Document:

Exhibit 10.5

  

  EXECUTION VERSION

    

   

  

  
     

    

     

    

    CUSTODIAN AGREEMENT

      

      

      

      among

      

      

      

      EXETER FINANCE LLC,

      as Custodian,

      

    

    

    

     

    

    EXETER FINANCE LLC,

      as Servicer,

      

    

    

    

     

    

    and

      

      

      

      CITIBANK, N.A.,

      as Indenture Trustee

      

      

      

      Dated as of October 24, 2021

     

    

    

     

    
      
        

    

    THIS CUSTODIAN AGREEMENT, dated as of October 24, 2021, is made with respect to the issuance of Notes and Certificates by Exeter Automobile Receivables Trust 2021-4
      (the “Issuer”), and is among EXETER FINANCE LLC, as custodian (in such capacity, the “Custodian”), EXETER FINANCE LLC, as servicer (in such capacity, the “Servicer”), and CITIBANK, N.A., a national banking association, as
      indenture trustee (in such capacity, the “Indenture Trustee”).  Capitalized terms used herein which are not defined herein shall have the meanings set forth in the Sale and Servicing Agreement (as hereinafter defined).

     

    W I T N E S S E T H:

     

    WHEREAS, Exeter Finance LLC (“Exeter”) and EFCAR, LLC (“EFCAR”) have entered into a Purchase Agreement dated as of October 24, 2021 (the “Purchase
        Agreement”), pursuant to which Exeter has sold, transferred and assigned to EFCAR all of Exeter’s right, title and interest in and to certain of the Receivables;

     

    WHEREAS, the Issuer, the Servicer, EFCAR, Exeter Holdings Trust 2021-4 (the “Holding Trust”) and the Indenture Trustee and Backup Servicer, have entered into a
      Sale and Servicing Agreement, dated as of October 24, 2021 (the “Sale and Servicing Agreement”), pursuant to which EFCAR has sold, transferred and assigned to the Issuer all of EFCAR’s right, title and interest in and to the Receivables;

     

    WHEREAS, the Issuer, the Holding Trust and the Indenture Trustee have entered into an Indenture dated as of October 24, 2021 (the “Indenture”), pursuant to
      which (a) the Issuer has pledged to the Indenture Trustee for the benefit of the Noteholders, all of the Issuer’s right, title and interest in and to the Holding Trust Certificate and (b) the Holding Trust has pledged to the Indenture Trustee for the
      benefit of the Noteholders, all of the Holding Trust’s right, title and interest in and to the Receivables; and

     

    WHEREAS, the Indenture Trustee wishes to hereby appoint the Custodian to hold the Receivable Files as the custodian on behalf of the Holding Trust and the Indenture
      Trustee;

     

    NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration the receipt and adequacy of which are hereby
      acknowledged, the parties agree as follows:

     

    1. Appointment of Custodian; Acknowledgement of Receipt.  Subject to the terms and conditions hereof, the Indenture Trustee hereby revocably appoints the Custodian, but shall not be responsible for the acts or omissions of
        the Custodian, and the Custodian hereby accepts such appointment, as custodian and bailee on behalf of the Holding Trust and the Indenture Trustee, to maintain exclusive custody of the Receivable Files relating to Receivables from time to time
        pledged to the Indenture Trustee as part of the Collateral.  In performing its duties hereunder, the Custodian agrees to act with reasonable care, using that degree of skill and attention that a commercial bank acting in the capacity of a custodian
        would exercise with respect to files relating to comparable automotive or other receivables that it services or holds for others (the “Standard of Care”).  The Custodian hereby, as of the Closing Date, acknowledges receipt of the Receivable
        File for each Receivable listed in the Schedule of Receivables attached as Schedule A to the Sale and Servicing Agreement subject to any exceptions noted on the Custodian’s Acknowledgement

     

    
      
        

    

    
    (as defined below).  As evidence of its acknowledgement of such receipt of such Receivables, the Custodian shall execute and deliver on the Closing Date the Custodian’s Acknowledgement
      attached hereto as Exhibit A (the “Custodian’s Acknowledgement”).

     

    2. Maintenance of Receivables Files at Office.  The Custodian agrees to maintain the Receivable Files at the offices of one or more of its agents or sub-custodians (each such agent or sub-custodian, an “Custodial Agent”)

        within the United States as shall from time to time be identified to the Indenture Trustee and the Custodian will hold the Receivable Files in such offices on behalf of the Holding Trust and the Indenture Trustee clearly identified on its records
        as being separate from any other instruments and files, including other instruments and files held by the Custodian and in compliance with Section 3(a) hereof.

     

    3. Duties of Custodian.

     

    (a) Safekeeping.  The Custodian shall hold the Receivable Files on behalf of the Indenture Trustee clearly identified on its records as being separate from all other instruments and files maintained by the Custodian at the
        same location and shall maintain such accurate and complete accounts, records and computer systems pertaining to each Receivable File as will enable the Indenture Trustee to comply with the terms and conditions of the Sale and Servicing Agreement. 
        Each Receivable shall be identified on the books and records of the Custodian in a manner that (i) is consistent with the practices of a commercial bank acting in the capacity of custodian with respect to similar receivables, (ii) indicates that
        such Receivables are held by the Custodian on behalf of the Indenture Trustee and (iii) is otherwise necessary, as reasonably determined by the Custodian, to comply with the terms of this Custodian Agreement.  The Custodian shall carry out such
        policies and procedures in accordance with its customary actions for third parties with respect to the handling and custody of the Receivable Files so that the integrity and physical possession of the Receivable Files will be maintained.  The
        Custodian shall promptly report to the Indenture Trustee and the Servicer any failure on its part to hold the Receivable Files and maintain its accounts, records and computer systems as herein provided and promptly take appropriate action to remedy
        any such failure.  Upon reasonable request of the Indenture Trustee, the Custodian shall make copies or other electronic file records (e.g. diskettes, CD’s, etc.) (the “Copies”) of the Receivable Files and shall deliver such Copies to the
        Indenture Trustee and the Indenture Trustee shall hold such Copies on behalf of the Noteholders.  The initial Servicer shall pay for all costs and expenses relating to the Copies.  Subject to Section 3(c) hereof, the Custodian shall, or shall cause
        any Custodial Agent to, at all times (i) maintain the original of the fully executed original retail installment sales contract or promissory note and (ii) maintain the original of the Lien Certificate or application therefore (if no such Lien
        Certificate has yet been issued), in each case relating to each Receivable in a fire resistant vault; provided, however, the Lien Certificate may be maintained electronically by the Registrar of Titles of the applicable state
        pursuant to applicable state laws, with confirmation thereof maintained by the Custodian or a third party service provider.

     

    (b) Access to Records.  The Custodian shall, subject to the Custodian’s security requirements applicable to its own employees having access to similar records held by the Custodian, which requirements shall be consistent with
        the practices of a commercial bank acting in the capacity of custodian with respect to similar files or records, and at such times as may be reasonably imposed by the Custodian, permit only the Noteholders and the Indenture Trustee or

     

    
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    their duly authorized representatives, attorneys or auditors to inspect, at the Servicer’s expense, the Receivable Files and the related accounts, records, and computer systems
      maintained by the Custodian pursuant hereto at such times as the Noteholders or the Indenture Trustee may reasonably request.

     

    (c) Release of Documents.  Consistent with the practices of a commercial bank acting in the capacity of custodian with respect to similar files or records, the Custodian may release any Receivable in the Receivable Files to
        the Servicer, if appropriate, under the circumstances provided in Section 3.3(b) of the Sale and Servicing Agreement and upon receipt from the Servicer of a written request for release of documents substantially in the form attached hereto as
        Exhibit B, provided, that, for so long as Exeter is the Servicer, no such written request for release of documents in the form attached hereto as Exhibit B will be required to be delivered.

     

    (d) Administration; Reports.  The Custodian shall assist the Indenture Trustee generally in the preparation of any routine reports to Noteholders or to regulatory bodies, if any, to the extent necessitated by the Custodian’s
        custody of the Receivable Files.

     

    (e) Review of Lien Certificates.  On or before the Closing Date, the Custodian shall deliver to the Indenture Trustee and the Servicer a listing in the form attached hereto as Schedule II of Exhibit A, of all Receivables with
        respect to which a Lien Certificate, showing Exeter as secured party, was not included in the related Receivable File as of such date.  In addition, the Custodian shall deliver to the Indenture Trustee and the Servicer an exception report in the
        form attached hereto as Schedule I of Exhibit A, (i) on the last Business Day of the calendar month during which the 90th day after the Closing Date occurred, (ii) on the last Business Day of the calendar month during which the 180th day after the
        Closing Date occurred (or such other number of days in respect of which the Rating Agency Condition shall have been satisfied) and (iii) on the last Business Day of the calendar month during which the 240th day after the Closing Date occurred (or
        such other number of days in respect of which the Rating Agency Condition shall have been satisfied).

     

    (f) Matters Relating to Electronic Chattel Paper.  The Custodian shall maintain, for the benefit of the Indenture Trustee, “control” (within the meaning of Section 9-105 of the applicable UCC) of the authoritative copy of
        each Contract that constitutes or evidences a Receivable which is electronic chattel paper.  The Custodian will confirm or cause to be confirmed that the authoritative copy of each Contract that constitutes or evidences a Receivable which is
        electronic chattel paper does not have any marks or notations indicating it has been pledged, assigned or otherwise conveyed to any Person other than the Custodian.  The Custodian will confirm or cause to be confirmed that each Receivable which is
        electronic chattel paper has been established in a manner such that (i) all copies or revisions that add or change an identified assignee of the authoritative copy of each Contract that constitutes or evidences the Receivable must be made with the
        participation of the Custodian on behalf of the Indenture Trustee and (ii) all revisions of the authoritative copy of each Contract that constitutes or evidences the Receivables must be readily identifiable as an authorized or unauthorized
        revision.  Upon any appointment of a successor Servicer under the Sale and Servicing Agreement, the Custodian shall take all necessary action to transfer all of its control of any Receivables consisting of electronic chattel paper to a designated
        agent of the Indenture Trustee on behalf of the Noteholders, or as the Indenture Trustee may direct the Custodian (including the transfer of such electronic chattel paper to a separate

     

    
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    electronic vault at an electronic contracting facilitator controlled by the Indenture Trustee or to a separate electronic vault at the Indenture Trustee or export of the electronic
      chattel paper from the applicable electronic vault and delivery of physical copies of exported Contracts to the Indenture Trustee), and the Indenture Trustee, or its agent, as the case may be, shall act as Custodian for such Receivables Files on
      behalf of the Noteholders and shall be subject to all the rights, indemnities, duties and liabilities placed on the Custodian by the terms of this Agreement until such time as a successor custodian has been appointed.

     

    4. Instructions; Authority to Act.  The Custodian shall be deemed to have received proper instructions with respect to the Receivable Files upon its receipt of written instructions signed by a Responsible Officer of the
        Indenture Trustee or from the Servicer.  Such instructions may be general or specific in terms.  A copy of any such instructions shall be furnished by the Indenture Trustee or the Servicer to the Holding Trust.

     

    5. Custodian Fee.  For its services under this Agreement, the Custodian shall be entitled to receive fees, expenses and indemnities due to be paid by the initial Servicer and otherwise pursuant to Section 5.7(a) of the Sale
        and Servicing Agreement or Section 5.6 of the Indenture, as applicable, in an amount equal to the aggregate fees and expenses paid by the Custodian to the Custodial Agents.

     

    6. Indemnification.

     

    (a) The Custodian agrees to indemnify the Indenture Trustee for any and all liabilities, obligations, losses, damage, payments, costs or expenses of any kind whatsoever (including the fees and expenses of counsel) that may be
        imposed on, incurred or asserted against the Indenture Trustee and its officers, directors, employees, agents, attorneys and successors and assigns as the result of any act or omission in any way relating to the maintenance and custody by the
        Custodian of the Receivable Files in violation of the Standard of Care; provided, however, that the Custodian shall not be liable for any portion of any such liabilities, obligations, losses, damages, payments or costs or expenses
        due to the willful misconduct, bad faith or gross negligence of the Indenture Trustee or its officers, directors, employees and agents thereof.  In no event shall the Custodian be liable to any third party for acts or omissions of the Custodian. 
        This section shall survive the resignation or removal of any party, and the termination or assignment of this Agreement.

     

    (b) In the event Exeter is not the Custodian, the Servicer agrees to indemnify and hold harmless the Custodian against any and all claims, losses, liabilities, damages or expenses (including reasonable fees and expenses of outside
        counsel, which shall include any reasonable fees and expenses of outside counsel incurred in connection with (i) any enforcement of the indemnification obligation hereunder or (ii) the successful defense, in whole or in part, of any claim that the
        Custodian breached its Standard of Care) arising out of or in connection with this Agreement that may be imposed upon, incurred by or asserted against the Custodian; provided that this Section 6(b) shall not relieve the Custodian from liability for
        its willful misconduct, bad faith or gross negligence. This section shall survive the resignation or removal of any party, and the termination or assignment of this Agreement.

     

    
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    7. Limitation of Liability.

     

    (a) In connection with the Custodian’s timely performance of its obligations and duties hereunder, the Custodian shall not be liable to any person for any loss, claim, damage, liability or expense resulting from or arising out of
        any act or failure to act by it, other than for any loss, claim, damage, liability or expense arising out of the Custodian’s willful misconduct, gross negligence or bad faith.  The obligations of the Custodian shall be determined solely by the
        express provision of this Agreement.

     

    (b) Except as specifically set forth herein, the Custodian shall be under no duty or obligation to inspect, review or examine the Receivables or Receivable Files to determine the contents thereof or that such contents are genuine,
        enforceable or appropriate for the represented purpose or that they are other than what they purport to be on their face.

     

    (c) The Custodian may rely, and shall be protected in acting or refraining from acting, in each case, in accordance with the terms of this Custodian Agreement, and need not verify the accuracy of, (i) any written instructions from
        any persons the Custodian reasonably believes to be authorized to give such instructions and who shall only be persons the Custodian believes in good faith to be authorized representatives, and (ii) any written instruction, notice, order, request,
        direction, certificate, opinion or other instrument or document reasonably believed by the Custodian to be genuine and to have been signed and presented by the proper party or parties, which shall mean signature and presentation by authorized
        representatives whether such presentation is by personal delivery, express delivery or facsimile.

     

    (d) The Custodian may consult with counsel with regard to legal questions arising out of or in connection with this Agreement, and the advice or opinion of such counsel shall be full and complete authorization and protection in
        respect of any action taken, omitted or suffered by the Custodian in reliance, in good faith, and in accordance therewith.

     

    (e) The Custodian shall not be responsible or liable for, and makes no representation or warranty with respect to, the validity, adequacy or perfection of any lien upon, or security interest in, any Receivable or Receivable File
        purported to be granted at any time pursuant to the Indenture.

     

    (f) Notwithstanding anything to the contrary herein, the Custodian shall not be liable for any delays in performance for causes beyond its control, including, but not limited to, fire, flood, epidemic, unusually severe weather,
        strike, acts of the Holding Trust or the Servicer, restriction by civil or military authority in their sovereign or contractual capacities, transportation failure, or inability to obtain labor.  In the event of any such delay, performance shall be
        extended for so long as such period of delay.

     

    (g) The Custodian shall be under no responsibility or duty with respect to the disposition of any Receivable or Receivable File while such Receivable or Receivable File are not in its possession. If the Custodian shall reasonably
        request instructions from the Indenture Trustee with respect to any act, action or failure to act in connection with this Custodian Agreement, the Custodian shall be entitled to refrain from taking such action and continue to refrain from acting
        unless and until the Custodian shall have received written instructions from the Indenture Trustee,

     

    
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    without incurring any liability therefor to the Indenture Trustee or any other person; provided that the Custodian shall at all times maintain custody of the Receivable Files delivered
      to it (except as otherwise required by this Custodian Agreement) and otherwise comply with its obligations thereunder.

     

    (h) In no event shall each of the parties hereto or its directors, managers, affiliates, officers, agents, and employees be held liable for any special, indirect, punitive or consequential damages (including lost profits) resulting
        from any action taken or omitted to be taken by it or them hereunder.

     

    (i) The Indenture Trustee shall not (i) have any duties or obligations hereunder except those expressly set forth herein or (ii) be subject to any fiduciary or other implied duties.

     

    (j) No discretionary, permissive right, nor privilege of the Custodian shall be deemed or construed as a duty or obligation.

     

    (k) The Custodian shall not be held responsible for the acts or omissions of the Seller, Servicer, Issuer, Holding Trust, Indenture Trustee, Backup Servicer, Owner Trustee, or any other party to the Basic Documents, and may assume
        performance of such parties absent written notice or actual knowledge of a Responsible Officer of the Custodian to the contrary.

     

    (l) The Custodian shall not be charged with knowledge of any event or information, including any Default or Event of Default, unless a Responsible Officer of the Custodian has actual knowledge or receives written notice of such
        event or information.  Absent actual knowledge or receipt of written notice in accordance with this Section, the Custodian may conclusively assume that no such event has occurred.  The Custodian shall have no obligation to inquire into, or
        investigate as to, the occurrence of any such event (including any Default or Event of Default).  For purposes of determining the Custodian’s responsibility and liability hereunder, whenever reference is made in the Basic Documents to any event
        (including, but not limited to, an Event of Default), such reference shall be construed to refer only to such event of which the Custodian has received notice or has actual knowledge as described in this Section.  The Custodian’s receipt or
        delivery of any reports or other information publicly available does not constitute actual or constructive knowledge or notice to the Custodian unless the Custodian has an obligation to review its content.  Knowledge of the Custodian shall not be
        attributed or imputed to Exeter’s other roles in the transaction, and knowledge of such other role shall not be attributed or imputed to each other or to the Custodian (in each case, other than instances where such roles are performed by the same
        group, department or division within Exeter) or any affiliate, line of business or other division of Exeter (and vice versa).

     

    (m) In the absence of bad faith on its part, the Custodian may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Custodian and
        conforming to the requirements of the Basic Documents.

     

    (n) The Custodian may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper person.  The Custodian is not responsible for any document provided to it, and it need not
        investigate or re-calculate, evaluate,

     

    
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    verify or independently determine the accuracy of any report, certificate, information, statement, representation or warranty or any fact or matter stated in such document and may
      conclusively rely as to the truth of the statements and the correctness of the opinions expressed therein.

     

    (o) Before the Custodian acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel, the costs of which (including the Custodian’s reasonable attorney’s fees and expenses) shall be paid by the
        party requesting that the Custodian act or refrain from acting.  The Custodian shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s Certificate or Opinion of Counsel unless the Custodian was
        negligent in such reliance.

     

    (p) The Custodian shall not be liable for any action taken or error of judgment made in good faith by a Responsible Officer unless it is proved that the Custodian was negligent in ascertaining the pertinent facts.

     

    (q) No provision of this Custodian Agreement shall require the Custodian to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its
        rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or indemnity reasonably satisfactory to it against such risk or liability is not assured to it.

     

    (r) The Custodian shall be under no obligation to institute, conduct or defend any litigation under this Custodian Agreement or in relation to this Custodian Agreement, at the request, order or direction of any Person, pursuant to
        the provisions of this Custodian Agreement, unless such Person shall have offered to the Custodian security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities that may be incurred therein or thereby.

     

    (s) Notwithstanding anything to the contrary in this Agreement or any other Basic Document, the Custodian shall not be required to take any action that is not in accordance with applicable laws.

     

    (t) Neither the Custodian nor any of its officers, directors, employees, attorneys or agents will be responsible or liable for the existence, genuineness, value or protection of any collateral securing the Notes, for the legality,
        enforceability, effectiveness or sufficiency of the Basic Documents for the creation, perfection, continuation, priority, sufficiency or protection of any of the liens, or for any defect or deficiency as to any such matters, or for monitoring the
        status of any lien or performance of the collateral.

     

    (u) The Custodian shall have no responsibility for the enforceability of the Notes or the recitals contained in the Basic Documents.

     

    (v) The Custodian shall have no duty to see to, or be responsible for the correctness or accuracy of, any recording, filing or depositing of the Indenture or any agreement referred to therein, or any financing statement or
        continuation statement evidencing a security interest, or to see to the maintenance of any such recording or filing or depositing or to any rerecording, refilling or re-depositing of any thereof.

     

    
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      8. Effective Period, Termination, and Amendment; Interpretive and Additional Provisions.  This Custodian Agreement shall become effective as of the date hereof and shall continue in full force and effect until terminated as
          hereinafter provided.  So long as Exeter is serving as Custodian, any resignation or termination of Exeter as Servicer under the Sale and Servicing Agreement shall automatically terminate Exeter as Custodian hereunder.  This Custodian Agreement
          may be amended at any time by mutual agreement of the parties hereto with the prior written consent of the Backup Servicer, and may be terminated by any party by giving written notice to the other parties, such termination of this Custodian
          Agreement to take effect no sooner than thirty (30) days after the date of such notice.  Upon any termination or amendment of this Custodian Agreement, the Indenture Trustee, in the case of amendments, and the party seeking termination, in the
          case of terminations, shall give written notice to the Servicer, who shall deliver such notice to Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings, a Standard & Poor’s Financial Services LLC business (“S&P”),

          DBRS, Inc. (doing business as DBRS Morningstar) (“DBRS Morningstar”), and Kroll Bond Rating Agency, LLC. (“KBRS” and, collectively with Moody’s, S&P and DBRS Morningstar, the “Rating Agencies”).  As promptly as possible
          after the giving of, or receipt of, notice of termination of this Custodian Agreement or the automatic termination of Exeter as Custodian, the Custodian shall deliver the Receivable Files to the Indenture Trustee on behalf of the Noteholders and
          at the Servicer’s expense, at such place or places as the Indenture Trustee may designate, and the Indenture Trustee, or its agent, as the case may be, shall act as Custodian for such Receivables Files on behalf of the Noteholders and shall be
          subject to all the rights, indemnities, duties and liabilities placed on the Custodian by the terms of this Agreement until such time as a successor custodian has been appointed.  If, within seventy-two (72) hours after the termination of this
          Custodian Agreement, the Custodian has not delivered the Receivable Files in accordance with the preceding sentence, the Indenture Trustee may enter the premises of the Custodian and remove the Receivable Files from such premises.  In connection
          with the administration of this Agreement, the parties may agree from time to time upon the interpretation of the provisions of this Agreement as may in their joint opinion be consistent with the general tenor and purposes of this Agreement, any
          such interpretation to be signed by all parties and annexed hereto.  The Custodian’s costs and expenses related to any such amendment shall be paid by the Issuer pursuant to Section 5.7(a) of the Sale and Servicing Agreement or Section 5.6 of the
          Indenture, as applicable.

    

     

    9. Delegation of Duties.

     

    (a) The Custodian may perform any of its duties through one or more Custodial Agents without the consent of any Person, except as set forth in Section 9(d).  No such delegation will relieve the Custodian of its responsibilities with
        respect to such duties and the Custodian will remain primarily responsible with respect to such duties.  The Custodian will be responsible for the fees of any such Custodial Agents.

     

    (b) With respect to each Receivable, the Custodian has engaged or may engage (i) Deutsche Bank Trust Company Americas and Wells Fargo Bank, National Association to hold each Contract that constitutes or evidences a Receivable which
        is tangible chattel paper and any copy of the application of the Lien Certificate (when such Lien Certificate has not yet been received), and otherwise such documents, if any, that Exeter keeps on file in accordance with its customary procedures
        indicating that the Financed Vehicle is owned by the Obligor and subject to the interest of Exeter as first lienholder or secured party, (ii) Dealertrack, Deutsche Bank Trust Company Americas and Wells Fargo Bank, National Association to hold each
        Lien Certificate (when received) and (iii) RouteOne LLC, Dealertrack and eOriginal Inc. to hold each Contract that

     

    
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    constitutes or evidences a Receivable which is electronic chattel paper.  As of the date hereof, each of Dealertrack, Deutsche Bank Trust Company Americas, Wells Fargo Bank, National
      Association, RouteOne LLC and eOriginal Inc. is acceptable to each Rating Agency as a Custodial Agent.

     

    (c) Upon termination of, or resignation by, Deutsche Bank Trust Company Americas, Dealertrack, Wells Fargo Bank, National Association, RouteOne LLC, eOriginal Inc. or any other sub-custodian engaged by the Custodian, the Custodian
        shall provide written notice of such termination or resignation to each Rating Agency.

     

    (d) As promptly as possible after the giving of, or receipt of, notice of termination of any Custodial Agent engaged by the Custodian, the Custodian shall engage a replacement Custodial Agent that is acceptable to each Rating
        Agency.  If a replacement Custodial Agent has not been engaged prior to the effective termination of such Custodial Agent, the Custodian shall deliver the Receivable Files to the Indenture Trustee on behalf of the Noteholders and at the Custodian’s
        expense, at such place or places as the Indenture Trustee may designate, and the Indenture Trustee, or its agent, as the case may be, shall act as custodian for such Receivables Files on behalf of the Noteholders until such time as a replacement
        Custodial Agent has been engaged by the Custodian that is acceptable to each Rating Agency.

     

    10. Governing Law; Jurisdiction.  THIS CUSTODIAN AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS THEREOF (OTHER THAN SECTIONS
        5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).  EACH OF THE PARTIES HERETO AND THEIR ASSIGNEES AGREE TO THE NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL COURT LOCATED WITHIN THE STATE OF NEW YORK.

     

    11. Waiver of Jury Trial.  THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS AGREEMENT OR ANY OTHER DOCUMENT OR INSTRUMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH.

     

    12. Notices.  All demands, notices and communications hereunder
          shall be in writing, electronically delivered or mailed, and shall be deemed to have been duly given upon receipt (a) in the case of the Custodian or the Servicer, at the following applicable address: to Exeter Finance LLC, 2101 W. John Carpenter
          Freeway, Irving, Texas 75063, Attention:  Chief Financial Officer, with a copy to Exeter Finance LLC, 2101 W. John Carpenter Freeway, Irving, Texas 75063, Attention:  Chief Legal Officer, (b) in the case of the Indenture Trustee, at its Corporate
          Trust Office, (c) in the case of S&P, via electronic delivery to Servicer_reports@sandp.com; for any information not available in electronic format, hard copies should be sent to the following address: 55 Water Street, 41st floor, New York,
          New York 10041-0003, Attention: ABS Surveillance Group, (d) in the case of Moody’s, at the following address: Moody’s Investors Service, Inc., 7 World Trade Center at 250 Greenwich Street, Asset Finance Group, 24th floor, New York, New York
          10007, (e) in the case of DBRS Morningstar, to DBRS Morningstar, 140 Broadway, 43rd Floor, New York, New York 10005, and (f) in the case of KBRA, to Kroll Bond Rating Agency, LLC, 805 Third Avenue, 29th Floor, New York, New York 10022, or, in
          each such case, at such other address as shall be designated by such party in a written notice to the other parties.  Where this Custodian Agreement provides for notice or delivery of documents to the Rating Agencies, failure to give such notice
          or deliver such documents shall

    

     

    
      9

      
        

    

    not affect any other rights or obligations created hereunder.  Copies of all demands, notices and communications provided to the Indenture Trustee, the Noteholders or the Backup Servicer
      pursuant to this Agreement shall be provided to the Certificateholders.

     

    13. Binding Effect.  This Custodian Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.  Concurrently with the appointment of a successor indenture
        trustee under the Sale and Servicing Agreement, the parties hereto shall amend this Custodian Agreement to make said successor indenture trustee, the successor to the Indenture Trustee hereunder.

     

    14. Patriot Act.  In the event Exeter is not the Custodian, the parties hereto acknowledge that in accordance with the Customer Identification Program (CIP) requirements under the U.S.A. Patriot Act and its implementing
        regulations, the Custodian, in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account
        with the Custodian.  Each party hereby agrees that it shall provide the Custodian with such information as the Custodian may reasonably request that will help the Custodian to identify and verify each party’s identity, including without limitation
        each party’s name, physical address, tax identification number, organizational documents, certificate of good standing, license to do business, or other pertinent identifying information.

     

    15. Electronic Signatures. This Agreement shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf of the party by means of: (i) an original manual signature;
        (ii) a faxed, scanned, or photocopied manual signature, or (iii) any other electronic signature permitted by 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, including any relevant provisions of the Uniform Commercial Code (collectively, “Signature Law”), in each case to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other
        electronic signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with
        respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Agreement may be
        executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute one and the same instrument.  For the avoidance of doubt, original manual signatures shall be used for
        execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the writings.

     

    16. Limitation of Liability of Owner Trustee. It is expressly understood and agreed by the parties hereto that (i) this Custodian Agreement is executed and delivered by Wilmington Trust Company, not individually or personally
        but solely as trustee of the Holding Trust, 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 Holding Trust 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 Holding Trust, (iii) nothing herein contained shall be construed as creating any
        liability on Wilmington Trust Company, individually

     

    
      10

      
        

    

    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 Holding Trust or any other Person in this Custodian Agreement and (v)
      under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Holding Trust or be liable for the breach or failure of any obligation, duty, representation, warranty or covenant made
      or undertaken by the Holding Trust under this Custodian Agreement or any other related documents.

     

    [Remainder of page intentionally left blank]

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    
      11

      
        

    

    IN WITNESS WHEREOF, each of the parties hereto has caused this Custodian Agreement to be executed in its name and on its behalf by a duly authorized officer on the day
      and year first above written.

     

    	 	
            EXETER FINANCE LLC, as Custodian

          
	 	 	 
	 	 	 
	 	
            By:  

          	
            
              /s/ Ben Miller                                                         

                

            

          
	 	 	
            
              Name:  Ben Miller

            

          
	 	 	
            
              
                Title:    Executive Vice President and Treasurer

              

            

          
	 	 	 
	 	 	 
	 	
            CITIBANK, N.A., as Indenture Trustee

          
	 	 	 
	 	 	 
	 	
            By:

          	
            /s/ Sonam Shah                                                      

                  

          
	 	 	
            Name:  Sonam Shah

          
	 	 	
            
              Title:    Senior Trust Officer

            

          
	 	 	 
	 	 	 
	 	
            EXETER FINANCE LLC, as Servicer

          
	 	 	 
	 	 	 
	 	
            By:

          	
            /s/ Ben Miller                                                         

          
	 	 	
            
              Name:  Ben Miller

            

          
	 	 	
            
              
                Title:    Executive Vice President and Treasurer

              

            

          

    

    

    CONFIRMED AND ACCEPTED BY:

    

    

    EXETER HOLDINGS TRUST 2021-4, as Holding Trust

    

    

    	By:	
            Wilmington Trust Company, not in its individual capacity

              but solely as Owner Trustee on behalf of the Trust

          

     

     

    

    	

          	By:	
            /s/ Cynthia L. Major                                            

                  

            
              
                Name:  Cynthia L. Major 

              

              Title:    Officer

               

          

    

    
      
        

    

    EXHIBIT A

     

    CUSTODIAN’S ACKNOWLEDGEMENT

     

    Exeter Finance LLC (“Exeter”), acting as Custodian (in such capacity, the “Custodian”) under the Custodian Agreement, dated as of October 24, 2021, among
      the Custodian, Exeter, as Servicer (the “Servicer”), and Citibank, N.A., as Indenture Trustee (in such capacity, the “Indenture Trustee”), pursuant to which the Custodian holds on behalf of, for the benefit of and as agent of the
      Indenture Trustee, as pledgee of the Holding Trust, certain “Receivable Files,” as defined in the Sale and Servicing Agreement, dated as of October 24, 2021 (the “Sale and Servicing Agreement”), among Exeter Automobile Receivables Trust
      2021-4, as Issuer, EFCAR, LLC, as Seller, the Servicer, Exeter Holdings Trust 2021-4, as Holding Trust, and Citibank, N.A., as Backup Servicer and as Indenture Trustee, hereby acknowledges receipt of the Receivable File for each Receivable listed in
      the Schedule of Receivables attached as Schedule A to the Sale and Servicing Agreement, except as noted in the Custodian Exception List attached hereto as Schedule I and the Lien Perfection Exception List attached hereto as Schedule II.

     

    Capitalized terms used herein which are not defined herein shall have the meanings set forth in the Sale and Servicing Agreement.

     

    IN WITNESS WHEREOF, Exeter Finance LLC has caused this acknowledgement to be executed by its duly authorized officer as of this 17th day of November 2021.

     

    	 	
            EXETER FINANCE LLC,

          
	 	
            as Custodian

          
	 	 	 
	 	 	 
	 	
            By:  

          	
                                                                                         

          
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

     

    
      
        

    

    SCHEDULE I

     

    Custodian Exception List

     

    [On File with Exeter and the Indenture Trustee]

     

    
      
        

    

    SCHEDULE II

     

    Lien Perfection Exception List

     

    [On File with Exeter and the Indenture Trustee]

     

    
      
        

    

    EXHIBIT B

     

    FORM OF RELEASE OF DOCUMENTS

      

      

      ___________ ___, 20__

     

    [Custodian]

        [Address]

      

    

     

    Re: Exeter Automobile Receivables Trust 2021-4

     

    Ladies and Gentlemen:

     

    Reference is made to the Custodian Agreement, dated as of October 24, 2021 (as amended, restated, supplemented or otherwise modified from time to time, the “Custodian

        Agreement”), among Exeter Finance LLC (“Exeter”), as custodian (in such capacity, the “Custodian”), Exeter, as servicer (the “Servicer”), and Citibank, N.A., as indenture trustee (the “Indenture Trustee”).

     

    Capitalized terms used herein that are not otherwise defined shall have the meaning ascribed thereto in the Custodian Agreement.  Capitalized terms used herein that
      are not otherwise defined herein or in the Custodian Agreement shall have the meaning ascribed thereto in the Sale and Servicing Agreement, dated as of October 24, 2021 (the “Sale and Servicing Agreement”), among Exeter Automobile Receivables
      Trust 2021-4, as issuer, EFCAR, LLC, as seller, the Servicer, Exeter Holdings Trust 2021-4, as holding trust, the Indenture Trustee and Citibank, N.A., as backup servicer.

     

    The undersigned, in its capacity as Servicer under the Custodian Agreement, hereby requests (check one):

     

    ______ that the Custodian release to the Servicer the Receivable Files or other documents set forth on Schedule I to this Release of Documents.  All documents so
      released to the Servicer shall be held by the Servicer on behalf of the Indenture Trustee for the benefit of the Noteholders in accordance with the terms of the Custodian Agreement and the Servicer agrees to return to the Custodian the Receivable
      File or other such documents when the Servicer’s need therefor no longer exists.

     

    ______ that the Custodian permanently release to the Servicer the Receivable Files or other documents set forth on Schedule II to this Release of Documents and the
      Servicer certifies with respect to such Receivable Files that the related Receivable has been paid in full, has been sold in accordance with the Sale and Servicing Agreement or has been repurchased in accordance with the Sale and Servicing Agreement
      and that, in each case, any amounts received in connection with such payments, sale or repurchase which are required to be deposited in the Collection Account as provided in the Sale and Servicing Agreement have been deposited.

     

    
      
        

    

    The undersigned has executed this Release of Documents as of the date first written above.

     

    	 	
            EXETER FINANCE LLC,

          
	 	
            as Servicer

          
	 	 	 
	 	 	 
	 	
            By:  

          	
                                                                                         

          
	 	 	
            Name:

          
	 	 	
            Title:Exhibit 10.63 

 

NEITHER
THIS SECURITY NOR THE SECURITIES AS TO WHICH THIS SECURITY MAY BE EXERCISED HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A
LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.
THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN
ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

COMMON
STOCK PURCHASE WARRANT

 

BIOXYTRAN,
INC.

 

Warrant
Shares: 272,000

Date
of Issuance: June 4, 2021 (“Issuance Date”)

 

This
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that NDPD Pharma, Inc., a Delaware corporation (“including
any permitted and registered assigns, the “Holder”“) is entitled, upon the terms and subject to the limitations
on exercise and the conditions hereinafter set forth, at any time on or after the date of issuance hereof, to purchase from Bioxytran,
Inc., a Nevada corporation (the “Company”), up to 272,000 shares of Common Stock (as defined below) (the “Warrant
Shares”) (whereby such number may be adjusted from time to time pursuant to the terms and conditions of this Warrant)
at the Exercise Price per share then in effect. This Warrant is issued by the Company as of the date hereof to replace, with essentially
the same conditions, the Warrants originally issued to:

 

	Original
    Holder	Number
    of Warrants	Date
    of Issuance
	Peak
    One Opportunity Fund, L.P.	50,000	October
    22, 2019
	Tangiers
    Global, LLC	50,000	October
    23, 2019
	GS
    Capital Partners, LLC	50,000	November
    7, 2019
	Firstfire
    Global Opportunities Fund, LLC	50,000	November
    20, 2019
	EMA
    Financial, LLC	50,000	January
    10, 2020
	Crown
    Bridge Partners, LLC	22,000	February
    19, 2020

 

Capitalized
terms used in this Warrant shall have the meanings set forth in the Purchase Agreement unless otherwise defined in the body of
this Warrant or in Section 12 below. For purposes of this Warrant, the term “Exercise Price” shall mean $2.00,
subject to adjustment as provided herein (including but not limited to cashless exercise), and the term “Exercise Period”
shall mean the period commencing on the Issuance Date of the original Warrant and ending on 5:00 p.m. eastern standard time on
the five-year anniversary thereof, as stated in the table here above.

 

    

     

    

1.             EXERCISE
OF WARRANT.

 

(a)       Mechanics
of Exercise. Subject to the terms and conditions hereof, the rights represented by this Warrant may be exercised in whole
or in part at any time or times during the Exercise Period by delivery of a written notice, in the form attached hereto as Exhibit
A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant. The Holder shall not
be required to deliver the original Warrant in order to affect an exercise hereunder. Partial exercises of this Warrant resulting
in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding
number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. On or
before the second Trading Day (the “Warrant Share Delivery Date”) following the date on which the Holder sent
the Exercise Notice to the Company or the Company’s transfer agent, and upon receipt by the Company of payment to the Company
of an amount equal to the applicable Exercise Price multiplied by the number of Warrant Shares as to which all or a portion of
this Warrant is being exercised (the “Aggregate Exercise Price” and together with the Exercise Notice, the
“Exercise Delivery Documents”) in cash or by wire transfer of immediately available funds (or by cashless exercise,
in which case there shall be no Aggregate Exercise Price provided), the Company shall (or direct its transfer agent to) issue
and dispatch by overnight courier to the address as specified in the Exercise Notice, a certificate, registered in the Company’s
share register in the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder is entitled
pursuant to such exercise (or deliver such shares of Common Stock in electronic format if requested by the Holder). Upon delivery
of the Exercise Delivery Documents, the Holder shall be deemed for all corporate purposes to have become the holder of record
of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the certificates
evidencing such Warrant Shares. If this Warrant is submitted in connection with any exercise and the number of Warrant Shares
represented by this Warrant submitted for exercise is greater than the number of Warrant Shares being acquired upon an exercise,
then the Company shall as soon as practicable and in no event later than three Business Days after any exercise and at its own
expense, issue a new Warrant (in accordance with Section 6) representing the right to purchase the number of Warrant Shares purchasable
immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to which this Warrant is
exercised.

 

If
the Company fails to cause its transfer agent to transmit to the Holder the respective shares of Common Stock by the respective
Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise in Holder’s sole discretion, and
such failure shall be deemed an event of default under the Debenture.

 

If
the Market Price of one share of Common Stock is greater than the Exercise Price, the Holder may elect to receive Warrant Shares
pursuant to a cashless exercise, in lieu of a cash exercise, equal to the value of this Warrant determined in the manner described
below (or of any portion thereof remaining unexercised) by surrender of this Warrant and a Notice of Exercise, in which event
the Company shall issue to Holder a number of Common Stock computed using the following formula:

 

X
= Y (A-B)

 

A

 

Where
X =         the number of Shares to be issued to Holder.

 

Y
=      the number of Warrant Shares that the Holder elects to purchase under this Warrant

(at the date of such calculation).

 

A
= the Market Price (at the date of such calculation).

 

B
= Exercise Price (as adjusted to the date of such calculation).

 

(b)       No
Fractional Shares. No fractional shares shall be issued upon the exercise of this Warrant as a consequence of any adjustment
pursuant hereto. All Warrant Shares (including fractions) issuable upon exercise of this Warrant may be aggregated for purposes
of determining whether the exercise would result in the issuance of any fractional share. If, after aggregation, the exercise
would result in the issuance of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay the Holder
otherwise entitled to such fraction a sum in cash equal to the product resulting from multiplying the then-current fair market
value of a Warrant Share by such fraction.

    

     

    

2.             ADJUSTMENTS.
The Exercise Price and the number of Warrant Shares shall be adjusted from time to time as follows:

 

(a)       Distribution
of Assets. If the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire
its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including without limitation any
distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification,
corporate rearrangement or other similar transaction) (a “Distribution”), at any time after the issuance
of this Warrant, then, in each such case:

 

(i)       any
Exercise Price in effect immediately prior to the close of business on the record date fixed for the determination of holders
of shares of Common Stock entitled to receive the Distribution shall be reduced, effective as of the close of business on such
record date, to a price determined by multiplying such Exercise Price by a fraction (i) the numerator of which shall be the Closing
Sale Price of the shares of Common Stock on the Trading Day immediately preceding such record date minus the value of the Distribution
(as determined in good faith by the Company’s Board of Directors) applicable to one share of Common Stock, and (ii) the
denominator of which shall be the Closing Sale Price of the shares of Common Stock on the Trading Day immediately preceding such
record date; and

 

(ii)       the
number of Warrant Shares shall be increased to a number of shares equal to the number of shares of Common Stock obtainable immediately
prior to the close of business on the record date fixed for the determination of holders of shares of Common Stock entitled to
receive the Distribution multiplied by the reciprocal of the fraction set forth in the immediately preceding clause (i); provided,
however, that in the event that the Distribution is of shares of common stock of a company (other than the Company) whose common
stock is traded on a national securities exchange or a national automated quotation system (“Other Shares of Common Stock”),
then the Holder may elect to receive a warrant to purchase Other Shares of Common Stock in lieu of an increase in the number of
Warrant Shares, the terms of which shall be identical to those of this Warrant, except that such warrant shall be exercisable
into the number of shares of Other Shares of Common Stock that would have been payable to the Holder pursuant to the Distribution
had the Holder exercised this Warrant immediately prior to such record date and with an aggregate exercise price equal to the
product of the amount by which the exercise price of this Warrant was decreased with respect to the Distribution pursuant to the
terms of the immediately preceding clause (i) and the number of Warrant Shares calculated in accordance with the first part of
this clause (ii).

 

(b)       Anti-Dilution
Adjustments to Exercise Price. If the Company or any Subsidiary thereof, as applicable, at any time while this Warrant is
outstanding, shall sell or grant any option to purchase, or sell or grant any right to reprice, or otherwise dispose of or
issue (or announce any offer, sale, grant or any option to purchase or other disposition) any Common Stock or securities
entitling any person or entity to acquire shares of Common Stock (upon conversion, exercise or otherwise) (including but not
limited to under the Note), at an effective price per share less than the then Exercise Price (such lower price, the “Base
Share Price” and such issuances collectively, a “Dilutive Issuance”) (if the holder of the
Common Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments,
elimination of an applicable floor price for any reason in the future (including but not limited to the passage of time or
satisfaction of certain condition(s)), reset provisions, floating conversion, exercise or exchange prices or otherwise, or
due to warrants, options or rights per share which are issued in connection with such issuance, be entitled or potentially
entitled to receive shares of Common Stock at an effective price per share which is less than the Exercise Price at any time
while such Common Stock or Common Stock Equivalents are in existence, such issuance shall be deemed to have occurred for less
than the Exercise Price on such date of the Dilutive Issuance (regardless of whether the Common Stock or Common Stock
Equivalents are (i) subsequently redeemed or retired by the Company after the date of the Dilutive Issuance or (ii) actually
converted or exercised at such Base Share Price), then the Exercise Price shall be reduced at the option of the Holder and
only reduced to equal the Base Share Price, and the number of Warrant Shares issuable hereunder shall be increased such that
the aggregate Exercise Price payable hereunder, after taking into account the decrease in the Exercise Price, shall be equal
to the aggregate Exercise Price prior to such adjustment (for the avoidance of doubt, the aggregate Exercise Price prior to
such adjustment is calculated as follows: the total number of Warrant Shares multiplied by the initial Exercise Price in
effect as of the Issuance Date). Such adjustment shall be made whenever such Common Stock or Common Stock Equivalents are
issued, regardless of whether the Common Stock or Common Stock Equivalents are (i) subsequently redeemed or retired by the
Company after the date of the Dilutive Issuance or (ii) actually converted or exercised at such Base Share Price by the
holder thereof (for the avoidance of doubt, the Holder may utilize the Base Share Price even if the Company did not
actually issue shares of its common stock at the Base Share Price under the respective Common stock Equivalents). The Company
shall notify the Holder in writing, no later than the Trading Day following the issuance of any Common Stock or Common Stock
Equivalents subject to this Section 2(b), indicating therein the applicable issuance price, or applicable reset price,
exchange price, conversion price and other pricing terms (such notice the “Dilutive Issuance Notice”). For
purposes of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 2(b), upon
the occurrence of any Dilutive Issuance, after the date of such Dilutive Issuance the Holder is entitled to receive a number
of Warrant Shares based upon the Base Share Price regardless of whether the Holder accurately refers to the Base Share Price
in the Notice of Exercise.

    

     

    

(c)       Subdivision
or Combination of Common Stock. If the Company at any time on or after the Issuance Date subdivides (by any stock split, stock
dividend, recapitalization or otherwise) one or more classes of its outstanding shares of Common Stock into a greater number of
shares, the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced and the number of Warrant
Shares will be proportionately increased. If the Company at any time on or after the Issuance Date combines (by combination, reverse
stock split or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller number of shares, the Exercise
Price in effect immediately prior to such combination will be proportionately increased and the number of Warrant Shares will
be proportionately decreased. Any adjustment under this Section 2(c) shall become effective at the close of business on the date
the subdivision or combination becomes effective. Each such adjustment of the Exercise Price shall be calculated to the nearest
one-hundredth of a cent. Such adjustment shall be made successively whenever any event covered by this Section 2(c) shall occur.

 

3.             FUNDAMENTAL
TRANSACTIONS. If, at any time while this Warrant is outstanding, (i) the Company effects any merger of the Company with or
into another entity and the Company is not the surviving entity (such surviving entity, the “Successor Entity”),
(ii) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions, (iii)
any tender offer or exchange offer (whether by the Company or by another individual or entity, and approved by the Company) is
completed pursuant to which holders of Common Stock are permitted to tender or exchange their shares of Common Stock for other
securities, cash or property and the holders of at least 50% of the Common Stock accept such offer, or (iv) the Company effects
any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other securities, cash or property (other than as a result of a subdivision or combination of shares of
Common Stock) (in any such case, a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant,
the Holder shall have the right to receive the number of shares of Common Stock of the Successor Entity or of the Company and
any additional consideration (the “Alternate Consideration”) receivable upon or as a result of such reorganization,
reclassification, merger, consolidation or disposition of assets by a holder of the number of shares of Common Stock for which
this Warrant is exercisable immediately prior to such event (disregarding any limitation on exercise contained herein solely for
the purpose of such determination). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately
adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share
of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration
in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of
Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the
Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following
such Fundamental Transaction. To the extent necessary to effectuate the foregoing provisions, any Successor Entity in such Fundamental
Transaction shall issue to the Holder a new warrant consistent with the foregoing provisions and evidencing the Holder’s
right to exercise such warrant into Alternate Consideration.

 

4.             NON-CIRCUMVENTION.
The Company covenants and agrees that it will not, by amendment of its certificate of incorporation, bylaws or through any
reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities,
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, and
will at all times in good faith carry out all the provisions of this Warrant and take all action as may be required to
protect the rights of the Holder. Without limiting the generality of the foregoing, the Company (i) shall not increase the
par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect,
(ii) shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue
fully paid and non-assessable shares of Common Stock upon the exercise of this Warrant, and (iii) shall, for so long as this
Warrant is outstanding, have authorized and reserved, free from preemptive rights, ten (10) times the number of shares of
Common Stock into which the Warrants are then exercisable into to provide for the exercise of the rights represented by this
Warrant (without regard to any limitations on exercise).

 

5.             WARRANT
HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, this Warrant, in and of itself, shall not
entitle the Holder to any voting rights or other rights as a stockholder of the Company. In addition, nothing contained in this
Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant
or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the
Company.

    

     

    

6.             REISSUANCE.

 

(a)       Lost,
Stolen or Mutilated Warrant. If this Warrant is lost, stolen, mutilated or destroyed, the Company will, on such terms as to
indemnity or otherwise as it may reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender thereof),
issue a new Warrant of like denomination and tenor as this Warrant so lost, stolen, mutilated or destroyed.

 

(b)       Issuance
of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such new Warrant
shall be of like tenor with this Warrant, and shall have an issuance date, as indicated on the face of such new Warrant which
is the same as the Issuance Date.

 

7.             TRANSFER.
This Warrant shall be binding upon the Company and its successors and assigns, and shall inure to be the benefit of the Holder
and its successors and assigns. Notwithstanding anything to the contrary herein, the rights, interests or obligations of the Company
hereunder may not be assigned, by operation of law or otherwise, in whole or in part, by the Company without the prior signed
written consent of the Holder, which consent may be withheld at the sole discretion of the Holder (any such assignment or transfer
shall be null and void if the Company does not obtain the prior signed written consent of the Holder). This Warrant or any of
the severable rights and obligations inuring to the benefit of or to be performed by Holder hereunder may be assigned by Holder
to a third party, in whole or in part, without the need to obtain the Company’s consent thereto.

 

8.             NOTICES.
Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given in accordance
with the notice provisions contained in the Purchase Agreement. The Company shall provide the Holder with prompt written notice
(i) immediately upon any adjustment of the Exercise Price, setting forth in reasonable detail, the calculation of such adjustment
and (ii) at least 20 days prior to the date on which the Company closes its books or takes a record (A) with respect to any dividend
or distribution upon the shares of Common Stock, (B) with respect to any grants, issuances or sales of any stock or other securities
directly or indirectly convertible into or exercisable or exchangeable for shares of Common Stock or other property, pro rata
to the holders of shares of Common Stock or (C) for determining rights to vote with respect to any Fundamental Transaction, dissolution
or liquidation, provided in each case that such information shall be made known to the public prior to or in conjunction with
such notice being provided to the Holder.

 

9.             AMENDMENT
AND WAIVER. The terms of this Warrant may be amended or waived (either generally or in a particular instance and either retroactively
or prospectively) only with the written consent of the Company and the Holder.

 

10.           GOVERNING
LAW AND VENUE. This Warrant shall be governed by and construed in accordance with the laws of the State of Nevada without
regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated
by this Warrant shall be brought only in the state courts located in the State of Florida, County of Miami-Dade or federal courts
located in the State of Florida, County of Miami-Dade. The parties to this Warrant hereby irrevocably waive any objection to jurisdiction
and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based
upon forum non conveniens. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A
JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION
CONTEMPLATED HEREBY. The prevailing party shall be entitled to recover from the other party its reasonable attorney’s fees
and costs. In the event that any provision of this Warrant or any other agreement delivered in connection herewith is invalid
or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that
it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may
prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement.
Each party hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding
in connection with this Agreement or any other Transaction Document by mailing a copy thereof via registered or certified mail
or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any other manner permitted by law.

    

     

    

11.           ACCEPTANCE.
Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and conditions contained
herein.

 

12.           CERTAIN
DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

(a)       “Nasdaq”
means www.Nasdaq.com.

 

(b)       “Closing
Sale Price” means, for any security as of any date, (i) the last closing trade price for such security on the Principal
Market, as reported by Nasdaq, or, if the Principal Market begins to operate on an extended hours basis and does not designate
the closing trade price, then the last trade price of such security prior to 4:00 p.m., New York time, as reported by Nasdaq,
or (ii) if the foregoing does not apply, the last trade price of such security in the over-the-counter market for such security
as reported by Nasdaq, or (iii) if no last trade price is reported for such security by Nasdaq, the average of the bid and ask
prices of any market makers for such security as reported by the OTC Markets. If the Closing Sale Price cannot be calculated for
a security on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be the
fair market value as mutually determined by the Company and the Holder. All such determinations to be appropriately adjusted for
any stock dividend, stock split, stock combination or other similar transaction during the applicable calculation period.

 

(c)       “Common
Stock” means the Company’s common stock, and any other class of securities into which such securities may hereafter
be reclassified or changed.

 

(d)       “Common
Stock Equivalents” means any securities of the Company that would entitle the holder thereof to acquire at any time Common
Stock, including without limitation any debt, preferred stock, rights, options, warrants or other instrument that is at any time
convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

(e)       “Dilutive
Issuance” is any issuance of Common Stock or Common Stock Equivalents described in Section 2(b) above; provided, however,
that a Dilutive Issuance shall not include any Exempt Issuance.

 

(f)       “Exempt
Issuance” means the issuance of (i) shares of Common Stock or options to officers or directors of the Company pursuant to
any stock or option plan duly adopted by a majority of the non-employee members of the Board of Directors of the Company or a
majority of the members of a committee of non-employee directors established for such purpose, (ii) securities issued pursuant
to acquisitions approved by a majority of the disinterested directors of the Company, and (iii) shares of Common Stock issued
pursuant to any real property leasing arrangement or financing from a national bank approved by the Board of Directors of the
Company.

 

(g)       “Principal
Market” means the primary national securities exchange on which the Common Stock is then traded.

 

(h)       “Market
Price” means the highest traded price of the Common Stock during the one hundred fifty Trading Days prior to the date
of the respective Exercise Notice.

 

(i)         “Trading
Day” means (i) any day on which the Common Stock is listed or quoted and traded on its Principal Market, (ii) if the Common
Stock is not then listed or quoted and traded on any national securities exchange, then a day on which trading occurs on any over-the-counter
markets, or (iii) if trading does not occur on the over-the-counter markets, any Business Day.

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed as of the Issuance Date set forth above.

    

     

    

BIOXYTRAN,
INC.

 

_______________________________

Name:
David Platt

Title:
Chief Executive Office

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