

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more of the total combined voting power or value of all classes of the capital stock of the Company or of a Subsidiary, shall be ineligible to participate in the Plan.
 
		
	(k)
	“Employee” means a person treated as an employee of a Participating Company for purposes of Code Section 423. For purposes of this Plan, a Participant shall cease to be an Employee either upon an actual termination of employment or upon the company employing the employee ceasing to be a Participating Company. For purposes of the Plan, an individual shall not cease to be an Employee while such individual is on any military leave, sick leave, statutory leave (as determined under local law) or other bona fide leave of absence of one hundred and eighty (180) days or less approved by the Company. In the event an individual’s leave of absence exceeds one hundred and eighty (180) days, the individual shall cease to be an Employee on the one hundred and eighty-first (181st) day of such leave unless the individual’s right to reemployment with the Company is guaranteed either by statute or by contract. The Company shall determine in good faith and in the exercise of its discretion whether an individual has become or has ceased to be an Employee and the effective date of such individual’s employment or termination of employment, as the case may be. For purposes of an individual’s participation in or other rights, if any, under the Plan as of the time of the Company’s determination, all such determinations by the Company shall be final, binding and conclusive, notwithstanding that the Company or any governmental agency subsequently makes a contrary determination.

 
		
	(l)
	“Enrollment Period” means the period commencing not later than on December 1 and June 1 and ending not earlier than December 10 and June 10 preceding the Offering Periods commencing on January 1 and July 1, respectively, provided that not Enrollment Period shall extend beyond the start of any Offering Period.

 
		
	(m)
	“Fair Market Value” of a share of Stock is the mean of the highest and lowest prices per share on the New York Stock Exchange on the pertinent date, or in the absence of reported sales on such day, then on the next following day for which sales were reported.

 
		
	(n)
	“Offering” means the Company’s grant of a Purchase Right as described in Section 5.

 
		
	(o)
	“Offering Date” means the first business day of each Offering Period.

 
		
	(p)
	“Offering Period” means the consecutive six (6) month period commencing each January 1 and July 1 or such other period as may be established by the Board in its sole discretion.

 
		
	(q)
	“Participant” means an Eligible Employee who has elected to participate in the Plan for an Offering Period by enrolling in the Plan for such Offering Period in accordance with procedures established by the Administrator as described in Section 3.2.

 
		
	(r)
	“Participating Company” means the Company and any Subsidiary designated by the Board, in its sole and absolute discretion, as a company that may offer participation in the Plan to its Eligible Employees. The Board shall have the sole and absolute discretion to 

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determine from time to time when and if the Company or a Subsidiary shall be classified as a Participating Company.
 
		
	(s)
	“Plan” means the CST Brands, Inc. Employee Stock Purchase Plan.

 
		
	(t)
	“Purchase Date” means the last business day of each Purchase Period.

 
		
	(u)
	“Purchase Period” means the consecutive six (6) month periods commencing on the first day of January and July coincident with each Offering Period, or such other period as may be established by the Board in its sole discretion.

 
		
	(v)
	“Purchase Price” means the price at which a share of Stock may be purchased under the Plan, as established from time to time by the Board. For the first Offering Period and all subsequent Offering Periods unless otherwise established by the Board, the “Purchase Price” shall mean 85% of the Fair Market Value of a share of Stock on the Offering Date or the Purchase Date, whichever is lower.

 
		
	(w)
	“Purchase Right” means an option granted to a Participant pursuant to the Plan to purchase shares of stock as provided in Section 5, which the Participant may or may not exercise during the Offering Period.

 
		
	(x)
	“Stock” means the common stock, par value $0.01 per share, of the Company, as adjusted from time to time in accordance with Section 8.1.

 
		
	(y)
	“Subsidiary” means a present or future “subsidiary corporation” of the Company within the meaning of Code Section 424(f).

 
2.2    Construction. 

Captions and titles contained herein are for convenience only and shall not affect the meaning or interpretation of any provision of the Plan. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise.

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SECTION 3
ELIGIBILITY AND PARTICIPATION
 

3.1    Eligibility. 

An Employee may elect to participate in the Plan as of the first Offering Date on which such person becomes an Eligible Employee by complying with the enrollment procedures set forth in Section 3.2.
 
3.2    Participation.
 
		
	(a)
	Each Eligible Employee may elect to participate in the Plan by completing an enrollment agreement in the form provided by the Company and filing such enrollment agreement with the Administrator prior to the applicable Enrollment Date. An Eligible Employee who does not timely submit a properly completed enrollment agreement to the Administrator during the Enrollment Period for an Offering Period shall not participate in the Plan for that Offering Period but shall be eligible to elect to participate in the Plan for any subsequent Offering Period by timely submitting a properly completed enrollment agreement to the Administrator during the Enrollment Period for any future Offering Period.

 
		
	(b)
	A Participant may deliver to the Administrator a new enrollment agreement for each Offering Period in accordance with the procedures established in Section 4.

 
		
	(c)
	Subject to the limitation set forth in Section 5.3, a Participant who (i) has elected to participate in the Plan pursuant to Subsection (a) for an Offering Period, and (ii) takes no action to change or revoke such election (in accordance with such procedures as established by the Company) as of the first day of the next following Offering Period, shall be deemed to have made the same election to participate in the Plan, including the same payroll deduction authorization, for each subsequent Offering Period. A Participant who is automatically enrolled in the Plan for an Offering Period pursuant to the preceding sentence shall not be required to deliver an additional enrollment agreement to the Administrator for the subsequent Offering Period.

 
3.3    Termination of Employment or Loss of Eligibility.
 
		
	(a)
	In the event that the employment of a Participant is terminated, prior to a Purchase Date, for any reason, including retirement, disability or death, or in the event a Participant is no longer an Eligible Employee, the Participant’s participation in the Plan shall terminate immediately and thereupon, automatically and without any further act on his or her part, such Participant’s payroll deduction authorization shall terminate. Payroll deductions credited to the Participant’s Plan account since the last Purchase Date shall, as soon as practicable, be returned to the Participant or, in the case of the Participant’s death, to the 

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Participant’s legal representative. Interest shall not be paid on payroll deductions returned unless otherwise required under applicable law. Further, all of the Participant’s rights under the Plan shall terminate.
 
		
	(b)
	A Participant whose participation in the Plan has been terminated may become eligible to participate in the Plan for any subsequent Offering Period by again satisfying the requirements of Sections 3.1 and 3.2.

 
3.4    Voluntary Withdrawal from Plan. 

A Participant may withdraw from the Plan at any time and receive a refund of all payroll deductions credited to his or her Plan account that have not been applied toward the purchase of Stock by submitting a withdrawal election to the Administrator in accordance with such procedures as established by the Company, provided such withdrawal election is submitted to the Administrator on or before the first day of the calendar month immediately preceding the applicable Purchase Date. A Participant who withdraws the balance credited to his or her Plan account shall be deemed to have withdrawn from the Plan. Amounts withdrawn shall be returned to the Participant as soon as practicable after the withdrawal and may not be applied to the purchase of shares of Stock in any other Offering under the Plan. A Participant who withdraws from the Plan shall be prohibited from resuming participation in the Plan for the same Offering Period, but may participate in any subsequent Offering Period by satisfying Sections 3.1 and 3.2.  The Company may from time to time establish or change limitations on the frequency of withdrawals permitted under this Section, establish a minimum amount that must be retained in the Participant’s Plan account, or terminate the withdrawal right provided by this Section.

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SECTION 4
PAYROLL DEDUCTIONS AND PARTICIPANT ACCOUNTS
 
4.1    Payroll Deductions.
 
		
	(a)
	Shares of Stock acquired pursuant to the exercise of all or any portion of a Purchase Right may be paid for only by means of payroll deductions from a Participant’s Compensation accumulated during the Offering Period for which such Purchase Right was granted.

 
		
	(b)
	An Eligible Employee who elects to enroll in the Plan as a Participant shall designate in the enrollment agreement a United States Dollar amount of not less than $10 or more than $1,250 for each bi-weekly pay period, as appropriately adjusted for a weekly or monthly pay schedule, not to exceed fifteen percent (15%) of his or her Compensation to be deducted each pay period during the Offering Period and paid into the Plan for his or her account; provided, however, the maximum payroll deductions for each Offering Period shall be US$15,000. Notwithstanding the foregoing, the Board may change the limits on payroll deductions effective as of any future Offering Date.

 
		
	(c)
	Payroll deductions shall commence on the first pay day following the Offering Date and shall continue to be deducted each pay day through the end of the Offering Period, unless as otherwise provided herein.

 
		
	(d)
	Interest shall not be paid on a Participant’s payroll deductions and paid into the Plan.

 
		
	(e)
	A Participant may elect to withdraw his or her payroll deductions pursuant to Section 3.4.

 
		
	(f)
	A Participant may not elect to elect to increase or decrease the rate of payroll deductions during an Offering Period.

 
		
	(g)
	The Company may, in its sole discretion, suspend a Participant’s payroll deductions under the Plan as the Company deems advisable pursuant to the limitation described in Section 5.3. If the Company suspends a Participant’s payroll deductions under this provision, the Participant may participate in future Offering Periods by satisfying the requirements of Sections 3.1 and 3.2.

 
4.2    Participant Accounts. 

Individual bookkeeping accounts shall be maintained for each Participant. All payroll deductions or other amounts contributed to the Plan by or on behalf of a Participant shall be credited to such Participant’s Plan account and shall be deposited with the general funds of the Company. All payroll deductions or other amounts contributed to the Plan by or on behalf of a Participant may be used by the Company for any corporate purpose.

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SECTION 5
GRANT OF PURCHASE RIGHT
 
5.1    General. 
On each Offering Date, the Company shall grant to each Participant a Purchase Right under the Plan to purchase shares of Stock. Each Purchase Right shall be treated as an option for purposes of Code Section 423.
5.2    Term of Purchase Right. 
Each Purchase Right shall have a term equal to the length of the Offering Period to which the Purchase Right relates.
5.3    Number of Shares Subject to a Purchase Right. 
On each Offering Date, each Participant automatically shall be granted a Purchase Right consisting of an option to purchase the number of whole shares of Stock determined by dividing Twenty-Five Thousand U.S. Dollars (US$25,000) by the Fair Market Value of a share of Stock on such Offering Date, reduced by the aggregate purchase price of any Stock purchased during any Offering Period(s) which occurred during the same calendar year.
5.4    Limitation under Code Section 423(b)(8). 
Notwithstanding any provision in this Plan to the contrary, no Participant shall be granted a Purchase Right under the Plan to the extent that it permits his or her right to purchase shares of Stock under the Plan to accrue at a rate which, when aggregated with such Participant’s rights to purchase shares under all other employee stock purchase plans of a Participating Company intended to meet the requirements of Code Section 423, exceeds twenty-five thousand dollars ($25,000) in Fair Market Value of Stock (or such other limit, if any, as may be imposed by the Code) for each calendar year in which such Purchase Right is outstanding at any time. Any payroll deductions in excess of the amount specified in the foregoing sentence shall be returned to the Participant as soon as administratively practicable following the next Offering Date.
5.5    No Assignment. 
A Purchase Right granted under the Plan shall not be transferable otherwise than by will or the laws of descent and distribution and shall be exercisable during the lifetime of the Participant only by the Participant. The Company shall not recognize and shall be under no duty to recognize any assignment or purported assignment by a Participant of a Purchase Right or any rights granted under the Plan.

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5.6    Rights As Shareholder And Employee. 
With respect to shares of Stock subject to an Offering, a Participant shall not be deemed to be a stockholder and shall not have any rights or privileges of a stockholder by virtue of the Participant’s participation in the Plan until such Purchase Right has been exercised and the certificate for the shares purchased pursuant to the exercise has been issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment shall be made for dividends, distributions or other rights for which the record date is prior to the date such certificate is issued, except as provided in Section 8.1. Nothing herein shall confer upon a Participant any right to continue in the employ of a Participating Company, or interfere in any way with any right of a Participating Company ate to terminate the Participant’s employment at any time, except as otherwise provided under applicable law.
5.7    Notices. 
All notices or other communications by a Participant to the Board, the Committee and/or Company under or in connection with the Plan shall be deemed to have been duly given when received by the Administrator.

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SECTION 6
EXERCISE OF PURCHASE RIGHT
 
 
 6.1    Exercise of Purchase Right. 

The Purchase Right for each Participant shall be automatically exercised on each Purchase Date and such Participant shall automatically acquire the number of whole shares of Stock determined by dividing (i) the total amount of the Participant’s payroll deductions accumulated in his or her Plan account during the Purchase Period, by (ii) the Purchase Price, to the extent the issuance of Stock to such Participant upon such exercise is lawful. However, in no event shall the number of shares purchased by the Participant during an Offering Period exceed the number of shares subject to the Participant’s Purchase Right, as determined under Section 5.3 above. Any cash balance remaining in a Participant’s Plan account following any Offering Period shall be refunded to the Participant as soon as practicable after such Offering Period ends.
 
6.2    Oversubscription. 

In the event, with respect to any Offering hereunder, that the number of shares of Stock that might be purchased by all Participants in the Plan on a Purchase Date exceeds the number of shares of Stock available in the Plan as provided in Section 7.1, the Company shall make a pro rata allocation of the remaining shares in as uniform a manner as shall be practicable and as the Company shall determine to be equitable. Any fractional share resulting from such pro rata allocation to any Participant shall be disregarded.
 
6.3    Delivery of Stock. 

As soon as practicable after each Purchase Date, the Company shall arrange the delivery to each Participant of one or more certificates representing the shares of Stock acquired by the Participant on such Purchase Date; provided, however, that the Company may deliver such shares electronically to a broker that holds such shares in street name for the benefit of the Participant. 
 
6.4    Tax Withholding. 

At the time a Participant’s Purchase Right is exercised, in whole or in part, or at the time a Participant disposes of some or all of the shares of Stock he or she acquires under the Plan, the Participant shall make adequate provision for the federal, state and local tax withholding obligations of the Participating Company that arise upon exercise of the Purchase Right or upon such disposition of shares, if any, in accordance with such procedures and withholding methods as may be established by the Company. The Participating Company may, but shall not be obligated to, withhold from any compensation or other amounts payable to the Participant the amount necessary to meet such withholding obligations.
 

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6.5    Expiration of Purchase Right. 

Any portion of a Participant’s Purchase Right remaining unexercised at the end of the Offering Period to which the Purchase Right relates shall expire immediately upon the end of such Offering Period.
 
6.6    Reports to Participants. 

Each Participant who has exercised all or part of his or her Purchase Right shall receive, as soon as practicable after the Purchase Date, a report of such Participant’s Plan account setting forth the total payroll deductions accumulated prior to such exercise, the number of shares of Stock purchased, the Purchase Price for such shares, the date of purchase and the cash balance, if any, remaining immediately after such purchase that is to be refunded to the Participant pursuant to Section 6.1. The report may be delivered in such form and by such means, including by electronic transmission, as the Company may determine.
6.7    Notification of Sale of Shares. 
Each Participant shall give the Company and/or the Administrator prompt notice of any disposition of Stock acquired pursuant to the Purchase Rights granted under the Plan in accordance with such procedures as may be established by the Company. The Company may require that until such time as a Participant disposes of Stock acquired pursuant to Purchase Rights granted under the Plan, the Participant shall hold all such shares in the Participant’s name until the lapse of the time periods with respect to such Purchase Rights. The Company may direct that the certificates evidencing shares acquired by exercise of a Purchase Right refer to such requirement to give prompt notice of disposition.

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SECTION 7
STOCK SUBJECT TO THE PLAN
 
 
 7.1    Stock Subject to the Plan. 
The initial maximum aggregate number of shares of Stock that may be issued under the Plan shall be Three Million (3,000,000), which amount shall be automatically increased by One Million (1,000,000) where the remaining shares available are insufficient to settle the amount of Participant contributions in any Offering Period, in any calendar year, subject to adjustment in accordance with Section 8. Shares of Stock issued under the Plan shall consist of authorized but unissued shares, reacquired shares, including in the open market, or any combination thereof. If an outstanding Purchase Right for any reason expires or is terminated or canceled without having been exercised in full or for any reason is no longer exercisable in full or in part, the shares of Stock allocable to the unexercised portion of such Purchase Right shall again be available for issuance under the Plan.
 7.2    Legends. 
The Company may at any time place legends or other identifying symbols referencing any applicable federal, state or foreign securities law restrictions or any provision convenient in the administration of the Plan on some or all of the certificates representing shares of Stock issued under the Plan. The Participant shall, at the request of the Company, promptly present to the Company any and all certificates representing shares acquired pursuant to a Purchase Right in the possession of the Participant in order to carry out the provisions of this Section.
 7.3    Securities Laws. 
The Company shall not be obligated to issue any Stock pursuant to any offering under the Plan at any time when the offer, issuance, or sale of shares covered by such Offering (i) has not been registered under the Securities Act of 1933, as amended, or does not comply with such other federal, state or non-U.S. laws, rules or regulations, or the requirements of any stock exchange upon which the Stock may then be listed, as the Company or the Board deems applicable, and (ii) in the opinion of legal counsel for the Company, there is no exemption from the requirements of such laws, rules, regulations, or requirements available for the offer, issuance, and sale of such shares. Further, all stock acquired pursuant to the Plan shall be subject to the Company’s policies concerning compliance with securities laws and regulations, as such policies may be amended from time to time. The issuance of shares under the Plan shall be subject to compliance with all applicable requirements of federal, state or local law with respect to such securities. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful issuance and sale of any shares under the Plan shall relieve the Company of any liability in respect of the failure to issue or sell such shares as to which such requisite authority shall not have been obtained. As a condition to the exercise of a Purchase Right, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation, and to make any representation or warranty with respect thereto as may be requested by the Company.

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SECTION 8
RECAPITALIZATION, REORGANIZATION AND CHANGE OF CONTROL
 
 
8.1    Adjustments for Changes in Stock. 

In the event of any stock dividend, stock split, reverse stock split, recapitalization, combination, reclassification or similar change in the capital structure of the Company, or in the event of any merger (including a merger effected for the purpose of changing the Company’s domicile), sale of assets or other reorganization in which the Company is a party, appropriate adjustments shall be made in the number and class of shares of Stock subject to the Plan and each Purchase Right, and in the Purchase Price. If a majority of the shares which are of the same class as the shares of Stock that are subject to outstanding Purchase Rights are exchanged for, converted into, or otherwise become (whether or not pursuant to a Change of Control as described in Section 8.2) shares of another corporation, the Board may unilaterally amend the outstanding Purchase Rights to provide that such Purchase Rights are exercisable for new shares. In the event of any such amendment, the number of shares subject to, and the Purchase Price of, the outstanding Purchase Rights shall be adjusted in a fair and equitable manner, as determined by the Board, in its sole discretion. Any fractional share resulting from an adjustment pursuant to this Section 8.1 shall be rounded down to the nearest whole number, and in no event may the Purchase Price be decreased to an amount less than the par value, if any, of the stock subject to the Purchase Right. The adjustments determined by the Board pursuant to this Section 8.1 shall be final, binding and conclusive.
 
8.2    Change of Control. 

In the event of a Change of Control, the surviving, continuing, successor, or purchasing corporation or parent corporation thereof, as the case may be (the “Acquiring Company”), may assume the Company’s rights and obligations under the Plan. If the Acquiring Company elects not to assume the Company’s rights and obligations under outstanding Purchase Rights, the Purchase Date of the then current Offering Period shall be accelerated to a date before the date of the Change of Control specified by the Board, but the number of shares of Stock subject to outstanding Purchase Rights shall not be adjusted. All Purchase Rights that are neither assumed by the Acquiring Company in connection with the Change of Control nor exercised as of the date of the Change of Control shall terminate and cease to be outstanding effective as of the date of the Change of Control.

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SECTION 9
PLAN ADMINISTRATION
 
 
 9.1    Administration by the Board. 

The Plan shall be administered by the Board. All questions of interpretation of the Plan, any form of agreement or other document employed by the Company in the administration of the Plan, or of any Purchase Right shall be determined by the Board and shall be final and binding upon all persons having an interest in the Plan or the Purchase Right. Subject to the provisions of the Plan, the Board shall determine all of the relevant terms and conditions of Purchase Rights granted pursuant to the Plan; provided, however, that all Participants granted Purchase Rights pursuant to the Plan shall have the same rights and privileges within the meaning of Code Section 423(b)(5). The Board may assign any of its administrative tasks set forth herein to the Company, except that the Board may not delegate the task of designating Participating Companies, or its authority to make adjustments pursuant to Section 8.1. All expenses incurred in connection with the administration of the Plan shall be paid by the Company.
 
9.2    Authority of Officers. 

Any officer of the Company shall have the authority to act on behalf of the Company with respect to any matter, right, obligation, determination or election that is the responsibility of or that is allocated to the Company herein, provided that the officer has apparent authority with respect to such matter, right, obligation, determination or election.
 
9.3    Policies and Procedures Established by the Company. 

The Company may, from time to time, consistent with the Plan and the requirements of Code Section 423, establish, change or terminate such rules, guidelines, policies, procedures, limitations, or adjustments as deemed advisable by the Company, in its sole discretion, for the proper administration of the Plan, including, without limitation, (i) a minimum payroll deduction amount required for participation in an Offering, (ii) a limitation on the frequency or number of changes permitted in the rate of payroll deduction during an Offering, (iii) an exchange ratio applicable to amounts withheld in a currency other than United States dollars, (iv) a supplemental payment or payroll deduction greater than or less than the amount designated by a Participant in order to adjust for the Company’s delay or mistake in processing an enrollment agreement or in otherwise effecting a Participant’s election under the Plan or as advisable to comply with the requirements of Code Section 423, (v) establishing sub-plans (“Non-Statutory Plans”) that permit the granting of stock purchase rights that are not intended to satisfy the requirements of Section 423 of the Code,, and (vi) determination of the date and manner by which the Fair Market Value of a share of Stock is determined for purposes of administration of the Plan. Furthermore, the authority of the Administrator will specifically include, without limitation, the power to make any changes to the Plan with respect to the participation of employees of any Subsidiary or Affiliate that is organized under the laws of a country other than the United States of America when the Administrator deems 

19

such changes to be necessary or appropriate to achieve a desired tax treatment in such foreign jurisdiction or to comply with the laws applicable to such non-U.S. Subsidiaries or Affiliates. Those changes may include, without limitation, the exclusion of particular Subsidiaries or Affiliates from participation in the plan; modifications to eligibility criteria, maximum number or value of shares that may be purchased in a given period, or other requirements set forth herein; and procedural or administrative modifications. Any modification relating to offerings to a particular Participating Company will apply only to that Participating Company, and will apply equally to all similarly situated employees of that Participating Company. To the extent any changes approved by the Administrator would jeopardize the tax-qualified status of the Statutory Plan, the change shall cause the Participating Companies affected thereby to be considered Participating Companies under a Non-Statutory Plan or Non-Statutory Plans instead of the Statutory Plan.

20

SECTION 10
INDEMNIFICATION

In addition to such other rights of indemnification as they may have as members of the Board or officers or employees of a Participating Company, members of the Board and any officers or employees of a Participating Company to whom authority to act for the Board or the Company is delegated shall be indemnified by the Company against all reasonable expenses, including attorneys’ fees, actually and necessarily incurred in connection with the defense of any action, suit or proceeding, or in connection with any appeal therein, to which they or any of them may be a party by reason of any action taken or failure to act under or in connection with the Plan, or any right granted hereunder, and against all amounts paid by them in settlement thereof (provided such settlement is approved by independent legal counsel selected by the Company) or paid by them in satisfaction of a judgment in any such action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or proceeding that such person is liable for gross negligence, bad faith or intentional misconduct in duties; provided, however, that within sixty (60) days after the institution of such action, suit or proceeding, such person shall offer to the Company, in writing, the opportunity at its own expense to handle and defend the same.

21

SECTION 11
PLAN AMENDMENT OR TERMINATION

 
 11.1    Termination. 

The Board may at any time terminate the Plan, except that such termination shall not affect Purchase Rights previously granted under the Plan.

11.2    Amendment. 

The Board may make such modification or amendment to the Plan as it shall deem advisable; provided, however, that no amendment may adversely affect a Purchase Right previously granted under the Plan (except to the extent permitted by the Plan or as may be necessary to qualify the Plan as an employee stock purchase plan pursuant to Code Section 423 or to obtain qualification or registration of the shares of Stock under applicable federal, state or local laws).

An amendment must be approved by the stockholders of the Company within twelve (12) months of the adoption of such amendment if (i) such amendment would authorize the sale of more shares than are authorized for issuance under the Plan or (ii) would change the definition of the corporations or companies that may be designated by the Board as Participating Companies. In the event that the Board approves an amendment to increase the number of shares authorized for issuance under the Plan, the Board, in its sole discretion, may specify that any such additional Shares may only be issued pursuant to Purchase Rights granted after the date on which the stockholders of the Company approve such amendment, and such designation by the Board shall not be deemed to have adversely affected any Purchase Right granted prior to the date on which the stockholders approve the amendment.
11.3 Effective Date and Approval of Stockholders. 
The Plan shall take effect on the later of the date it is adopted by the Board and the date it is approved by the holders of a majority of the votes cast at a meeting of stockholders at which a quorum is present or by written consent of the stockholders. Notwithstanding the foregoing, an Offering Period can commence after Board approval but prior to stockholder approval; provided that options granted under such Offering Period shall be contingent on receipt of stockholder approval and if stockholder approval is not obtained, all employee contributions for such Offering Period shall be promptly refunded and no shares of Common Stock may be issued under the Plan.

22EX-10.4

 Exhibit 10.4 
  

 
  

 
 ASSET REPRESENTATIONS REVIEW AGREEMENT

 among 
 CALIFORNIA REPUBLIC
AUTO RECEIVABLES TRUST 201[    ]-[    ], 
 as Issuer 

CALIFORNIA REPUBLIC BANK, 
 as
Servicer 
 and 

[                       
     ], 
 as Asset Representations Reviewer 

 
  

Dated as of
[                      ], 20[    ] 

 
  

 
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	
	USAGE AND DEFINITIONS	  
			
	 Section 1.1.
	 	 Usage and Definitions
	  	 	4	  
	 Section 1.2.
	 	 Additional Definitions
	  	 	4	  
	 Section 1.3.
	 	 Review Materials and Test Definitions
	  	 	5	  
	
	ARTICLE II	  
	
	ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER	  
			
	 Section 2.1.
	 	 Engagement; Acceptance
	  	 	6	  
	 Section 2.2.
	 	 Confirmation of Status
	  	 	6	  
	
	ARTICLE III	  
	
	ASSET REPRESENTATIONS REVIEW PROCESS	  
			
	 Section 3.1.
	 	 Review Notices
	  	 	7	  
	 Section 3.2.
	 	 Identification of Review Receivables
	  	 	7	  
	 Section 3.3.
	 	 Review Materials
	  	 	7	  
	 Section 3.4.
	 	 Performance of Reviews
	  	 	7	  
	 Section 3.5.
	 	 Review Reports
	  	 	8	  
	 Section 3.6.
	 	 Review Representatives
	  	 	8	  
	 Section 3.7.
	 	 Dispute Resolution
	  	 	9	  
	 Section 3.8.
	 	 Limitations on Review Obligations
	  	 	9	  
	
	ARTICLE IV	  
	
	ASSET REPRESENTATIONS REVIEWER	  
			
	 Section 4.1.
	 	 Representations and Warranties
	  	 	11	  
	 Section 4.2.
	 	 Covenants
	  	 	12	  
	 Section 4.3.
	 	 Fees and Expenses
	  	 	12	  
	 Section 4.4.
	 	 Limitation on Liability
	  	 	13	  
	 Section 4.5.
	 	 Indemnification by Asset Representations Reviewer
	  	 	13	  
	 Section 4.6.
	 	 Indemnification of Asset Representations Reviewer
	  	 	13	  
	 Section 4.7.
	 	 Inspections of Asset Representations Reviewer
	  	 	14	  
	 Section 4.8.
	 	 Delegation of Obligations
	  	 	14	  
	 Section 4.9.
	 	 Confidential Information
	  	 	14	  
	 Section 4.10.
	 	 Personally Identifiable Information
	  	 	16	  

							
	ARTICLE V	  
	
	RESIGNATION AND REMOVAL;	  
	SUCCESSOR ASSET REPRESENTATIONS REVIEWER	  
			
	 Section 5.1.
	 	 Eligibility Requirements for Asset Representations Reviewer
	  	 	19	  
	 Section 5.2.
	 	 Resignation and Removal of Asset Representations Reviewer
	  	 	19	  
	 Section 5.3.
	 	 Successor Asset Representations Reviewer
	  	 	19	  
	 Section 5.4.
	 	 Merger, Consolidation or Succession
	  	 	20	  
	
	ARTICLE VI	  
	
	OTHER AGREEMENTS	  
			
	 Section 6.1.
	 	 Independence of Asset Representations Reviewer
	  	 	21	  
	 Section 6.2.
	 	 No Petition
	  	 	21	  
	 Section 6.3.
	 	 Limitation of Liability of Owner Trustee
	  	 	21	  
	 Section 6.4.
	 	 Termination of Agreement
	  	 	21	  
	
	ARTICLE VII	  
	
	MISCELLANEOUS PROVISIONS	  
			
	 Section 7.1.
	 	 Amendments
	  	 	22	  
	 Section 7.2.
	 	 Assignment; Benefit of Agreement; Third Party Beneficiaries
	  	 	22	  
	 Section 7.3.
	 	 Notices
	  	 	22	  
	 Section 7.4.
	 	 GOVERNING LAW
	  	 	23	  
	 Section 7.5.
	 	 Submission to Jurisdiction
	  	 	23	  
	 Section 7.6.
	 	 WAIVER OF JURY TRIAL
	  	 	23	  
	 Section 7.7.
	 	 No Waiver; Remedies
	  	 	23	  
	 Section 7.8.
	 	 Severability
	  	 	23	  
	 Section 7.9.
	 	 Headings
	  	 	23	  
	 Section 7.10.
	 	 Counterparts
	  	 	24	  
	
	SCHEDULES	  
		
	 Schedule A — Review Materials
	  	 	SA-1	  
	 Schedule B — Representations and Warranties and Tests
	  	 	SB-1	  

  
 3 

 This ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of
[            ], 20[    ] (as amended, restated or otherwise modified from time to time, this “Agreement”), is between California Republic Auto
Receivables Trust 201[    ]-[    ], a Delaware statutory trust, as issuer (the “Issuer”), California Republic Bank, a Delaware limited liability company, as servicer (the
“Servicer”), and [                    ], a
[                    ], as asset representations reviewer (the “Asset Representations Reviewer”). 

BACKGROUND 
 In the normal course
of its business, CRB purchases retail installment sale contracts secured by new and used cars, light trucks and utility vehicles from motor vehicle dealers. 

In connection with a securitization transaction sponsored by CRB, CRB sold a pool of Receivables consisting of retail installment sale
contracts to the Depositor, who sold them to the Issuer. 
 The Issuer has granted a security interest in the pool of Receivables to the
Indenture Trustee, for the benefit of the Secured Parties, as security for the Notes issued by the Issuer under the Indenture. 
 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 CRB and the Depositor about the Receivables in the pool. 

The parties agree as follows. 

ARTICLE I 
 USAGE AND DEFINITIONS

 Section 1.1. Usage and Definitions.   Capitalized terms used in this Agreement that are not otherwise defined shall
have the meanings ascribed thereto in Appendix A to the Sale and Servicing Agreement, dated as of [            ], 20[    ], among the Issuer, California
Republic Funding, LLC, the Servicer and [                    ], which Appendix is hereby incorporated into and made a part of this Agreement.
Appendix A also contains rules as to usage applicable to this Agreement. 
 Section 1.2. Additional Definitions.   The
following terms have the meanings given below: 
 “Confidential Information” has the meaning stated in Section 4.9(b).

 “Contract” has the meaning stated in Schedule A. 

“Information Recipients” has the meaning stated in Section 4.9(a). 

“Indemnified Parties” has the meaning stated in Section 4.6(a). 

 “Issuer PII” has the meaning stated in Section 4.10(a). 

“Personally Identifiable Information” or “PII” has the meaning stated in Section 4.10(a). 

“Review” means the performance by the Asset Representations Reviewer of the testing procedures for each Test and each Review
Receivable according to Section 3.4. 
 “Review Fee” has the meaning stated in Section 4.3(b). 

“Review Materials” means, for a Review and a Review Receivable, the documents and other materials listed in Schedule A,
as applicable. 
 “Review Report” means, for a Review, the report of the Asset Representations Reviewer as described in
Section 3.5. 
 “Test” has the meaning stated in Section 3.4(a). 

“Test Complete” has the meaning stated in Section 3.4(c). 

“Test Fail” has the meaning stated in Section 3.4(a). 

“Test Pass” has the meaning stated in Section 3.4(a). 

Section 1.3. Review Materials and Test Definitions.   Capitalized terms or terms or phrases in quotation marks used in
the Tests, if not defined in Appendix A to the Sale and Servicing Agreement or in this Agreement, including Schedule A to this Agreement, refer to sections, titles or terms in the Contract or other Review Materials. 

  
 5 

 ARTICLE II 

ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER 

Section 2.1. Engagement; Acceptance.   The Issuer engages
[                    ] to act as the Asset Representations Reviewer for the Issuer.
[                    ] accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms in this
Agreement. 
 Section 2.2. Confirmation of Status.   The parties confirm that the Asset Representations Reviewer is
not responsible for (a) reviewing the 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. 

  
 6 

 ARTICLE III 

ASSET REPRESENTATIONS REVIEW PROCESS 

Section 3.1. Review Notices.  On receipt of a Review Notice from the Indenture Trustee according to Section 7.2 of
the Indenture, the Asset Representations Reviewer will start a Review. The Asset Representations Reviewer will not be obligated to start a Review until a Review Notice is received. 

Section 3.2. Identification of Review Receivables.  Within ten Business Days after receipt of a Review Notice, the
Servicer will deliver to the Asset Representations Reviewer and the Indenture Trustee a list of the Review Receivables. 
 Section 3.3.
Review Materials. 
 (a)        Access to Review Materials.  The Servicer
will give the Asset Representations Reviewer access to the Review Materials for all of the Review Receivables within 60 days after receipt of the Review Notice in one or more of the following ways: (i) by providing access to the
Servicer’s receivables systems, either remotely or at an office 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 an office of the Servicer where the Receivable Files are located or (iv) in another manner agreed by the Servicer and the Asset Representations Reviewer. The Servicer may redact or remove Personally Identifiable Information from
the Review Materials without changing the meaning or usefulness of the Review Materials for the Review. 

(b)        Missing or Insufficient Review Materials.  The Asset Representations
Reviewer will review the Review Materials to determine if any Review Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test. If the Asset Representations Reviewer determines any missing or insufficient
Review Materials, the Asset Representations Reviewer will notify the Servicer promptly, and in any event no less than 20 days before completing the Review. The Servicer will have 15 days to give the Asset Representations Reviewer access to
the missing Review Materials or other documents or information to correct the insufficiency. If the missing Review Materials or other documents have not been provided by the Servicer within 15 days, the related Review Receivable will have a
Test Fail for the Test or Tests that require use of the missing or insufficient Review Materials. If the Contract for any Review Receivable is not provided or is illegible, the Asset Representations Reviewer will be unable to perform any Tests and
the related Review Receivable will have an overall Test Fail for all Tests. In either of these cases, the Test or Tests will be considered completed and the Review Report will report a Test Fail for the related Review Receivable or applicable
representation or warranty and the reason for the Test Fail. 
 Section 3.4. Performance of Reviews. 

(a)        Test Procedures.  For a Review, the Asset Representations Reviewer will
perform for each Review Receivable the procedures listed under “Tests” in Schedule B for each representation and warranty (each, a “Test”), using the Review Materials necessary to perform

  
 7 

 
the procedures as stated in the Test. For each Test and 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)        Review
Period.  The Asset Representations Reviewer will complete the Review of all of the Review Receivables within 60 days after receiving access to the Review Materials under Section 3.3(a). However, if missing or additional
Review Materials are provided to the Asset Representations Reviewer under Section 3.3(b), the Review period will be extended for an additional 30 days. 

(c)        Completion of Review for Certain Review Receivables.  Following the
delivery of the list of the Review Receivables and before the delivery of the Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if a Review Receivable is paid in full by the Obligor or
purchased from the Issuer by CRB, the Depositor or the Servicer according to the Basic Documents. On receipt of notice, the Asset Representations Reviewer will immediately terminate all Tests of such Receivables and the Review of such Receivables
will be considered complete (a “Test Complete”). In this case, the Review Report will indicate a Test Complete for the Receivables and the related reason. 

(d)        Duplicative Tests.  If the same Test is required for more than one
representation or warranty listed on Schedule B, the Asset Representations Reviewer will only perform the Test once for each Review Receivable but will report the results of the Test for each applicable representation or warranty on the Review
Report. 
 (e)        Termination of Review.  If a Review is in process and the
Notes will be paid in full on the next Payment Date, the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than ten days before that Payment Date. On receipt of notice, the Asset Representations Reviewer will
terminate the Review immediately and will not be obligated to deliver a Review Report. 
 Section 3.5. Review
Reports.  Within five days after the end of the Review period under Section 3.4(b), the Asset Representations Reviewer will deliver to the Issuer, the Servicer and the Indenture Trustee a Review Report indicating for each Review
Receivable whether there was a Test Pass or a Test Fail for each Test, or whether the Review Receivable was an overall Test Fail (for a missing or illegible Contract) or a Test Complete. For each Test Fail, overall Test Fail or Test Complete, the
Review Report will indicate the related reason. The Review Report will contain a summary of the Review results to be included in the Issuer’s Form 10-D report for the Collection Period in which the Review Report is received. The Asset
Representations Reviewer will ensure that the Review Report does not contain any Issuer PII. On reasonable request of the Servicer, the Asset Representations Reviewer will provide additional detail on the Test results. 

Section 3.6. 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 Review, including responding to requests and answering questions from the Asset Representations Reviewer about access to Review Materials on the
Servicer’s originations, receivables or other 

  
 8 

 
systems, obtaining missing or insufficient Review Materials and/or providing clarification of any 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 a Review. 

(c)        Questions About Review.  The Asset Representations Reviewer will make
appropriate personnel available to respond in writing to written questions or requests for clarification of any Review Report from the Indenture 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 Review Report. The Asset Representations Reviewer will not be obligated 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 Indenture Trustee. 
 Section 3.7. Dispute Resolution.  If a Receivable that was Reviewed
by the Asset Representations Reviewer is the subject of a dispute resolution proceeding under Section 3.04 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 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 3.04 of the Sale and Servicing Agreement. 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 Review Obligations. 

(a)        Review Process Limitations.  The Asset Representations Reviewer is not
obligated to: 
 (i)        determine whether a Delinquency Trigger has occurred or
whether the required percentage of Noteholders has voted to direct a Review under the Indenture, and may rely on the information in any Review Notice delivered by the Indenture Trustee; 

(ii)       determine which Receivables are subject to a Review, and may rely on the lists
of Review Receivables provided by the Servicer; 
 (iii)      obtain or confirm the validity
of the Review Materials and no liability for any errors in the Review Materials and may rely on the accuracy and completeness of the Review Materials; 

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

 (v)        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 Review Receivables. 

  
 9 

 (b)        Testing Procedure
Limitations.  The Asset Representations Reviewer will only be required to perform the testing procedures listed under “Tests” in Schedule A, and will not be obligated to perform additional procedures on any Review
Receivable or to provide any information other than a Review Report indicating for each Review Receivable whether there was a Test Pass or a Test Fail for each Test, or whether the Review Receivable was a Test Complete and the related reason.
However, the Asset Representations Reviewer may provide additional information about any Review Receivable that it determines in good faith to be material to the Review. 

  
 10 

 ARTICLE IV 

ASSET REPRESENTATIONS REVIEWER 

Section 4.1. Representations and Warranties.  The Asset Representations Reviewer represents and warrants to the Issuer
as of the Closing Date: 
 (a)        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 State of Delaware. The Asset Representations Reviewer is qualified as a foreign
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. 

(b)        Power, Authority and Enforceability.  The Asset
Representations Reviewer has the power and authority to execute, deliver and perform its obligations under this Agreement. The Asset Representations Reviewer has authorized the execution, delivery and performance of this Agreement. This Agreement is
the legal, valid and binding obligation of the Asset Representations Reviewer enforceable against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of
creditors’ rights or by general equitable principles. 
 (c)        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 (i) conflict with, or be a
breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document under which the Asset Representations Reviewer is a debtor or guarantor, (ii) result in the creation or imposition of a Lien on the
properties or assets of the Asset Representations Reviewer under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document, (iii) violate the organizational documents of the Asset Representations
Reviewer or (iv) violate a law or, to the Asset Representations Reviewer’s knowledge, an order, rule or regulation of a Governmental Authority having jurisdiction over the Asset Representations Reviewer or its properties that applies to
the Asset Representations Reviewer, which, in each case, would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement. 

(d)        No Proceedings.  To the Asset Representations
Reviewer’s knowledge, there are no proceedings or investigations pending or threatened in writing before a Governmental Authority having jurisdiction over the Asset Representations Reviewer or its properties (i) asserting the invalidity of
this Agreement, (ii) seeking to prevent the completion of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse

  
 11 

 
effect on the Asset Representations Reviewer’s ability to perform its obligations under, or the validity or enforceability of, this Agreement. 

(e)        Eligibility.  The Asset Representations Reviewer meets the
eligibility requirements in Section 5.1. 
 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 no longer meets the eligibility requirements in Section 5.1. 

(b)        Review Systems; Personnel.  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
Review Receivable and the related Review Materials to be individually tracked and stored as contemplated by this Agreement. The Asset Representations Reviewer will maintain adequate staff that is properly trained to conduct Reviews as required by
this Agreement. 
 (c)        Maintenance of Review Materials.  It
will maintain copies of any Review Materials, Review Reports and other documents relating to a 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 Administrator to, pay the
Asset Representations Reviewer, as compensation for agreeing to act as the Asset Representations Reviewer under this Agreement, an annual fee separately agreed to by the Issuer and the Asset Representations Reviewer. The annual fee will be paid as
agreed by the Issuer and the Asset Representations Reviewer until this Agreement is terminated. 

(b)        Review Fee.  Following the completion of a Review and the delivery to the
Indenture Trustee of the Review Report, or the termination of a 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
$[        ] for each Review Receivable for which the Review was started (the “Review Fee”). However, no Review Fee will be charged for any Review Receivable which was included in a prior
Review or for which no Tests were completed prior to the Asset Representations Reviewer being notified of a termination of the Review according to Section 3.4(e) or due to missing or insufficient Review Materials under Section 3.3(b). If
the detailed invoice is submitted on or before the first day of a month, the Review Fee will be paid by the Issuer according to the priority of payments in Section 5.04 of the Sale and Servicing Agreement starting on or before the Payment Date
in that month. However, if a Review is terminated according to Section 3.4(e), the Asset Representations Reviewer must submit its invoice for the Review Fee for the terminated Review no later than five Business Days before the final Payment
Date to be reimbursed no later than the final Payment Date. 

  
 12 

 (c)        Reimbursement of Travel
Expenses.  If the Servicer provides access to the Review Materials at one of its properties, the Issuer will reimburse the Asset Representations Reviewer for its reasonable travel expenses incurred in connection with the Review upon
receipt of a detailed invoice. 
 (d)        Dispute Resolution Expenses.  If the
Asset Representations Reviewer participates in a dispute resolution proceeding under Section 3.7 and its reasonable expenses for participating in the proceeding are not paid by a party to the dispute resolution within 90 days after the end
of the proceeding, the Issuer will reimburse the Asset Representations Reviewer for such expenses upon receipt of a detailed invoice. 

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 will the Asset Representations Reviewer be liable for special, indirect or consequential losses or damages (including lost profit), even if the Asset Representations Reviewer has been advised of the likelihood of the loss or
damage and regardless of the form of action. 
 Section 4.5. Indemnification by Asset Representations Reviewer.  The
Asset Representations Reviewer will indemnify each of the Issuer, the Depositor, the Servicer, the Owner Trustee and the Indenture Trustee and their respective directors, officers, employees and agents for all fees, expenses, losses, damages and
liabilities resulting from (a) the willful misconduct, bad faith or negligence of the Asset Representations Reviewer in performing its obligations under this Agreement or (b) the Asset Representations Reviewer’s breach of any of its
representations or warranties in this Agreement. The Asset Representations Reviewer’s obligations under this Section 4.5 will survive the termination of this Agreement, the termination of the Issuer and the resignation or removal of the
Asset Representations Reviewer. 
 Section 4.6. Indemnification of Asset Representations Reviewer. 

(a)        Indemnification.  The Issuer will, or will cause the Administrator to,
indemnify the Asset Representations Reviewer and its officers, directors, employees and agents (each, an “Indemnified Person”), for all fees, expenses, losses, damages and liabilities resulting from the performance of its obligations under
this Agreement (including the fees and expenses of defending itself against any loss, damage or liability), but excluding any fee, 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. 

(b)        Proceedings.  Promptly on receipt by an Indemnified Person of notice of a
Proceeding against it, the Indemnified Person will, if a claim is to be made under Section 4.6(a), notify the Issuer and the Administrator of the Proceeding. The Issuer or the Administrator may participate in and assume the defense and
settlement of a Proceeding at its expense. If the Issuer or the Administrator notifies the Indemnified Person of its intention to assume the defense of the Proceeding with counsel reasonably satisfactory to the Indemnified Person, and so long as the
Issuer or the Administrator assumes the defense of the Proceeding in a manner reasonably 

  
 13 

 
satisfactory to the Indemnified Person, the Issuer and the Administrator will not be liable for fees and expenses of counsel to the Indemnified Person unless there is a conflict between the
interests of the Issuer or the Administrator, as applicable, and an Indemnified Person. If there is a conflict, the Issuer or the Administrator will pay for the reasonable fees and expenses of separate counsel to the Indemnified Person. No
settlement of a Proceeding may be made without the approval of the Issuer and the Administrator and the Indemnified Person, which approval will not be unreasonably withheld. 

(c)        Survival of Obligations.  The Issuer’s and the Administrator’s
obligations under this Section 4.6 will survive the resignation or removal of the Asset Representations Reviewer and the termination of this Agreement. 

(d)        Repayment.  If the Issuer or the Administrator makes any payment under
this Section 4.6 and the Indemnified Person later collects any of the amounts for which the payments were made to it from others, the Indemnified Person will promptly repay the amounts to the Issuer or the Administrator, as applicable. 

Section 4.7. Inspections of Asset Representations Reviewer.  The Asset Representations Reviewer agrees that, with
reasonable prior notice not more than once during any year, it will permit authorized representatives of the Issuer, the Servicer or the Administrator, during the Asset Representations Reviewer’s normal business hours, to examine and review the
books of account, records, reports and other documents and materials of the Asset Representations Reviewer relating to (a) the performance of the Asset Representations Reviewer’s obligations under this Agreement, (b) payments of fees
and expenses of the Asset Representations Reviewer for its performance and (c) a claim made by the Asset Representations Reviewer under this Agreement. In addition, the Asset Representations Reviewer will permit the Issuer’s, the
Servicer’s or the Administrator’s representatives to make copies and extracts of any of those documents and to discuss them with the Asset Representations Reviewer’s officers and employees. Each of the Issuer, the Servicer and the
Administrator will, and will cause its authorized representatives to, hold in confidence the information except if disclosure may be required by law or if the Issuer, the Servicer or the Administrator reasonably determines that it is required to
make the disclosure under this Agreement or the other Basic Documents. The Asset Representations Reviewer will maintain all relevant books, records, reports and other documents and materials for a period of at least two years after the termination
of its obligations under this Agreement. 
 Section 4.8. Delegation of Obligations.  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 4.9. Confidential Information. 

(a)        Treatment.  The Asset Representations Reviewer agrees to hold and treat
Confidential Information given to it under this Agreement in confidence and under the terms and conditions of this Section 4.9, and will implement and maintain safeguards to further assure the confidentiality of the Confidential Information.
The Confidential Information will not, without the prior consent of the Issuer and the Servicer, be disclosed or used by the Asset 

  
 14 

 
Representations Reviewer, or its officers, directors, employees, agents, representatives or affiliates, including legal counsel (collectively, the “Information Recipients”) other than
for the purposes of performing Reviews of Review Receivables or performing its obligations under this Agreement. The Asset Representations Reviewer agrees that it will not, and will cause its Affiliates to not (i) purchase or sell securities
issued by CRB or its Affiliates or special purpose entities on the basis of Confidential Information or (ii) use the Confidential Information for the preparation of research reports, newsletters or other publications or similar communications.

 (b)        Definition.  “Confidential Information” means oral, written
and electronic materials (irrespective of its source or form of communication) furnished before, on or after the date of this Agreement to the Asset Representations Reviewer for the purposes contemplated by this Agreement, including: 

(i)        lists of Review Receivables and any related Review Materials; 

(ii)       origination and servicing guidelines, policies and procedures, and form
contracts; and 
 (iii)      notes, analyses, compilations, studies or other documents or
records prepared by the Servicer, which contain information supplied by or on behalf of the Servicer or its representatives. 
 However, Confidential
Information will not include information that (A) is or becomes generally available to the public other than as a result of disclosure by the Information Recipients, (B) was available to, or becomes available to, the Information Recipients
on a non-confidential basis from a Person or entity other than the Issuer or the Servicer before its disclosure to the Information Recipients who, to the knowledge of the Information Recipient is not bound by a confidentiality agreement with the
Issuer or the Servicer and is not prohibited from transmitting the information to the Information Recipients, (C) is independently developed by the Information Recipients without the use of the Confidential Information, as shown by the
Information Recipients’ files and records or other evidence in the Information Recipients’ possession or (D) the Issuer or the Servicer provides permission to the applicable Information Recipients to release. 

(c)        Protection.  The Asset Representations Reviewer will take reasonable
measures to protect the secrecy of and avoid disclosure and unauthorized use of Confidential Information, including those measures that it takes to protect its own confidential information and not less than a reasonable standard of care. The Asset
Representations Reviewer acknowledges that Personally Identifiable Information is also subject to the additional requirements in Section 4.10. 

(d)        Disclosure.  If the Asset Representations Reviewer is required by
Applicable Law, regulation, rule or order issued by a Governmental Authority to disclose part of the Confidential Information, it may disclose the Confidential Information. However, before a required disclosure, the Asset Representations Reviewer,
if permitted by law, regulation, rule or order, will use its reasonable efforts to provide the Issuer and the Servicer with notice of the requirement and will cooperate, at the Servicer’s expense, in the Issuer’s and the Servicer’s
pursuit of a proper protective order or other relief for the disclosure of the Confidential 

  
 15 

 
Information. If the Issuer or the Servicer is unable to obtain a protective order or other proper remedy by the date that the information is required to be disclosed, the Asset Representations
Reviewer will disclose only that part of the Confidential Information that it is advised by its legal counsel it is legally required to disclose. 

(e)        Responsibility for Information Recipients.  The Asset Representations
Reviewer will be responsible for a breach of this Section by its Information Recipients. 

(f)        Violation.  The Asset Representations Reviewer agrees that a violation of
this Agreement may cause irreparable injury to the Issuer and the Servicer and the Issuer and the Servicer may seek injunctive relief in addition to legal remedies. If an action is initiated by the Issuer or the Servicer to enforce this Section, the
prevailing party will be reimbursed for its fees and expenses, including reasonable attorney’s fees, incurred for the enforcement. 

Section 4.10. Personally Identifiable Information. 

(a)        Definitions.  “Personally Identifiable Information” or
“PII” means information in any format about an identifiable individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), any other actual or assigned attribute associated with or
identifiable to an individual and any information that when used separately or in combination with other information could identify an individual. “Issuer PII” means PII furnished by the Issuer, the Servicer or their Affiliates to the
Asset Representations Reviewer and PII developed or otherwise collected or acquired by the Asset Representations Reviewer in performing its obligations under this Agreement. 

(b)        Use of Issuer PII.  The Issuer does not grant the Asset Representations
Reviewer any rights to Issuer PII except as provided in this Agreement. The Asset Representations Reviewer will use Issuer PII only to perform its obligations under this Agreement or as specifically directed in writing by the Issuer and will only
reproduce Issuer PII to the extent necessary for these purposes. The Asset Representations Reviewer must comply with all laws applicable to PII, Issuer PII and the Asset Representations Reviewer’s business, including any legally required codes
of conduct, including those relating to privacy, security and data protection. The Asset Representations Reviewer will protect and secure Issuer PII. The Asset Representations Reviewer will implement privacy or data protection policies and
procedures that comply with Applicable Law and this Agreement. The Asset Representations Reviewer will implement and maintain reasonable and appropriate practices, procedures and systems, including administrative, technical and physical safeguards
to (i) protect the security, confidentiality and integrity of Issuer PII, (ii) ensure against anticipated threats or hazards to the security or integrity of Issuer PII, (iii) protect against unauthorized access to or use of Issuer PII
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)        Additional Limitations.  In addition to the use and protection
requirements described in Section 4.10(b), the Asset Representations Reviewer’s disclosure of Issuer PII is also subject to the following requirements: 

  
 16 

 (i)        The Asset Representations
Reviewer will not disclose Issuer PII to its personnel or allow its personnel access to Issuer PII except (A) for the Asset Representations Reviewer personnel who require Issuer PII to perform a Review, (B) with the prior consent of the
Issuer or (C) as required by Applicable Law. When permitted, the disclosure of or access to Issuer PII will be limited to the specific information necessary for the individual to complete the assigned task. The Asset Representations Reviewer
will inform personnel with access to Issuer PII of the confidentiality requirements in this Agreement and train its personnel with access to Issuer PII on the proper use and protection of Issuer PII. 

(ii)        The Asset Representations Reviewer will not sell, disclose, provide or
exchange Issuer PII with or to any third party without the prior consent of the Issuer. 

(d)        Notice of Breach.  The Asset Representations Reviewer will notify the
Issuer promptly in the event of an actual or reasonably suspected security breach, unauthorized access, misappropriation or other compromise of the security, confidentiality or integrity of Issuer PII and, where applicable, immediately take action
to prevent any further breach. 
 (e)        Return or Disposal of Issuer
PII.  Except where return or disposal is prohibited by Applicable Law, promptly on the earlier of the completion of the Review or the request of the Issuer, all Issuer PII in any medium in the Asset Representations Reviewer’s
possession or under its control will be (i) destroyed in a manner that prevents its recovery or restoration or (ii) if so directed by the Issuer, returned to the Issuer without the Asset Representations Reviewer retaining any actual or
recoverable copies, in both cases, without charge to the Issuer. Where the Asset Representations Reviewer retains Issuer PII, the Asset Representations Reviewer will limit the Asset Representations Reviewer’s further use or disclosure of Issuer
PII to that required by Applicable Law. 
 (f)        Compliance;
Modification.  The Asset Representations Reviewer will cooperate with and provide information to the Issuer regarding the Asset Representations Reviewer’s compliance with this Section 4.10. The Asset Representations Reviewer
and the Issuer agree to modify this Section 4.10 as necessary for either party to comply with Applicable Law. 

(g)        Audit of Asset Representations Reviewer.  The Asset Representations
Reviewer will permit the Issuer and its authorized representatives to audit the Asset Representations Reviewer’s compliance with this Section 4.10 during the Asset Representations Reviewer’s normal business hours on reasonable advance
notice to the Asset Representations Reviewer, and not more than once during any year unless circumstances necessitate additional audits. The Issuer agrees to make reasonable efforts to schedule any audit described in this Section 4.10 with the
inspections described in Section 4.7. The Asset Representations Reviewer will also permit the Issuer during normal business hours on reasonable advance written notice to audit any service providers used by the Asset Representations Reviewer to
fulfill the Asset Representations Reviewer’s obligations under this Agreement. 

(h)        Affiliates and Third Parties.  If the Asset Representations Reviewer
processes the PII of the Issuer’s Affiliates or a third party when performing a Review, and if such Affiliate or third party is identified to the Asset Representations Reviewer, such Affiliate or third party is an

  
 17 

 
intended third-party beneficiary of this Section 4.10, and this Agreement is intended to benefit the Affiliate or third party. The Affiliate or third party may enforce the PII related terms
of this Section 4.10 against the Asset Representations Reviewer as if each were a signatory to this Agreement. 

  
 18 

 ARTICLE V 

RESIGNATION AND REMOVAL; 

SUCCESSOR ASSET REPRESENTATIONS REVIEWER 

Section 5.1. Eligibility Requirements for Asset Representations Reviewer.  The Asset Representations Reviewer must be a
Person who (a) is not Affiliated with CRB, the Depositor, the Servicer, the Indenture Trustee, the Owner Trustee or any of their Affiliates and (b) was not, and is not Affiliated with a Person that was, engaged by CRB or any Underwriter to
perform any due diligence on the Receivables prior to the Closing Date. 
 Section 5.2. Resignation and Removal of Asset
Representations Reviewer. 
 (a)        No Resignation.  The Asset
Representations Reviewer will not resign as Asset Representations Reviewer unless it determines it is legally unable to perform its obligations under this Agreement and there is no reasonable action that it could take to make the performance of its
obligations under this Agreement permitted under Applicable Law. The Asset Representations Reviewer will deliver a notice of its resignation to the Issuer and the Servicer, together with an Opinion of Counsel supporting its determination. 

(b)        Removal.  If any of the following events occur, the Issuer, by notice to
the Asset Representations Reviewer, may remove the Asset Representations Reviewer and terminate its rights and obligations under this Agreement: 

(i)        the Asset Representations Reviewer no longer meets the eligibility
requirements in Section 5.1; 
 (ii)        the Asset Representations Reviewer
breaches of any of its representations, warranties, covenants or obligations in this Agreement; or 

(iii)      an Insolvency Event of the Asset Representations Reviewer occurs. 

(c)        Notice of Resignation or Removal.  The Issuer will notify the Servicer,
the Owner Trustee and the Indenture Trustee of any resignation or removal of the Asset Representations Reviewer. 

(d)        Continue to Perform After Resignation or Removal.  No resignation or
removal of the Asset Representations Reviewer will be effective, and the Asset Representations Reviewer will continue to perform its obligations under this Agreement, until a successor Asset Representations Reviewer has accepted its engagement
according to Section 5.3(b). 
 Section 5.3. Successor Asset Representations Reviewer. 

(a)        Engagement of Successor Asset Representations Reviewer.  Following the
resignation or removal of the Asset Representations Reviewer, the Issuer will engage a successor Asset Representations Reviewer who meets the eligibility requirements of Section 5.1. 

  
 19 

 (b)        Effectiveness of Resignation or
Removal.  No resignation or removal of the Asset Representations Reviewer will be effective until the successor Asset Representations Reviewer has executed and delivered to the Issuer and the Servicer an agreement accepting its
engagement and agreeing to perform the obligations of the Asset Representations Reviewer under this Agreement or entering into a new agreement with the Issuer on substantially the same terms as this Agreement. 

(c)        Transition and Expenses.  If the Asset Representations Reviewer resigns or
is removed, the Asset Representations Reviewer will cooperate with the Issuer and take all actions reasonably requested to assist the Issuer in making an orderly transition of the Asset Representations Reviewer’s rights and obligations under
this Agreement to the successor Asset Representations Reviewer. The Asset Representations Reviewer will pay the reasonable expenses of 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 Issuer or the successor Asset Representations Reviewer. 

Section 5.4. Merger, Consolidation or Succession.  Any Person (a) into which the Asset Representations Reviewer is
merged or consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the business of the Asset Representations Reviewer, if that Person meets the eligibility
requirements in Section 5.1, 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). 

  
 20 

 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 or the Owner Trustee for the manner in which it accomplishes the performance of its obligations under this Agreement. Unless authorized by the Issuer or the Owner Trustee,
respectively, the Asset Representations Reviewer will have no authority to act for or represent the Issuer or the Owner Trustee and will not be considered an agent of the Issuer or the Owner Trustee. Nothing in this Agreement will make the Asset
Representations Reviewer and either of the Issuer 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 parties 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 Depositor or by a trust for which the Depositor was a depositor or (b) the Notes, it will not start or pursue against, or join any other Person in
starting or pursuing against (i) the Depositor or (ii) the Issuer, respectively, 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.  This Agreement has been signed on behalf of the Issuer by [                  ] not in its individual capacity but solely in its
capacity as Owner Trustee of the Issuer. In no event will [                  ] in its individual capacity or a beneficial owner of the Issuer be liable
for the Issuer’s obligations under this Agreement. For all purposes under this Agreement, the Owner Trustee will be subject to, and entitled to the benefits of, the Trust Agreement. 

Section 6.4. Termination of Agreement.  This Agreement will terminate, except for the obligations under
Section 4.6, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture and (b) the date the Issuer is terminated under the Trust Agreement. 

  
 21 

 ARTICLE VII 

MISCELLANEOUS PROVISIONS 

Section 7.1. Amendments. 

(a)        The parties may amend this Agreement: 

(i)        to clarify an ambiguity, correct an error or 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, in each case without the consent of the
Noteholders or any other Person; 
 (ii)        to add, change or eliminate terms of
this Agreement, in each case without the consent of the Noteholders or any other Person, if the Administrator delivers an Officer’s Certificate to the Issuer, the Owner Trustee and the Indenture Trustee stating that the amendment will not have
a material adverse effect on the Noteholders; or 
 (iii)      to add, change or eliminate
terms of this Agreement for which an Officer’s Certificate is not or cannot be delivered under Section 7.1(a)(ii), with the consent of the Noteholders holding not less than 51% of the Note Balance of each Class of Notes Outstanding (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 Administrator will notify the Rating Agencies
in advance of any amendment. Promptly after the execution of an amendment, the Administrator 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 5.4, this Agreement may not
be assigned by the Asset Representations Reviewer without the consent of the Issuer and the Servicer. 

(b)        Benefit of Agreement; Third-Party Beneficiaries.  This Agreement is for
the benefit of and will be binding on the parties and their permitted successors and assigns. The Owner Trustee and the Indenture Trustee, for the benefit of the Noteholders, will be third-party beneficiaries of this Agreement and may 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)        Notices to Parties.  All notices, requests, demands, consents, waivers or
other communications to or from the parties must be in writing and will be considered given: 

(i)        for overnight mail, on delivery or, for registered first class mail,
postage prepaid, three days after deposit in the mail; 

  
 22 

 (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 of an email (without the requirement of confirmation of receipt) stating that the electronic posting has occurred. 

(b)        Notice Addresses.  Any notice, request, demand, consent, waiver or other
communication will be addressed as stated in Section 10.03 of the Sale and Servicing Agreement or to another address as a party may give by notice to the other parties. 

Section 7.4. GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 Section 7.5. Submission to
Jurisdiction.  Each party submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of the courts of the State of New York located in the Borough of Manhattan for legal
proceedings relating to this Agreement. Each party irrevocably waives, to the fullest extent permitted by law, any objection that it may now or in the future have to the venue of a proceeding brought in such a court and any claim that the proceeding
has been brought in an inconvenient forum. 
 Section 7.6. WAIVER OF JURY TRIAL.  EACH PARTY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE RIGHT TO TRIAL BY JURY IN LEGAL PROCEEDING RELATING TO THIS AGREEMENT. 

Section 7.7. No Waiver; Remedies.  No party’s failure or delay in exercising a power, right or remedy under this
Agreement will operate as a waiver. No single or partial exercise of a 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 7.8.
Severability.  If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and will not affect the validity, legality or enforceability of the remaining
Agreement. 
 Section 7.9. Headings.  The headings in this Agreement are included for convenience and will not affect
the meaning or interpretation of this Agreement. 

  
 23 

 Section 7.10. Counterparts.  This Agreement may be executed in multiple
counterparts. Each counterpart will be an original and all counterparts will together be one document. 

  
 24 

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

									
		 		 	 CALIFORNIA REPUBLIC AUTO

RECEIVABLES TRUST 201[  ]-[  ]

				
		 		 	By:  	 	[                                    
          ],
		 		 		 	not in its individual capacity,
		 		 		 	but solely as Owner Trustee
					
		 		 		 	By:	 	  

		 		 		 		 	Name:
		 		 		 		 	Title:

									
			
		 		 	CALIFORNIA REPUBLIC BANK
				
		 		 	By:  	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	
			
		 		 	[                                    
          ]
				
		 		 	By:	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	

 201[  ]-[  ] Asset Representations Review Agreement 

 Schedule A 

Review Materials 

1.        A copy of the Receivable File that includes the following documents, if applicable: 

 

	 	(a)	The retail installment sale contract or similar document that evidences the Receivable (the “Contract”) 

  

	 	(b)	The following documents related to the Contract (collectively, the “Amendments”): 

  

	 	(i)	Any correction notices to the Contract 

  

	 	(ii)	Any modification agreements completed by the parties to the Contract 

  

	 	(c)	The certificate of title, motor vehicle lien statement, application for title, application for registration for motor vehicle, certificate of origin or manufacturer statement of origin for a vehicle, or other evidence
(including eAtlas reporting for electronic titling states) showing the security interest in the Financed Vehicle (collectively, the “Title Documents”) 

  

	 	(d)	Any ancillary documents for credit insurance, service contracts or other products and services (collectively, the “Ancillary Documents”) 

 

	 	(e)	Military orders 

  

	 	(f)	The credit application 

  

	 	(g)	State specific documents related to the Contract 

2.        Copies of applicable CRB procedures, as of the date of the Contract, including: 

 

	 	(a)	CRB’s procedure listing approved contract forms as of the date of the Contract (the “List of Approved Contract Forms”) 

 

	 	(b)	CRB’s procedure listing acceptable name variations of CRB (the “List of Acceptable Name Variations”) 

  

	 	(c)	CRB’s procedure listing approved providers and form numbers for service contracts and other products (the “List of Approved Products”) 

3.        A copy of the Agreement to Terms of Assignment (the “Dealer Assignment”) 

4.        Applicable screen prints from CRB’s receivables systems 

  
 SA-1 

 Schedule B 

Representations and Warranties and Tests 

[Provided Separately] 

  
 SB-1

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