Document:

EX-10.5

 Exhibit 10.5 

ASSET REPRESENTATIONS REVIEW AGREEMENT 

among 
 GM FINANCIAL AUTOMOBILE
LEASING TRUST 2022-3, 
 as Issuer 

GM FINANCIAL, 
 as Servicer 

and 
 CLAYTON FIXED INCOME
SERVICES LLC, 
 as Asset Representations Reviewer 

Dated as of July 5, 2022 

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

 SCHEDULES 
  

			
	Schedule A	  	Representations and Warranties and Procedures to be Performed

  
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 ASSET REPRESENTATIONS REVIEW AGREEMENT dated as of July 5, 2022 (this
“Agreement”), among GM FINANCIAL AUTOMOBILE LEASING TRUST 2022-3, a Delaware statutory trust (the “Issuer”), AMERICREDIT FINANCIAL SERVICES, INC., a Delaware corporation
(“GM Financial”), in its capacity as Servicer (the “Servicer”) and CLAYTON FIXED INCOME SERVICES LLC, a Delaware limited liability company, as Asset Representations Reviewer (the “Asset Representations
Reviewer”). 
 WHEREAS, in the regular course of its business, GM Financial 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 GM Financial, GM Financial sold an exchange note backed by the 2022-3 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 2022-3 Exchange Note Assets for compliance with the representations and warranties made by GM Financial about
such 2022-3 Exchange Note Assets in the 2022-3 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 Appendix 1 of the 2022-3 Exchange Note Supplement, dated as of July 5, 2022, to the Second Amended and Restated Credit and Security Agreement, dated as of January 24, 2018, both
by and between ACAR Leasing Ltd., as borrower, GM Financial, as lender and servicer, Computershare Trust Company, N.A., as successor in interest to Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent, and
Wells Fargo, 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, any 2022-3
Exchange Note Asset that is not a Defaulted Lease or a Liquidated Lease and which the related lessee fails to make at least the lesser of (i) 90% of a Monthly Payment or (ii) all but $25 of the Monthly Payment in either case by the related
Payment Due Date and, as of the last day of the Collection Period prior to the date the related Asset Review Notice was delivered, remained unpaid for 60 days or more from the Payment Due Date. 

“Asset Review Report” means, with respect to any Asset Review, the report of the Asset Representations Reviewer prepared in
accordance with Section 3.5. 
 “Clayton” means Clayton Fixed Income Services LLC. 

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

“Eligible Asset Representations Reviewer” means a Person that (a) is not an Affiliate of GM Financial, the Seller, the
Servicer, the 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 GM Financial or any Underwriter to perform any due diligence on the Lease Assets prior to
the 2022-3 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). 

  
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 ARTICLE II 

ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER 

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

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. 
 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”). 

  
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 (b) Asset Review Period. The Asset Representations Reviewer will complete the Asset
Review of all of the Asset Review Receivables within sixty (60) days of receiving access to the Asset Review Materials under Section 3.3(a). However, if additional Asset Review Materials are provided to the Asset Representations Reviewer
in accordance with Section 3.3(b), the Asset Review period will be extended for an additional thirty (30) days. 
 (c)
Completion of Asset Review for Certain Asset Review Receivables. Following the delivery of the list of the Asset Review Receivables and before the delivery of the Asset Review Report by the Asset Representations Reviewer, the Servicer may
notify the Asset Representations Reviewer if an Asset Review Receivable is paid in full by the related Obligor or purchased from the Issuer by GM Financial, the Seller or the Servicer according to the 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. 

  
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 Section 3.6. Asset Review Representatives. 

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

(c) Questions About Asset Review. The Asset Representations Reviewer will make appropriate personnel available to respond in writing to
written questions or requests for clarification of any Asset Review Report from the 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 2022-3 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 2022-3 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; 

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

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

(v) to take any action or cause any other party to take any action under any of the Program Documents or otherwise to enforce
any remedies against any Person for breaches of representations or warranties about the Asset Review Receivables. 
 (vi) to
determine the reason for the delinquency of any Asset Review Receivable, the creditworthiness of any Obligor, the overall quality of any Asset Review Receivable or the compliance by the Servicer with its covenants with respect to the servicing of
such Asset Review Receivable; or 
 (vii) to establish cause, materiality or recourse for any failed Test as described in
Section 3.4. 
 (b) Testing Procedure Limitations. The Asset Representations Reviewer will only be required to perform the
testing procedures listed under “Procedures to be Performed” in Schedule A, and will have no obligation to perform additional procedures on any Asset Review Receivable or to provide any information other than an Asset Review Report
indicating for each Asset Review Receivable whether there was a Test Pass or a Test Fail for each Test, or whether the Asset Review Receivable was a Test Complete and the related reason. However, the Asset Representations Reviewer may provide
additional information about any Asset Review Receivable that it determines in good faith to be material to the Asset Review. 
 ARTICLE IV

 ASSET REPRESENTATIONS REVIEWER 

Section 4.1. Representations and Warranties. 

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

  
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 (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 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. Upon (i) the discovery by the Asset Representations Reviewer, the Issuer or the Servicer or (ii) the
receipt of written notice by or actual knowledge of a Responsible Officer of the Owner Trustee or the Indenture Trustee, of a material breach of any of the representations and warranties in Section 4.1(a), the party discovering such breach will
give prompt notice to the other parties. 
 Section 4.2. Covenants. The Asset Representations Reviewer covenants and agrees
that: 
 (a) Eligibility. It will notify the Issuer and the Servicer promptly if it is not, or on the occurrence of any action that
would result in it not being, an Eligible Asset Representations Reviewer. 

  
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 (b) Review Systems. It will maintain business process management and/or other systems
necessary to ensure that it can perform each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will ensure that these systems allow for each Asset Review Receivable and the related
Asset Review Materials to be individually tracked and stored as contemplated by this Agreement. 
 (c) Personnel. It will maintain
adequate staff that is properly trained to conduct Asset Reviews as required by this Agreement. The Asset Representations Reviewer, at its discretion, may utilize the services of third parties, affiliates, and agents (“Agents”) to provide
any Asset Review under this Agreement; provided, however, that the Asset Representations Reviewer has entered into confidentiality agreements with such Agents (or such Agents are otherwise bound by confidentiality obligations) the provisions of
which are no less protective than those set forth in this Agreement. Any such Agent must be approved by Servicer prior to engaging in any Asset Review under this Agreement. The Asset Representations Reviewer shall be responsible to Servicer for the
Asset Reviews provided by its Agents to the same extent as if provided by the Asset Representations Reviewer under this Agreement. Servicer agrees to look solely to the Asset Representations Reviewer and not to any Agent for satisfaction of any
claims the Servicer may have arising out of this Agreement or due to the performance or non-performance of Services. 

(d) Changes to Personnel. It will promptly notify Servicer in the event that it undergoes significant management or staffing changes
which would negatively impact its ability to fulfill its obligations under this Agreement. 
 (e) Maintenance of Asset Review
Materials. It will maintain copies of any Asset Review Materials, Asset Review Reports and other documents relating to an Asset Review, including internal correspondence and work papers, for a period of two years after the termination of this
Agreement. 
 Section 4.3. Fees and Expenses. 

(a) Annual Fee. The Issuer will, or will cause the Servicer to, pay the Asset Representations Reviewer, as compensation for agreeing to
act as the Asset Representations Reviewer under this Agreement, an annual fee in the amount of $5,000. The annual fee will be paid on the 2022-3 Closing Date and on each anniversary of the 2022-3 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 $250 for each Asset Review Receivable for which the
Asset Review was started (the “Asset Review Fee”). However, no Asset Review Fee will be charged for any Asset Review Receivable which was included in a prior Asset Review or for which no Tests were completed prior to the Asset
Representations Reviewer being notified of a termination of the Asset Review according to Section 3.4(e). If the detailed invoice is submitted on or before the first day of a month, the Asset Review Fee will be paid by the Issuer

  
 8 

 
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. 
 (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. 

  
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 (b) Indemnification of Asset Representations Reviewer. The Issuer will, or will cause
the Servicer to, indemnify the Asset Representations Reviewer and its officers, directors, employees and agents, for all costs, expenses, losses, damages and liabilities resulting from the performance of its obligations under this Agreement
(including the costs and expenses of defending itself against any loss, damage or liability), but excluding any cost, expense, loss, damage or liability resulting from (i) the Asset Representations Reviewer’s willful misconduct, bad faith
or negligence or (ii) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement. The Issuer acknowledges and agrees that its obligation to indemnify the Asset Representations Reviewer in
accordance with this Agreement shall survive termination of this Agreement. To the extent that such indemnities owed to the Asset Representations Reviewer were not previously paid by the Servicer or any other party, upon receipt of a detailed
invoice, the Asset Representations Reviewer shall be entitled to payment by the Servicer of such incurred but otherwise unpaid indemnities. 

Section 4.6. Right to Audit. During the term of this Agreement and not more than once per year (unless circumstances warrant
additional audits as described below), Servicer may audit the Asset Representations Reviewer’s policies, procedures and records that relate to the performance of the Asset Representation Reviewer under this Agreement to ensure compliance with
this Agreement upon at least 10 business days’ notice. Notwithstanding the foregoing, the parties agree that Servicer may conduct an audit at any time, in the event of (i) audits required by Servicer’s governmental or regulatory
authorities, (ii) investigations of claims of misappropriation, fraud, or business irregularities of a potentially criminal nature, or (iii) Servicer reasonably believes that an audit is necessary to address a material operational problem
or issue that poses a threat to Servicer’s business. 
 Section 4.7. Delegation of Obligations. Subject to the terms of
Section 4.2(c) of this Agreement, the Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person without the consent of the Issuer and the Servicer. 

Section 4.8. Confidential Information. 

(a) Definitions. 

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

  
 10 

 (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. 

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.

  
 11 

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

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

(f) Exceptions. Confidential Information shall not include, and this Agreement imposes no obligations with respect to, information
that: 
 (i) is or becomes part of the public domain other than by disclosure by a Party or its Agents in violation of this
Agreement; 
 (ii) was disclosed to a Party prior to the Effective Date without a duty of confidentiality; 

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

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

  
 12 

 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. 
 (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. 

  
 13 

 (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. 
 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, (B) there is no reasonable action that it could take to make the performance of its obligations under this Agreement permitted under applicable law and (C) it ceases to be an Eligible Asset Representations
Reviewer; 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. 

  
 14 

 (b) Removal of Asset Representations Reviewer. The Issuer may remove the Asset
Representations Reviewer and terminate all of its rights and obligations (other than as provided in Section 4.6) 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 resignation or removal of the Asset Representations Reviewer will become effective until a successor Asset Representations Reviewer is in place. The predecessor Asset Representations Reviewer will
continue to perform its obligations under this agreement until a successor asset Representations Reviewer is in place. 
 Section 5.2.
Engagement of Successor. 
 (a) Successor Asset Representations Reviewer. Following the resignation or removal of the Asset
Representations Reviewer under Section 5.1, the Issuer will engage as the successor Asset Representations Reviewer a Person that is an Eligible Asset Representations Reviewer. The successor Asset Representations Reviewer will accept its
engagement or appointment by executing and delivering to the Issuer and the Servicer an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement or entering into a new Asset Representations Review Agreement with
the Issuer that is on substantially the same terms as this Agreement. 
 (b) Transition and Expenses. The predecessor Asset
Representations Reviewer will cooperate with the successor Asset Representations Reviewer engaged by the Issuer in effecting the transition of the Asset Representations Reviewer’s obligations and rights under this Agreement. The predecessor
Asset Representations Reviewer will pay the reasonable expenses of the successor Asset Representations Reviewer in transitioning the Asset Representations Reviewer’s obligations under this Agreement and preparing the successor Asset
Representations Reviewer to take on the obligations on receipt of an invoice with reasonable detail of the expenses from the successor Asset Representations Reviewer. 

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

  
 15 

 ARTICLE VI 

OTHER AGREEMENTS 

Section 6.1. Independence of Asset Representations Reviewer. The Asset Representations Reviewer will be an independent contractor
and will not be subject to the supervision of the Issuer, the 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. It is expressly understood and agreed by the parties hereto that
(i) this Agreement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, (ii) each of the
representations, covenants, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose of
binding only the issuer, (iii) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein, all such
liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (iv) Wilmington Trust Company has made no investigation as to the accuracy or completeness of any
representations or warranties made by the Issuer in this Agreement and (v) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or
failure of any obligations, duty (including fiduciary duty, if any), representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other related documents. 

Section 6.4. Termination of Agreement. This Agreement will terminate, except for the obligations under Section 4.6, 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. 

  
 16 

 ARTICLE VII 

MISCELLANEOUS PROVISIONS 

Section 7.1. Amendments. 

(a) The parties may amend this Agreement: 

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

(ii) without the consent of the Noteholders, if the Servicer delivers an Officer’s Certificate to the Issuer, the Owner
Trustee, the Collateral Agent 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. 
 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; 

  
 17 

 (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:
via electronic mail to ARRNotices@clayton.com, and to Clayton Fixed Income Services LLC, 2638 South Falkenburg Road, Riverview, Florida 33578, Attn: SVP, with a copy to Covius Services, LLC, 720 S. Colorado Blvd., Suite 200, Glendale, CO 80246,
Attn: Legal Department, 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. 

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. 

  
 18 

 Section 7.8. Headings. The headings of the various Articles and Sections herein
are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 
 Section 7.9.
Counterparts and Consent to Do Business Electronically. This Agreement may be executed in multiple counterparts, each of which shall be deemed to be an original, but together they shall constitute one and the same instrument. Facsimile and
..pdf signatures shall be deemed valid and binding to the same extent as the original and the parties affirmatively consent to the use thereof, with no such consent having been withdrawn. Each party agrees that this Agreement and any documents to be
delivered in connection with this Agreement may be executed by means of an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act,
and/or any other relevant electronic signatures law, in each case to the extent applicable. Any electronic signatures appearing on this Agreement and such other documents are the same as handwritten signatures for the purposes of validity,
enforceability, and admissibility. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any electronic signature or faxed, scanned, or photocopied manual signature of any other party and shall
have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. 
 [Remainder of Page Intentionally Left
Blank] 

  
 19 

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

	
	GM FINANCIAL AUTOMOBILE LEASING TRUST
2022-3
	
	 By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee

on behalf of the Trust.

	
	By:                                     
                                         
  
	Name:
	Title:
	
	 AMERICREDIT FINANCIAL SERVICES, INC.
 d/b/a GM
FINANCIAL, as Servicer

	
	By:                                     
                                         
  
	Name:
	Title:
	
	 CLAYTON FIXED INCOME SERVICES LLC,
 as Asset
Representations Reviewer

	
	By:                                     
                                         
  
	Name:
	Title:

 [Signature Page to Asset Representations Review Agreement] 

 Schedule A 

Representation 
 1.
Origination. The 2022-3 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 2022-3 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 2022-3 Lease Agreement (but not for a default by the related Lessee), and (b) was not originated under a master lease contract. 

Documents 
 Lease Documents 

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 

 

  
 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 2022-3 Lease Agreement and each 2022-3 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 2022-3 Lease Agreement and the related 2022-3 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 Documents 
 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 (iv) are confirmed, then Test Pass 

  
 Schedule A-2 

 Representation 

3. Compliance with Law. Each 2022-3 Lease Agreement complied in all material respects at the
time it was originated, and as of the date of the 2022-3 Servicing Supplement will comply in all material respects, with all requirements of federal, State and local laws. 

Documents 
 Lease Documents 

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 Steps (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 2022-3 Lease Agreement in connection with (a) the origination or acquisition of such 2022-3 Lease Agreement, (b) the execution, delivery and performance of such 2022-3 Lease Agreement by the Titling Trust, and (c) the acquisition of such 2022-3 Lease Agreement and the related 2022-3 Leased Vehicle by the Titling Trust, were duly obtained, effected or given and were in full force and effect as of such date of
origination or acquisition. 
 Documents 
 Lease
Documents 
 Dealer Agreement 
 Procedures to be
Performed 
  

	i.	 If the Lease Agreement was originated by GM Financial, review the Lease Documents 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 Steps (i) and (ii) are confirmed, then Test Pass 

  
 Schedule A-4 

 Representation 

5. Binding Obligation. The 2022-3 Lease Agreement and all related Lease Documents were fully and
properly executed by the parties thereto and such 2022-3 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 Documents 
 Procedures to be Performed 

 

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

  

	ii.	 If confirmed, then Test Pass 

  
 Schedule A-5 

 Representation 

6. No Defenses. The 2022-3 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 Documents 

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 2022-3 Lease Agreement, if any, has satisfied all respective obligations required to be fulfilled on its part with respect to such
2022-3 Lease Agreement and the related 2022-3 Leased Vehicle. 

Documents 
 Lease Documents 

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 2022-3 Lease Agreement is payable solely in Dollars in the United States.

 Documents 
 Lease Documents 

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 2022-3 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 Documents 

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

  
 Schedule A-9 

 Representation 

10. No Bankrupt Lessees. As of the Cutoff Date, 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 2022-3 Lease Agreement requires the Lessee thereunder to maintain
(a) physical damage and liability insurance covering the related 2022-3 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 Documents 
 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 Steps (i) and (ii) are confirmed, then Test Pass 

  
 Schedule A-11 

 Representation 

12. Security Interest in Leased Vehicle. The related 2022-3 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 2022-3 Leased Vehicle, or the Servicer has commenced
procedures that will result in such 2022-3 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 2022-3 Leased Vehicle. 
 Documents 

Lease Documents 
 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 2022-3 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
2022-3 Lease Agreement to the Booked Residual Value by the end of the Lease Term, based on the related APR. 

Documents 
 Lease Documents 

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 2022-3 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 Documents 

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 2022-3 Lease Agreement has not been modified in
any way except in accordance with the Customary Servicing Practices. 
 Documents 

Lease Documents 
 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. As of the Cutoff Date, the 2022-3 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 Steps (i) through (iv) are confirmed, then Test Pass 

  
 Schedule A-16 

 Representation 

17. Vehicle. The related 2022-3 Leased Vehicle is a car, light truck or utility vehicle
manufactured by General Motors Company or an Affiliate thereof. 
 Documents 

Lease Documents 
 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 Steps (i) and (ii) are confirmed, then Test Pass 

  
 Schedule A-17 

 Representation 

18. Chattel Paper. The 2022-3 Lease Agreement constitutes “tangible chattel paper” or
“electronic chattel paper” within the meaning of the UCC. 
 Documents 

Lease Documents 
 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 2022-3 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 Documents 
 Procedures to be Performed 

 

	i.	 Confirm there is no evidence within the Lease Documents that the Lease has been subordinated, rescinded,
cancelled or terminated 

  

	ii.	 Confirm there is no evidence within the Lease Documents that the Lease has been satisfied prior to the Cutoff
Date 

  

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

  
 Schedule A-19 

 Representation 

20. Schedule of Leases. The 2022-3 Lease Agreement has been identified in the Schedule of 2022-3 Lease Agreements and 2022-3 Leased Vehicles and such Schedule of 2022-3 Lease Agreements and
2022-3 Leased Vehicles is accurate in all material respects and the 2022-3 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 2022-3 Lease Agreements and 2022-3 Leased Vehicles 

  

	ii.	 If confirmed, then Test Pass 

  
 Schedule A-20 

 Representation 

21. Maturity Date. At origination the Maturity Date with respect to the 2022-3 Lease Agreement
was not less than twelve (12) months or more than sixty (60) months after the date of origination. 
 Documents 

Lease Documents 
 Procedures to be Performed 

 

	i.	 Confirm the Lease Agreement reports the lease term within the allowable range 

 

	ii.	 If confirmed, then Test Pass 

  
 Schedule A-21 

 Representation 

22. Securitization Value. As of the 2022-3 Cutoff Date, each
2022-3 Lease Agreement had a Securitization Value not less than $5,000.000 and no more than $150,000.00. 

Documents 
 Lease Documents 

Procedures to be Performed 
  

	i.	 Confirm the Lease Agreement reports the Securitization value within the allowable range. 

 

	ii.	 If confirmed, then Test Pass 

  
 Schedule A-22 

 Representation 

23. One Original. With respect to any 2022-3 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 2022-3 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 2022-3 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 2022-3 Lease Agreement to the successor Servicer. 
 Documents 

Lease Documents 
 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 Steps (i) and (ii) are confirmed, then Test Pass 

  
 Schedule A-23Document

Exhibit 4.1

NEITHER THIS SECURITY NOR THE COMMON STOCK INTO WHICH THIS SECURITY IS CONVERTIBLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH REGULATION S, PURSUANT TO A REGISTRATION UNDER THE ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. IN ADDITION, NO HEDGING TRANSACTION MAY BE CONDUCTED WITH RESPECT TO THESE SECURITIES UNLESS SUCH TRANSACTION IS IN COMPLIANCE WITH THE ACT. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.
FOR PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “IRC”), THIS NOTE IS BEING ISSUED WITH AN ORIGINAL ISSUE DISCOUNT. THE COMPANY AGREES TO PROVIDE PROMPTLY TO THE INVESTOR, UPON WRITTEN REQUEST, THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO MATURITY. ANY SUCH WRITTEN REQUEST SHOULD BE MADE PURSUANT TO SECTION 5(G) OF THIS NOTE.
XOS, INC.
CONVERTIBLE PROMISSORY NOTE 
$20,000,000    August 11, 2022
FOR VALUE RECEIVED, Xos, Inc., a Delaware corporation (the “Company”), promises to pay to Aljomaih Automotive Co. or its registered assigns (“Investor”), in lawful money of the United States of America the principal sum of $20,000,000 together with such amount that has accrued as principal pursuant to Section 1(a) hereof or such lesser amount as shall equal the outstanding principal amount hereof, together with interest from the date of this Convertible Promissory Note (this “Note”), which shall accrue as set forth in Section 1(a) hereof. All unpaid principal, together with any then unpaid and accrued interest and other amounts payable hereunder, shall be due and payable on August 11, 2025 (the “Maturity Date”). This Note is one of the “Notes” issued pursuant to the Purchase Agreement.
The following is a statement of the rights of Investor and the conditions to which this Note is subject, and to which Investor, by the acceptance of this Note, agrees:
1.Payments.
(a)Interest in Shares. The principal amount of this Note outstanding shall accrue interest from the date of this Note at a rate of 10.0% per annum (computed on the basis of a year of 365 days for the actual number of days elapsed). Subject to the Authorized Share Cap, the Company shall pay interest in validly issued, fully paid and non-assessable shares of Common Stock, calculated based on the 10-day VWAP ending on the Trading Day immediately prior to the applicable payment date (the “Interest Shares”). Accrued interest on this Note shall be due and payable upon the Maturity Date unless earlier converted or paid.
(b)Optional Prepayment. Notwithstanding anything to the contrary contained in this Note, at any time on or after August 11, 2024, or as otherwise agreed to between the Company and the Investor in writing, the Company shall have the right, exercisable on not less than five Trading Days prior written notice to the Investor, to prepay the outstanding Note (principal and accrued and unpaid interest), in full or in part, and without penalty, in accordance with this Section 1(b) (the “Optional Prepayment”). Any notice of prepayment hereunder (an “Optional Prepayment Notice”) shall be delivered in writing to the Investor and state: (i) that the Company is exercising its right to prepay the Note, and (ii) the date of prepayment, which shall be not less than five Trading Days from the date of the Optional Prepayment Notice. On the date fixed for 

prepayment (the “Optional Prepayment Date”), the Company shall make payment of the Optional Prepayment Amount to the Investor, or upon the direction of the Investor as specified by the Investor in a writing to the Company (which direction shall be sent to the Company by the Investor at least two Business Days prior to the Optional Prepayment Date). If the Company exercises its right to prepay the Note, the Company shall make payment to the Investor of (x) an amount in cash equal to the then outstanding principal amount of this Note plus (y) subject to the Authorized Share Cap, the number of Interest Shares corresponding to the accrued and unpaid interest on the unpaid principal amount of this Note to, but excluding, the Optional Prepayment Date (the “Optional Prepayment Amount”). 
(c)Elective Conversion Upon a Change of Control. In the event of a Change of Control that occurs prior to any repayment pursuant to Section 1 or Section 2 or conversion pursuant to Section 3 hereof, Investor may elect by written notice to the Company within ten Business Days of the receipt of notice of such Change of Control to convert the entire outstanding principal amount of this Note and, subject to the Authorized Share Cap, pay accrued and unpaid interest on this Note in Interest Shares pursuant to Section 3(b). On or before the later to occur of (i) the thirtieth calendar day prior to the anticipated effective date of a Change of Control and (ii) the date the Company first learns of the anticipated effective date of a Change of Control, the Company shall send to the Investor a written notice of such Change of Control.
2.Events of Default. During the continuance of an Event of Default, and in addition to any other rights or remedies that the Investor may have under applicable law or the provisions of this Note, the Majority Investors may elect by written notice to the Company and holders of the Notes, to either: (i) convert this Note into shares of Common Stock or (ii) declare this Note to be, and upon such declaration this Note shall be and become, immediately due and payable in (x) an amount in cash equal to the then outstanding principal amount of this Note plus (y) subject to the Authorized Share Cap, the number of Interest Shares corresponding to the accrued and unpaid interest on the unpaid principal amount of this Note. Notwithstanding the foregoing, upon the occurrence of any Event of Default described in Section 2(f) or Section 2(g), immediately and without notice, 100% of the principal of, and accrued and unpaid interest, if any, on, this Note shall automatically be immediately due and payable, without presentment, demand, protest or any other notice of any kind or any other action required on the part of the Investor, all of which are hereby expressly waived, anything contained herein or in the other Note Documents to the contrary notwithstanding, in addition to any other rights or remedies that the Investor may have under applicable law or the provisions of this Note. The occurrence of any of the following shall constitute an “Event of Default” under this Note and the other Note Documents:
(a)Failure to Pay. The Company shall fail to pay (i) any principal of this Note when due and payable on the Maturity Date, upon Optional Prepayment, upon any required repurchase, upon declaration of acceleration or otherwise; or (ii) interest on any Note or any other amounts when due and payable, and the default continues for a period of ten Business Days after receipt by the Company of written notice from Investor; 
(b)Breach of Covenants. The Company shall fail to observe or perform any other covenant or obligation contained in this Note or the Purchase Agreement (other than those specified in Section 2(a)), in each case that has not been cured or that is incurable within 30 calendar days of receipt by the Company of written notice by the Investor;
(c)Representations and Warranties. Any representation or warranty made by the Company in the Purchase Agreement shall not have been true and correct in all material respects when made, or with respect to any representation and warranty that contains a materiality qualifier, shall not have been true and correct in all such respects when made, where the same would have a Material Adverse Effect (as defined in the Purchase Agreement);
(d)Conversion. The Company shall fail to comply with its obligation to convert this Note and deliver the applicable Conversion Consideration in accordance with the provisions herein upon exercise of the Investor’s conversion right and such failure continues for five Business Days;
2

(e)Other Payment Obligations. A default shall exist under any mortgages, agreements or other instruments under which there is outstanding, or by which there is secured or evidenced, any Indebtedness (as defined in the Purchase Agreement) for money borrowed of at least $15,000,000 (or its foreign currency equivalent on the date of such default) in the aggregate of the Company and any of its Signifiant Subsidiaries, where such default results in such indebtedness becoming or being declared due and payable before its stated maturity and such acceleration shall not have been rescinded or annulled or such default shall not have been cured or waived, or such indebtedness is not paid or discharged, as the case may be, within 30 calendar days after written notice to the Company by at least 25% in aggregate principal amount of Notes issued pursuant to the Purchase Agreement then outstanding; 
(f)Voluntary Bankruptcy or Insolvency Proceedings. The Company shall (i) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property, (ii) admit in writing its inability to pay its debts generally as they mature, (iii) make a general assignment for the benefit of its or any of its creditors, (iv) be dissolved, liquidated or wound up, or adopt any plan of liquidation to the effect the foregoing, (v) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding commenced against it, or (vi) take any action for the purpose of effecting any of the foregoing; or
(g)Involuntary Bankruptcy or Insolvency Proceedings. Proceedings for the appointment of a receiver, trustee, liquidator or custodian of the Company, or of all or a substantial part of the property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization or other relief with respect to the Company or the debts thereof under any bankruptcy, insolvency or other similar law now or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within 45 days of commencement.
3.Conversion.
(a)Optional Conversion. On or after November 9, 2022, the Investor may elect at any time while any principal amount of this Note is outstanding, to convert the outstanding principal amount of this Note by providing written notice of such election to the Company. 
(b)Conversion upon a Change of Control. If a Change of Control occurs prior to any repayment pursuant to Section 1 or Section 2 or conversion pursuant to Section 3(a), then, upon the Investor’s election in accordance with Section 1(c), (i) any portion of the outstanding principal amount of this Note shall convert, immediately prior to such Change of Control, into that number of shares of Common Stock equal to the quotient obtained by dividing (x) such outstanding principal amount as of immediately prior to such Change of Control by (y) the Conversion Price and (ii) subject to the Authorized Share Cap, the number of Interest Shares corresponding to the accrued and unpaid interest on the unpaid principal amount of this Note to, but excluding, the date of such Change of Control.
(c)Settlement upon Conversion. Upon any conversion of this Note, the Company will settle such conversion by paying or delivering, as applicable and as provided in this Section 3(c), either (x) shares of Common Stock, rounded down to the nearest whole share (a “Physical Settlement”); (y) solely cash as provided in Section 3(d)(i)(2) (a “Cash Settlement”); or (z) a combination of cash and shares of Common Stock, rounded down to the nearest whole share (a “Combination Settlement”). The Company will have the right to elect the Settlement Method applicable to any conversion of this Note; provided, however, that: (i) subject to clause (ii) below, the Company will send notice of such Settlement Method to the Investor no later than the fifth Business Day immediately after such Conversion Date; (ii) if all or any portion of this Note is called for Optional Prepayment, then the Company will specify, in the related Optional Prepayment Notice sent pursuant to Section 1(b), the Settlement Method that will apply to all conversions of this Note with a Conversion Date that occurs on or after the related date of 
3

Optional Prepayment Notice and before the related Optional Prepayment Date; (iii) the Company will use the same Settlement Method for all conversions of Notes with the same Conversion Date; and (iv) if the Company does not timely elect a Settlement Method with respect to the conversion of this Note, then the Company will be deemed to have elected the Default Settlement Method (and, for the avoidance of doubt, the failure to timely make such election will not constitute an Event of Default).
The Company will have the right, in its sole discretion and exercisable at its election by sending notice of such exercise to the Investors, to irrevocably fix the Settlement Method that will apply to all conversions of Notes with a Conversion Date that occurs on or after the date such notice is sent to Investors; provided that (x) the Settlement Method so elected must be a Settlement Method that the Company is then permitted to elect; (y) no such irrevocable election will affect any Settlement Method theretofore elected (or deemed to be elected); and (z) the Default Settlement Method will automatically be deemed to be set to the Settlement Method so fixed. Such notice, if sent, must set forth the applicable Settlement Method and expressly state that the election is irrevocable and applicable to all conversions of Notes with a Conversion Date that occurs on or after the date such notice is sent to Investors. For the avoidance of doubt, such an irrevocable election, if made, will be effective without the need to amend this Note.
(d)Conversion Consideration. 
(i)Generally. Subject to Section 3(d)(ii), the type and amount of consideration (the “Conversion Consideration”) due in respect of this Note upon conversion will be as follows:
(1)if Physical Settlement applies to such conversion, a number of shares of Common Stock equal to: (x) the outstanding principal amount being converted divided by (y) the Conversion Price;
(2)if Cash Settlement applies to such conversion, cash in an amount equal to: (I) (x) the outstanding principal amount being converted multiplied by (y) the 10-day VWAP ending on the Trading Day immediately prior to the applicable Conversion Date, divided by (II) the Conversion Price; or
(3)if Combination Settlement applies to such conversion, consideration consisting of: (a) a number of shares of Common Stock equal to: (I) the outstanding principal amount being converted into shares of Common Stock divided by (II) the Conversion Price; and (b) cash in an amount equal to: (I) (x) the remaining outstanding principal amount being converted multiplied by (y) the 10-day VWAP ending on the Trading Day immediately prior to the applicable Conversion Date, divided by (II) the Conversion Price; and
in the case of each of the foregoing clauses (1) through (3), subject to the Authorized Share Cap, the number of Interest Shares corresponding to the accrued and unpaid interest on the unpaid principal amount of this Note to, but excluding, the Conversion Date.
(ii)Fractional Shares. If Physical Settlement or Combination Settlement applies to the conversion of this Note and the number of shares of Common Stock deliverable pursuant to Section 3(d)(i) upon such conversion is not a whole number, then such number will be rounded down to the nearest whole number.
(e)Delivery of the Conversion Consideration. Except as set forth in this Section 3, the Company will pay or deliver, as applicable, the Conversion Consideration due upon the conversion of any Note to the Investor on or before the tenth Business Day immediately after the Conversion Date; provided, however, that, with respect to any Conversion Date occurring during a Change of Control Period, the Company will settle any such conversion concurrent with the closing of the Change of Control and the Conversion Date will instead be deemed to be the 
4

effective date of the closing of such Change of Control immediately prior to the effectiveness thereof.
(f)Deemed Payment of Principal and Interest; Settlement of Accrued Interest Notwithstanding Conversion. If the Investor converts this Note, the Company’s delivery of the Conversion Consideration due in respect of such conversion will be deemed to fully satisfy and discharge the Company’s obligation to pay the principal of, and accrued and unpaid interest, if any, on, such Note to, but excluding the Conversion Date. 
(g)Effect of Converting a Note. At the Close of Business on the Conversion Date for any conversion of this Note, this Note (or such portion thereof) will (unless there occurs a Default in the delivery of the Conversion Consideration or interest due upon such conversion) be deemed to cease to be outstanding (and, for the avoidance of doubt, no Person will be deemed to be a holder of such Note (or such portion thereof) as of the Close of Business on such Conversion Date).
(h)Holder of Record of Conversion Shares. The Person in whose name any share of Common Stock is issuable upon conversion of any Note will be deemed to become the holder of record of such share as of the Close of Business on the Conversion Date for such conversion.
(i)Delivery of Original Note. If this Note is to be converted pursuant to this Section 3, Investor agrees to deliver the original of this Note (or a notice to the effect that the original Note has been lost, stolen or destroyed and an agreement acceptable to the Company whereby the Investor agrees to indemnify the Company from any loss incurred by it in connection with this Note) immediately following the applicable Conversion Date for cancellation. 
(j)Limitations on Conversion and Interest Shares. 
(i)Notwithstanding anything herein or any other Note Document to the contrary, the Company shall not effect the conversion of any portion of this Note and/or deliver Interest Shares, and the Investor shall not have the right to convert any portion of this Note or receive Interest Shares, in each case, pursuant to the terms and conditions of this Note and any such conversion or payment of Interest Shares shall be null and void and treated as if never made to the extent that after giving effect to such conversion or payment of Interest Shares, the Investor together with the other Attribution Parties collectively would beneficially own in excess of 19.99% (the “Maximum Percentage”) of the shares of Common Stock outstanding immediately after giving effect to such conversion.
(ii)Notwithstanding anything herein or any other Note Document to the contrary, prior to Nasdaq Stockholder Approval, the number of Interest Shares deliverable upon any interest payments hereunder will be subject to, and shall not exceed, the Authorized Share Cap.
4.Definitions. As used in this Note, the following capitalized terms have the following meanings: 
“10-day VWAP” means the average of the Daily VWAP for the 10 Trading Days ending on the Trading Day immediately prior to the applicable date.
“Affiliate” has the meaning set forth in Rule 144 under the Securities Act as in effect on the Initial Closing Date.
“Attribution Parties” means, collectively, the following Persons and entities: (i) any investment vehicle, including, any funds, feeder funds or managed accounts, currently, or from time to time after the Initial Closing Date, directly or indirectly managed or advised by the Investor’s investment manager or any of its Affiliates or principals, (ii) any direct or indirect Affiliates of the Investor or any of the foregoing, (iii) any Person acting or who could be deemed to be acting as a group (as that term is used 
5

in Section 13(d) of the Exchange Act and as defined in Rule 13d-5 thereunder) together with the Investor or any of the foregoing and (iv) any other Persons whose beneficial ownership of the Company’s Common Stock would or could be aggregated with the Investor’s and the other Attribution Parties for purposes of Section 13(d) of the Exchange Act. For clarity, the purpose of the foregoing is to subject collectively the Investor and all other Attribution Parties to the Maximum Percentage.
“Authorized Share Cap” means, as of any time prior to the receipt of Nasdaq Stockholder Approval, 33,199,327 shares of Common Stock, which amount shall be subject to the same adjustments as the Conversion Price. For the avoidance of doubt, after the receipt of Nasdaq Stockholder Approval the Authorized Share Cap shall no longer be applicable.
“Business Day” means any day other than a day on which federal or state banking institutions in the Borough of Manhattan, the City of New York are authorized or obligated by law, executive order or regulation to close.
“Change of Control” means (a) a sale, directly or indirectly, to a third party, in a transaction or series of transaction, of all or substantially all of the consolidated assets of the Company, whether effected by merger, consolidation or other business combination transaction, (b) a merger, sale of the equity securities of the Company, consolidation or other business combination transaction of the Company with or into another corporation, limited liability company or other entity pursuant to which stockholders of the Company prior to such sale, merger, consolidation or other capital reorganization or business combination transaction own less than 50% of the voting interests or beneficial interests in the Company or surviving or resulting entity, or (c) the consummation of any transaction, including any merger or consolidation, the result of which is that any “person” or group becomes the owner of directly or indirectly, of more than 50% of the voting interests or beneficial interests in the Company. 
“Change of Control Period” means the period from, and including, the date the Company delivers written notice pursuant to Section 1(c) to the Investor of a Change of Control to, but excluding, the effective date of such Change of Control.
“Close of Business” means 5:00 p.m., New York City time.
“Common Stock” means the Company’s common stock, par value $0.0001 per share.
“Conversion Date” means any date the Investor has sent a notice to the Company, electing to convert all or any portion of this Note, pursuant to Section 1(c), Section 2, Section 3(a) or Section 3(b).
“Conversion Price” means $2.3817 (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Common Stock). 
“Daily VWAP” means the per share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “XMTR <equity> AQR” (or its equivalent successor if such page is not available) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable, the market value of one share of the Common Stock on such Trading Day determined, using a volume-weighted average method, by a nationally recognized independent investment banking firm retained for this purpose by the Company). The “Daily VWAP” shall be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.
“Default” means any event that is (or, after notice, passage of time or both, would be) an Event of Default.
“Default Settlement Method” means Physical Settlement; provided, however, that the Company may, from time to time, change the Default Settlement Method, to any Settlement Method that 
6

the Company is then permitted to elect, by sending notice of the new Default Settlement Method to the Investor.
“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended.
“Initial Closing Date” means the Initial Closing Date as defined in the Purchase Agreement.
“Investor” means the Person specified in the introductory paragraph of this Note or any Person who shall at the time be the registered holder of this Note. 
“Investors” means the investors that have purchased Notes.
“Majority Investors” means the Majority Investors as defined in the Purchase Agreement.
“Nasdaq Stockholder Approval” means the receipt by the Company of requisite approval from its stockholders to issue more than 19.99% of its outstanding shares of Common Stock at an issue price below the “minimum price” in payment of interest and settlement of conversions of the Notes in accordance with Nasdaq Stock Market Rule 5635.
“Note Documents” means the Note Documents as defined in the Purchase Agreement. 
“Notes” means the convertible promissory notes issued by the Company pursuant to the Purchase Agreement.
“Person” means and include an individual, a partnership, a corporation (including a business trust), a joint stock company, a limited liability company, an unincorporated association, a joint venture or other entity or a governmental authority.
“Purchase Agreement” means the Note Purchase Agreement dated August 9, 2022 (as amended, modified or supplemented), by and among the Company and the Investors (as defined in the Purchase Agreement) party thereto.
“Registration Rights Agreement” means the Registration Rights Agreement, dated as of the date of the Purchase Agreement, among the Company and the Investors listed therein, as may be amended and/or restated from time to time.
“Securities Act” means the Securities Act of 1933, as amended.
“Settlement Method” means Cash Settlement, Physical Settlement or Combination Settlement. 
“Significant Subsidiary” of any Person means any Subsidiary of that Person that constitutes a “significant subsidiary” (as defined in Rule 1-02(w) of Regulation S-X under the Exchange Act) of that Person.
“Subsidiary” means, with respect to any Person, (A) any corporation, association or other business entity (other than a partnership or limited liability company) of which more than 50% of the total voting power of the capital stock entitled (without regard to the occurrence of any contingency, but after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees, as applicable, of such corporation, association or other business entity is owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person; and (B) any partnership or limited liability company where (i) more than 50% of the capital accounts, distribution rights, equity and voting interests, or of the general and limited partnership interests, as applicable, of such partnership or limited liability company are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person, 
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whether in the form of membership, general, special or limited partnership or limited liability company interests or otherwise; and (ii) such Person or any one or more of the other Subsidiaries of such Person is a controlling general partner of, or otherwise controls, such partnership or limited liability company.
“Trading Day” means a day on which the Nasdaq Stock Market is open for trading; provided that if the Common Stock (or such other security) is not so listed or traded, “Trading Day” means a Business Day.
5.Miscellaneous. 
(a)Successors and Assigns; Transfer of this Note or Securities Issuable on Conversion Hereof. 
(i)Subject to the restrictions on transfer described in this Section 5(a), Section 5(m)(v) and Section 3(j) of the Purchase Agreement, the rights and obligations of the Company and Investor shall be binding upon and benefit the registered successors, assigns, heirs, administrators and transferees of the parties.
(ii)Neither this Note nor any of the rights, interests or obligations hereunder may be assigned, by operation of law or otherwise, in whole or in part, by either (A) Investor without the prior written consent of the Company, or (B) the Company without the prior written consent of the Majority Investors.
(iii)The Company may not, directly or indirectly, (1) consolidate or merge with or into another entity or (2) sell, assign, transfer, convey or otherwise dispose of all or substantially all of its properties or assets, in one or more related transactions, to another person, unless the entity formed by or surviving any such consolidation or merger (if other than the Company) or the entity to which such sale, assignment, transfer, conveyance or other disposition shall have been made assumes all the obligations of the Company under the Note and related documents pursuant to agreements reasonably satisfactory to the Majority Investors provided that such entity shall not have any obligations under the Note after the Investor elects to convert the entire outstanding principal amount of this Note pursuant to Section 1(c) and the Company satisfies its obligations thereunder.
(b)Waiver and Amendment. Any provision of this Note may be amended, waived or modified upon the written consent of the Company and the Majority Investors; provided, however, that no such amendment, waiver or consent shall: (i) reduce the principal amount of this Note; (ii) reduce the rate of interest of this Note; or (iii) relate to that treatment of this Note in a Change of Control, without the written consent of Investor; and provided further that that any such amendment, waiver or modification shall apply equally to all Notes, and no waiver or modification that applies to one or more (but not all) Notes or one or more (but not all) holders of Notes different than to all Notes or holders of Notes shall become effective until approved by such differently affected holder or holders of Notes.
(c)Notices. All notices, requests, demands, consents, instructions or other communications required or permitted hereunder shall be provided in accordance with Section 8(g) of the Purchase Agreement.
(d)Pari Passu Notes. Investor acknowledges and agrees that the payment of all or any portion of the outstanding principal amount of this Note and all interest hereon shall be pari passu in right of payment and in all other respects to the other Notes. In the event Investor receives payments in excess of its pro rata share of the Company’s payments to the Investors of all of the Notes, then Investor shall hold in trust all such excess payments for the benefit of the holders of the other Notes and shall pay such amounts held in trust to such other holders upon demand by such holders.
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(e)Payment. Unless converted into the Company’s equity securities pursuant to the terms hereof, payment shall be made in lawful tender of the United States.
(f)Usury. In the event any interest is paid on this Note which is deemed to be in excess of the then legal maximum rate, then that portion of the interest payment representing an amount in excess of the then legal maximum rate shall be deemed a payment of principal and applied against the principal of this Note.
(g)Notices. All notices, requests, demands, consents, instructions or other communications required or permitted hereunder shall be in writing and mailed, electronically mailed or delivered to each party as follows: (i) if to an Investor, at the Investor’s address or electronic address set forth on the signature page hereto, or at such other address or electronic address as the Investor shall have furnished the Company in writing or (ii) if to the Company, at 3550 Tyburn Street, Los Angeles, California 90065, Attention: General Counsel, Email: [*] with a copy to 3550 Tyburn Street, Los Angeles, California 90065, Attention: Chief Financial Officer, Email: [*], or at such other address or electronic address as the Company shall have furnished to the Investors in writing, with a copy (which shall not constitute notice) to Cooley LLP, Cooley LLP, 3 Embarcadero Center, 20th Floor, San Francisco, California 94111, Attention: David Peinsipp and Rachel Proffitt, Email: [*] and [*]. All such notices and communications will be deemed effectively given the earlier of (i) when received, (ii) when delivered personally, (iii) when sent via electronic mail, upon confirmation of delivery when directed to the relevant electronic mail address, (iv) one Business Day after being deposited with an overnight courier service of recognized standing or (v) four Business Days after being deposited in the U.S. mail, first class with postage prepaid.
(h)Waivers. The Company hereby waives notice of default, presentment or demand for payment, protest or notice of nonpayment or dishonor and all other notices or demands relative to this instrument.
(i)Governing Law; Venue. Notwithstanding the place where this Note may be executed by any of the parties hereto, the parties expressly agree that (1) this Note shall be governed by and construed under the laws of the State of New York and (2) the venue for any action taken with respect to this Note shall be any state or federal court in New York County in the State of New York.
(j)Waiver of Jury Trial; Judicial Reference. By acceptance of this Note, Investor hereby agrees and the Company hereby agrees to waive their respective rights to a jury trial of any claim or cause of action based upon or arising out of this Note or any of the Note Documents. If the jury waiver set forth in this paragraph is not enforceable, then any claim or cause of action arising out of or relating to this Note, the Note Documents or any of the transactions contemplated therein shall be settled by judicial reference pursuant to Code of Civil Procedure Section 638 et seq. before a referee sitting without a jury, such referee to be mutually acceptable to the parties or, if no agreement is reached, by a referee appointed by a District Judge of the United States District Court for the Southern District of New York. This paragraph shall not restrict a party from exercising remedies under the Uniform Commercial Code or from exercising pre-judgment remedies under applicable law. All remedies, either under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative.
(k)Counterparts. This Note may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Note may also be executed and delivered by facsimile signature, PDF or any electronic signature complying with the U.S. federal ESIGN Act of 2000 (e.g., www.docusign.com).
(l)Currency. All currency amounts set forth in this Note are in U.S. Dollars.
(m)Taxes.
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(i)The Company shall deduct and withhold from payments due pursuant to this Note the amounts required to be deducted and withheld under applicable law; provided that, so long as Investor has provided a valid IRS Form W-9 or appropriate version of IRS Form W-8 in accordance with Section 5(m)(ii), the Company shall use its commercially reasonable efforts to (i) provide to the Investor, prior to the date the applicable payment is scheduled to be made, with written notice of its intent to deduct and withhold together with a calculation of the amount to be deducted and withheld and (ii) cooperate with the Investor to minimize or obtain an exemption from such deduction or withholding. Any amounts withheld shall be timely paid over the appropriate governmental authority in accordance with applicable law. To the extent that amounts are deducted and withheld from payments otherwise payable pursuant to this Note, such deducted and withheld amounts shall be treated for all purposes of this Note as having been paid to the person in respect of whom such deduction and withholding was made. If a payment is payable (in whole or in part) in consideration other than cash and if the cash portion of any such payment is insufficient to satisfy all required tax withholding obligations (or the payment consists entirely of non-cash consideration), the Company shall retain an amount of the non-cash consideration otherwise payable equal in value to the amount required to satisfy any applicable withholding taxes (as reasonably determined jointly by the Company and Investor). 
(ii)Any Investor (including for purposes of this Section 5(m)(ii) any successor, assign, participant or other transferee) that is entitled to an exemption from or reduction of withholding tax (including, without limitation, any withholding tax imposed under any of IRC Sections 1441 – 1446, IRC Sections 1471 – 1474, and/or IRC Sections 3401 – 3406) under the law of the United States, or an applicable treaty to which such jurisdiction is a party, with respect to payments under the Note or any other Note Document shall deliver to the Company, at the time or times prescribed by applicable law and at any times reasonably requested by the Company, such properly completed and executed documentation prescribed by applicable law or reasonably requested by the Company as will permit such payments to be made without withholding or at a reduced rate. In addition, any Investor, if reasonably requested by the Company, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Company as will enable the Company to determine whether or not such Investor is subject to backup withholding or information reporting requirements. Without limiting the generality of the foregoing, on or prior to the date of this Note and upon any future transfer or assignment in accordance with Section 5(a), 
(1)if Investor is a “United States Person” as defined in IRC Section 7701(a)(30), it shall deliver to the Company a duly executed United States Internal Revenue Service Form W-9; and
(2)if Investor is not such a United States Person (a “Foreign Investor”), such Foreign Investor shall deliver to the Company (i) a duly executed United States Internal Revenue Service Form W-8BEN or Form W-8BEN-E, as applicable, and (ii) if the Foreign Investor is eligible to claim exemption from United States federal withholding tax under IRC Section 871(h) or 881(c) with respect to payments of “portfolio interest,” a certificate in form and substance reasonably satisfactory to the Company representing that such Investor is not a bank for purposes of IRC Section 881(c), is not a 10-percent shareholder (within the meaning of IRC Section 871(h)(3)(B)) of the Company and is not a controlled foreign corporation related to the Company (within the meaning of IRC Section 864(d)(4))). To the extent a Foreign Investor is treated as a partnership for U.S. federal income tax purposes or is not the beneficial owner of interest or other amounts paid with respect to the Note, such Investor shall deliver to the Company a duly executed United States Internal Revenue Service Form W-8IMY, accompanied by applicable United States Internal Revenue Service Forms W-9, W-8BEN, W-8BEN-E and/or other certification documents from each beneficial owner (provided that if Investor is treated as a 
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partnership for U.S. federal income tax purposes, Investor shall provide a certificate on behalf of each direct and indirect partner representing that such direct and indirect partner is not a bank for purposes of IRC Section 881(c), is not a 10-percent shareholder (within the meaning of IRC Section 871(h)(3)(B)) of the Company and is not a controlled foreign corporation related to the Company (within the meaning of IRC Section 864(d)(4))). To the extent the forms and other documentation described in this Section 5(m)(ii)(2) (including, for the avoidance of doubt, the portfolio interest certificate specified in Section 5(m)(ii)(2)(ii)) are provided by Investor to the reasonable satisfaction of the Company, the Company agrees to treat all interest paid or payable pursuant to this Note as “portfolio interest” exempt from United States federal withholding tax under IRC Section 871(h) or 881(c) unless otherwise required due to a change in applicable law or by a tax authority in connection with an audit or other similar proceeding.
(iii)If a payment made to Investor in connection with this Note would be subject to U.S. federal withholding tax imposed by FATCA if Investor were to fail to comply with the applicable reporting requirements of FATCA (including those contained in IRC Section 1471(b) or 1472(b), as applicable), Investor shall deliver to Company at the time or times prescribed by law and at such time or times reasonably requested by the Company such documentation prescribed by applicable law (including as prescribed by IRC Section 1471(b)(3)(C)(i)) and such additional documentation reasonably requested by the Company as may be necessary for the Company to comply with its obligations under FATCA and to determine that Investor has complied with Investor’s obligations under FATCA or to determine the amount, if any, to deduct and withhold from payments to such Investor. “FATCA” means (a) IRC Sections 1471 through 1474, as of the date of this Note (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreement entered into pursuant to IRC Section 1471(b)(1), (b) any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating to an intergovernmental agreement between the United States and any other jurisdiction with the purpose (in either case) of facilitating the implementation of (a) above, and (c) any agreement pursuant to the implementation of paragraphs (a) or (b) above with the United States Internal Revenue Service, the United States government or any governmental or taxation authority in the United States.
(iv)Investor agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall deliver promptly to the Company updated or other appropriate documentation (including any new documentation reasonably requested by the Company).
(v)The Company shall establish and maintain a record of ownership (the “Register”) in which it agrees to register by book entry Investor’s and each subsequent assignee’s name and address and the principal amounts (and stated interest) of Investor’s and each subsequent assignee’s interest in the Note. Any Investor that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Company, maintain a register on which it enters the name and address of each participant and the principal amounts (and stated interest) of each participant’s interest in the participated Notes (the “Participant Register”); provided such Investor shall have no obligation to disclose all or any portion of the Participant Register (including the identity of any participant) to the Company except to the extent that such disclosure is necessary to establish that the Note is in registered form under Treasury Regulations Section 5f.103-1(c). The entries in the Register and the Participant Register shall be conclusive absent manifest error. This Section 5(m)(v) shall be construed so that the Note is at all times maintained in “registered form” within the meaning of IRC Sections 163(f), 871(h)(2) and 881(c)(2) and any related regulations (or any successor provisions of the IRC or such regulations).
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(vi)The Company and Investor agree to treat all amounts borrowed pursuant to this Note as debt for all U.S. federal and state income tax purposes, and, in accordance with Section 385(c) of the IRC, such characterization shall be binding upon Investor and the Company (along with their successors and assigns) and they shall prepare and file their U.S. federal and state tax returns and reports consistent with such treatment unless otherwise required due to a change in applicable law or by a tax authority in connection with an audit or other similar proceeding.
(n)Right of Setoff. The Company hereby grants to Investor a right of setoff for all the obligations of the Company under this Note and related documents to Investor, whether now existing or hereafter arising upon and against all deposits, credits and property, now or hereafter in the possession, custody, safekeeping or control of Investor or any entity under the control of Investor (including a subsidiary of Investor) or in transit to any of them, and other obligations owing to Investor or any such entity. At any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Investor may setoff the same or any part thereof and apply the same to any liability or obligations of the Company under this Note and related documents even though unmatured and regardless of the adequacy of any other collateral securing the obligations of the Company under this Note and related documents.
[remainder of page intentionally left blank]

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The parties have executed this Note as of the date first noted above.
COMPANY

XOS, INC.

By:     /s/ Kingsley Afemikhe
Name:    Kingsley Afemikhe
Title:    Chief Financial Officer

[Signature Page to Convertible Promissory Note]

The parties have executed this Note as of the date first noted above.
INVESTOR:

ALJOMAIH AUTOMOTIVE CO. 

By:    /s/ Ibrahim M. Aljomaih    
Name:    Ibrahim M. Aljomaih
Title:    Vice Chairman & Managing Director

Email:    [*]
cc:    [*]

Address for Notice:

Ibrahim M. Aljomaih 
Aljomaih Automotive Company
P.O. Box 224
King Khalid Street 
31471 Dammam
Kingdom of Saudi Arabia

with a copy (which shall not constitute notice) to:

Duane Morris LLP
201 S. Biscayne Boulevard, Suite 3400
Miami, Florida 33131
Attention: Robert Zinn and Jennifer Migliori
Email: [*] 
[Signature Page to Convertible Promissory Note]

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