Document:

EX-10.5

 EXHIBIT 10.5 

ASSET REPRESENTATIONS REVIEW AGREEMENT 

among 
 GM FINANCIAL AUTOMOBILE
LEASING TRUST 20    -    , 
 Issuer 

AMERICREDIT FINANCIAL SERVICES, INC., 

Servicer 
 and 

                    , 

Asset Representations Reviewer 

Dated as of             , 20     

 TABLE OF CONTENTS 
  

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

					
			
	 SCHEDULES
	 		  	
			
	 Schedule A
	 	 Representations and Warranties and Procedures to be Performed
	  	

  
 1 

 ASSET REPRESENTATIONS REVIEW AGREEMENT dated as of
            , 20     (this “Agreement”), among GM FINANCIAL AUTOMOBILE LEASING TRUST 20    -    , a Delaware
statutory trust (the “Issuer”), AMERICREDIT FINANCIAL SERVICES, INC., a Delaware corporation (“AmeriCredit”), in its capacity as Servicer (in such capacity, the “Servicer”) and [ASSET
REPRESENTATIONS REVIEWER], [entity type], as Asset Representations Reviewer (the “Asset Representations Reviewer”). 

WHEREAS, in the regular course of its business, AmeriCredit causes its affiliated titling trust to purchase leased vehicles and to originate
lease agreements related to such leased vehicles. 
 WHEREAS, in connection with a securitization transaction sponsored by AmeriCredit,
AmeriCredit sold an exchange note backed by the 20    -     Exchange Note Assets (a designated pool of leased vehicles and associated lease agreements) to GMF Leasing LLC (the “Depositor”)
which, in turn, sold that exchange note to the Issuer. 
 WHEREAS, the Issuer has granted a security interest in the exchange note to the
Indenture Trustee, for the benefit of the Issuer Secured Parties, pursuant to the Indenture. 
 WHEREAS, the Issuer has determined to engage
the Asset Representations Reviewer to perform reviews of certain 20    -     Exchange Note Assets for compliance with the representations and warranties made
by AmeriCredit about such 20    -     Exchange Note Assets in the 20    -     Servicing Supplement. 

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

ARTICLE I 
 DEFINITIONS 

Section 1.1. Definitions. Capitalized terms that are used but are not otherwise defined in this Agreement have the meanings
assigned to them in the 20    -     Exchange Note Supplement, dated as of             , 20    , to the Amended and Restated
Credit and Security Agreement, dated as of May 23, 2013, both by and between ACAR Leasing Ltd., as borrower, AmeriCredit, as lender and servicer, and Wells Fargo Bank, National Association, as administrative agent and as collateral agent. 

Section 1.2. Additional Definitions. The following terms have the meanings given below: 

“Asset Review” means the performance by the Asset Representations Reviewer of the testing procedures for each Test and each
Asset Review Receivable in accordance with Section 3.4. 
 “Asset Review Demand Date” means, for an Asset Review, the
date when the Indenture Trustee determines that each of (a) the Delinquency Trigger has occurred and (b) the required percentage of Noteholders has voted to direct an Asset Review under Section 7.2(f) of the Indenture. 

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

 “Asset Review Materials” means, with respect to an Asset Review and an Asset Review Receivable, the documents and other
materials for each Test listed under “Documents” in Schedule A. 
 “Asset Review Notice” means the notice from
the Indenture Trustee to the Asset Representations Reviewer and the Servicer directing the Asset Representations Reviewer to perform an Asset Review. 

“Asset Review Receivables” means, with respect to any Asset Review, all Delinquent Leases as of the last day of the
Collection Period before the Asset Review Demand Date stated in the related Asset Review Notice. 
 “Asset Review Report”
means, with respect to any Asset Review, the report of the Asset Representations Reviewer prepared in accordance with Section 3.5. 

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

“Eligible Asset Representations Reviewer” means a Person that (a) is not an Affiliate of AmeriCredit, the Seller, the
Servicer, the Indenture Trustee, the Owner Trustee or any of their Affiliates and (b) was not, and is not an Affiliate of a Person that was, engaged by AmeriCredit or any Underwriter to perform any due diligence on the Lease Assets prior to the
Closing Date. 
 “Test” has the meaning assigned to such term in Section 3.4(a). 

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

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

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

ARTICLE II 
 ENGAGEMENT OF ASSET
REPRESENTATIONS REVIEWER 
 Section 2.1. Engagement; Acceptance. The Issuer hereby 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 stated in this
Agreement. 
 Section 2.2. Confirmation of Status. The parties confirm that the Asset Representations Reviewer is not
responsible for (a) reviewing the Asset Review Receivables for compliance with the representations and warranties under the Program Documents, except as described in this Agreement, or (b) determining whether noncompliance with the
representations or warranties constitutes a breach of the Program Documents. 

  
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 ARTICLE III 

ASSET REPRESENTATIONS REVIEW PROCESS 

Section 3.1. Asset Review Notices. Upon receipt of an Asset Review Notice from the Indenture Trustee in the manner set forth in
Section 7.2(f) of the Indenture, the Asset Representations Reviewer will start an Asset Review. The Asset Representation Reviewer will have no obligation to start an Asset Review unless and until an Asset Review Notice is received. 

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

Section 3.3. Asset Review Materials. 

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

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

Section 3.4. Performance of Asset Reviews. 

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

(b) Asset Review Period. The Asset Representations Reviewer will complete the Asset Review of all of the Asset Review Receivables
within [sixty (60)] days of receiving access 

  
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to the Asset Review Materials under Section 3.3(a). However, if additional Asset Review Materials are provided to the Asset Representations Reviewer in accordance with Section 3.3(b),
the Asset Review period will be extended for an additional [thirty (30)] days. 
 (c) Completion of Asset Review for Certain Asset Review
Receivables. Following the delivery of the list of the Asset Review Receivables and before the delivery of the Asset Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if an Asset
Review Receivable is paid in full by the related Obligor or purchased from the Issuer by AmeriCredit, the Seller or the Servicer according to the Program Documents. On receipt of any such notice, the Asset Representations Reviewer will immediately
terminate all Tests of the related Asset Review Receivables and the Asset Review of such Receivables will be considered complete (a “Test Complete”). In this case, the Asset Review Report will indicate a Test Complete for the
related Asset Review Receivables and the related reason. 
 (d) Previously Reviewed Receivable. If any Asset Review Receivable was
included in a prior Asset Review, then the Asset Representations Reviewer will not perform any Tests on it, but will include the results of the previous Tests in the Asset Review Report for the current Asset Review, unless (i) any representation or
warranty about such Asset Review Receivable that would be subject to a Test as part of the Asset Review relates to a date that is after the date on which the prior Asset Review was performed with respect to such Asset Review Receivable or (ii) the
Asset Representations Reviewer has provided the Servicer with evidence that reasonably demonstrates that the Asset Representations Reviewer was unable during such prior Asset Review to conduct a review of such Asset Review Receivable in a manner
that would have ascertained compliance or non-compliance with a specific representation or warranty. 
 (e) Termination of Asset
Review. If an Asset Review is in process and the Notes will be paid in full on the next Distribution Date, the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than ten (10) days before that
Distribution Date. On receipt of the notice, the Asset Representations Reviewer will terminate the Asset Review immediately and will have no obligation to deliver an Asset Review Report. 

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

Section 3.6. Asset Review Representatives. 

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

  
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 (b) Asset Representations Reviewer Representative. The Asset Representations Reviewer will
designate one or more representatives who will be available to the Issuer and the Servicer during the performance of an Asset Review. 
 (c)
Questions About Asset Review. The Asset Representations Reviewer will make appropriate personnel available to respond in writing to written questions or requests for clarification of any Asset Review Report from the 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 Asset Review Report. The Asset Representations Reviewer will have no obligation to respond to questions or requests for
clarification from Noteholders or any other Person and will direct such Persons to submit written questions or requests to the Indenture Trustee. 

Section 3.7. Dispute Resolution. If an Asset Review Receivable that was reviewed by the Asset Representations Reviewer is the
subject of a dispute resolution proceeding under Section 2.20 of the 20    -     Servicing Supplement, the Asset Representations Reviewer will participate in the dispute resolution proceeding on request of a
party to the proceeding. The reasonable out-of-pocket expenses of the Asset Representations Reviewer for its participation in any dispute resolution proceeding will be considered expenses of the requesting party for the dispute resolution and will
be paid by a party to the dispute resolution as determined by the parties to the dispute resolution in the course of the mediation (in the case of a mediation) or by the arbitrator for the dispute resolution (in the case of an arbitration), in
either case according to Section 2.20 of the 20    -     Servicing Supplement. If not paid by a party to the dispute resolution, the expenses will be reimbursed by the Issuer according to Section 4.3(d). 

Section 3.8. Limitations on Asset Review Obligations. 

(a) Asset Review Process Limitations. The Asset Representations Reviewer will have no obligation: 

(i) to determine whether a Delinquency Trigger has occurred or whether the required percentage of Noteholders has voted to
direct an Asset Review under the Indenture, and is entitled to rely on the information in any Asset Review Notice delivered by the Indenture Trustee; 

(ii) to determine which Receivables are subject to an Asset Review, and is entitled to rely on the lists of Asset Review
Receivables provided by the Servicer; 
 (iii) to obtain or confirm the validity of the Asset Review Materials and no
liability for any errors contained in the Asset Review Materials and will be entitled to rely on the accuracy and completeness of the Asset Review Materials; 

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

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

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

(vii) to establish cause, materiality or recourse for any failed Test as described in Section 3.4. 

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

ASSET REPRESENTATIONS REVIEWER 

Section 4.1. Representations and Warranties. 

(a) Representations and Warranties. The Asset Representations Reviewer represents and warrants to the Issuer as of the date of this
Agreement: 
 (i) Organization and Qualification. The Asset Representations Reviewer is duly organized and validly
existing as a                      in good standing under the laws of
                    . The Asset Representations Reviewer is qualified as a
                     in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of
its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Asset
Representations Reviewer’s ability to perform its obligations under this Agreement. 
 (ii) Power, Authority and
Enforceability. The Asset Representations Reviewer has the power and authority to execute, deliver and perform its obligations under this Agreement. The Asset Representations Reviewer has authorized the execution, delivery and performance of
this Agreement. This Agreement is the legal, valid and binding obligation of the Asset Representations Reviewer enforceable against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy, reorganization or other laws
relating to the enforcement of creditors’ rights or by general equitable principles. 
 (iii) No Conflicts and No
Violation. The completion of the transactions contemplated by this Agreement and the performance of the Asset Representations Reviewer’s obligations under this Agreement will not (A) conflict with, or be a breach or default under, any
indenture, agreement, guarantee or similar agreement or instrument under which the Asset Representations Reviewer is a party, (B) result in the creation or imposition of any Lien on any of the assets of the Asset Representations Reviewer under
the terms of 

  
 6 

 
any indenture, agreement, guarantee or similar agreement or instrument, (C) violate the organizational documents of the Asset Representations Reviewer or (D) violate any law or, to the
Asset Representations Reviewer’s knowledge, any order, rule or regulation that applies to the Asset Representations Reviewer of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over the Asset Representations Reviewer, in each case, which conflict, breach, default, Lien or violation would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to
perform its obligations under this Agreement. 
 (iv) No Proceedings. To the Asset Representations Reviewer’s
knowledge, there are no proceedings or investigations pending or threatened in writing before any court, regulatory body, administrative agency, or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its
properties: (A) asserting the invalidity of this Agreement, (B) seeking to prevent the completion of any of the transactions contemplated by this Agreement or (C) seeking any determination or ruling that would reasonably be expected
to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under, or the validity or enforceability of, this Agreement. 

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

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

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

(a) Eligibility. It will notify the Issuer and the Servicer promptly if it is not, or on the occurrence of any action that would result
in it not being, an Eligible Asset Representations Reviewer. 
 (b) Review Systems. It will maintain business process management
and/or other systems necessary to ensure that it can perform each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will ensure that these systems allow for each Asset Review
Receivable and the related Asset Review Materials to be individually tracked and stored as contemplated by this Agreement. 
 (c)
Personnel. It will maintain adequate staff that is properly trained to conduct Asset Reviews as required by this Agreement. The Asset Representations Reviewer, at its discretion, may utilize the services of third parties, affiliates, and
agents (“Agents”) to provide any Asset Review under this Agreement; provided, however, that the Asset Representations Reviewer has entered into confidentiality agreements with such Agents (or such Agents are otherwise bound by
confidentiality obligations) the provisions of which are no less protective than those set forth in 

  
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this Agreement. Any such Agent must be approved by Servicer prior to engaging in any Asset Review under this Agreement. The Asset Representations Reviewer shall be responsible to Servicer for the
Asset Reviews provided by its Agents to the same extent as if provided by the Asset Representations Reviewer under this Agreement. Servicer agrees to look solely to the Asset Representations Reviewer and not to any Agent for satisfaction of any
claims the Servicer may have arising out of this Agreement or due to the performance or non-performance of Services. 
 (d) Changes to
Personnel. It will promptly notify Servicer in the event that it undergoes significant management or staffing changes which would negatively impact its ability to fulfill its obligations under this Agreement. 

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

Section 4.3. Fees and Expenses. 

(a) Annual Fee. The Issuer will, or will cause the Servicer to, pay the Asset Representations Reviewer, as compensation for agreeing to
act as the Asset Representations Reviewer under this Agreement, an annual fee in the amount of $[        ]. The annual fee will be paid on the Closing Date and on each anniversary of the Closing Date
until this Agreement is terminated, payable pursuant to the priority of payments in Section 8.3 of the Indenture. 
 (b) Asset
Review Fee. Following the completion of an Asset Review and the delivery to the Indenture Trustee of the Asset Review Report, or the termination of an Asset Review according to Section 3.4(e), and the delivery to the Servicer of a detailed
invoice, the Asset Representations Reviewer will be entitled to a fee of [$        ]/[up to $        ] for each Asset Review Receivable for which the Asset
Review was started (the “Asset Review Fee”). However, no Asset Review Fee will be charged for any Asset Review Receivable which was included in a prior Asset Review or for which no Tests were completed prior to the Asset
Representations Reviewer being notified of a termination of the Asset Review according to Section 3.4(e). If the detailed invoice is submitted on or before the first day of a month, the Asset Review Fee will be paid by the Issuer pursuant to
the priority of payments in Section 8.3 of the Indenture starting on or before the Distribution Date in that month. However, if an Asset Review is terminated according to Section 3.4(e), the Asset Representations Reviewer must submit its
invoice for the Asset Review Fee for the terminated Asset Review no later than five (5) Business Days before the final Distribution Date in order to be reimbursed no later than the final Distribution Date. To the extent that such amounts were
not previously paid by the Servicer or any other party, upon receipt of a detailed invoice, the Asset Representations Reviewer shall be entitled to payment by the Servicer of incurred but otherwise unpaid Asset Review Fees. 

(c) Reimbursement of Travel Expenses. If the Servicer provides access to the Asset Review Materials at one of its properties, the
Issuer will, or will cause the Servicer to, reimburse the Asset Representations Reviewer for its reasonable travel expenses incurred in connection with the Asset Review upon receipt of a detailed invoice, payable pursuant to the priority of payments
in Section 8.3 of the Indenture. To the extent that such amounts were not previously paid by the Servicer or any other party, upon receipt of a detailed invoice, the Asset Representations Reviewer shall be entitled to payment by the Servicer of
incurred but otherwise unpaid travel expenses. 

  
 8 

 (d) Dispute Resolution Expenses. If the Asset Representations Reviewer participates in a
dispute resolution proceeding under Section 3.7 and its reasonable out-of-pocket expenses it incurs in participating in the proceeding are not paid by a party to the dispute resolution within [ninety (90)] days of the end of the proceeding, the
Issuer will reimburse the Asset Representations Reviewer for such expenses upon receipt of a detailed invoice, payable pursuant to the priority of payments in Section 8.3 of the Indenture. To the extent that such amounts were not previously
paid by the Servicer or any other party, upon receipt of a detailed invoice, the Asset Representations Reviewer shall be entitled to payment by the Servicer of incurred but otherwise unpaid expenses. 

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

Section 4.5. Indemnification 

(a) Indemnification by Asset Representations Reviewer. The Asset Representations Reviewer will indemnify each of the Issuer, the Seller,
the Servicer, the Owner Trustee, the Collateral Agent and the Indenture Trustee (both in its individual capacity and in its capacity as Indenture Trustee on behalf of the Noteholders) and their respective directors, officers, employees and agents
for all costs, expenses, losses, damages and liabilities resulting from (i) the willful misconduct, fraud, bad faith or negligence of the Asset Representations Reviewer in performing its obligations under this Agreement (ii) the Asset
Representations Reviewer’s breach of any of its representations or warranties or other obligations under this Agreement (iii) its breach of confidentiality obligations or (iv) any third party intellectual property claim. The Asset
Representations Reviewer’s obligations under this Section 4.5 will survive the termination of this Agreement, the termination of the Issuer and the resignation or removal of the Asset Representations Reviewer. 

(b) Indemnification of Asset Representations Reviewer. The Issuer will, or will cause the [Servicer] to, indemnify the Asset
Representations Reviewer and its officers, directors, employees and agents, for all costs, expenses, losses, damages and liabilities resulting from the performance of its obligations under this Agreement (including the costs and expenses of
defending itself against any loss, damage or liability), but excluding any cost, expense, loss, damage or liability resulting from (i) the Asset Representations Reviewer’s willful misconduct, bad faith or negligence or (ii) the Asset
Representations Reviewer’s breach of any of its representations or warranties in this Agreement. The Issuer acknowledges and agrees that its obligation to indemnify the Asset Representations Reviewer in accordance with this Agreement shall
survive termination of this Agreement. To the extent that such indemnities owed to the Asset Representations Reviewer were not previously paid by the Servicer or any other party, upon receipt of a detailed invoice, the Asset Representations Reviewer
shall be entitled to payment by the Servicer of such incurred but otherwise unpaid indemnities. 
 Section 4.6. Right to Audit.
During the term of this Agreement and not more than once per year (unless circumstances warrant additional audits as described below), Servicer may audit the Asset Representations Reviewer’s policies, procedures and records that relate to the
performance of the Asset Representation Reviewer under this Agreement to ensure compliance with this Agreement upon at least 10 business days’ notice. Notwithstanding the foregoing, the parties agree that Servicer may conduct an audit at any
time, in the event of (i) audits required by Servicer’s governmental or regulatory authorities, (ii) investigations of claims of misappropriation, fraud, or business irregularities of a potentially criminal nature, or
(iii) Servicer reasonably believes that an audit is necessary to address a material operational problem or issue that poses a threat to Servicer’s business. 

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

Section 4.8. Confidential Information. 

(a) Definitions. 

(i) In performing its obligations pursuant to this Agreement, the parties may have access to and receive disclosure of certain
Confidential Information about or belonging to the other, including but not limited to marketing philosophy, strategies (including tax mitigation strategies), techniques, and objectives; advertising and promotional copy; competitive advantages and
disadvantages; financial results; technological developments; loan evaluation programs; customer lists; account information, profiles, demographics and Non-Public Personal Information (defined below); credit scoring criteria, formulas and programs;
research and development efforts; any investor, financial, commercial, technical or scientific information (including, but not limited to, patents, copyrights, trademarks, service marks, trade names and dress, and applications relating to same,
trade secrets, software, code, inventions, know-how and similar information) and any and all other business information (hereinafter “Confidential Information”). 

(ii) “Non-Public Personal Information” shall include all Personally Identifiable Financial Information in any list,
description or other grouping of consumers/customers, and publicly available information pertaining to them, that is derived using any Personally Identifiable Financial Information that is not publicly available, and shall further include all
Non-Public Personal Information as defined by Federal regulations implementing the Gramm-Leach-Bliley Act, as amended from time to time, and any state statues or regulations governing this agreement. 

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

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

  
 10 

 Neither party shall disclose any Confidential Information to any other persons or entities,
except on a “need to know” basis and then only: (i) to their own employees and Agents (as defined below); (ii) to their own accountants and legal representatives, provided that any such representatives shall be subject to
subsection(iv) below; (iii) to their own affiliates, provided that such affiliates shall be restricted in use and redisclosure of the Confidential Information to the same extent as the parties hereto. “Agents”, for purposes of
this Section, mean each of the parties’ advisors, directors, officers, employees, contractors, consultants affiliated entities (i.e., an entity controlling, controlled by, or under common control with a party), or other agents. If and to the
extent any Agent of the recipient receive Confidential Information, such recipient party shall be responsible for such Agent’s full compliance with the terms and conditions of this Agreement and shall be liable for any such Agent’s
non-compliance. 
 (c) Compelled Disclosure. If a subpoena or other legal process seeking Confidential Information is served upon
either party, such party will, to the extent not prohibited by law, rule or order, notify the other immediately and, to the maximum extent practicable prior to disclosure of any Confidential Information, will, at the other’s request and
reasonable expense, cooperate in any lawful effort to contest the legal validity of such subpoena or other legal process. The restrictions set forth herein shall apply during the term and after the termination of this Agreement. All
Confidential Information furnished to the Asset Representations Reviewer or Servicer, as the case may be, or to which the Asset Representations Reviewer or Servicer gains access in connection with this Agreement, is the respective exclusive property
of the disclosing party.
 (d) Use by Agents, Employees, Subcontractors. The parties shall take reasonable measures to prevent its
Agents, employees and subcontractors from using or disclosing any Confidential Information, except as may be necessary for each party to perform its obligations pursuant to this Agreement. Such measures shall include, but not be limited to,
(i) education of such Agents, employees and subcontractors as to the confidential nature of the Confidential Information; and (ii) securing a written acknowledgment and agreement from such Agents, employees and subcontractors that the
Confidential Information shall be handled only in accordance with provisions no less restrictive than those contained in this Agreement. This provision shall survive termination of this Agreement.

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

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

  
 11 

 (ii) was disclosed to a Party prior to the Effective Date without a duty of
confidentiality; 
 (iii) is independently developed by a Party outside of this Agreement and without reference to or
reliance on any Confidential Information of the other Party; or 
 (iv) was obtained from a third party not known after
reasonable inquiry to be under a duty of confidentiality. 
 The foregoing exceptions shall not apply to any Non-Public Personal Information
or Personally Identifiable Financial Information, which shall remain confidential in all circumstances, except as required or permitted to be disclosed by applicable law, statute, or regulation. 

(g) Return of Confidential Information. Subject to Section 4.2(e) of this Agreement, upon the request of a party, the other party
shall return all Confidential Information to the other; provided, however, (a) each party shall be permitted to retain copies of the other party’s Confidential Information solely for archival, audit, disaster recovery, legal and/or
regulatory purposes, and (b) neither party will be required to search archived electronic back-up files of its computer systems for the other party’s Confidential Information in order to purge the other party’s Confidential
Information from its archived files; provided further, that any Confidential Information so retained will (i) remain subject to the obligations and restrictions contained in this Agreement, (ii) will be maintained in accordance with the
retaining party’s document retention policies and procedures, and (iii) the retaining party will not use the retained Confidential Information for any other purpose. 

Section 4.9. Security and Safeguarding Information 

(a) Confidential Information that contains Non-Public Personal Information about customers is subject to the protections created by the
Gramm-Leach-Bliley Act of 1999 (the “Act”) and under the standards for safeguarding Confidential Information, 16 CFR Part 314 (2002) adopted by Federal Trade Commission (“FTC”) (the “Safeguards
Rule”). Additionally, state specific laws may regulate how certain confidential or personal information is safeguarded. The parties agree with respect to the Non-Public Personal Information to take all appropriate measures in accordance
with the Act, and any state specific laws, as are necessary to protect the security of the Non-Public Personal Information and to specifically assure there is no disclosure of the Non-Public Personal Information other than as authorized under the
Act, and any state specific laws, and this Agreement. 
 With respect to Confidential Information, including Non-Public Personal Information
and Personally Identifiable Financial Information as applicable, each of the parties agrees that: 
 (i) It will use
commercially reasonable efforts to safeguard and protect the confidentiality of any Confidential Information and agrees, warrants, and represents that it has or will implement and maintain appropriate safeguards designed to safeguard and protect the
confidentiality of any Confidential Information. 

  
 12 

 (ii) It will not disclose or use Confidential Information provided except for the
purposes as set in the Agreement, including as permitted under the Act and its implementing regulations, or other applicable law. 

(iii) It acknowledges that the providing party is required by the Safeguards Rule to take reasonable steps to assure itself
that its service providers maintain sufficient procedures to detect and respond to security breaches, and maintain reasonable procedures to discover and respond to widely-known security failures by its service providers. It agrees to furnish to
the providing party that appropriate documentation to provide such assurance. 
 (iv) It understands that the FTC may, from
time to time, issue amendments to and interpretations of its regulations implementing the provisions of the Act, and that pursuant to its regulations, either or both of the parties hereto may be required to modify their policies and procedures
regarding the collection, use, protection, and/or dissemination of Non-Public Personal Information. Additionally, states may issue amendments to and interpretations of existing regulations, or may issue new regulations, which both of the
parties hereto may be required to modify their policies and procedures. To the extent such regulations are so amended or interpreted, each party hereto agrees to use reasonable efforts to adjust the Agreement in order to comply with any such new
requirements. 
 (v) By the signing of this Agreement, each party certifies that it has a written, comprehensive information
security program that is in compliance with federal and state laws that are applicable to its respective organization and the types of Confidential Information it receives. 

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

(c) Asset Representations Reviewer will promptly notify Servicer in the event it becomes aware of any unauthorized or suspected acquisition of
data or Confidential Information that compromises the security, confidentiality or integrity of Servicer’s Confidential Information, whether internal or external. The disclosure will include the date and time of the breach along with
specific information compromised along with the monitoring logs, to the extent then known. The Asset Representations Reviewer will use commercially reasonable efforts to take remedial action to resolve such breach. 

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

  
 13 

 ARTICLE V. 

RESIGNATION AND REMOVAL 

Section 5.1. Resignation and Removal of Asset Representations Reviewer. 

(a) Resignation of Asset Representations Reviewer. The Asset Representations Reviewer may not resign as Asset Representations Reviewer,
except: 
 (i) upon determination that (A) the performance of its obligations under this Agreement is no longer
permitted under applicable law and (B) there is no reasonable action that it could take to make the performance of its obligations under this Agreement permitted under applicable law; or 

(ii) with the consent of the Issuer. 

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

(b) Removal of Asset Representations Reviewer. The Issuer may remove the Asset Representations Reviewer and terminate all of its rights
and obligations (other than as provided in Section 4.6) under this Agreement (i) if the Asset Representations Reviewer ceases to be an Eligible Asset Representations Reviewer, (ii) on a breach of any of the representations,
warranties, covenants or obligations of the Asset Representations Reviewer contained in this Agreement and (iii) on the occurrence of an Insolvency Event with respect to the Asset Representations Reviewer, by notifying the Asset Representations
Reviewer, the Indenture Trustee and the Servicer of the removal. 
 (c) Effectiveness of Resignation or Removal. No removal of the
Asset Representations Reviewer will become effective until a successor Asset Representations Reviewer is in place. The predecessor Asset Representations Reviewer will continue to perform its obligations under this agreement until a successor asset
Representations Reviewer is in place. 
 Section 5.2. Engagement of Successor. 

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

  
 14 

 (b) Transition and Expenses. The predecessor Asset Representations Reviewer will cooperate
with the successor Asset Representations Reviewer engaged by the Issuer in effecting the transition of the Asset Representations Reviewer’s obligations and rights under this Agreement. The predecessor Asset Representations Reviewer will pay the
reasonable expenses of the successor Asset Representations Reviewer in transitioning the Asset Representations Reviewer’s obligations under this Agreement and preparing the successor Asset Representations Reviewer to take on the obligations on
receipt of an invoice with reasonable detail of the expenses from the successor Asset Representations Reviewer. 
 Section 5.3.
Merger, Consolidation or Succession. Any Person (a) into which the Asset Representations Reviewer is merged or consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party,
(c) which acquires substantially all of the assets of the Asset Representations Reviewer, or (d) succeeding to the business of the Asset Representations Reviewer, which Person is an Eligible Asset Representations Reviewer, will be the
successor to the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuer and the Servicer an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement (unless the
assumption happens by operation of law). No such transaction will be deemed to release the Asset Representations Reviewer from its obligations under this Agreement. 

ARTICLE VI 
 OTHER AGREEMENTS 

Section 6.1. Independence of Asset Representations Reviewer. The Asset Representations Reviewer will be an independent contractor
and will not be subject to the supervision of the Issuer, the Indenture Trustee or the Owner Trustee for the manner in which it accomplishes the performance of its obligations under this Agreement. Unless expressly authorized by the Issuer and, with
respect to the Owner Trustee, the Owner Trustee, the Asset Representations Reviewer will have no authority to act for or represent the Issuer, the Indenture Trustee or the Owner Trustee and will not be considered an agent of the Issuer, the
Indenture Trustee or the Owner Trustee. Nothing in this Agreement will make the Asset Representations Reviewer and any of the Issuer, the Indenture Trustee or the Owner Trustee members of any partnership, joint venture or other separate entity or
impose any liability as such on any of them. 
 Section 6.2. No Petition. Each of the Servicer and the Asset Representations
Reviewer, by entering into this Agreement, and the Owner Trustee and the Indenture Trustee, by accepting the benefits of this Agreement, agrees that, before the date that is one year and one day (or, if longer, any applicable preference period)
after payment in full of (a) all securities issued by the Seller or by a trust for which the Seller was a Seller or (b) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, the Seller or
the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law. This Section 6.2 will survive the termination of this Agreement. 

Section 6.3. Limitation of Liability of Owner Trustee. 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 any beneficial owner of the Issuer have any liability for the representations, warranties,
covenants, agreements or other obligations of the Issuer under this Agreement or in any of the certificates, notices or agreements delivered under this Agreement. 

  
 15 

 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 termination of the Issuer. 

ARTICLE VII 
 MISCELLANEOUS
PROVISIONS 
 Section 7.1. Amendments. 

(a) The parties may amend this Agreement: 

(i) without the consent of the Noteholders, to clarify an ambiguity or to correct or supplement any term of this Agreement that
may be defective or inconsistent with the other terms of this Agreement or to provide for, or facilitate the acceptance of this Agreement by, a successor Asset Representations Reviewer; 

(ii) without the consent of the Noteholders, if the Servicer delivers an Officer’s Certificate to the Issuer, the Owner
Trustee and the Indenture Trustee stating that the amendment will not have a material adverse effect on the Notes; or 

(iii) with the consent of the Noteholders of a majority of the Note Balance of each Class of Notes materially and adversely
affected by the amendment (with each affected Class voting separately, except that all Noteholders of Class A Notes will vote together as a single class). 

(b) Notice of Amendments. The Servicer will give prior notice of any amendment to the Rating Agencies. Promptly after the execution of
an amendment, the Servicer will deliver a copy of the amendment to the Rating Agencies. 
 Section 7.2. Assignment; Benefit of
Agreement; Third Party Beneficiaries. 
 (a) Assignment. Except as stated in Section 5.3, this Agreement may not be assigned
by the Asset Representations Reviewer without the consent of the Issuer and the Servicer. 
 (b) Benefit of the Agreement; Third-Party
Beneficiaries. This Agreement is for the benefit of and will be binding on the parties to this Agreement and their permitted successors and assigns. The Owner Trustee and the Indenture Trustee (both in its individual capacity and in its capacity
as Indenture Trustee), for the benefit of the Noteholders, will be third-party beneficiaries of this Agreement entitled to enforce this Agreement against the Asset Representations Reviewer and the Servicer. No other Person will have any right or
obligation under this Agreement. 

  
 16 

 Section 7.3. Notices. 

(a) Delivery of Notices. All notices, requests, demands, consents, waivers or other communications to or from the parties to this
Agreement must be in writing and will be considered given: 
 (i) on delivery or, for a letter mailed by registered first
class mail, postage prepaid, three (3) days after deposit in the mail; 
 (ii) for a fax, when receipt is confirmed by
telephone, reply email or reply fax from the recipient; 
 (iii) for an email, when receipt is confirmed by telephone or
reply email from the recipient; and 
 (iv) for an electronic posting to a password-protected website to which the recipient
has access, on delivery (without the requirement of confirmation of receipt) of an email to that recipient stating that the electronic posting has occurred. 

(b) Notice Addresses. Any notice, request, demand, consent, waiver or other communication will be delivered or addressed as
follows:             or at any another address as the related party may designate by notice to the other parties hereto. 

Section 7.4. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND THIS AGREEMENT AND
ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT SHALL BE, GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL
OBLIGATIONS LAW). 
 Section 7.5. Submission to Jurisdiction. Each of the parties hereto hereby irrevocably and
unconditionally: 
 (a) submits for itself and, as applicable, its property, in any legal action relating to this Agreement, the Program
Documents or any other documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the
United States of America for the Southern District of New York and appellate courts from any thereof; 
 (b) consents that any such action
may be brought in such courts and waives any objection that it may now or hereafter have to the venue of such action in any such court or that such action was brought in an inconvenient court and agrees not to plead or claim the same; and 

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

  
 17 

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

Section 7.7. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. 
 Section 7.8. Headings. The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 

Section 7.9. Counterparts. This Agreement may be executed in multiple counterparts. Each counterpart will be an original, and all
counterparts will together be one document. 
 [Remainder of Page Left Blank] 

  
 18 

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

			
	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 20    -    
		
	By:	 	[OWNER TRUSTEE], not in its individual capacity but solely as Owner Trustee on behalf of the Trust.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	AMERICREDIT FINANCIAL SERVICE, INC.,
	Servicer
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	                    ,
	Asset Representations Reviewer
		
	By:	 	  

	Name:	 	
	Title:	 	

 Schedule A 

Representation 
 1.
Origination. The 20    -     Lease Agreement (a) was originated in the United States by the Titling Trust or a Dealer in the ordinary course of business and in accordance with GM Financial’s
underwriting guidelines for lease agreements, and, in the case of a 20    -     Lease Agreement originated by a Dealer, pursuant to a Dealer Agreement which allows for recourse to the Dealer in the event of
certain defects in the 20    -     Lease Agreement (but not for a default by the related Lessee), and [(b) was not originated under a master lease contract]. 

Documents 
 Lease File 

Procedures to be Performed 
  

	i.	Confirm the Lease Agreement lists the Titling Trust or an approved Dealer as the Lessor 

  

	ii.	If the Lessor is listed as a Dealer, confirm the Dealer name on the Lease Agreement matches the Dealer name on the Dealer Agreement 

  

	iii.	If the Lessor is listed as a Dealer, confirm the Dealer Agreement allows for recourse to the Dealer in the event of certain defects in the Lease Agreement 

 

	iv.	[Confirm the Lease Agreement was not originated under a master lease contract] 

  

	v.	If Steps (i) through (iv) are confirmed, then Test Pass 

  

	vi.	

  

  
 Schedule A -1 

 Representation 

2. Good Title. The Titling Trust has good title, or the Servicer has commenced procedures that will result in good title, to each
20    -     Lease Agreement and each 20    -     Leased Vehicle, free and clear of any Liens (other than the Liens in favor of the Collateral Agent granted in accordance
with the Credit and Security Agreement); and the Collateral Agent has a security interest in each 20    -     Lease Agreement and the related 20    -     Leased Vehicle
which was validly created and is a perfected, first priority security interest, and is noted as lienholder on the related Certificate of Title. 

Documents 
 Lease File 

Procedures to be Performed 
  

	i.	Confirm the Certificate of Title or Application for Certificate of Title lists the Titling Trust as the titleholder of the Leased Vehicle 

 

	ii.	Confirm the Vehicle Identification Number (VIN) listed on the title documents matches the VIN number on the Lease Agreement 

  

	iii.	Confirm there is no evidence of any lien that would take priority over the Collateral Agent’s security interest 

  

	iv.	Confirm the Collateral Agent is listed on the Title Documents as the first priority lienholder 

  

	v.	If Steps (i) through (v) are confirmed, then Test Pass 

  
 Schedule A -2 

 Representation 

3. Compliance with Law. Each 20    -     Lease Agreement complied in all material respects at
the time it was originated, and as of the date of the 20    -     Servicing Supplement will comply in all material respects, with all requirements of federal, State and local laws. 

Documents 
 Lease File 

Procedures to be Performed 
  

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

  

	 	a.	Name and address of Lessor 

  

	 	b.	Name and address of Lessee 

  

	 	c.	Vehicle Description 

  

	 	d.	Amount Due at Lease Signing 

  

	 	e.	Amount of Monthly Payment 

  

	 	f.	Number of Monthly Payments 

  

	 	g.	Other Charges 

  

	 	h.	Total of Payments 

  

	ii.	Confirm there is an itemization of the Amount Due at Lease Signing. 

  

	iii.	Confirm there is an itemization of the Monthly Payment 

  

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

  

	 	a.	Early Termination 

  

	 	b.	Excessive Wear 

  

	 	c.	Purchase Option 

  

	 	d.	Insurance Requirements 

  

	 	e.	Late Charges 

  

	v.	If Step (i) through (iv) are confirmed, then Test Pass 

  
 Schedule A -3 

 Representation 

4. Necessary Licenses and Approvals. All material consents, licenses, approvals or authorizations of, or registrations or declarations
with, any Governmental Authority required to be obtained, effected or given by the originator of such 20    -     Lease Agreement in connection with (a) the origination or acquisition of such
20    -     Lease Agreement, (b) the execution, delivery and performance of such 20    -     Lease Agreement by the Titling Trust, and (c) the acquisition of
such 20    -     Lease Agreement and the related 20    -     Leased Vehicle by the Titling Trust, were duly obtained, effected or given and were in full force and effect
as of such date of creation or acquisition. 
 Documents 

Lease File 
 Dealer Agreement 

Procedures to be Performed 
  

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

 

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

  

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

  
 Schedule A -4 

 Representation 

5. Binding Obligation. The 20    -     Lease Agreement and all related Lease Documents were
fully and properly executed by the parties thereto and such 20    -     Lease Agreement represents the legal, valid and binding full-recourse payment obligation of the related Lessee, enforceable against such
Lessee in accordance with its terms, except as enforceability is subject to or limited by bankruptcy, reorganization, insolvency, fraudulent conveyance, moratorium and other similar laws affecting the enforcement of creditors’ rights in general
or principles of equity (whether considered in a suit at law or in equity). 
 Documents 

Lease File 
 Procedures to be Performed 

 

	i.	Confirm the Lessee, Co-lessee and Lessor have signed the Lease Agreement 

  

	ii.	Confirm the Lease Agreement contains provisions allowing for the enforcement of the security interest in the Leased Vehicle 

  

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

  
 Schedule A -5 

 Representation 

6. No Defenses. The 20    -     Lease Agreement is not subject, to the best of the Seller’s
and Servicer’s knowledge, any right of rescission, cancellation, setoff, claim, counterclaim or any other defense (including defenses arising out of violations of usury laws) of the related Lessee to payment of the amounts due thereunder, and
no such right of rescission, cancellation, set-off, claim, counterclaim or any other defense (including defenses arising out of violations of usury laws) has been asserted or threatened. 

Documents 
 Lease File 

Procedures to be Performed 
  

	i.	Confirm there is no indication the Lease Agreement is subject to any right or threat of rescission, cancellation, setoff, claim, counterclaim or other defense 

 

	ii.	If confirmed, then Test Pass 

  
 Schedule A -6 

 Representation 

7. Satisfaction of Obligations. Each of GM Financial, the Titling Trust and, to the best of the Seller’s and Servicer’s
knowledge, the Dealer which originated the 20    -     Lease Agreement, if any, has satisfied all respective obligations required to be fulfilled on its part with respect to such
20    -     Lease Agreement and the related 20    -     Leased Vehicle. 

Documents 
 Lease File 

Procedures to be Performed 
  

	i.	Confirm the Lease Agreement contains a Truth in Lending statement 

  

	ii.	If confirmed, then Test Pass 

  
 Schedule A -7 

 Representation 

8. U.S. Dollars. The 20    -     Lease Agreement is payable solely in Dollars in the United
States. 
 Documents 
 Lease File 

Procedures to be Performed 
  

	i.	Confirm all dollar amounts within the Lease Agreement are denominated in US Dollars 

  

	ii.	If confirmed, then Test Pass 

  
 Schedule A -8 

 Representation 

9. No Government Obligors. The related Lessee is a Person other than GM Financial, any Affiliate or employee thereof or a Governmental
Authority and at the time of origination of the 20    -     Lease Agreement, based on information provided by the Lessee, the Lessee is located in and has a billing address within the United States. 

Documents 
 Lease File 

Procedures to be Performed 
  

	i.	Confirm the Lessee is not GM Financial 

  

	ii.	Confirm the Lessee is not a Governmental Authority as of the origination of the Lease Agreement 

  

	iii.	Confirm the Lease Agreement reports the Lessee’s billing address within the United States 

  

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

  
 Schedule A -9 

 Representation 

10. No Bankrupt Lessees. The related Lessee has not been identified on the records of GM Financial as being the subject of a current
bankruptcy proceeding. 
 Documents 
 Data Tape

 Procedures to be Performed 
  

	i.	Review the data tape and confirm the Lessee is not involved in active bankruptcy proceeding as of the Cutoff Date 

  

	ii.	If confirmed, then Test Pass 

  
 Schedule A -10 

 Representation 

11. Insurance. The 20    -     Lease Agreement requires the Lessee thereunder to maintain
(a) physical damage and liability insurance covering the related 20    -     Leased Vehicle, and (b) insurance against loss and damage due to fire, theft, transportation, collision and other risks
generally covered by comprehensive and collision coverage. 
 Documents 

Lease File 
 Procedures to be Performed 

 

	i.	Confirm the Lease Agreement contains language requiring the Lessee to maintain physical damage and liability insurance on the vehicle 

 

	ii.	Confirm the Lease Agreement contains language requiring the Lessee to obtain insurance against loss and damage due to fire, theft, transportation, collision and other risks generally covered by comprehensive and
collision coverage 

  

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

  
 Schedule A -11 

 Representation 

12. Security Interest in Financed Vehicle. The related 20    -     Leased
Vehicle is titled in the name of a Titling Trust Permissible Name and the Collateral Agent is listed as the recorded lienholder or recorded holder of a security interest in such 20    -     Leased
Vehicle, or the Servicer has commenced procedures that will result in such 20    -     Leased Vehicle being titled in the name of a Titling Trust Permissible Name and the Collateral Agent being listed as
recorded lienholder or recorded holder of a security interest in such 20    -     Leased Vehicle. 
 Documents

 Lease File 
 Procedures to be Performed

  

	i.	Confirm the Certificate of Title or Application for Certificate of Title lists the Titling Trust as the titleholder of the Leased Vehicle 

 

	ii.	Confirm the Vehicle Identification Number (VIN) listed on the title documents matches the VIN number on the Lease Agreement 

  

	iii.	Confirm the Collateral Agent is listed on the Title Documents as the first priority lienholder 

  

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

  
 Schedule A -12 

 Representation 

13. Simple Interest. The 20    -     Lease Agreement is a [closed-end] lease that provides for
equal monthly payments by the Lessee, which scheduled payments, if made when due, fully amortize the net capitalized cost of such 20    -     Lease Agreement to the Booked Residual Value by the end of the
Lease Term, based on the related APR. 
 Documents 

Lease File 
 Procedures to be Performed 

 

	i.	Confirm the monthly payment reported on the Lease Agreement are level 

  

	ii.	Confirm the product of the number of payments and the amount of the payments fully amortizes the net capitalized cost 

  

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

  
 Schedule A -13 

 Representation 

14. Lawful Assignment. The 20    -     Lease Agreement is fully assignable by the lessor and
does not require the consent of the related Lessee or any other Person as a condition to any transfer, sale, assignment or granting of a security interest of the rights thereunder to or by the Titling Trust. 

Documents 
 Lease File 

Procedures to be Performed 
  

	i.	Confirm the Lease Agreement contains disclosures that grant the lessor the ability to fully assign its interests without the consent of the related Lessee or any other Person 

 

	ii.	If confirmed, then Test Pass 

  
 Schedule A -14 

 Representation 

15. No Material Amendments or Modifications. The 20    -     Lease Agreement has not been
modified in any way except in accordance with the Customary Servicing Practices. 
 Documents 

Data Tape 
 Procedures to be Performed 

 

	i.	Confirm the Lease Agreement has not been modified in any way except in accordance with the Customary Servicing Practices 

  

	ii.	If confirmed, then Test Pass 

  
 Schedule A -15 

 Representation 

16. No Default. The 20    -     Lease Agreement is not a Liquidated Lease, a Defaulted Lease or
a Delinquent Lease and, except as permitted in this paragraph, to the best of the Seller’s and Servicer’s knowledge, no default, breach, violation or event permitting acceleration under its terms has occurred; and to the best of the
Seller’s and Servicer’s knowledge, no continuing condition that with notice or the lapse of time would constitute a default, breach, violation or event permitting acceleration under its terms has arisen; and GM Financial has not waived,
and shall not waive, any of the foregoing. 
 Documents 

Data Tape 
 Procedures to be Performed 

 

	i.	Confirm the Lease is active as of the Cutoff Date 

  

	ii.	Confirm the Lease is not delinquent as of the Cutoff Date 

  

	iii.	Confirm there is no evidence of a breach, violation or event permitting acceleration of the terms of the Lease Agreement 

  

	iv.	Confirm there is no continuing conditions that has arisen that would lead to a default, breach, violation or even permitting acceleration under the Lease terms 

 

	v.	If (i) through (iv) are confirmed, then Test Pass 

  
 Schedule A -16 

 Representation 

17. Vehicle. The related 20    -     Leased Vehicle is a car, light truck or utility vehicle
[manufactured by General Motors Company or an Affiliate thereof]. 
 Documents 

Lease File 
 Procedures to be Performed 

 

	i.	Confirm the Vehicle is a car, light truck or utility vehicle 

  

	ii.	[Confirm the Vehicle was manufactured by General Motors Company or an Affiliate] 

  

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

  
 Schedule A -17 

 Representation 

18. Chattel Paper. The 20    -     Lease Agreement constitutes “tangible chattel
paper” or “electronic chattel paper” within the meaning of the UCC. 
 Documents 

Lease File 
 Procedures to be Performed 

 

	i.	Confirm there is a signature under the appropriate lessee, co-lessee and lessor signature lines within the Lease Agreement 

  

	ii.	Confirm the Lease Agreement reports an monetary obligation greater than zero 

  

	iii.	Confirm the Title Documents report the Collateral Agent has a security interest in the Lease Agreement 

  

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

  
 Schedule A -18 

 Representation 

19. Leases in Force. The 20    -     Lease Agreement is in full force and effect and, to the
best of the Seller’s and Servicer’s knowledge, has not been satisfied, subordinated, rescinded, cancelled or terminated. 
 Documents

 Lease File 
 Procedures to be Performed

  

	i.	Confirm there is no evidence within the Lease File that the Lease has been subordinated or rescinded 

  

	ii.	Confirm there is no evidence within the Lease File that the Lease has been satisfied prior to the Cut-Off Date 

  

	iii.	If Steps (i) through (ii) are confirmed, then Test Pass 

  
 Schedule A -19 

 Representation 

20. Schedule of Leases. The 20    -     Lease Agreement has been identified in the Schedule of
20    -     Lease Agreements and 20    -     Leased Vehicles and such Schedule of 20    -     Lease Agreements and
20    -     Leased Vehicles is accurate in all material respects and the 20    -     Lease Agreement has not been allocated to any other Designated Pool. 

Documents 
 Data Tape 

Procedures to be Performed 
  

	i.	Confirm the Lease number reported in the Data Tape matches the Lease number reported in the Schedule of 20    -     Lease Agreements and
20    -     Leased Vehicles 

  

	ii.	If confirmed, Test Pass 

  
 Schedule A -20 

 Representation 

21. Maturity Date. At origination the Maturity Date with respect to the 20    -     Lease
Agreement was not less than         (    ) months or more than         (    ) months after the date of origination. 

Documents 
 Lease File 

Procedures to be Performed 
  

	i.	Confirm the Lease Agreement reports the lease term to be between         (    ) and         (    )
months 

  

	ii.	If confirmed, then Test Pass 

  
 Schedule A -21 

 Representation 

22. Securitization Value. As of the 20    -     Cutoff Date, each
20    -     Lease Agreement had a Securitization Value not less than $         and no more than $        . 

Documents 
 Lease File 

Procedures to be Performed 
  

	i.	Confirm the Lease Agreement reports the Securitization value of not less than $         and not more than $        . 

 

	ii.	If confirmed, then Test Pass 

  
 Schedule A -22 

 Representation 

23. One Original. With respect to any 20    -     Lease Agreement that constitutes
“electronic chattel paper” under the UCC, (a) a single electronically authenticated authoritative copy (within the meaning of the UCC) of the 20    -     Lease Agreement is continuously
maintained by the Servicer, and (b) the Servicer is able (1) to transfer the electronically authenticated authoritative copy of the related 20    -     Lease Agreement to a separate electronic vault
at the related econtracting facilitator that is controlled by the applicable Successor Servicer or to an electronic vault at the applicable successor Servicer, or (2) to export the electronically authenticated authoritative copy from the
electronic vault and deliver a physical copy of the exported 20    -     Lease Agreement to the successor Servicer. 

Documents 
 Lease File 

E-Vault 
 Procedures to be Performed 

 

	i.	If the Lease Agreement constitutes “electronic chattel paper”, confirm it is an electronically authenticated authoritative copy and 

 

	ii.	Confirm the authoritative copy of the Lease Agreement was signed by all parties 

  

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

  
 Schedule A -23Exhibit 4.72

 

STOCK OPTION AGREEMENT

 

This STOCK OPTION AGREEMENT
(the “Agreement”) is made as of September 11, 2014 (the “Execution Date”),
by and between Prime Acquisition Corp., a Cayman Islands exempted company (the “Company”), and Michela
Del Molino (the “Optionee”).

 

W I T N E S S E T H:

 

In consideration of the
premises and mutual covenants contained herein and for other good and valuable consideration, the receipt, validity and sufficiency
of which is hereby acknowledged, the parties agree as follows:

 

1.Grant of Option.
Subject to the terms and conditions of this Agreement, the Company confirms that it granted to the Optionee the right (the “Option”)
to purchase all or any part of an aggregate of 3,500 (three thousand and five hundred) ordinary shares of the Company, par value
$0.001 per share (“Common Stock”).

 

2.Vesting Schedule.
This Option shall vest based on activities and/or services performed, as set out in Addendum A.

 

3.Exercise Price.
The price of each share of Common Stock purchased pursuant to this Option shall be U.S. $1.80.

 

4.Exercise of
Option. The Optionee may exercise the Option, in whole or in part, with respect to any whole number of vested shares of Common
Stock subject to the Option. The Optionee shall exercise the Option by giving the Company written notice, in a form prescribed
by the Company. Such notice shall specify the number of shares of Common Stock to be purchased and shall be accompanied by payment,
in U.S. dollars, in cash, by wire transfer of immediately available funds, or by certified check or by official bank check, of
an amount equal to the Option exercise price per share of Common Stock, multiplied by the number of shares of Common Stock as to
which the Option is being exercised; provided, however, that (i) [this Option may be exercised on a cashless basis, in whole or
in part, in accordance with the Cashless Exercise Formula (as defined below), and (ii) the purchase price may be paid by the delivery
of funds equal to the purchase price by a broker, in accordance with Regulation T promulgated by the Board of Governors of the
Federal Reserve System or as otherwise may be permissible by law. The board of directors of the Company (the “Board”)
may impose from time to time such limitations as it deems appropriate on the exercise of the Option.

 

For purposes of this
Agreement, the term “Cashless Exercise Formula” means:

N’= (N x (P - E))
/ P

where:

N’ =the adjusted
number of shares of Common Stock issuable upon cashless exercise of the Option.

N =the current number
of shares of Common Stock issuable upon exercise of the Option.

E =the Exercise Price
on the date of cashless exercise of the Option.

P =the average reported
last sales price of the Common Stock for the last 10 trading days ending on the third business day prior to the date on which notice
of cashless exercise is given.

 

    	1

     

    

 

5.Delivery of
Common Stock Certificate. Subject to Section 6, as soon as practicable after receipt of the notice and payment referred to
in Section 4 above, the Company shall deliver to the Optionee (or, in the case of a broker financed exercise described in Section
4, to the broker) a certificate or certificates for such shares of Common Stock purchased pursuant to the Option; provided, however,
that the time of such delivery may be postponed by the Company for such period of time as the Company may require for compliance
with any law, rule or regulation applicable to the issuance or transfer of shares of Common Stock.

 

6.Payment of Taxes.
Prior to or concurrently with delivery by the Company to the Optionee of a certificate or certificate(s) representing such shares
of Common Stock, the Optionee shall, if required by the IRS, upon notification of the amount due, promptly pay or cause to be paid,
in cash, any amount necessary to satisfy any tax requirements (or otherwise satisfy such requirements in a manner satisfactory
to the Company).

 

7.Termination
of Option. This Option and all rights of the Optionee to purchase shares of Common Stock hereunder shall terminate on September
15, 2019 (the “Expiration Date”) unless terminated earlier in accordance with the terms hereof.

 

8.Notice.
All notices, request, demands, waivers and communications required or permitted to be given hereunder shall be in writing and shall
be delivered in person or mailed, certified or registered mail with postage prepaid, or sent by facsimile, as follows:

 

To Company:

Prime Acquisition Corp.

No. 322, Zhongshan East Road,

Shijiazhuang, Hebei Province, 050011

People’s Republic of China

Attn: Chief Executive Officer

To Optionee:

Michela Del Molino

Via Gianoli 5,

23100 Sondrio,

Italy

m.delmolino@magfin.net

c/o tel.: +39.02.72.73.34.00

c/o fax: +39.02.72.73.34.01 

 

or to such other address or to the attention of such other person
as the recipient party shall have specified by prior written notice to the sending party. In the case of mailing, all such notices,
requests, demands, waivers and communications shall be deemed to have been received on the third business day after the date of
the mailing. In the case of facsimile after 5:00 P.M. local time at the place of delivery or on a day that is not a business day,
all such notices, requests, demands, waivers and communications shall be deemed to have been received on the next business day.

 

    	2

     

    

 

9.Certain Adjustments.

 

(a)In the event
that the Company or the division, subsidiary or other affiliated entity for which the Optionee performs services is sold (including
a stock or an asset sale), spun off, merged, consolidated, reorganized or liquidated, the Board may determine that (i) the Option
shall be assumed, or a substantially equivalent Option shall be substituted, by an acquiring or succeeding entity (or an affiliate
thereof) on such terms as the Board determines to be appropriate; (ii) upon written notice to the Optionee, provide that the Option
shall terminate immediately prior to the consummation of the transaction unless exercised by the Optionee within a specified period
following the date of the notice (such period of time to be no less than 20 days); (iii) in the event of a sale or similar transaction
under the terms of which holders of Common Stock receive a payment for each share of Common Stock surrendered in the transaction
(the “Sales Price”), make or provide for a payment to each Optionee equal to the amount by which (A)
the Sales Price times the number of shares of Common Stock subject to the Option (to the extent such Option is then exercisable)
exceeds (B) the aggregate exercise price for all such shares of Common Stock; or (iv) may make such other equitable adjustments
as the Board deems appropriate.

 

(b)In the event
of any stock dividend or split, recapitalization, combination, exchange or similar change affecting the Common Stock, the Board
shall make any or all of the following adjustments as it deems appropriate to equitably reflect such event: (i) adjust the
option price to be paid for any or all shares subject to this Agreement, (ii) adjust the number of shares of Common Stock
(or such other security as is designated by the Board) subject to this Agreement and (iii) make any other equitable adjustments
or take such other equitable action as the Board, in its discretion, shall deem appropriate.

 

(c)Any and all
adjustments or actions taken by the Board pursuant to this Section shall be conclusive and binding for all purposes.

 

10.No Restriction
on the Right of the Company to Effect Corporate Changes. The Option granted hereunder shall not affect in any way the right
or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or
other changes in the Company’s capital structure or its business, or any merger or consolidation of the Company, or any issue
of stock or of options, warrants or rights to purchase stock or of bonds, debentures, preferred or prior preference stocks whose
rights are superior to or affect the Common Stock or the rights of holders thereof or which are convertible into or exchangeable
for Common Stock, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or
business, or any other corporate act or proceeding, whether of a similar character or otherwise.

 

11.No Shareholder
Rights. The Optionee shall have no rights as a shareholder of the Company with respect to shares of Common Stock subject to
the Option until payment for such shares shall have been made in full and until the date of the issuance of share certificates
for such shares of Common Stock.

 

12.Nontransferability.

 

(a)Except as provided
in paragraph (b) of this Section 12, or by will or the laws of descent and distribution, the Option is not transferable, and may
be exercised only by the Optionee. In the event of any attempt by the Optionee to transfer, assign, pledge, hypothecate or otherwise
dispose of the Option or of any right hereunder, except as provided for herein, or in the event of the levy of any attachment,
execution or similar process upon the rights or interest hereby conferred, the Company may terminate the Option by notice to the
Optionee and it shall thereupon become null and void.

 

    	3

     

    

 

(b)Notwithstanding
paragraph (a), the Optionee may transfer the Option, by gift or a domestic relations order, to a family member of the Optionee.

 

(c)Notwithstanding
paragraphs (a) or (b), the Optionee may transfer the Option with the express, prior written consent of the Company, which consent
may be withheld for any reason or for no reason.

 

13.Representations
By and Covenants of Optionee.

 

The following representations,
warranties and covenants by Optionee are made as of the date of this Agreement and, unless stated otherwise herein, are also made
as of each date of exercise of this Agreement.

 

(a)If applicable,
the Optionee understands and consents to the placement of a legend on any certificate or other document evidencing the Shares stating
that they have not been registered under the Securities Act and setting forth or referring to the restrictions on transferability
and sale thereof.

 

(b)Optionee hereby
represents that the address of Optionee furnished by him on the signature page of this Agreement is accurate and that said address
is the Optionee’s principal residence. Optionee understands that the Company is relying on the accuracy of this representation
for purposes of its compliance with United States federal securities laws and state “blue sky” laws.

 

(c)This Agreement
has been duly executed and delivered by the Optionee and constitutes the legal, valid and binding obligation of the Optionee, enforceable
in accordance with its terms.

 

14.NSO. It
is intended that this Option shall be a non-qualified stock option and shall not constitute an incentive stock option for purposes
of Section 422 of the Internal Revenue Code of 1986, as amended.

 

15.Compliance
with Law; Registration of Shares.

 

(a)The Option grant
provided hereunder shall be subject to all applicable laws, rules, and regulations of any applicable jurisdiction or authority
or agency thereof and to such approvals by any regulatory or governmental authority or agency or securities exchange which, in
the opinion of Company’s counsel, may be required or appropriate.

 

(b)Notwithstanding
any other provision of this Agreement, the Company shall not be required to issue or deliver any certificate or certificates for
shares of Common Stock under this Agreement prior to fulfillment of all of the following conditions:

 

(i)Effectiveness
of any registration or other qualification of such shares of the Company under any law or regulation of any applicable jurisdiction,
authority or agency that the Board, in its absolute discretion or upon the advice of counsel, deems necessary or advisable; and

 

(ii)Grant
of any other consent, approval or permit from any applicable jurisdiction or authority or agency thereof or securities exchange
which the Board shall, in its absolute discretion or upon the advice of counsel, deem necessary or advisable.

 

    	4

     

    

 

The Company shall use
all reasonable efforts to obtain any consent, approval or permit described above.

 

16.Headings.
The headings of sections and subsections herein are included solely for convenience of reference and shall not affect the meaning
of any of the provisions of this Agreement.

 

17.Severability.
In the event that any one or more provisions of this Agreement, or any action taken pursuant to this Agreement, should, for any
reason, be unenforceable or invalid in any respect under the laws of the United States, any state of the United States or any other
jurisdiction, such unenforceability or invalidity shall not affect any other provision of this Agreement, but in such particular
jurisdiction and instance this Agreement shall be construed as if such unenforceable or invalid provision had not been contained
therein or if the action in question had not been taken thereunder.

 

18.Board Determinations.
In the event that any question or controversy shall arise with respect to the nature, scope or extent of any one or more rights
conferred by the Option, or any provision of this Agreement, the good faith determination by the Board of the rights of the Optionee
shall be conclusive, final and binding upon the Optionee and upon any other person who shall assert any right pursuant to this
Option.

 

19.Governing Law.
This Agreement and all rights hereunder shall be construed in accordance with and governed by the internal laws of the State of
New York applicable to agreements made and to be performed within the State of New York, without giving effect to any choice-of-law
provisions thereof that would compel the application of the substantive laws of any other jurisdiction.

 

20.Jurisdiction;
Venue. The Optionee hereby agrees that any action, proceeding or claim against it arising out of, or relating in any way to
this Agreement shall be brought and enforced in the courts of the State of New York or of the United States of America for the
Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Optionee
hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or
summons to be served upon the Optionee may be served by transmitting a copy thereof by registered or certified mail, return receipt
requested, postage prepaid, addressed to it at the address set forth herein. Such mailing shall be deemed personal service and
shall be legal and binding upon the Optionee in any action, proceeding or claim. The Company and the Optionee agree that the prevailing
party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees
and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor.

 

21.Amendment.
This Agreement may not be changed or modified except by an instrument in writing signed by both of the parties hereto.

 

22.Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, all of which together
will constitute one and the same instrument.

 

    	5

     

    

 

IN WITNESS WHEREOF, the
Company and the Optionee have executed this Agreement effective as of the date first written above.

 

	 	 PRIME ACQUISITION CORP. 

 

 

By: /s/ Diana Liu                                       

Name: DIANA LIU

Title: CHAIRMAN

 

 

 

OPTIONEE:

 

/s/ Michela Del Molino                           

Michela Del Molino

 

Address:

Via Gianoli 5,

23100 Sondrio, Italy

Email: m.delmolino@magfin.net

 

 

 

 

 

    	6

     

    

 

ADDENDUM A

VESTING SCHEDULE

 

 

The Stock Option granted in the Stock Option Agreement shall
vest based on the following formula:

 

6.25% of the Stock Option granted shall vest every three months
from the date of the grant;

 

Vesting shall stop when the Optionee ceases her position with
the Company.

 

 

 

 

 

 

 

 

 

 

 

    	7

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