Document:

Exhibit 10.8

  

  

  

  
    FORM OF INTERCREDITOR AGREEMENT

     

    This INTERCREDITOR AGREEMENT, dated as of [___], 20[_] (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”),
      is among (i) EXETER FINANCE LLC (“Exeter”), as servicer (the “Servicer”), (ii) [___], as intercreditor agent (in such capacity, the “Intercreditor Agent”), and (iii) each Other Party that becomes a party hereto from time to time pursuant to an
      Accession Agreement.

     

    RECITALS

     

    WHEREAS, Exeter is engaged in the business of purchasing, selling and servicing motor vehicle retail installment sale contracts and auto loan
      agreements (the “Receivables”);

     

    WHEREAS, from time to time, Exeter sells certain Receivables, directly or indirectly, to SPEs, and each SPE finances the purchase of such Receivables
      through a Transaction, and grants to the related Indenture Trustee a security interest in such Receivables and the collections thereon for the benefit of the related secured parties;

     

    WHEREAS, Exeter has been engaged by each SPE to act as the Servicer of the Receivables owned by such SPE pursuant to the terms of the related
      Transaction Documents;

     

    WHEREAS, payments made on or in respect of the Receivables owned by the SPEs are deposited into a lockbox account and then distributed to a collection
      account for the related Transaction;

     

    WHEREAS, the parties hereto desire to delineate the rights and obligations of the parties hereto with respect to the foregoing Receivable payments, as
      described in this Agreement; and

     

    WHEREAS, each Other Party that becomes a party hereto from time to time pursuant to an Accession Agreement will become subject to this Agreement in
      respect of the rights and obligations of the parties hereto with respect to such Receivable payments.

     

    NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the parties hereto agree as follows:

     

    ARTICLE ONE

      DEFINITIONS

     

    Section 1.01 Definitions.  Whenever used in this Agreement, the following words and phrases, unless the context otherwise
        requires, shall have the following meanings:

     

    “Accession Agreement” means an Accession Agreement substantially in the form of Exhibit A hereto.

     

    “Accounting Firm” shall mean a nationally recognized accounting firm mutually acceptable to the disputing parties (as identified in Section 3.14(a)).

     

    
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    “Bankruptcy Code” means the United States Bankruptcy Code (Title 11 of the United States Code).

     

    “Business Day” means, with respect to any Transaction, any day other than a Saturday, a Sunday, a legal holiday or other day on which commercial
      banking institutions located in Wilmington, Delaware, Irving, Texas, Jersey City, New Jersey, or New York, New York (or any other location specified in the related Transaction Documents) are authorized or obligated by law, executive order or
      governmental decree to be closed.

     

    “Collection Account” means the collateral or collection account established for each Transaction pursuant to the related Transaction Documents.

     

    “Deposit Account Control Agreement” means the Deposit Account Control Agreement (Access Restricted After Notice), dated as of [___], 20[_], among the
      Servicer, the Intercreditor Agent and the Lockbox Bank, relating to the Lockbox and the Lockbox Account.

     

    “Final Non‐Appealable Order” shall mean an action taken or order issued by a court of competent jurisdiction of the matter at issue as to which:
      (i) no request for stay of the action or order is pending, no such stay is in effect, and, if any deadline for filing any such request is designated by statute, rule or regulation, it has passed, including any extensions thereof; (ii) no petition for
      rehearing or reconsideration of the action or order, or protest of any kind, is pending before any such court and the time for filing any such petition or protest has passed; (iii) such court does not have the action or order under reconsideration or
      review on its own motion and the time for such reconsideration or review has passed; and (iv) the action or order is not then under judicial review, there is no notice of appeal or other application for judicial review pending, and the deadline for
      filing such notice of appeal or other application for judicial review has passed, including any extensions thereof.

     

    “Governmental Authority” means, with respect to any Person, any nation or government, any State or other political subdivision thereof, any entity
      exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any court or arbitrator having jurisdiction over such Person.

     

    “Improper Remittances” has the meaning given to such term in Section 2.02.

     

    “Indenture” means the Transaction Document identified as the “Indenture” for a Transaction in the related Accession Agreement.

     

    “Indenture Trustee” means the Person designated as the “Indenture Trustee” for a Transaction in an Accession Agreement and who becomes a party to this
      Agreement by execution of such Accession Agreement.

     

    “Insolvency Laws” means the Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium, arrangement, rearrangement,
      receivership, insolvency, reorganization, suspension of payments, marshaling of assets and liabilities or similar debtor relief laws from time to time in effect affecting the rights of creditors generally.

     

    
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    “Insolvency Proceeding” means, with respect to any Person, any bankruptcy, insolvency, arrangement, rearrangement, conservatorship, moratorium,
      suspension of payments, readjustment of debt, reorganization, receivership, liquidation, marshaling of assets and liabilities or similar proceeding of or relating to such Person under any Insolvency Laws.

     

    “Intercreditor Agent” means the Person acting in such capacity under this Agreement and acting as “Secured Party” under the Deposit Account Control
      Agreement, which initially shall be [___].

     

    “Lockbox” means each “Lockbox”, as described in the Deposit Account Control Agreement, to which the obligors with respect to Receivables may send
      payment thereon, to be processed by the Lockbox Bank and deposited into the Lockbox Account.

     

    “Lockbox Account” means each “Collateral Account”, as described in the Deposit Account Control Agreement, to which the obligors with respect to
      Receivables may send payment thereon.

     

    “Lockbox Bank” means [___], in its capacity as “Bank” under the Deposit Account Control Agreement.

     

    “Other Party” means each Person designated as a “Secured Party” or “SPE” for a Transaction in an Accession Agreement and who becomes a party to this
      Agreement by executing such Accession Agreement.

     

    “Owner Trustee” means each Person designated as the “Owner Trustee” for a Transaction in an Accession Agreement.

     

    “Person” means any legal person, including any individual, corporation, estate, partnership, joint venture, association, joint stock company, limited
      liability company, limited liability partnership, trust, unincorporated organization or government or any agency or political subdivision thereof, or any other entity of whatever nature.

     

    “Receivables” has the meaning given to such term in the Recitals.

     

    “Remittances” means all payments made on or in respect of the Receivables owned by an SPE that are pledged to a Secured Party.

     

    “Secured Party” means each Person designated as a “Secured Party” for a Transaction in an Accession Agreement and who becomes a party to this
      Agreement by executing such Accession Agreement.

     

    “SPE” means each trust, limited liability company or special purpose, bankruptcy remote entity designated as the “SPE” for a Transaction in an
      Accession Agreement and who becomes a party to this Agreement by executing an Accession Agreement.

     

    “State” means any state of the United States or the District of Columbia.

     

    
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    “Transaction” means a securitization transaction entered into by the related Secured Party, the related SPE and other relevant parties.

     

    “Transaction Documents” means, with respect to a Transaction, all applicable security agreements, custodian agreements, sale and servicing agreements,
      sale agreements, indentures, trust agreements and purchase agreements, together with any other related agreements and other documents that govern such Transaction.

     

    Section 1.03 Interpretive Provisions.

     

    (a) For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires, (i) terms used herein include, as appropriate, all genders and the plural
        as well as the singular, (ii) references to words such as “herein”, “hereof” and the like shall refer to this Agreement as a whole and not to any particular part, article or section within this Agreement, (iii) references to an article, a section
        or an exhibit mean the applicable Article, Section or Exhibit of this Agreement, (iv) the term “include” and all variations thereof means “include without limitation”, (v) the term “or” shall include “and/or”, (vi) any agreement or statute defined
        or referred to in this Agreement means such agreement or statute as from time to time amended, modified, supplemented or replaced, including (in the case of agreements) by waiver or consent and (in the case of statutes) by succession of comparable
        successor statutes and includes (in the case of agreements) references to all attachments thereto and instruments incorporated therein and (in the case of statutes) any rules and regulations promulgated thereunder and any judicial and
        administrative interpretations thereof, and (vii) references to a Person are also to its permitted successors and assigns.

     

    (b) As used in this Agreement and in any certificate or other document made or delivered pursuant hereto, accounting terms not defined in this Agreement or in any such certificate or other
        document, and accounting terms partly defined in this Agreement or in any such certificate or other document to the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles. To the extent
        that the definitions of accounting terms in this Agreement or in any such certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Agreement or
        in any such certificate or other document shall control.

     

    ARTICLE TWO

      INTERCREDITOR PROVISIONS

     

    Section 2.01 Exeter Rights to Remittances. Exeter hereby acknowledges and agrees that with respect to Receivables it has sold,
        contributed or pledged, or will at any time in the future sell, contribute or pledge, in connection with a Transaction (i) it has received or will receive, as applicable, due consideration for the sale, contribution or pledge of such Receivables,
        (ii) from and after the time of such sale, contribution or pledge, it has no right, title or interest in and to any such Receivables or any related Remittances (including any Remittances delivered or deposited in the Lockbox Account, the Lockbox or
        any other account or lockbox of Exeter or any SPE), subject to (a) the right to receive payment or reimbursement for performance of its obligations as servicer of such Receivables and (b) payments of any

     

    
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    funds that shall be remitted to Exeter, in each case in accordance with the related Transaction Documents, (iii) Remittances on such Receivables shall not be subject to
      any deduction or setoff by Exeter, subject to the right to receive payment or reimbursement for performance of its obligations as servicer of such Receivables in accordance with the related Transaction Documents, and (iv) except as previously
      described in this Section 2.01, it shall not at any time in the future assert an interest in such Receivables or the related Remittances.

     

    Section 2.02 Rights to Remittances. Each of the SPEs and Secured Parties hereby acknowledges and agrees that it only has and
        will only have at any time rights to Remittances in respect of the Receivables that are owned by or pledged at such time to, as applicable, such SPE or Secured Party pursuant to the applicable Transaction Documents for such Transaction and
        evidenced on the applicable schedules of Receivables relating thereto.  Each of the SPEs and Secured Parties hereby agrees that if it acquires custody, control or possession of any Remittances in respect of Receivables other than those in which has
        rights (as described in the immediately preceding sentence) (any such Remittances, “Improper Remittances”), then such SPE or Secured Party, as applicable, shall promptly turn over (or cause to be turned over) such Improper Remittances to the
        appropriate party following its obtaining knowledge of such Improper Remittances or receipt of a written request therefor and accounting acceptable to the SPE or Secured Party receiving such request; provided, that if any third party asserts a
        right to any Improper Remittances, no party shall be obligated to turn over Improper Remittances in any manner contrary to a court order.  Until such time as any Improper Remittances have been delivered to or upon the order of the appropriate
        Person pursuant to the preceding sentence, the party holding Improper Remittances shall be deemed to hold such Improper Remittances in trust for and as bailee of each of the parties entitled thereto hereunder.

     

    Section 2.03 Certain Bankruptcy Provisions. Notwithstanding any provision of this Agreement but in furtherance hereof, upon the
        commencement of a case under the Bankruptcy Code by or against Exeter or any SPE: (i) this Agreement shall remain in full force and effect and enforceable pursuant to its terms in accordance with Section 510(a) of the Bankruptcy Code, and all
        references herein to Exeter or such SPE shall be deemed to apply to such entity as debtor in possession and to any trustee in bankruptcy for the estate of such entity, and (ii) each Secured Party and SPE shall retain its right to vote its claims
        and act in any such case under the Bankruptcy Code (including the right to vote to accept or reject any plan of reorganization or liquidation), and hereby agrees not to take any action or vote in any way so as to contest (a) the validity or
        enforceability of this Agreement, (b) the validity, priority or enforceability of the liens, mortgages, assignments and security interests granted in respect of the Receivables pursuant to the related Transaction Documents, and (c) the relative
        rights and duties of the SPEs, the Secured Parties and Exeter granted or established herein or in any of the related Transaction Documents with respect to such liens, mortgages, assignments, and security interests.

     

    Section 2.04 Deposits and Withdrawals of Remittances.  The Intercreditor Agent shall cause Remittances (other than Improper
        Remittances) with respect to a Transaction to be withdrawn and distributed from, the Lockbox Account, in each case in accordance with the terms of this Agreement.

     

    Section 2.05 Security Interest. Exeter hereby grants a security interest in the Lockbox Account and the Lockbox to the
        Intercreditor Agent, on behalf of the SPEs, as security

     

    
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    for the payment and performance of its obligations to each SPE set forth pursuant to each Transaction, and each SPE hereby agrees that the security interest granted
      pursuant to this Section 2.05 shall be for the benefit of, and the remedies provided for herein with respect thereto shall be exercisable on behalf of such SPE by, the Secured Party for the related Transaction.

     

    Section 2.06 Deposit Account Control Agreement. Each of the SPEs and the Secured Parties appoints [___] to act on its behalf
        under the Deposit Account Control Agreement as the Intercreditor Agent (a) to exercise dominion and control over the Remittances on deposit in the Lockbox Account for the benefit of the SPEs and Secured Parties under their respective Transaction
        Documents (in each case, as their interests may appear therein), as the case may be, and (b) for the purposes of continuing the perfection and priority of their respective interests with respect to the Remittances; provided, however, that nothing
        herein shall obligate the Intercreditor Agent to monitor the perfection, priority or sufficiency of any such security interest.  It is understood and agreed that the use of the term “agent” (or any other similar term) herein, in the Deposit Account
        Control Agreement or in any other agreement, instrument or document to which it is a party, with reference to the Intercreditor Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine
        of applicable law.  Instead such term is used as a matter of market custom, and is intended to create and reflect only an administrative relationship between contracting parties.

     

    [___] hereby accepts such appointment to act as Intercreditor Agent subject to the terms of this Agreement.

     

    The Intercreditor Agent agrees, subject to the terms of this Agreement, that (i) as party to the Deposit Account Control Agreement, it will exercise
      control rights under the Deposit Account Control Agreement as the secured party thereunder, on behalf of the SPEs and the Secured Parties to the extent it is instructed to do so in writing pursuant to an Enforcement Event Notice as defined below
      (with a copy to each other party hereto) by any SPE or Secured Party upon being informed in writing by such party that (a) Exeter’s rights and obligations as “Servicer” under the related Transaction Documents have been terminated and (b) a successor
      servicer (the “Successor Servicer”) has been appointed and has assumed Exeter’s rights and obligations as “Servicer” pursuant to and in accordance with such Transaction
      Documents (the occurrence of both of the events described clauses (a) and (b) with respect to such SPE, an “Enforcement Event”) and (ii) should the Deposit Account Control
      Agreement terminate for any reason, the Intercreditor Agent will so notify each of the parties hereto.  Upon the occurrence of an Enforcement Event, the applicable Secured Party may direct the Intercreditor Agent to remove the Servicer as the party
      responsible for instructing the Lockbox Bank under the Deposit Account Control Agreement as to the account or accounts to which to transfer Remittances that have been identified to the applicable Transaction, provided that such Secured Party (as
      applicable) has delivered the following to the Intercreditor Agent:

     

    (i) a direction substantially in the form attached hereto as Exhibit B (an “Enforcement Event Notice”) stating that an Enforcement Event has occurred with respect to a specified Transaction;

     

    (ii) the name and notice details of the Successor Servicer;

     

    
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    (iii) the name, account number, depository institution and other relevant details for the Collection Account to which Remittances must be sent in respect of
        the related Transaction, or if the account or accounts to which the Lockbox Bank is to transfer Remittances with respect to the related Transaction shall have changed (any such changed account, a “Replacement Recipient Account”), the name, account
        number, depository institution and other relevant details for any such Replacement Recipient Account; and

     

    (iv) a list of the Receivables which are then subject to such Transaction (the “Affected Receivables”), with the account number or other identifying
        information of the related obligors thereunder.

     

    Promptly upon receipt by the Intercreditor Agent of such Enforcement Event Notice:

     

    (i) the
      Intercreditor Agent will send to the Lockbox Bank (with a copy to each Secured Party and SPE) an executed “written notice” (an “Activation Notice”) identifying the Affected Receivables and directing the Lockbox Bank to terminate Exeter’s access to
      funds in the Lockbox Account in respect of the Affected Receivables.  The Intercreditor Agent may be directed by a Secured Party to deliver an Activation Notice without the occurrence of (ii) below.  The Servicer agrees to cooperate with the
      Successor Servicer or Intercreditor Agent, as the case may be, in all material respects, including (x) in effecting the termination of its rights under this Agreement to direct the disposition of Remittances in the Lockbox Account pertaining to the
      Affected Receivables, (y) by providing the Successor Servicer or Intercreditor Agent, as the case may be, with the account numbers of the Affected Receivables or other identifying information of the related obligors thereunder and (z) by providing
      such other records, information and reports as are required or advisable to determine the disposition of Remittances pertaining to the Affected Receivables or to otherwise effect a transition of servicing duties;

     

    (ii) if such
      Secured Party has notified the Intercreditor Agent, pursuant to an Enforcement Event Notice, that it has established one or more Replacement Recipient Accounts, the Intercreditor Agent will direct the Lockbox Bank to transfer Remittances relating to
      the Affected Receivables which are then subject to such Transaction from the Lockbox Account to the applicable Replacement Recipient Account within two (2) Business Days of receipt (provided that the Intercreditor Agent shall have received all the
      information contemplated by this Agreement which is necessary to direct such transfers).  If the Secured Party has not established one or more Replacement Recipient Accounts, the Intercreditor Agent will direct the Lockbox Bank to transfer
      Remittances related to the Affected Receivables which are then subject to such Transaction from the Lockbox Account to the applicable Collection Account within two (2) Business Days of receipt (provided that the Intercreditor Agent shall have
      received all the information contemplated by this Agreement which is necessary to direct such transfers).  In connection therewith, the Intercreditor Agent will supply to the Lockbox Bank such supplemental schedules or listings detailing such
      Remittances as the Lockbox Bank may reasonably request; provided, that the Intercreditor Agent shall only be required to furnish such information to the extent the Intercreditor Agent has such 

     

    
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    information, either as provided by (x) the related Secured Party or (y) the Servicer or Successor Servicer (as applicable) but, as to this clause (y),
      only if such information has been acknowledged by the related Secured Party; and the Intercreditor Agent shall have no liability for any failure to transfer Remittances or to provide information to the Lockbox Bank when such required information is
      not available to the Intercreditor Agent; and

     

    (iii) the
      Intercreditor Agent will forward such Enforcement Event Notice and all related schedules to each SPE, the Servicer and each other Secured Party.

     

    The Intercreditor Agent shall be entitled to conclusively rely and shall be fully protected in acting upon any Enforcement Event Notice believed by it
      to be genuine and to have been signed or presented by a Secured Party.  The Intercreditor Agent shall have no duty or obligation to inquire into any aspect of the Enforcement Event or the validity of the Enforcement Event Notice it receives.  Each of
      the parties to this Agreement agree that the Secured Party giving the Enforcement Event Notice shall be solely liable for the validity of the Enforcement Event Notice and any action taken by the Intercreditor Agent in reliance upon such Enforcement
      Event Notice.

     

    The Intercreditor Agent may terminate its obligations as Intercreditor Agent under this Agreement upon at least ninety (90) days’ prior written notice
      to each of the parties hereto; provided, however, that such resignation shall not be effective until a successor Intercreditor Agent reasonably acceptable to Exeter and each Secured Party shall have accepted its appointment as Intercreditor Agent
      hereunder and shall have become party to the Deposit Account Control Agreement as successor to the resigning Intercreditor Agent.  If an instrument of acceptance by a successor Intercreditor Agent shall not have been delivered to the Intercreditor
      Agent within thirty (30) days after the giving of such notice of resignation, the resigning Intercreditor Agent may petition any court of competent jurisdiction, at the expense of the SPEs, for the appointment of a successor Intercreditor Agent.

     

    ARTICLE THREE

      MISCELLANEOUS

     

    Section 3.01 Counterparts. 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

     

    
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    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.

     

    Section 3.02 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 Servicer, 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

          

     

    	

          	(a)	
            in the case of the Intercreditor Agent, to:

              

              [___]

              [___]

              [___]

              Attention: [_______]

              Email: [___]

          

     

    	

          	(c)	
            in the case of any Other Party, to the address for such Other Party set forth in the related Accession Agreement

          

     

    or, in each such case, at such other address as shall be designated by such party in a written notice to the other parties.

     

    Section 3.03 Assignability. None of the parties to this Agreement may assign or transfer their respective rights or obligations
        under this Agreement to any person or entity without the prior written consent of the parties hereto, which consent will not be unreasonably withheld or delayed; provided, that all rights of a Secured Party or SPE under this Agreement may be
        assigned by such Secured Party or SPE, respectively, subject to compliance with the applicable terms of the related Transaction Documents and with upon written notice to each of the parties hereto.

     

    Section 3.04 GOVERNING LAW. THIS 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

     

    
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    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.

     

    Section 3.05 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.

     

    Section 3.06 Amendments. This Agreement may be amended from time to time by the Servicer and the Intercreditor Agent, in
        writing, and with the consent of any SPE or Secured Party materially adversely affected thereby, provided that the Servicer shall have delivered to each Secured Party an officer’s certificate to the effect that such amendment will not materially
        adversely affect the interests of any Secured Party or SPE whose consent shall not have been obtained.

     

    Section 3.07 No Waiver. No failure or delay on the part of any party hereto in exercising any power, right or remedy under this
        Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy.

     

    Section 3.08 No Petition. Each party hereto, by entering into this Agreement, hereby covenants and agrees that it will not at
        any time petition or otherwise invoke the process of any Governmental Authority for the purpose of commencing or sustaining an Insolvency Proceeding against any SPE under any United States federal or State Insolvency Laws or appointing a receiver,
        liquidator, assignee, trustee, custodian, sequestrator or other similar official of such SPE or any substantial part of its property, or ordering the winding up or liquidation of the affairs of such SPE, and agrees that it will not cooperate with
        or encourage others to file a bankruptcy petition against any SPE during the same period.

     

    Section 3.09 Levy, Attachment of Remittances. In the event any party hereto shall be served with any type of levy, attachment,
        writ or garnishment with respect to any amounts in the Lockbox Account, or in the event a third party shall institute any court proceeding by which any amount in the Lockbox Account shall be required to be delivered otherwise than in accordance
        with the provisions of this Agreement, the party that received such service or has notice of any such service or proceeding shall immediately deliver or cause to be delivered to the other parties hereto copies of all court papers, orders, documents
        and other materials concerning such proceedings.  Exeter shall cause the Lockbox Bank to continue to hold and maintain all amounts in the Lockbox Account received by it pursuant to the provisions of this Agreement pending an order of a court of
        competent jurisdiction permitting or directing disposition thereof. Upon final determination of such court, Exeter shall cause the Lockbox Bank to dispose of such amounts held by it as directed by such determination or, if no such determination is
        made, in accordance with the terms of this Agreement.

     

    Section 3.10 Rights of the Secured Parties. The execution of this Agreement by each SPE and Secured Party is wholly without
        prejudice to, and shall not constitute a waiver in respect of, the rights of such SPE or Secured Party under the related Transaction Documents with

     

    
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    respect to the obligations of Exeter under such Transaction Documents whether prior to, or after giving effect to, this Agreement and shall in no way alter or affect
      such rights.

     

    Section 3.11 Severability. If any one or more of the covenants, agreements, provisions or terms of this Agreement is held
        invalid, illegal or unenforceable, then such covenants, agreements, provisions or terms will be deemed severable from the remaining covenants, agreements, provisions and terms of this Agreement and will in no way affect the validity, legality or
        enforceability of the other covenants, agreements, provisions and terms of this Agreement.

     

    Section 3.12 Successors and Assigns. All covenants and agreements contained herein will be binding upon, and inure to the
        benefit of, the parties hereto and their respective successors and permitted assigns, all as provided in this Agreement.  Any request, notice, direction, consent, waiver or other instrument or action by a party to this Agreement will bind the
        successors and assigns of such party.  Except as otherwise provided in this Agreement, no other Person will have any right or obligation under this Agreement.

     

    Section 3.13 Limitations of Liability of Secured Parties.

     

    (a) It is expressly understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by each Owner Trustee, not individually or personally but solely as trustee of
        the related SPE, 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 such SPE is made and intended not as personal
        representations, covenants, undertakings and agreements by such Owner Trustee but is made and intended for the purpose of binding only such SPE, (iii) nothing herein contained shall be construed as creating any liability on such Owner Trustee,
        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) such
        Owner Trustee has made no investigation as to the accuracy or completeness of any representations or warranties made by such SPE or any other Person in this Agreement and (v) under no circumstances shall such Owner Trustee be personally liable for
        the payment of any indebtedness or expenses of such SPE or be liable for the breach or failure of any obligation, duty (including fiduciary duty, if any), representation, warranty or covenant made or undertaken by such SPE under this Agreement or
        any other related documents.

     

    (b) It is expressly understood and agreed by the parties to this Agreement that this Agreement is executed and delivered by each Indenture Trustee not in its individual capacity but solely as
        Indenture Trustee under the related Indenture.  Each Indenture Trustee has the same rights, protections and immunities hereunder as it has under the Indenture as if such rights, protections and immunities were expressly set forth herein mutatis
        mutandis.

     

    Section 3.14 Resolution of Disputes Regarding Schedules of Affected Receivables.

     

    (a) In the event that the Intercreditor Agent receives a written notice from any Secured Party or SPE challenging the correctness of any schedule of Affected

     

    
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    Receivables or related Remittances, the Intercreditor Agent will be entitled to refrain from taking any action (and will incur no liability thereby) with respect to such
      Affected Receivables that are the subject of the alleged error or errors until directed otherwise (i) by a written request signed by each of the Secured Parties whose interests would be affected by the alleged error or errors or (ii) by order of a
      court of competent jurisdiction, except that in the event that the Intercreditor Agent refrains to take action as provided for herein, the Intercreditor Agent shall direct the Lockbox Bank to hold in trust all Remittances with respect to such
      Affected Receivables that are the subject of the alleged error or errors during the pendency of any dispute.  Such disputing Secured Parties shall seek to resolve such dispute.  In the event the disputing parties are unable to resolve such dispute
      within thirty (30) days, such parties shall appoint an Accounting Firm to resolve such dispute (or, if the disputing parties are unable to agree on an Accounting Firm, they shall petition a court of competent jurisdiction to appoint an Accounting
      Firm).  Exeter, whether or not it has been removed as “Servicer” with respect to any Transaction, shall cooperate with the Lockbox Bank and the Intercreditor Agent in connection with supplying any necessary information as may be requested by the
      Lockbox Bank, Intercreditor Agent or the Secured Parties in connection therewith.

     

    (b) Each SPE and Secured Party further acknowledges that it shall have no right to impede the administration of the Lockbox Account as a whole, but has rights only with respect to the related
        Affected Receivables.

     

    Section 3.15 Headings. The Article and Section headings included in this
      Agreement are for convenience only and shall not affect the construction hereof.

     

    Section 3.16 Indemnity.

     

    (a) Each SPE, on a several basis and not on a joint basis or a joint and several basis, (i) will pay or reimburse, as applicable, the Intercreditor Agent for fees (to the extent annual fees are
        not paid by Exeter pursuant to Section 3.16(c) below) and actual out‐of‐pocket reasonable and documented expenses (including, reasonable and documented out‐of‐pocket attorneys’ fees and expenses) incurred by the Intercreditor Agent in connection
        with the administration of and the performance of its duties under this Agreement with respect to the Receivables owned by such SPE that are pledged to the applicable Secured Party (or the Remittances related thereto), and (ii) will indemnify,
        defend and hold harmless the Intercreditor Agent and any director, officer, employee or agent (each, in his, her or its capacity as such) of the Intercreditor Agent and hold the Intercreditor Agent harmless against any out‐of‐pocket loss,
        liability, fee or expense (including reasonable fees and expenses of outside counsel, which shall include any reasonable fees and expenses of outside counsel incurred in connection with (1) any enforcement of the indemnification obligation
        hereunder or (2) the successful defense, in whole or in part, of any claim that the Intercreditor Agent breached its standard of care) incurred in connection with this Agreement or the Deposit Account Control Agreement, including with respect to
        the Receivables owned by such SPE that are pledged to the applicable Secured Party (or the Remittances related thereto) (collectively the items in Section 3.16(a)(i) and (ii) above are referred to as “Intercreditor Amounts Payable”); provided,
        however, that each SPE will not be required to pay or reimburse, as applicable, the Intercreditor Agent for any loss, liability, fee or expense incurred by reason of willful misconduct, bad faith or negligence in the performance by

     

    
      12

      
        

    

    the Intercreditor Agent of its duties hereunder, in each case, as determined by a court of competent jurisdiction in a Final Non‐Appealable Order.

     

    (b) The Intercreditor Agent shall promptly provide to Exeter and each applicable SPE and Secured Party written invoices for all Intercreditor Amounts Payable due and payable to the Intercreditor
        Agent by the applicable SPE pursuant to Section 3.16(a), however, failure to provide written invoices or any other notice promptly shall not excuse the obligation of indemnification. For the avoidance of doubt, the Intercreditor Agent shall have no
        duty to provide a written invoice for their annual fee (unless such annual fee is not paid by Exeter).  All Intercreditor Amounts Payable will be due and payable by the applicable SPE pursuant to the applicable priority of payments for
        distributions set forth in the related Transaction Documents.  To the extent any such Intercreditor Amounts Payable shall not have been paid to the Intercreditor Agent by the applicable SPE within ninety (90) days after receipt by Exeter, such SPE
        and the related Secured Party of any such detailed invoice, Exeter shall promptly pay the Intercreditor Agent for any such unpaid amounts. If, subsequent to any such payment by Exeter to the Intercreditor Agent described in the immediately
        preceding sentence, the Intercreditor Agent receives payment or reimbursement in respect of the related Intercreditor Amounts Payable, in part or in full, from the related SPE, then the Intercreditor Agent shall promptly refund Exeter for the
        amount of such payment or reimbursement received from the SPE on such subsequent date.  Failure to provide notice shall not excuse the obligation of indemnification.

     

    (c) As consideration for the performance of its duties and obligations hereunder, the Intercreditor Agent shall be paid an annual fee of $[_], payable in [___] of each calendar year.  The first
        such annual fee shall be paid by Exeter in [___] 20[_], and subsequent annual fees shall be allocated among, and payable by, the applicable SPEs.

     

    (d) The obligations of the SPEs pursuant to Section 3.16(a), the payment obligations of Exeter pursuant to Section 3.16(b), and the refund obligations of the Intercreditor Agent pursuant to
        Section 3.16(b) shall survive the resignation and removal of the Intercreditor Agent and the termination of this Agreement.

     

    Section 3.17 Regarding the Intercreditor Agent.

     

    (a) In no event shall the Intercreditor Agent have any duty to verify the identification of any Remittances (including Improper Remittances) and or Receivables (including Affected Receivables) or
        verify the identification thereof by the Servicer, any Successor Servicer, Secured Party or SPE.

     

    (b) The Intercreditor Agent will not be required to act or expend or risk its own funds or otherwise incur any liability in the performance of any of its duties hereunder, or in the exercise of
        its rights or powers, if it has not received adequate indemnity (to be determined by the Intercreditor Agent in its sole discretion).

     

    (c) The Intercreditor Agent will not be liable for any act done or step taken or omitted by it in good faith, or for any mistakes of fact or law; provided, however, that the Intercreditor Agent
        will be liable for its own negligence, bad faith or willful misconduct (as determined by a court of competent jurisdiction in a Final Non‐Appealable Order).

     

    
      13

      
        

    

    (d) The Intercreditor Agent may conclusively rely on and will be protected in acting in good faith upon any certificate, instrument, opinion, notice, letter or other written document delivered to
        it which it in good faith believes to be genuine and which has been signed by an authorized representative of a party and need not investigate any fact or matter stated in any such certificate, instrument, opinion, notice, letter or other written
        document.  The Intercreditor Agent may rely on and will be protected in acting in good faith upon the instructions of any authorized representative of any party hereto to the extent such party is expressly permitted herein to give such
        instructions.

     

    (e) No direction given to the Intercreditor Agent which imposes, or purports to impose, upon the Intercreditor Agent any obligation not set forth in or arising under this Agreement shall be
        binding upon the Intercreditor Agent unless the Intercreditor Agent elects, at its sole option, to accept such direction.  The Intercreditor Agent shall not have any duties or obligations except those expressly assumed by it in this Agreement and
        no implied duties or obligations shall be read into this Agreement against the Intercreditor Agent.  The Intercreditor Agent shall not be required to take any action which is contrary to applicable law or any provisions of this Agreement.  The
        Intercreditor Agent makes no representation as to the validity, value or genuineness of the Lockbox Account or each Collateral Account or the collectability of any Receivable, Remittance or any other property or assets.  The Intercreditor Agent
        shall not be called upon to advise any party as to the wisdom in taking or refraining to take any action with respect to the Lockbox Account or each Collateral Account, the Receivables, Remittances, or any other property or assets.  The
        Intercreditor Agent is not required to serve, file, register or record any instrument, including any financing statement, regarding the Lockbox Account or each Collateral Account, the Receivables, Remittances, or any other property or assets.  The
        Intercreditor Agent shall be entitled to require that all agreements, certificates, opinions, instruments and other documents at any time submitted to it, including those expressly provided for in this Agreement, be delivered to it in a form and
        upon substantive provisions reasonably satisfactory to it.

     

    (f) The Intercreditor Agent may seek and rely upon any judicial order or judgment and upon any advice, opinion or statement of legal counsel, independent consultants and other experts selected by
        it in good faith without being required to determine the authenticity thereof or the correctness of any fact or opinion stated therein or the propriety or validity thereof.  The Intercreditor Agent may act in reliance upon any instrument comporting
        with the provisions of this Agreement or any signature reasonably believed by it to be genuine and may conclusively assume that any Person purporting to give notice or receipt or advice or make any statement or execute any document in connection
        with the provisions hereof has been duly authorized to do so.  The Intercreditor Agent shall not be required to inquire as to the occurrence or absence of any Enforcement Event and shall not be affected by or required to act upon any notice or
        knowledge as to the occurrence of any Enforcement Event unless and until it receives an Enforcement Event Notice.

     

    (g) Whenever in the administration of the provisions of this Agreement the Intercreditor Agent shall deem it necessary or advisable that a matter be proved or established prior to taking or
        suffering any action to be taken, such matter may, in the absence of negligence, bad faith or willful misconduct on the part of the Intercreditor Agent as determined by a court of competent jurisdiction in a Final Non‐Appealable Order, be deemed to
        be conclusively proved

     

    
      14

      
        

    

    and established by a certificate of an authorized representative or an opinion of counsel, and the Intercreditor Agent shall be fully protected and have no liability to
      any Person for any action taken, suffered or omitted by it in good faith under the provisions of this Agreement in reliance on or in accordance with such certificate or opinion of counsel.

     

    (h) In no event shall the Intercreditor Agent be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or
        indirectly, forces beyond its control, including strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, pandemics or epidemics, nuclear or natural catastrophes or acts of God, and interruptions, loss or
        malfunctions or utilities, communications or computer (software or hardware) services (each of the foregoing a “Force Majeure Event”), it being understood that the Intercreditor Agent shall use reasonable efforts which are consistent with accepted
        practices in the banking industry to resume performance as soon as practicable once the Force Majeure Event has ceased and the Intercreditor Agent is able to undertake such performance.

     

    (i) The Intercreditor Agent will not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request,
        direction, consent, order, bond, debenture or other paper or document, but the Intercreditor Agent, may (but shall not be obligated to) make such further inquiry or investigation into such facts or matters as it may see fit, and, if the
        Intercreditor Agent will determine to make such further inquiry or investigation, it will be entitled to examine the requisite books, records and premises, personally or by agent.

     

    (j) The Intercreditor Agent may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or other Persons.  The Intercreditor Agent
        shall remain obligated for the performance of such duties, but will not be responsible for any misconduct or negligence on the part of any agent or other Person appointed by it hereunder in good faith and with the same degree of care as
        Intercreditor Agent would use in the conduct of its own affairs.  The Intercreditor Agent will exercise due care in selecting any such agent or other Person.

     

    (k) The Intercreditor Agent will not be responsible for filing any financing statements or continuation statements in connection with the Receivables.

     

    (l) The Intercreditor Agent shall not be deemed to have notice of any default unless an officer of the Intercreditor Agent having responsibility for the administration of this Agreement receives
        notice of any event which is in fact such a default and is delivered to the Intercreditor Agent in accordance with the notice provisions of this Agreement, and such notice references this Agreement and Exeter.

     

    (m) The right of the Intercreditor Agent to perform any discretionary act enumerated in this Agreement shall not be construed as a duty and such discretionary act may be exercised in the sole and
        unfettered discretion of the Intercreditor Agent.

     

    (n) To the fullest extent permitted by law and notwithstanding anything in this Agreement to the contrary, the Intercreditor Agent shall not be liable under any circumstances

     

    
      15

      
        

    

    for indirect, incidental, special, consequential or punitive damages, however styled, including lost profits, loss of revenue, diminution in value or loss of business.

     

    (o) Without limiting the generality of the foregoing, the Intercreditor Agent shall not (i) be subject to any fiduciary or other implied duties, regardless of whether a default or an Enforcement
        Event has occurred and is continuing, (ii) except as expressly set forth in this Agreement, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Secured Party or any of their affiliates
        that is communicated to or obtained by the Intercreditor Agent or any of its affiliates in any capacity, or (iii) have any duty to take any discretionary action or exercise any discretionary powers (including providing any request, consent,
        approval, waiver or authorization), except as expressly contemplated by this Agreement or the Deposit Account Control Agreement that the Intercreditor Agent is required to exercise as directed in writing by a Secured Party; provided, that, the Intercreditor Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Intercreditor Agent to liability or that is
        contrary to this Agreement, the Deposit Account Control Agreement or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under applicable bankruptcy or insolvency law.

     

    (p) The Intercreditor Agent shall not be liable for any action taken or not taken by it under or in connection with this Agreement, the Deposit Account Control Agreement, or any other agreement,
        instrument or document to which it is a party, (i) with the prior written consent or at the request of a Secured Party, or (ii) in the absence of its own negligence, bad faith or willful misconduct as determined by a court of competent jurisdiction
        in a Final Non‐Appealable Order.

     

    (q) The Intercreditor Agent shall be fully justified and shall not be liable for any failure on its part to take any action in the absence of (i) an express instruction from a Secured Party and
        (ii) the provision of indemnification satisfactory to it under Section 3.16 hereof.

     

    (r) The Intercreditor Agent shall not be responsible for or have any duty to (1) ascertain or inquire into (i) any recital, statement, warranty or representation made in or in connection with
        this Agreement or the Deposit Account Control Agreement, (ii) the contents of any certificate, report, statement or other document delivered hereunder or thereunder or in connection herewith or therewith (including recalculating or determining,
        confirming or verifying any calculation or information set forth therein), (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any default or
        Enforcement Event (or any cure, waiver, cessation or rescission thereof), (iv) the legality, validity, enforceability, effectiveness, sufficiency or genuineness of this Agreement, the Deposit Account Control Agreement or any other agreement,
        instrument or document to which it is a party, and (v) the perfection or priority of any lien or security interest created, or purported to be created, by this Agreement or the Deposit Account Control Agreement or the preparation, correctness,
        accuracy, existence or filing of any financing or continuation statement in any public office at any time, or (2) assess or keep under review on its behalf the financial condition, creditworthiness, condition, affairs, status or nature of any
        Person.  Each Secured Party warrants to the Intercreditor Agent that it has not relied on and will not hereafter rely on the Intercreditor Agent, and it is understood an agreed by each Secured Party

     

    
      16

      
        

    

    that the Intercreditor Agent shall not be required to (i) check or inquire on its behalf into the adequacy, accuracy or completeness of any information provided by any
      Person in connection with this Agreement, the Deposit Account Control Agreement or the transactions therein contemplated (whether or not such information has been or is hereafter circulated to such Person by the Intercreditor Agent), (ii) assess or
      keep under review on its behalf the financial condition, creditworthiness, condition, affairs, status or nature of any Person, or (iii) inspect the properties, books or records of Exeter or any other Person.

     

    (s) The authorizations, rights, privileges, protections and benefits given to the Intercreditor Agent are extended to, and shall be enforceable by, the Intercreditor Agent under the Deposit
        Account Control Agreement or any other agreement, instrument or document to which it is a party.  In the event of any claim of inconsistency between this Agreement and the terms of the Deposit Account Control Agreement or any such other agreement
        to which the Intercreditor Agent is a party arises with respect to the duties, liabilities and rights of the Intercreditor Agent, the terms of this Agreement shall control.

     

    (t) The Intercreditor Agent shall not be liable as a result of any failure by any Person or their respective Affiliates party to this Agreement, the terms of the Deposit Account Control Agreement
        or any such other agreement to which the Intercreditor Agent is a party, to perform their respective obligations under such agreements or document or as a result of taking or omitting to take any action in relation to such agreements or documents,
        except to the extent of the Intercreditor Agent’s negligence, bad faith or willful misconduct as determined by a court of competent jurisdiction in a Final Non‐Appealable Order, as the case may be.

     

    (u) It is expressly acknowledged, agreed and consented to that [___] may be acting in the capacities of Intercreditor Agent and a Secured Party.  [___] may, in such multiple capacities, discharge
        its separate functions fully, without hindrance or regard to conflict of interest principles, duty of loyalty principles or other breach of fiduciary duties to the extent that any such conflict or breach arises from the performance by [___] of
        express duties set forth in this Agreement or a Transaction Document in any of such capacities, all of which defenses, claims or assertions are hereby expressly waived by the parties hereto and any other person having rights pursuant hereto or
        thereto, including, but not limited to, each Secured Party other than [___], in any of its capacities, and any Secured Parties who have become parties hereto by reason of having entered into an Accession Agreement.

     

    (v) The Intercreditor Agent shall not be obligated to, or have a duty to, review the terms of any Transaction Document and shall not be charged with the knowledge of their contents and shall not
        be bound by any agreements in its capacity as Intercreditor Agent.

     

    [Signature pages follow.]

     

    

    

     

    

    

     

    

    

     

    
      17

      
        

    

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

     

    	 	
            EXETER FINANCE LLC, as Servicer

          
	 	 	 
	 	
            By:  

          	
                                                                                         

          
	 	 	
            Name:

          
	 	 	
            Title:

          
	 	 	 
	 	 	 
	 	
            [___], as Intercreditor Agent

          
	 	 	 
	 	
            By:

          	
                                                                                         

          
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      
        

    

    
    EXHIBIT A

     

    FORM OF ACCESSION AGREEMENT

     

    Reference is hereby made to that certain Intercreditor Agreement, dated as of [___], 20[_] (as amended, restated, supplemented or otherwise modified
      from time to time, the “Agreement”), among (i) Exeter Finance LLC, as servicer, (ii) [___], as intercreditor agent, and (iii) each Other Party that becomes a party thereto pursuant to the terms thereof.  Capitalized terms used herein that are not
      otherwise defined shall have the meanings ascribed thereto in the Agreement.

     

    This is an Accession Agreement and is being entered into pursuant to the Agreement.  Each undersigned Other Party hereby: (i) acknowledges and
      confirms that it has received a copy of the Agreement, (ii) agrees to be bound by the terms and conditions of the Agreement as if it were an original signatory thereto, (iii) acknowledges that it only has and will only have at any time rights to
      Remittances in respect of the Receivables that are owned by or pledged at such time to such Other Party pursuant to a Transaction Document under the related Transaction described in (A) below:

     

    
      	

            	A.	
              Name of Transaction (name of issuing entity):  [__________]

            

      

    

    	

          	B.	
            Identification of Indenture:  Indenture, dated as of [__________], [between/among] [party names]

          

     

    [Name of Indenture Trustee], as an Other Party, hereby advises that, for purposes of the Agreement, the following shall apply with respect to such
      Other Party:

     

    1. Address of Other Party:  [__________]

     

    2. Designation(s) under the Agreement:  Indenture Trustee and Secured Party

     

    [Name of SPE], as an Other Party, hereby advises that, for purposes of the Agreement, the following shall apply with respect to such Other Party:

     

    1. Address of Other Party:  [__________]

     

    2. Designation(s) under the Agreement:  SPE

     

    3. Name of related Owner Trustee:  [__________]

     

    [Signature pages follow.]

     

    

    

     

    
      A-1

      
        

    

    IN WITNESS WHEREOF, the Other Party identified below has executed this Accession Agreement as of the _____ day of _____________, 20___.

     

    	 	
            [NAME OF INDENTURE TRUSTEE], not in its

          
	 	
            individual capacity but solely as Indenture Trustee

          
	 	 	 
	 	
            By:  

          	
                                                                                        

          
	 	 	
            Name:

          
	 	 	
            Title:

          
	 	 	 
	 	 	 
	 	
            [NAME OF SPE]

          
	 	 	 
	 	
            By:  [Name of Owner Trustee], not in its individual

            capacity but solely as Owner Trustee

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                        

          
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

     

    

    

     

    

    

     

    
      A-2

      
        

    

    
    EXHIBIT B

     

    FORM OF ENFORCEMENT EVENT NOTICE

     

    [Date]

     

    [___], as Intercreditor Agent

    [___]

    [___]

    Attention: [_______]

    Email: [___]

     

    Reference is hereby made to that certain Intercreditor Agreement, dated as of [___], 20[_] (as amended, restated, supplemented or otherwise modified
      from time to time, the “Agreement”) among (i) Exeter Finance LLC, as servicer, (ii) [___], as intercreditor agent, and (iii) each Other Party that becomes a party thereto pursuant to the terms thereof.  Capitalized terms used herein that are not
      otherwise defined shall have the meanings ascribed thereto in the Agreement.

     

    Reference is also made to the Indenture, dated as of [__________] (the “Indenture”), [between/among] [party names].

     

    You are hereby notified that an Enforcement Event has occurred with respect to [SPE], and you are hereby directed to deliver an Activation Notice to
      the Lockbox Bank, in accordance with the Deposit Account Control Agreement.  Following the date hereof, you are instructed to direct the withdrawal or transfer of funds from the Lockbox Account that constitute Remittances related to the Receivables
      pledged pursuant to the Indenture (which funds shall be identified in subsequent instructions) upon the further instruction of the undersigned.

     

    The following information is hereby provided, in accordance with Section 2.06 of the Agreement:

     

    (i) the name and notice details of the Successor Servicer:  [_______________];

     

    (ii) the name, account number, depository institution and other relevant details for the Collection Account to which Remittances must be sent in respect of the related Transaction, or if the
        account or accounts to which the Lockbox Bank is to transfer Remittances with respect to the related Transaction shall have changed (any such changed account, a “Replacement Recipient Account”), the name, account number, depository institution and
        other relevant details for any such Replacement Recipient Account:  [_______________]; and

     

    (iii) a list of the Affected Receivables, with the account number or other identifying information of the related obligors thereunder:  [See attached Schedule.]

     

    [Signature page follows.]

     

    
      B-1

      
        

    

    Very truly yours, 

      

      

      [___________________]

     

     

    

     

    

    

      

      

      

        

        

        

        

        

        

      

      

    

  

  

  

  B-2EX-4.1

  Exhibit 4.1

  										 

  NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE 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.  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.  THIS WARRANT IS NOT EXERCISABLE PRIOR TO JUNE 7, 2023.  VOID AFTER 5:00 P.M., EASTERN TIME, DECEMBER 7, 2027.

   

  COMMON STOCK PURCHASE WARRANT

   

   SAB BIOTHERAPEUTICS, INC.

  Warrant Shares: ______		   				    Initial Exercise Date: June 7, 2023

  Issue Date: December 7, 2022			

  THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________ or its 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 June 7, 2023 (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on December 7, 2027 (the “Termination Date”) but not thereafter, to subscribe for and purchase from SAB Biotherapeutics, Inc., a Delaware corporation (the “Company”), up to [__] shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock.  The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).  

  Section 1.	Definitions.  Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement (the “Purchase Agreement”), dated December 6, 2022, by and among the Company and the purchasers signatory thereto.

  Section 2.	Exercise.

  a)Exercise of Warrant.  Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”).  Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the 

  	 

   

  

  Standard Settlement Period (as defined in Section 2(c)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank.  No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required.  Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company.  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.  The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases.  The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice.  The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

  b)Exercise Price.  The exercise price per share of Common Stock under this Warrant shall be $1.08, subject to adjustment hereunder (the “Exercise Price”).

  c)Mechanics of Exercise .  

  i.Delivery of Warrant Shares Upon Exercise.  The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144, and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earlier of (i) two Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”).  Upon delivery of the Notice of Exercise, 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 

  	2

   

  

  of the date of delivery of the Warrant Shares, provided  that payment of the aggregate Exercise Price is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise.  The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. 

  As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise. 

  As used herein, “Trading Market” means the Nasdaq, or such other U.S.  exchange on which the Common Stock is listed for trading on the date in question, which shall include the NYSE American or the New York Stock Exchange (or any successors to any of the foregoing).

  ii.Delivery of New Warrants Upon Exercise.  If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

  iii.Rescission Rights.  If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(c)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

  iv.No Fractional Shares or Scrip.  No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant.  As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share.

  v.Charges, Taxes and Expenses.  Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that, in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be 

  	3

   

  

  accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.  The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

  vi.Closing of Books.  The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.

  d)	Holder’s Exercise Limitations.  The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other  Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.  Except as set forth in the preceding sentence, for purposes of this Section 2(d), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the Holder is solely responsible for any schedules required to be filed in accordance therewith.   To the extent that the limitation contained in this Section 2(d) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, 

  	4

   

  

  and the Company shall have no obligation to verify or confirm the accuracy of such determination.   In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.  For purposes of this Section 2(d), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding.  Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported.  The “Beneficial Ownership Limitation” shall be [4.99]/[9.99]% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant.  The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(d), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(d) shall continue to apply.  Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company.  The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(d) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation.  The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

  Section 3.	Certain Adjustments.

  a)Stock Dividends and Splits.  If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and 

  	5

   

  

  of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged.  Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re‐classification.

  b)Pro Rata Distributions.  During such time as this Warrant is outstanding, 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, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, that, to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).  

  c)Fundamental Transaction.  If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company (or any Subsidiary), directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, or 50% or more of the voting power of the common equity of the Company (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization 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, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group 

  	6

   

  

  of Persons whereby such other Person or group acquires 50% or more of the outstanding shares of Common Stock or 50% or more of the voting power of the common equity of the Company  (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(d) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(d) on the exercise of this Warrant).  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.  The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(c) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder.  Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein. 

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  d)Calculations.  All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.  For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

  e)Notice to Holder.  

  i.Adjustment to Exercise Price.  Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment. 

  ii.Notice to Allow Exercise by Holder.  If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company (or any of its Subsidiaries) is a party, any sale or transfer of all or substantially all of its assets, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice.  To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any 

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  of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.  The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice  except as may otherwise be expressly set forth herein.

  f)Voluntary Adjustment By Company.  Subject to the rules and regulations of the Trading Market, the Company may at any time during the term of this Warrant, subject to the prior written consent of the Holder, reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the board of directors of the Company.

  Section 4.	Transfer of Warrant.

  a)Transferability.  Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof and to the provisions of Section 7 of the Purchase Agreement, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer.  Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.  Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full.  The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.  

  b)New Warrants.  This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney.  Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice.  All Warrants issued on transfers or exchanges shall be dated the initial exercise date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto. 

  c)Warrant Register.  The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time.  The Company may deem and treat the 

  	9

   

  

  registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

  d)Transfer Restrictions.  If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or current public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer, that any Warrant issued upon such transfer bear a legend in accordance with the provisions of Section 5.7 of the Purchase Agreement.

  e)Representation by the Holder.  The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except pursuant to sales registered or exempted under the Securities Act.

  Section 5.	Miscellaneous.

  a)No Rights as Stockholder Until Exercise; No Settlement in Cash.  This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(c)(i), except as expressly set forth in Section 3.  In no event shall the Company be required to net cash settle an exercise of this Warrant.

  b)Loss, Theft, Destruction or Mutilation of Warrant.  The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

  c)Saturdays, Sundays, Holidays, etc.  If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.

  d)Authorized Shares.  

  The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.  The Company further 

  	10

   

  

  covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant.  The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed.  The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).  

  Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, 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, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.  Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

  Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

  e)Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance with the provisions of the Purchase Agreement.

  f)Restrictions.  The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, will have restrictions upon resale imposed by state and federal securities laws.

  	11

   

  

  g)Nonwaiver and Expenses.  No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies.  Without limiting any other provision of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

  h)Notices.  Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement.

  i)Limitation of Liability.  No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

  j)Remedies.  The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant.  The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

  k)Successors and Assigns.  Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder.  The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

  l)Amendment.  This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

  m)Severability.  Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

  n)Headings.  The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

  	12

   

  

   

  ********************

   

   

  (Signature Page Follows)

   

  	13

   

  

   

  IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

   

  	  

  	
	SAB BIOTHERAPEUTICS, INC. 
 
 

	By:__________________________________________
     Name:
     Title:
 

   

  	 

   

  	14

   

  

   

  	 

  NOTICE OF EXERCISE

   

  To:	[________]

   

  (1)The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

  (2)Payment shall take the form of lawful money of the United States. 

  (3)Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

  			_______________________________

  			 

   

  The Warrant Shares shall be delivered to the following DWAC Account Number:

   

  			_______________________________

  			 

  			_______________________________

  			 

  			_______________________________

   

  		(4)  Accredited Investor.  If, and only to the extent that, the Warrant Shares are not issuable pursuant to an effective registration statement under the Securities Act of 1933, as amended, the undersigned represents that it is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended.

   

  [SIGNATURE OF HOLDER]

  	 

  Name of Investing Entity: ________________________________________________________________________

  Signature of Authorized Signatory of Investing Entity: _________________________________________________

  Name of Authorized Signatory: ___________________________________________________________________

  Title of Authorized Signatory: ____________________________________________________________________

  Date: ________________________________________________________________________________________

   

   

   

   

  US_ACTIVE\122769766\V-4

  

   

  	EXHIBIT B

   

  ASSIGNMENT FORM

   (To assign the foregoing Warrant, execute this form and supply required information.  Do not use this form to purchase shares.)

  FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

  		
	Name:
	 

	 
	(Please Print)

	Address:
	 

	 
Phone Number:
Email Address: 
	(Please Print)
______________________________________
______________________________________

	Dated: _______________ __, ______
	 

	Holder’s Signature:
	 

	Holder’s Address:
	 

   

  US_ACTIVE\122769766\V-4

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