Document:

EX-10.5

 Exhibit 10.5 
  

 
  

ASSET REPRESENTATIONS REVIEW AGREEMENT 

VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2021-1, 

as Issuer 
 and 

VW CREDIT, INC., 
 as
Servicer 
 and 
 CLAYTON
FIXED INCOME SERVICES LLC, 
 as Asset Representations Reviewer 

 
  

Dated as of December 13, 2021 
  

 
  

 
  

 TABLE OF CONTENTS 
  

							
	 ARTICLE I. USAGE AND DEFINITIONS
	  	 	1	 
			
	 Section 1.01
	 	Usage and Definitions	  	 	1	 
			
	 Section 1.02
	 	Definitions	  	 	1	 
		
	 ARTICLE II. ENGAGEMENT; ACCEPTANCE
	  	 	2	 
			
	 Section 2.01
	 	Engagement; Acceptance	  	 	2	 
			
	 Section 2.02
	 	Confirmation of Status	  	 	3	 
		
	 ARTICLE III. ASSET REPRESENTATIONS REVIEW PROCESS
	  	 	3	 
			
	 Section 3.01
	 	Review Notices and Identification of Subject Receivables	  	 	3	 
			
	 Section 3.02
	 	Review Materials	  	 	3	 
			
	 Section 3.03
	 	Performance of Reviews	  	 	4	 
			
	 Section 3.04
	 	Review Report	  	 	5	 
			
	 Section 3.05
	 	Review Representatives	  	 	5	 
			
	 Section 3.06
	 	Dispute Resolution	  	 	6	 
			
	 Section 3.07
	 	Limitations on Review Obligations	  	 	6	 
		
	 ARTICLE IV. ASSET REPRESENTATIONS REVIEWER
	  	 	7	 
			
	 Section 4.01
	 	Representations, Warranties and Covenants of the Asset Representations Reviewer	  	 	7	 
			
	 Section 4.02
	 	Fees and Expenses	  	 	8	 
		
	 ARTICLE V. OTHER MATTERS PERTAINING TO THE ASSET REPRESENTATIONS
REVIEWER
	  	 	9	 
			
	 Section 5.01
	 	Limitation on Liability	  	 	9	 
			
	 Section 5.02
	 	Indemnification by Servicer	  	 	9	 
			
	 Section 5.03
	 	Indemnification by Asset Representations Reviewer	  	 	9	 
			
	 Section 5.04
	 	Inspections of Asset Representations Reviewer	  	 	10	 
			
	 Section 5.05
	 	Delegation of Obligations	  	 	10	 
		
	 ARTICLE VI. TREATMENT OF CONFIDENTIAL INFORMATION
	  	 	10	 
			
	 Section 6.01
	 	Confidential Information	  	 	10	 
			
	 Section 6.02
	 	Personally Identifiable Information	  	 	12	 
		
	 ARTICLE VII. REMOVAL, RESIGNATION
	  	 	14	 
			
	 Section 7.01
	 	Eligibility of the Asset Representations Reviewer	  	 	14	 
			
	 Section 7.02
	 	Resignation and Removal of Asset Representations Reviewer	  	 	14	 

  
 i 

							
	 Section 7.03
	 	Successor Asset Representations Reviewer	  	 	15	 
			
	 Section 7.04
	 	Merger, Consolidation or Succession	  	 	15	 
		
	 ARTICLE VIII. OTHER AGREEMENTS
	  	 	16	 
			
	 Section 8.01
	 	Independence of the Asset Representations Reviewer	  	 	16	 
			
	 Section 8.02
	 	No Petition	  	 	16	 
			
	 Section 8.03
	 	Limitation of Liability of Owner Trustee	  	 	16	 
			
	 Section 8.04
	 	Termination of Agreement	  	 	17	 
		
	 ARTICLE IX. MISCELLANEOUS PROVISIONS
	  	 	17	 
			
	 Section 9.01
	 	Amendments	  	 	17	 
			
	 Section 9.02
	 	Assignment; Benefit of Agreement; Third Party Beneficiaries	  	 	18	 
			
	 Section 9.03
	 	Notices	  	 	18	 
			
	 Section 9.04
	 	Governing Law	  	 	18	 
			
	 Section 9.05
	 	Submission to Jurisdiction; Waiver of Jury Trial	  	 	19	 
			
	 Section 9.06
	 	No Waiver; Remedies	  	 	19	 
			
	 Section 9.07
	 	Severability	  	 	19	 
			
	 Section 9.08
	 	Headings	  	 	19	 
			
	 Section 9.09
	 	Counterparts	  	 	20	 
			
	 Section 9.10
	 	Electronic Signatures and Transmission	  	 	20	 

 Schedule A – Representations and Warranties, Review Materials and Tests 

 

  
 ii 

 This ASSET REPRESENTATIONS REVIEW AGREEMENT (this “Agreement”), entered
into as of December 13, 2021, by and among VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2021-1, a Delaware statutory trust, as issuer (the “Issuer”), VW CREDIT, INC., a Delaware corporation
(“VCI”), as servicer (in such capacity, the “Servicer”) and Clayton Fixed Income Services LLC, a Delaware limited liability company, as asset representations reviewer (the “Asset Representations
Reviewer”). 
 WHEREAS, in connection with a securitization transaction sponsored by VCI, VCI sold a pool of Receivables consisting
of retail installment sale contracts to Volkswagen Auto Lease/Loan Underwritten Funding, LLC (the “Depositor”), who sold them to the Issuer; 

WHEREAS, the Issuer will engage the Asset Representations Reviewer to perform reviews of certain Receivables for compliance with certain
representations and warranties made with respect thereto; and 
 WHEREAS, the Asset Representations Reviewer desires to perform such reviews
of Receivables in accordance with the terms of this Agreement. 
 NOW, THEREFORE, in consideration of the mutual agreements herein contained
and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

ARTICLE I. 
 USAGE AND
DEFINITIONS 
 Section 1.01 Usage and Definitions. 

Except as otherwise defined herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined
in Appendix A to the Sale and Servicing Agreement, dated as of the date hereof (as from time to time amended, supplemented or otherwise modified and in effect, the “Sale and Servicing Agreement”) among the Issuer, the Servicer, the
Depositor, as seller, and the Indenture Trustee, which also contains rules as to usage that are applicable herein. 
 Section 1.02
Definitions. 
 Whenever used in this Agreement, the following words and phrases shall have the following meanings: 

“Annual Fee” has the meaning stated in Section 4.02(a). 

“Asset Review” means the completion by the Asset Representations Reviewer of the testing procedures for each Test and for
each Subject Receivable as further described in Section 3.03. 

 “Confidential Information” has the meaning stated in
Section 6.01(b). 
 “Eligible Representations” shall mean those representations identified on Schedule A
attached hereto. 
 “Information Recipients” has the meaning stated in Section 6.01(a). 

“Indenture” means the Indenture, dated as of December 13, 2021, between the Issuer and the Indenture Trustee, as the
same may be amended, supplemented or modified from time to time. 
 “Indenture Trustee” means U.S. Bank National
Association, as indenture trustee under the Indenture, and any successor thereto. 
 “Issuer PII” has the meaning stated in
Section 6.02(a). 
 “PII” has the meaning stated in Section 6.02(a). 

“Review Fee” has the meaning stated in Section 4.02(b). 

“Review Materials” means the documents, data, and other information required for each Test listed under “Documents”
in Schedule A. 
 “Review Notice” means a notice delivered to the Asset Representations Reviewer by the Indenture
Trustee pursuant to Section 7.5(b) of the Indenture. 
 “Review Report” means, for an Asset Review, the report
of the Asset Representations Reviewer prepared according to Section 3.04. 
 “Test” has the meaning stated in
Section 3.03(a). 
 “Test Complete” has the meaning stated in Section 3.03(c). 

“Test Fail” has the meaning stated in Section 3.03(a). 

“Test Incomplete” has the meaning stated in Section 3.03(a). 

“Test Pass” has the meaning stated in Section 3.03(a). 

ARTICLE II. 

ENGAGEMENT; ACCEPTANCE 

Section 2.01 Engagement; Acceptance. 

The Issuer hereby engages Clayton Fixed Income Services LLC to act as the Asset Representations Reviewer for the Issuer. Clayton Fixed Income
Services LLC accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms stated in this Agreement. 

  
 2 

 Section 2.02 Confirmation of Status. 

The parties confirm that the Asset Representations Reviewer is not responsible for (a) reviewing the Receivables for compliance with the
representations and warranties under the Transaction Documents, except as described in this Agreement, or (b) determining whether noncompliance with the representations or warranties constitutes a breach of the Transaction Documents. 

ARTICLE III. 
 ASSET
REPRESENTATIONS REVIEW PROCESS 
 Section 3.01 Review Notices and Identification of Subject Receivables. 

(a) On receipt of a Review Notice from the Indenture Trustee according to Section 7.5(b) of the Indenture, the Asset Representations
Reviewer will start an Asset Review. The Asset Representations Reviewer will not be obligated to start an Asset Review until a Review Notice is received. 

(b) Within 10 Business Days after receipt of a Review Notice, the Servicer will deliver to the Asset Representations Reviewer, with a copy to
the Indenture Trustee, a list of the Subject Receivables. The Asset Representations Reviewer will not be obligated to start an Asset Review until a Review Notice and the related list of Subject Receivables is received. The Asset Representations
Reviewer is not obligated to verify (i) whether the Indenture Trustee properly determined that a Review Notice was required or (ii) the accuracy or completeness of the list of Subject Receivables provided by the Servicer. 

Section 3.02 Review Materials. 

(a) Access to Review Materials. The Servicer will render reasonable assistance to the Asset Representations Reviewer to facilitate the
Asset Review. The Servicer will give the Asset Representations Reviewer access to the Review Materials for all of the Subject Receivables within sixty (60) calendar days after receipt of the Review Notice in one or more of the following ways in
the Servicer’s reasonable discretion: (i) by electronic posting to a password-protected website to which the Asset Representations Reviewer has access, (ii) by providing originals or photocopies at an office of the Servicer during
normal business hours upon reasonable prior written notice in connection with the Asset Review or (iii) in another manner agreed by the Servicer and the Asset Representations Reviewer. The Servicer may redact or remove Personally Identifiable
Information from the Review Materials so long as all information in the Review Materials necessary for the Asset Representations Reviewer to complete the Asset Review remains intact and unchanged. The Asset Representations Reviewer shall be entitled
to rely in good faith, without independent investigation or verification, that the Review Materials are accurate and complete in all material respects, and not misleading in any material respect. 

  
 3 

 (b) Missing or Insufficient Review Materials. The Asset Representations Reviewer will
review the Review Materials to determine if any Review Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test. If the Asset Representations Reviewer reasonably determines any missing or insufficient Review
Materials, the Asset Representations Reviewer will notify the Servicer promptly, and in any event no less than twenty (20) calendar days before completing the Asset Review. The Servicer will use reasonable efforts to provide the Asset
Representations Reviewer access to the missing Review Materials or other documents or information to correct the insufficiency within fifteen (15) calendar days. If the missing Review Materials or other documents have not been provided by the
Servicer within sixty (60) calendar days, the related Review Report will report a Test Incomplete for each Test that requires use of the missing or insufficient Review Materials. 

Section 3.03 Performance of Reviews. 

(a) Test Procedures. For an Asset Review, the Asset Representations Reviewer will perform, for each Subject Receivable, the procedures
listed under “Procedures to be Performed” in Schedule A for each representation and warranty being tested (each, a “Test”) using the Review Materials listed in Schedule A for each such Test. For each Test and
Subject Receivable, the Asset Representations Reviewer will determine in its reasonable judgment if the Test has been satisfied (a “Test Pass”), if the Test has not been satisfied (a “Test Fail”) or if the Test
could not be conducted as a result of missing or incomplete Review Materials (a “Test Incomplete”). The Asset Representations Reviewer will use such determination for all Subject Receivables that are subject to the same Test. 

(b) Review Period. The Asset Representations Reviewer will complete the Asset Review within sixty (60) calendar days of receiving
access to the Review Materials. However, if additional Review Materials are provided to the Asset Representations Reviewer as described in Section 3.02(b), the Asset Review period will be extended for an additional thirty
(30) calendar days. 
 (c) Completion of Review for Certain Subject Receivables. Following the delivery of the list of the
Subject Receivables and before the delivery of the Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if a Subject Receivable is paid in full by the Obligor or purchased from the Issuer in
accordance with the terms of the Transaction Documents. On receipt of such notice, the Asset Representations Reviewer will immediately terminate all Tests of the related Subject Receivable, and the Asset Review of such Subject Receivables will be
considered complete (a “Test Complete”). In this case, the related Review Report will indicate a Test Complete for such Subject Receivable and the related reason. 

  
 4 

 (d) Previously Reviewed Receivables; Duplicative Tests. If any Subject Receivable was
included in a prior Asset Review, the Asset Representations Reviewer will not conduct additional Tests on such Subject Receivable, but will include the previously reported Test results in the Review Report for the current Asset Review. If the same
Test is required for more than one representation and warranty, the Asset Representations Reviewer will only perform the Test once for each Subject Receivable, but will report the results of the Test for each applicable representation and warranty
on the Review Report. 
 (e) Termination of Review. If an Asset Review is in process and the Notes will be paid in full on the next
Payment Date, the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than ten (10) calendar days before that Payment Date. On receipt of such notice, the Asset Representations Reviewer will terminate the
Asset Review immediately and will not be obligated to deliver a Review Report. 
 (f) Review Systems; Personnel. The Asset
Representations Reviewer will maintain business process management and/or other systems necessary to ensure that it can perform each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer
will ensure that these systems allow for each Subject Receivable and the related Review Materials to be individually tracked and stored as contemplated by this Agreement. The Asset Representations Reviewer will maintain adequate staff that is
properly trained to conduct Asset Reviews as required by this Agreement. 
 Section 3.04 Review Report. 

Within 10 calendar days after the end of the applicable Asset Review period under Section 3.03(b), the Asset Representations
Reviewer will deliver to the Issuer, the Servicer, and the Indenture Trustee a Review Report indicating for each Subject Receivable whether there was a Test Pass, Test Incomplete, Test Fail or Test Complete for each related Test. For each Test Fail
or Test Complete, the Review Report will indicate the related reason. The Review Report will contain the findings and conclusions of the Asset Representations Reviewer with respect to the Asset Review, and will be included in the Issuer’s Form
10-D report for the Collection Period in which the Review Report is received. The Asset Representations Reviewer will ensure that the Review Report does not contain any PII. On reasonable request of the Servicer, the Asset Representations Reviewer
will provide additional details on the Test results. 
 Section 3.05 Review Representatives. 

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

  
 5 

 (c) Questions About Review. The Asset Representations Reviewer will make appropriate
personnel available to respond in writing to written questions or requests for clarification of any Review Report from the Servicer until the earlier of (i) one (1) year after the delivery of the subject Review Report or (ii) the
payment in full of the Notes. The Asset Representations Reviewer will not be obligated to respond to questions or requests for clarification from Noteholders or any other Person and will direct such Persons to submit written questions or requests to
the Servicer. 
 Section 3.06 Dispute Resolution. 

If a Subject Receivable that was the subject of an Asset Review becomes the subject of a dispute resolution proceeding under Section 9.24
of the Sale and Servicing Agreement, the Asset Representations Reviewer will participate in the dispute resolution proceeding on request of a party to the proceeding. The reasonable out-of-pocket expenses of the Asset Representations Reviewer for
its participation in any dispute resolution proceeding will be considered expenses of the Requesting Party for the dispute resolution and will be paid by a party to the dispute resolution as determined by the mediator or arbitrator for the dispute
resolution according to Section 9.24 of the Sale and Servicing Agreement. If not paid by a party to the dispute resolution, the expenses will be reimbursed according to Section 4.02(c) of this Agreement. 

Section 3.07 Limitations on Review Obligations. 

(a) Review Process Limitations. The Asset Representations Reviewer will have no obligation (i) to determine whether a Delinquency
Trigger has occurred or whether the required percentage of Noteholders has voted to direct an Asset Review under the Indenture, (ii) to determine which Receivables are subject to an Asset Review, (iii) to obtain or confirm the validity of
the Review Materials, (iv) to obtain missing or insufficient Review Materials except as specifically described herein, (v) to take any action or cause any other party to take any action under any of the Transaction Documents to enforce any
remedies for breaches of representations or warranties about the Subject Receivables, (vi) to determine the reason for the delinquency of any Subject Receivable, the creditworthiness of any Obligor, the overall quality of any Subject
Receivable, or the compliance by the Servicer with its covenants with respect to the servicing of any Subject Receivable, or (vii) to establish cause, materiality, or recourse for any failed Test. 

(b) Maintenance of Review Materials. The Asset Representations Reviewer will maintain copies of any Review Materials, Review Reports and
other documents relating to an Asset Review, including internal correspondence and work papers, until the earlier of (i) two (2) years after the delivery of any Review Report or (ii) the repayment of the Notes in full. 

  
 6 

 ARTICLE IV. 

ASSET REPRESENTATIONS REVIEWER 

Section 4.01 Representations, Warranties and Covenants of the Asset Representations Reviewer. 

The Asset Representations Reviewer hereby makes the following representations, warranties and covenants as of the Closing Date: 

(a) Organization and Qualification. The Asset Representations Reviewer is duly organized and validly existing as a limited liability
company in good standing under the laws of State of Delaware. The Asset Representations Reviewer is qualified as a foreign limited liability company in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which
the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material
adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement. 
 (b) Power,
Authority and Enforceability. The Asset Representations Reviewer has the power and authority to execute, deliver and perform its obligations under this Agreement. The Asset Representations Reviewer has authorized the execution, delivery and
performance of this Agreement. This Agreement is the legal, valid and binding obligation of the Asset Representations Reviewer enforceable against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy, reorganization
or other laws relating to the enforcement of creditors’ rights or by general equitable principles. 
 (c) No Conflicts and No
Violation. The completion of the transactions contemplated by this Agreement and the performance of the Asset Representations Reviewer’s obligations under this Agreement will not (i) conflict with, or be a breach or default under, any
indenture, loan agreement, guarantee or similar document under which the Asset Representations Reviewer is a debtor or guarantor, (ii) result in the creation or imposition of a Lien on the properties or assets of the Asset Representations
Reviewer under the terms of any indenture, loan agreement, guarantee or similar document, (iii) violate the organizational documents of the Asset Representations Reviewer or (iv) violate a law or, to the Asset Representations
Reviewer’s knowledge, an order, rule or regulation of a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its property that
applies to the Asset Representations Reviewer, which, in each case, would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement. 

(d) No Proceedings. To the Asset Representations Reviewer’s knowledge, there are no proceedings or investigations pending or
threatened in writing before a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its properties (i) asserting the invalidity of
this Agreement, (ii) seeking to prevent the completion of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the Asset
Representations Reviewer’s ability to perform its obligations under, or the validity or enforceability of, this Agreement. 

  
 7 

 (e) Eligibility. The Asset Representations Reviewer meets the eligibility
requirements in Section 7.01, and will notify the Issuer and the Servicer promptly if it no longer meets, or reasonably expects that it will no longer meet, the eligibility requirements in Section 5.01. 

Section 4.02 Fees and Expenses. 

(a) Annual Fee. The Servicer will pay the Asset Representations Reviewer, as compensation for its activities under this Agreement, an
annual fee of $5,000.00 (the “Annual Fee”). The Annual Fee will be payable by the Servicer on the Closing Date and on each anniversary thereof until this Agreement is terminated; provided, that in the year in which all Notes are
paid in full, the Annual Fee shall be reduced pro rata by an amount equal to the days of the year in which the Notes are no longer outstanding. 

(b) Review Fee. Following the completion of an Asset Review and the delivery of the related Review Report pursuant to
Section 3.04, or the termination of an Asset Review according to Section 3.03(e), and the delivery to the Indenture Trustee and the Servicer of a detailed invoice, the Asset Representations Reviewer will be entitled to a fee
of $200.00 for each Subject Receivable for which the Asset Review was started (the “Review Fee”). However, no Review Fee will be charged for any Subject Receivable which was included in a prior Asset Review or for which no Tests
were completed prior to the Asset Representations Reviewer being notified of a termination of the Asset Review according to Section 3.03(e) or due to missing or insufficient Review Materials under Section 3.02(b). 

(c) Dispute Resolution Expenses. If the Asset Representations Reviewer participates in a dispute resolution proceeding under
Section 3.06 of this Agreement and its reasonable out-of-pocket expenses for participating in the proceeding are not paid by a party to the dispute resolution within ninety (90) days after the end of the proceeding, the Servicer
will reimburse the Asset Representations Reviewer for such expenses upon receipt of a detailed invoice. 
 (d) Reimbursement of
Expenses. The Servicer shall reimburse the Asset Representations Reviewer for all reasonable out-of-pocket expenses incurred or made by it, in addition to the compensation for its services. Such expenses shall include the reasonable compensation
and expenses, disbursements and advances of the Asset Representations Reviewer’s agents, counsel, accountants and experts. 
 (e)
Payment of Invoices. The Asset Representations Reviewer will issue invoices to the Servicer at the notices address set forth in Schedule II to the Sale and Servicing Agreement and Servicer shall pay all invoices submitted by the Asset
Representations Reviewer within thirty (30) days following the receipt by the Servicer. Any amounts payable by the Servicer to the Asset Representations Reviewer pursuant to this Agreement that have been outstanding for at least thirty
(30) days shall be paid on the Payment Date related to the Collection Period in which such 30th day occurs, in accordance with Section 4.4 of the Sale and Servicing Agreement or
Section 5.4(b) of the Indenture, as applicable. 

  
 8 

 ARTICLE V. 

OTHER MATTERS PERTAINING TO THE ASSET REPRESENTATIONS REVIEWER 

Section 5.01 Limitation on Liability. 

The Asset Representations Reviewer will not be liable to any Person for any action taken, or not taken, in good faith under this Agreement or
for errors in judgment. However, the Asset Representations Reviewer will be liable for its willful misconduct, bad faith, breach of this Agreement or negligence in performing its obligations under this Agreement. In no event will the Asset
Representations Reviewer be liable for special, indirect or consequential losses or damages (including lost profit), even if the Asset Representations Reviewer has been advised of the likelihood of the loss or damage and regardless of the form of
action. 
 Section 5.02 Indemnification by Servicer. 

The Servicer shall indemnify the Asset Representations Reviewer against any and all loss, liability or expense (including reasonable
attorneys’ fees) incurred by it in connection with the administration of this Agreement and the performance of its duties hereunder. The Asset Representations Reviewer shall notify the Servicer promptly of any claim for which it may seek
indemnity. Failure by the Asset Representations Reviewer to so notify the Servicer shall not relieve the Servicer of its obligations hereunder. The Servicer shall defend any such claim, and the Asset Representations Reviewer may have separate
counsel and the Servicer shall pay the fees and expenses of such counsel. The Servicer shall not reimburse any expense or indemnify against any loss, liability or expense incurred by the Asset Representations Reviewer arising out of or resulting
from the Asset Representations Reviewer’s own bad faith, negligence, willful misfeasance or breach of this Agreement. The Servicer’s obligations under this Section 5.02 will survive the termination of this Agreement, the
termination of the Issuer and the resignation or removal of the Asset Representations Reviewer. 
 Section 5.03 Indemnification by
Asset Representations Reviewer. 
 The Asset Representations Reviewer will indemnify each of the Issuer, the Seller, the Servicer, the
Administrator, the Owner Trustee, the Issuer Delaware Trustee and the Indenture Trustee and their respective directors, officers, employees and agents for all fees, expenses, losses, damages and liabilities resulting from (a) the willful
misconduct, bad faith or negligence of the Asset Representations Reviewer in performing its obligations under this Agreement and (b) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement.
The Asset Representations Reviewer’s obligations under this Section 5.03 will survive the termination of this Agreement, the termination of the Issuer and the resignation or removal of the Asset Representations Reviewer. 

  
 9 

 Section 5.04 Inspections of Asset Representations Reviewer. 

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

Section 5.05 Delegation of Obligations. 

The Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person without the consent of
the Issuer and the Servicer. 
 ARTICLE VI. 

TREATMENT OF CONFIDENTIAL INFORMATION 

Section 6.01 Confidential Information. 

(a) Treatment. The Asset Representations Reviewer agrees to hold and treat Confidential Information given to it under this Agreement in
confidence and under the terms and conditions of this Article VI, and will implement and maintain safeguards to further assure the confidentiality of the Confidential Information. The Confidential Information will not, without the prior
consent of the Issuer and the Servicer, be disclosed or used by the Asset Representations Reviewer, or its officers, directors, employees, agents, representatives or affiliates, including legal counsel (collectively, the “Information
Recipients”) other than for the purposes of performing Reviews of Subject Receivables or performing its obligations under this Agreement. The Asset Representations Reviewer agrees that it will not, and will cause its Affiliates to not
(i) purchase or sell securities issued by VCI or its Affiliates or special purpose entities on the basis of Confidential Information or (ii) use the Confidential Information for the preparation of research reports, newsletters or other
publications or similar communications. 

  
 10 

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

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

(ii) origination and servicing guidelines, policies and procedures, and form contracts; and 

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

(c) Protection. The Asset Representations Reviewer will use best efforts to protect the secrecy of and avoid disclosure and unauthorized
use of Confidential Information, including those measures that it takes to protect its own confidential information and not less than a reasonable standard of care. The Asset Representations Reviewer acknowledges that Personally Identifiable
Information is also subject to the additional requirements in Section 6.02. 
 (d) Disclosure. If the Asset
Representations Reviewer is required by applicable law, regulation, rule or order issued by an administrative, governmental, regulatory or judicial authority to disclose part of the Confidential Information, it may disclose the Confidential
Information. However, before a required disclosure, the Asset Representations Reviewer, if permitted by law, regulation, rule or order, will use its reasonable efforts to provide the Issuer and the Servicer with notice of the requirement and will
cooperate, at the Servicer’s expense, in the Issuer’s and the Servicer’s pursuit of a proper protective order or other relief for the disclosure of the Confidential Information. If the Issuer or the Servicer is unable to obtain a
protective order or other proper remedy by the date that the information is required to be disclosed, the Asset Representations Reviewer will disclose only that part of the Confidential Information that it is advised by its legal counsel it is
legally required to disclose. 
 (e) Responsibility for Information Recipients. The Asset Representations Reviewer will be responsible
for a breach of this Section 6.01 by its Information Recipients. 

  
 11 

 (f) Violation. The Asset Representations Reviewer agrees that a violation of this
Agreement may cause irreparable injury to the Issuer and the Servicer and the Issuer and the Servicer may seek injunctive relief in addition to legal remedies. If an action is initiated by the Issuer or the Servicer to enforce this
Section 6.01, the prevailing party will be reimbursed for its fees and expenses, including reasonable attorney’s fees, incurred for the enforcement. 

Section 6.02 Personally Identifiable Information. 

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

(b) Use of Issuer PII. The Issuer does not grant the Asset Representations Reviewer any rights to Issuer PII except as provided in this
Agreement. The Asset Representations Reviewer will use Issuer PII only to perform its obligations under this Agreement or as specifically directed in writing by the Issuer and will only reproduce Issuer PII to the extent necessary for these
purposes. The Asset Representations Reviewer must comply with all laws applicable to PII, Issuer PII and the Asset Representations Reviewer’s business, including any legally required codes of conduct, including those relating to privacy,
security and data protection. The Asset Representations Reviewer will protect and secure Issuer PII. The Asset Representations Reviewer will implement privacy or data protection policies and procedures that comply with applicable law and this
Agreement. The Asset Representations Reviewer will implement and maintain reasonable and appropriate practices, procedures and systems, including administrative, technical and physical safeguards to (i) protect the security, confidentiality and
integrity of Issuer PII, (ii) ensure against anticipated threats or hazards to the security or integrity of Issuer PII, (iii) protect against unauthorized access to or use of Issuer PII and (iv) otherwise comply with its obligations
under this Agreement. These safeguards include a written data security plan, employee training, information access controls, restricted disclosures, systems protections (e.g., intrusion protection, data storage protection and data transmission
protection) and physical security measures. 

  
 12 

 (c) Additional Limitations. In addition to the use and protection requirements
described in Section 6.02(b), the Asset Representations Reviewer’s disclosure of Issuer PII is also subject to the following requirements: 

(i) The Asset Representations Reviewer will not disclose Issuer PII to its personnel or allow its personnel access to Issuer
PII except (A) for the Asset Representations Reviewer personnel who require Issuer PII to perform an Asset Review, (B) with the prior consent of the Issuer or (C) as required by applicable law. When permitted, the disclosure of or
access to Issuer PII will be limited to the specific information necessary for the individual to complete the assigned task. The Asset Representations Reviewer will inform personnel with access to Issuer PII of the confidentiality requirements in
this Agreement and train its personnel with access to Issuer PII on the proper use and protection of Issuer PII. 
 (ii) The
Asset Representations Reviewer will not sell, disclose, provide or exchange Issuer PII with or to any third party without the prior consent of the Issuer. 

(d) Notice of Breach. The Asset Representations Reviewer will notify the Issuer promptly in the event of an actual or reasonably
suspected security breach, unauthorized access, misappropriation or other compromise of the security, confidentiality or integrity of Issuer PII and, where applicable, immediately take action to prevent any further breach. 

(e) Return or Disposal of Issuer PII. Except where return or disposal is prohibited by applicable law, promptly on the earlier of the
completion of the Asset Review or the request of the Issuer, all Issuer PII in any medium in the Asset Representations Reviewer’s possession or under its control will be (i) destroyed in a manner that prevents its recovery or restoration
or (ii) if so directed by the Issuer, returned to the Issuer without the Asset Representations Reviewer retaining any actual or recoverable copies, in both cases, without charge to the Issuer. Where the Asset Representations Reviewer retains
Issuer PII, the Asset Representations Reviewer will limit the Asset Representations Reviewer’s further use or disclosure of Issuer PII to that required by applicable law. 

(f) Compliance; Modification. The Asset Representations Reviewer will cooperate with and provide information to the Issuer regarding the
Asset Representations Reviewer’s compliance with this Section 6.02. The Asset Representations Reviewer and the Issuer agree to modify this Section 6.02 as necessary for either party to comply with applicable law. 

(g) Audit of Asset Representations Reviewer. The Asset Representations Reviewer will permit the Issuer and its authorized
representatives to audit the Asset Representations Reviewer’s compliance with this Section 6.02 during the Asset Representations Reviewer’s normal business hours on reasonable advance notice to the Asset Representations
Reviewer, and not more than once during any year unless circumstances necessitate additional audits. The Issuer agrees to make reasonable efforts to schedule any audit described in this Section 6.02 with the inspections described in
Section 5.04. The Asset Representations Reviewer will also permit the Issuer and its authorized representatives during normal business hours on reasonable advance notice to audit any service providers used by the Asset Representations
Reviewer to fulfill the Asset Representations Reviewer’s obligations under this Agreement. 
 (h) Affiliates and Third Parties.
If the Asset Representations Reviewer processes the PII of the Issuer’s Affiliates or a third party when performing an Asset Review, and if such Affiliate or third party is identified to the Asset Representations Reviewer, such Affiliate or
third party is an intended third-party beneficiary of this Section 6.02, and this Agreement is intended to benefit the Affiliate or third party. The Affiliate or third party may enforce the PII related terms of this
Section 6.02 against the Asset Representations Reviewer as if each were a signatory to this Agreement. 

  
 13 

 ARTICLE VII. 

REMOVAL, RESIGNATION 

Section 7.01 Eligibility of the Asset Representations Reviewer. 

The Asset Representations Reviewer must be a Person who (a) is not Affiliated with VCI, the Depositor, the Servicer, the Indenture
Trustee, the Owner Trustee, the Issuer Delaware Trustee or any of their Affiliates and (b) was not, and is not Affiliated with a Person that was, engaged by the Sponsor or any underwriter to perform any due diligence on the Receivables prior to
the Closing Date. 
 Section 7.02 Resignation and Removal of Asset Representations Reviewer. 

(a) No Resignation. The Asset Representations Reviewer will not resign as Asset Representations Reviewer except if (i) the Asset
Representations Reviewer no longer meets the eligibility requirements in Section 7.01 or (ii) the Asset Representations Reviewer has determined that the performance of its duties under this Agreement is no longer permissible under
applicable law and there is no reasonable action that it could take to make the performance of its obligations under this Agreement permitted under applicable law. Upon the occurrence of one of the foregoing events, the Asset Representations
Reviewer shall promptly resign and the Servicer shall appoint a successor Asset Representations Reviewer. The Asset Representations Reviewer will deliver a notice of its resignation to the Issuer and the Servicer, and an Opinion of Counsel
supporting its determination. 
 (b) Removal. If any of the following events occur, the Servicer, by notice to the Asset
Representations Reviewer and the Issuer, may remove the Asset Representations Reviewer and terminate its rights and obligations under this Agreement: 

(i) the Asset Representations Reviewer no longer meets the eligibility requirements in Section 7.01; 

(ii) the Asset Representations Reviewer breaches of any of its representations, warranties, covenants or obligations in this
Agreement; or 
 (iii) a Bankruptcy Event of the Asset Representations Reviewer occurs. 

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

  
 14 

 (d) Continue to Perform After Resignation or Removal. No resignation or removal of
the Asset Representations Reviewer will be effective, and the Asset Representations Reviewer will continue to perform its obligations under this Agreement, until a successor Asset Representations Reviewer has accepted its engagement according to
Section 7.03(b). 
 Section 7.03 Successor Asset Representations Reviewer. 

(a) Engagement of Successor Asset Representations Reviewer. Following the resignation or removal of the Asset Representations Reviewer,
the Servicer will engage a successor Asset Representations Reviewer who meets the eligibility requirements of Section 7.01. 

(b) Effectiveness of Resignation or Removal. No resignation or removal of the Asset Representations Reviewer will be effective until the
successor Asset Representations Reviewer has executed and delivered to the Issuer and the Servicer an agreement accepting its engagement and agreeing to perform the obligations of the Asset Representations Reviewer under this Agreement or entering
into a new agreement with the Issuer and the Servicer on substantially the same terms as this Agreement. 
 (c) Transition and
Expenses. If the Asset Representations Reviewer resigns or is removed, the Asset Representations Reviewer will cooperate with the Issuer and the Servicer and take all actions reasonably requested to assist the Issuer in making an orderly
transition of the Asset Representations Reviewer’s rights and obligations under this Agreement to the successor Asset Representations Reviewer. The Asset Representations Reviewer will pay the reasonable expenses of transitioning the Asset
Representations Reviewer’s obligations under this Agreement and preparing the successor Asset Representations Reviewer to take on the obligations on receipt of an invoice with reasonable detail of the expenses from the Issuer and the Servicer
or the successor Asset Representations Reviewer. 
 Section 7.04 Merger, Consolidation or Succession. 

Any Person (a) into which the Asset Representations Reviewer is merged or consolidated, (b) resulting from any merger or
consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the business of the Asset Representations Reviewer, if that Person meets the eligibility requirements in Section 7.01, will be the successor
to the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuer and the Servicer an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement (unless the assumption
happens by operation of law). 

  
 15 

 ARTICLE VIII. 

OTHER AGREEMENTS 

Section 8.01 Independence of the Asset Representations Reviewer. 

The Asset Representations Reviewer will be an independent contractor and will not be subject to the supervision of, or deemed to be the agent
of, the Issuer, the Indenture Trustee or the Owner Trustee for the manner in which it accomplishes the performance of its obligations under this Agreement. None of the Issuer, the Indenture Trustee or the Owner Trustee shall be responsible for
monitoring the performance of the Asset Representations Reviewer or liable to any Person for the failure of the Asset Representations Reviewer to perform its obligations hereunder. Unless authorized by the Issuer, the Indenture Trustee or the Owner
Trustee, respectively, the Asset Representations Reviewer will have no authority to act for or represent the Issuer, the Indenture Trustee or the Owner Trustee and will not be considered an agent of the Issuer, the Indenture Trustee or the Owner
Trustee. Nothing in this Agreement will make the Asset Representations Reviewer and either of the Issuer, the Indenture Trustee or the Owner Trustee members of any partnership, joint venture or other separate entity or impose any liability as such
on any of them. 
 Section 8.02 No Petition. 

Each party hereto agrees that, prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy
Remote Party in respect of all securities issued by any Bankruptcy Remote Party (a) such party hereto shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other proceeding seeking
liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an
administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession
by any such official in an involuntary case or other proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of its creditors generally, any party hereto or any other creditor of such Bankruptcy
Remote Party, and (b) such party shall not commence or join with any other Person in commencing any proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter
in effect in any jurisdiction. This Section 8.02 shall survive the termination of this Agreement. 
 Section 8.03
Limitation of Liability of Owner Trustee. 
 Notwithstanding anything contained herein to the contrary, (a) this Agreement has
been executed and delivered by Citibank, N.A., not in its individual capacity but solely as Owner Trustee (b) each of the representations, undertakings and agreements herein made on the part of the Owner Trustee and the Issuer is made and
intended not as personal representations, undertakings and agreements by Citibank, N.A. but is made and intended for the purpose of 

  
 16 

 
binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on Citibank, N.A., individually or personally, to perform any covenant either expressed or
implied contained herein of the Owner Trustee or the Issuer, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (d) Citibank, N.A. has made no
investigation as to the accuracy or completeness of any representations and warranties made by the Owner Trustee or the Issuer in this Agreement and (e) under no circumstances shall Citibank, N.A. be personally liable for the payment of any
indebtedness or expenses of the Owner Trustee or the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Owner Trustee or the Issuer under Agreement or any other related
documents. For the purposes of this Agreement, in the performance of its duties or obligations hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust
Agreement. 
 Section 8.04 Termination of Agreement. 

This Agreement will terminate, except for the obligations under Article VI and Sections 5.02 and 5.03, on the earlier of
(a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture and (b) the date the Issuer is terminated under the Trust Agreement. 

ARTICLE IX. 

MISCELLANEOUS PROVISIONS 

Section 9.01 Amendments. 

(a) Any term or provision of this Agreement may be amended by the Servicer and the Asset Representations Reviewer without the consent of the
Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person subject to the satisfaction of one of the following conditions: 
  

	 	(i)	 the Servicer delivers an Opinion of Counsel to the Indenture Trustee to the effect that such amendment will not
materially and adversely affect the interests of the Noteholders; 

  

	 	(ii)	 the Servicer delivers an Officer’s Certificate to the Indenture Trustee to the effect that such amendment
will not materially and adversely affect the interests of the Noteholders; or 

  

	 	(iii)	 the Rating Agency Condition is satisfied with respect to such amendment and the Servicer notifies the Indenture
Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment; 

  
 17 

 provided, that no amendment pursuant to this Section 9.01 shall be
effective which affects the rights, protections or duties of the Indenture Trustee or the Owner Trustee without the prior written consent of such Person. 

(b) This Agreement may also be amended from time to time by the Servicer and the Asset Representations Reviewer with the consent of the Holders
of Notes evidencing not less than a majority of the aggregate principal balance of the Outstanding Notes for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in
any manner the rights of the Noteholders. It will not be necessary for the consent of Noteholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. The
manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will be subject to such reasonable requirements as the Indenture
Trustee may prescribe, including the establishment of record dates pursuant to the Note Depository Agreement. 
 Section 9.02
Assignment; Benefit of Agreement; Third Party Beneficiaries. 
 (a) Assignment. Except as stated in Section 7.04,
this Agreement may not be assigned by the Asset Representations Reviewer without the consent of the Issuer and the Servicer. 
 (b)
Benefit of Agreement; Third-Party Beneficiaries. This Agreement is for the benefit of and will be binding on the parties and their permitted successors and assigns. The Owner Trustee, the Issuer Delaware Trustee and the Indenture Trustee, for
the benefit of the Noteholders, will be third-party beneficiaries of this Agreement and may enforce this Agreement against the Asset Representations Reviewer and the Servicer. No other Person will have any right or obligation under this Agreement.

 Section 9.03 Notices. 

All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, via electronic mail, or by facsimile and addressed in each case as specified on Schedule II to the Sale and Servicing
Agreement, or at such other address as shall be designated in a written notice to the other parties hereto. 
 Section 9.04
Governing Law. 
 THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE
OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS. 

  
 18 

 Section 9.05 Submission to Jurisdiction; Waiver of Jury Trial. 

Each of the parties hereto hereby irrevocably and unconditionally: 

(a) submits for itself and its property in any legal action or proceeding relating to this Agreement or any documents executed and delivered in
connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New
York and appellate courts from any thereof; 
 (b) consents that any such action or proceeding may be brought and maintained in such courts
and waives any objection that it may now or hereafter have to the venue of such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail
(or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 9.03; 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction; and to the extent permitted by applicable law, each party hereto irrevocably waives all right of trial by jury in any action, proceeding or counterclaim based on, or arising out of, under or in connection with
this Agreement, any other Transaction Document, or any matter arising hereunder or thereunder. 
 Section 9.06 No Waiver;
Remedies. 
 No party’s failure or delay in exercising a power, right or remedy under this Agreement will operate as a waiver. No
single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy. The powers, rights and remedies under this Agreement are in
addition to any powers, rights and remedies under law. 
 Section 9.07 Severability. 

If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and will
not affect the validity, legality or enforceability of the remaining Agreement. 
 Section 9.08 Headings. 

The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement. 

  
 19 

 Section 9.09 Counterparts. 

This Agreement may be executed in any number of counterparts, including in counterparts executed via electronic signature, each of which so
executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement by electronic transmission shall be
effective as delivery of a manually executed counterpart of this Agreement. 
 Section 9.10 Electronic Signatures and
Transmission. 
 (a) For purposes of this Agreement, any reference to “written” or “in writing” means any form of
written communication, including, without limitation, electronic signatures, and any such written communication may be transmitted by electronic transmission. The term “electronic signature” shall mean any electronic symbol or process
attached to, or associated with, a contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record. Each of the parties hereto agrees that this Agreement, any addendum or amendment hereto or
any other document necessary for the consummation of the transactions contemplated by this Agreement may be accepted, executed or agreed to through the use of an electronic signature in accordance with the E-Sign Act, UETA or any applicable state
law. Each of the parties hereto are authorized to accept written instructions, directions, reports, notices or other communications delivered by electronic transmission and shall not have any duty or obligation to verify or confirm that the Person
sending instructions, directions, reports, notices or other communications or information by electronic transmission is, in fact, a Person authorized to give such instructions, directions, reports, notices or other communications or information on
behalf of the party purporting to send such electronic transmission; and none of the parties hereto shall have any liability for any losses, liabilities, costs or expenses incurred or sustained by any party as a result of such reliance upon or
compliance with such instructions, directions, reports, notices or other communications or information delivered to such party, including, without limitation, the risk of such party acting on unauthorized instructions, notices, reports or other
communications or information, and the risk of interception and misuse by third parties. 
 (b) Any requirement in this Agreement that a
document, including this Agreement, is to be signed or authenticated by “manual signature” or similar language shall not be deemed to prohibit signature by facsimile or electronic signature and shall not be deemed to prohibit delivery
thereof by electronic transmission. 
 [Remainder of Page Left Blank] 

  
 20 

 IN WITNESS WHEREOF, the Issuer, the Servicer, and the Asset Representations Reviewer have
caused their names to be signed hereto by their respective officers thereunto duly authorized as of the date first above written. 
  

			
	 VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2021-1,
as Issuer

		
	By:	 	Citibank, N.A., not in its individual capacity, but solely as Owner Trustee
		
	By:	 	 /s/ Louis Piscitelli

		 	Name: Louis Piscitelli
		 	Title: Senior Trust Officer
	
	 VW CREDIT, INC.,
as Servicer

		
	By:	 	 /s/ Rafael Vieira Teixeira

		 	 Name:  Rafael Vieira Teixeira

		 	 Title:   Executive Vice President and

		 	      Chief Financial Officer

		
	By:	 	 /s/ Jens Schreiber

		 	 Name:  Jens Schreiber

		 	 Title:   Treasurer

	
	 CLAYTON FIXED INCOME SERVICES LLC,
as Asset Representations
Reviewer

		
	By:	 	 /s/ Anthony Neske

		 	Name: Anthony Neske
		 	Title: Senior Vice President

  
 2021-1 Asset
Representations Review Agreement 

 Schedule A 

REPRESENTATIONS AND WARRANTIES, REVIEW MATERIALS AND TESTS 

Characteristics of Receivables (a): Each Receivable: 
  

	 	(i)	 has been fully executed by the Obligor thereto; 

 

	 	(ii)	 has either (A) been originated by a Dealer located in the United States to finance the sale by a Dealer of
the related Financed Vehicle and has been purchased by the Originator or (B) has been originated or acquired by the Originator; 

  

	 	(iii)	 as of the Closing Date is secured by a first priority perfected security interest in the Financed Vehicle in
favor of the Originator, as secured party, or all necessary actions have been commenced that would result in a first priority validly perfected security interest in the Financed Vehicle in favor of the Originator, as secured party;

  

	 	(iv)	 contains provisions that permit the repossession and sale of the Financed Vehicle upon a default under the
Receivable by the Obligor; 

  

	 	(v)	 provided, at origination, for level monthly payments which fully amortize the initial Outstanding Principal
Balance over the original term; provided, that the amount of the first and last payments may be different but in no event more than three times the level monthly payment; 

 

	 	(vi)	 provides for interest at the Contract Rate specified in the Schedule of Receivables; and 

 

	 	(vii)	 was denominated in Dollars. 

Documents 
  

	 	(i)	 Retail contract 

  

	 	(ii)	 Title documents 

  

	 	(iii)	 System screenprint 

Procedures to be Performed 
  

	 	(i)	 Fully Executed 

  

	 	(A)	 Confirm there is a signature of the appropriate Obligor on the contract. 

 

	 	(ii)	 Origination of Receivable 

 

	 	(A)	 Confirm the Receivable was either originated by a Dealer or Originator or acquired by the Originator.

  

	 	(B)	 If originated by a Dealer, confirm the Dealer’s address is in the United States. 

 

	 	(C)	 If originated by a Dealer, confirm the Receivable was assigned by the Dealer to the Originator.

	 	(iii)	 First Priority Interest 

	 	(A)	 Confirm the contract contains language regarding the creation of an enforceable security interest.

  

	 	(B)	 Confirm that a Certificate of Title lists VCI, or an acceptable variation of its name, as primary lienholder or
that an application for a Certificate of Title has been filed in the applicable state listing VCI, or an acceptable variation of its name, as primary lienholder. 

 

	 	(C)	 Confirm that the Obligor’s name, or an acceptable variation thereof, on the contract matches the name on
the title documents. 

  

	 	(D)	 Confirm that the Vehicle Identification Number (VIN) on the contract matches the VIN on the title documents.

  

	 	(E)	 Confirm the Receivable is listed on the Schedule of Receivables. 

 

	 	(iv)	 Repossession 

  

	 	(A)	 Observe the contract and confirm it contains provisions that permit the repossession and sale of the Financed
Vehicle upon a default under the Receivable by the Obligor. 

  

	 	(v)	 Payment Schedule Structure 

 

	 	(A)	 Confirm all payments are equivalent with the possible exception of the first and last month’s payments
which may differ by no more than three times the amount of the level monthly payment. 

  

	 	(B)	 Confirm that the number of payments and the amount of payments, together with any first and last month’s
payment (if applicable), equals the Total of the Payments as stated within the Truth and Lending section of the contract. 

  

	 	(vi)	 Contract Rate 

  

	 	(A)	 Review the system screenprint and confirm the Contract Rate matches the Contract Rate in the Schedule of
Receivables. 

  

	 	(vii)	 Dollar Denomination 

  

	 	(A)	 Review the retail contract and confirm the amount is denominated in Dollars. 

 

	 	(viii)	 If steps (i) through (vii) are confirmed, then Test Pass. 

Representation 
 Individual Characteristics
(b): Each Receivable has the following individual characteristics as of the Cut-Off Date: 
  

	 	(i)	 each Receivable is secured by a new or used automobile, minivan or sport utility vehicle;

  

	 	(ii)	 each Receivable has a Contract Rate of no less than 0.00%; 

 

	 	(iii)	 each Receivable had an original term to maturity of not more than 72 months and not less than 12 months and
each Receivable has a remaining term to maturity, as of the Cut-Off Date, of 3 months or more; 

	 	(iv)	 each Receivable has an Outstanding Principal Balance as of the Cut-Off
Date of greater than or equal to $1,000.00; 

  

	 	(v)	 no Receivable has a scheduled maturity date later than July 31, 2027; 

 

	 	(vi)	 no Receivable was more than 30 days past due as of the Cut-Off Date;

  

	 	(vii)	 as of the Cut-Off Date, no Receivable was noted in the records of VCI
or the Servicer as being the subject of any pending bankruptcy or insolvency proceeding; 

  

	 	(viii)	 no Receivable is subject to a force-placed Insurance Policy on the related Financed Vehicle; and

  

	 	(ix)	 each Receivable is a Simple Interest Receivable. 

Documents 
  

	 	(i)	 Retail contract 

  

	 	(ii)	 System screenprint 

Procedures to be Performed 
  

	 	(i)	 Financed Vehicle 

  

	 	(A)	 Review the contract and confirm that the Financed Vehicle is new or used automobile, minivan or sport utility
vehicle. 

  

	 	(ii)	 Contract Rate 

  

	 	(A)	 Review the system screenprint and confirm the Contract Rate is not less than the minimum allowable Contract
Rate. 

  

	 	(iii)	 Original Term 

  

	 	(A)	 Review the contract and confirm the number of payments (including first and last payments) does not exceed the
maximum allowable contract term of no more than 72 months. 

  

	 	(B)	 Review the system screenprint and confirm that the remaining term of the contract is within the allowable
limits of no less than 12 months. 

  

	 	(C)	 Review the system screenprint and confirm that, as of the Cut-Off Date,
the remaining term to maturity of the contract is no less than 3 months. 

  

	 	(iv)	 Remaining Balance 

  

	 	(A)	 Review the system screenprint and confirm that the unpaid balance as of the
Cut-Off Date is not less than the minimum allowable Outstanding Principal Balance. 

  

	 	(v)	 maturity date 

  

	 	(A)	 Review the system screenprint and confirm that the Receivable has a maturity date on or before July 31,
2027. 

	 	(vi)	 Delinquency Status 

  

	 	(A)	 Review the system screenprint and confirm that the Receivable is not more than 30 days past due as of the Cut-Off Date. 

  

	 	(vii)	 Bankruptcy and Insolvency 

 

	 	(A)	 Verify through the system screenprint that there is no evidence the Receivable is the subject of a bankruptcy
or insolvency proceeding. 

  

	 	(viii)	 Force-Placed Insurance 

 

	 	(A)	 Verify through the system screenprint that the Receivable did not have a force-placed Insurance Policy.

  

	 	(ix)	 Interest Method 

  

	 	(A)	 Review the contract and confirm that the Receivable is amortized using the Simple Interest Method.

  

	 	(x)	 If steps (i) through (ix) are confirmed, then Test Pass. 

Representation 

Compliance with Law (c): The Receivable complied, at the time it was originated or made, in all material respects with all
requirements of law in effect at that time and applicable to such Receivable. 
 Documents 

 

	 	(i)	 Retail contract 

  

	 	(ii)	 List of approved contract forms 

 

	 	(iii)	 System screenprint 

Procedures to be Performed 
  

	 	(i)	 Observe the contract and confirm the form number and revision date are on the list of approved contract Forms.

  

	 	(ii)	 Confirm the following disclosures are included in the contract: 

 

	 	(A)	 Prepayment disclosure 

 

	 	(B)	 Late payment policy including the late charge amount (or calculation) 

 

	 	(C)	 Security interest disclosure 

 

	 	(D)	 Contract reference 

  

	 	(E)	 Insurance requirements 

 

	 	(iii)	 Review the system screenprint and confirm that there is no evidence of any judgment against VCI indicating that
the contract was originated in violation of applicable law. 

	 	(iv)	 Review the system screenprint and confirm that there is no evidence of any Obligor(s) alleging non-compliance. 

  

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

Representation 
 Binding
Obligation (d): The Receivable constitutes the legal and binding payment obligation in writing of the Obligor, enforceable by the holder thereof in all material respects, subject as to enforcement, to applicable bankruptcy, insolvency,
reorganization, liquidation or other laws and equitable principles, consumer protection laws and the Servicemembers Civil Relief Act. 
 Documents

  

	 	(i)	 Retail contract 

  

	 	(ii)	 List of approved forms 

Procedures to be Performed 
  

	 	(i)	 Confirm that the contract form number and revision date are on the list of approved contract forms.

  

	 	(ii)	 Confirm that the Obligor(s) signed the contract. 

 

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

Representation 
 Receivable
in Force (e): As of the Cut-Off Date, neither VCI’s nor the Servicer’s records related to the Receivable indicate that the Receivable has been satisfied, subordinated or rescinded or that the
related Financed Vehicle been released from the lien granted by the Receivable in whole or in part. 
 Documents 

 

	 	(i)	 Title documents 

  

	 	(ii)	 System screenprint 

Procedures to be Performed 
  

	 	(i)	 Confirm there is no indication within the title documents or the system screenprint that the Receivable was
satisfied. 

  

	 	(ii)	 Confirm there is no indication within the title documents or the system screenprint that the Receivable was
subordinated or rescinded. 

  

	 	(iii)	 Confirm there is no indication within the title documents or the system screenprint that the Financed Vehicle
has been released from the Lien in whole or in part. 

  

	 	(iv)	 Confirm that the Receivable is noted as “active” within the system screenprint.

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

Representation 
 No Default
(f): Except for payment delinquencies continuing for a period of not more than 30 days as of the Cut-Off Date, the records of the Servicer did not disclose that any default, breach, violation or event
permitting acceleration under the terms of the Receivable existed as of the Cut-Off Date or that any continuing condition that with notice or lapse of time, or both, would constitute a default, breach,
violation or event permitting acceleration under the terms of the Receivable as of the Cut-Off Date. 

Documents 
  

	 	(i)	 System screenprint 

Procedures to be Performed 
  

	 	(i)	 Observe the system screenprint and confirm there is no indication of a default, breach, violation or event that
would permit acceleration under the terms of the Receivable except for payment default within 30 days of the Cut-Off Date. 

 

	 	(ii)	 Confirm that no continuing condition (other than payment delinquencies continuing for a period of not more than
30 days as of the Cut-Off Date) would constitute a default, breach, violation or event permitting acceleration under the terms of the Receivable. 

 

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

Representation 
 Insurance
(g): The Receivable requires the Obligor thereunder to insure the Financed Vehicle under a physical damage insurance policy. 
 Documents

  

	 	(i)	 Retail contract 

Procedures to be Performed 
  

	 	(i)	 Confirm the contract contains language that requires the Obligor(s) to obtain and maintain physical damage
insurance covering the Financed Vehicle. 

  

	 	(ii)	 If step (i) is confirmed, then Test Pass. 

Representation 
 No
Government Obligor (h): The Obligor on the Receivable is not listed on VCI’s records as the United States of America or any state thereof or any local government, or any agency, department, political subdivision or instrumentality of
the United States of America or any state thereof or any local government. 
 Documents 

 

	 	(i)	 Retail contract. 

 Procedures to be Performed 

 

	 	(i)	 Confirm the Buyer section of the contract includes the name of a natural person. 

 

	 	(ii)	 If the Buyer section of the contract does not report a natural person’s name, confirm internet search
results show no indication the Buyer is the United States of America or any State, or any agency, department or instrumentality of the United States of America or any State. 

 

	 	(iii)	 If step (i) or (ii) is confirmed, then Test Pass. 

Representation 
 Assignment
(i): The terms of the Receivable do not prohibit the sale, transfer or assignment of such Receivable or the grant of a security interest in such Receivable under the Indenture. 

Documents 
  

	 	(i)	 Retail contract 

  

	 	(ii)	 List of approved forms 

Procedures to be Performed 
  

	 	(i)	 Confirm that the contract form number and revision date are included on the list of approved forms.

  

	 	(ii)	 Confirm that the contract does not contain language that limits the sale or transfer of the Receivable.

  

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

Representation 
 Good Title
(j): Immediately prior to the transfers and assignments herein contemplated, VCI had good and marketable title to each Receivable free and clear of all Liens (except Permitted Liens and any Lien that will be released prior to the assignment
of such Receivable hereunder), and, immediately upon the transfer thereof to the Purchaser, the Purchaser will have good and marketable title to each Receivable, free and clear of all Liens except Permitted Liens. 

Documents 
  

	 	(i)	 Retail contract 

  

	 	(ii)	 Title documents 

Procedures to be Performed 
  

	 	(i)	 Review the contract and confirm that the Receivable has not been assigned to any party other than VCI (or an
acceptable variation of the name). 

  

	 	(ii)	 Observe the title documents and confirm they report VCI, or an acceptable variation of its name, as the first
lien holder. 

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

Representation 
 Receivable
Files (k): There is only one original executed copy of each “tangible record” constituting or forming a part of such Receivable that is tangible chattel paper and a single “authoritative copy” (as such term is used in Section 9-105 of the UCC) of each electronic record constituting or forming a part of such Receivable that is electronic chattel paper. The Receivable Files that constitute or evidence such
Receivable do not have any marks or notations indicating that the Receivable has been pledged, assigned or otherwise conveyed by VCI to any Person other than to a party to the Transaction Documents. 

Documents 
  

	 	(i)	 Retail contract 

Procedures to be Performed 
  

	 	(i)	 Confirm there is a signature of the appropriate Obligor(s) on the contract. 

 

	 	(ii)	 Confirm that the contract either constitutes an electronically authenticated original, or is marked
“Authoritative Copy.” 

  

	 	(iii)	 Confirm no marks or notations on contract indicating that it has been pledged, assigned or otherwise conveyed
to any Person other than a party to the Transaction Documents. 

  

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

Representation 
 No Defenses
(l): VCI’s and the Servicer’s FiServ electronic data warehouse containing records related to the Receivables do not reflect any right of rescission, set-off, counterclaim or defense, or of
the same being asserted or threatened, in writing by any Obligor with respect to any Receivable. 
 Documents 

 

	 	(i)	 System screenprint 

Procedures to be Performed 
  

	 	(i)	 Review the system screenprint and confirm there is no evidence of litigation or other attorney involvement.

  

	 	(ii)	 Review the system screenprint and confirm that there is no evidence that the Receivable is subject to
recission, set-off, counterclaim or defense that would cause the Receivable to become invalid. 

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

 Representation 

No Repossession (m): As of the Cut-Off Date, no Financed Vehicle shall have been
repossessed. 
 Documents 
  

	 	(i)	 System screenprint 

Procedures to be Performed 
  

	 	(i)	 Review the system screenprint and confirm the Receivable was not held in repossession as of the Cut-Off Date. 

 If step (i) is confirmed, then Test Pass.Exhibit
10.1

 

NEXT
FRONTIER PHARMACEUTICAL, Inc.

 

Secured
NOTE Purchase Agreement

 

This
Secured Note Purchase Agreement (this “Agreement”)
is made as of December __, 2021 (the “Effective Date”) by and among Next
Frontier Pharmaceuticals, Inc., a Delaware corporation (the “Company”), the undersigned purchaser (the
“Purchaser”).

 

Whereas,
the Company has authorized the sale and issuance of a $10,200,000 (the “Loan Amount”)
Secured Promissory Note in substantially the form attached hereto as Exhibit A (the “Note”);

 

Whereas,
the Purchasers desire to purchase from the Company,
and the Company desires to sell to the Purchasers, the Note on the terms set forth in this Agreement;

 

Whereas,
in order to induce the Purchasers to extend the loans evidenced by the Note, the Company, the Company’s parent company, Next Frontier
Holdings, Inc., a Delaware corporation (“NFH”), and the Company’s subsidiary companies, Benuvia Manufacturing,
Inc., a Delaware corporation (“BM”), Benuvia Therapeutics, LLC, a Delaware limited liability company (“BT”),
Benuvia Manufacturing, LLC, a Delaware limited liability company (“BM LLC”), and Benuvia Therapeutics IP LLC, a Delaware
limited liability company (“BT IP LLC”) have each agreed to execute and deliver to the Purchasers certain Security
Agreements each in substantially the form attached hereto as Exhibit B (together, the “Security Agreements”)
to secure the prompt payment, performance and discharge in full of all of the Company’s obligations under the Note.

 

Whereas,
as a condition precedent to extending the loans evidenced by the Note, (i) NFH, BM, BT, BM LLC and BT IP LLC have each agreed to execute
and deliver to the Purchaser certain Guaranty Agreements each in substantially the form attached hereto as Exhibit C (together,
the “Guaranty Agreements”), and (ii) NFH and the Company have each agreed to execute and deliver to the Purchaser
certain Pledge and Escrow Agreements in substantially the form attached hereto as Exhibit D (together, the “Pledge Agreements”),
to secure the prompt payment, performance and discharge in full of all of the Company’s obligations under the Note.

 

Now,
Therefore, in consideration of the foregoing, and the representations, warranties, covenants and conditions set forth below,
the Company and the Purchaser, intending to be legally bound, hereby agree as follows:

 

1.
Sale and Issuance of Note.

 

1.1.
The Note. Subject to the terms of this Agreement, at the Closing (as defined below), the Purchaser shall lend to the Company the
Loan Amount against the issuance and delivery by the Company of a Note in an aggregate principal amount equal to such Purchaser’s
Loan Amount.

 

1.2.
Closing Date. The closing of the sale and purchase of the Note (the “Closing”) shall be held on the Effective
Date (the “Closing Date”).

 

    	1.

     

    

 

1.3.
Deliveries. On or prior to the Closing:

 

(a)
the Purchaser shall deliver or cause to be delivered to the Company the following: (i) this Agreement, duly executed by such Purchaser,
(ii) a wire transfer of funds in the amount of the Loan Amount (iii) the Security Agreement, duly executed by the Purchaser, (iv) the
Pledge and Escrow Agreements, duly executed by the Purchaser and (v) such other documents related to the transactions contemplated by
the Transaction Agreements as the Company or its counsel may reasonably request;

 

(b)
the Company shall deliver or cause to be delivered to the Purchaser participating in such Closing, (i) this Agreement, duly executed
by the Company, (ii) the Note purchased by the Purchaser hereunder, duly executed by the Company, (iii) the Security Agreement, duly
executed by the Company, (iv) the Pledge Agreement, duly executed by the Company, (v) such other documents relating to the transactions
contemplated by the Transaction Agreements as the Purchaser or its counsel may reasonably request; and

 

(c)
(i) NFH, BM, BT, BM LLC and BT IP LLC shall each deliver or cause to be delivered to the Purchaser a Guaranty Agreement and a Security
Agreement, duly executed by NFH, BM, BT, BM LLC and BT IP LLC; (ii) NFH shall deliver or cause to be delivered to the Purchaser the Pledge
Agreement, duly executed by NFH, pledging its shares or membership interests in BT and BM; and BT and BM shall deliver or cause to be
delivered to the Purchaser the Pledge Agreement, duly executed by BT and BM, pledging its membership interests in BM LLC and BT IP LLC,
and (iii) such other documents related to the transactions contemplated by the Transaction Agreements as the Purchaser or its counsel
may reasonably request; and

 

1.4.
Closing Conditions. The Purchasers’ obligations to purchase the Note at the Closing are subject to delivery of the documents
described above and the satisfaction, at or prior to the applicable Closing Date, of the following conditions:

 

(a)
Representations and Warranties True. The representations and warranties made by the Company in Section 2 hereof shall be true and
correct in all material respects as of the Closing Date with the same force and effect as if they had been made as of the Closing Date,
and the Company shall have performed or observed all obligations and conditions herein required to be performed or observed by it on
or prior to the Closing;

 

(b)
Legal Investment. On the Closing Date, the sale and issuance of the Note shall be legally permitted by all laws and regulations to
which the Purchaser and the Company are subject;

 

(c)
Consents, Permits and Waivers. The Company, NFH, BM, BT, BM LLC and BT IP LLC shall have obtained any and all board resolutions,
consents, permits, waivers, subordinations, and lien searches necessary or appropriate for consummation of the transactions contemplated
by this Agreement; and

 

(d)
Proceedings and Documents. All proceedings in connection with the transactions contemplated at the Closing hereby and all documents
and instruments incident to such transactions shall be reasonably satisfactory in substance and form to the Purchasers.

 

1.5.
Acknowledgements Regarding the Note. The Company and the Purchaser acknowledge and agree that: (i) the Purchaser has not rendered
any services to the Company in connection with this Agreement; (ii) the aggregate fair market value of the Note is equal to the Loan
Amount; (iii) all tax returns and other information returns of the Company and the Purchaser relative to this Agreement and the Note
issued pursuant hereto shall consistently reflect the acknowledgements set forth in this Section.

 

    	2.

     

    

 

2.
Representations, Warranties and Covenants of the
Company. The Company represents and warrants to the Purchasers that the statements in this Section 2 are true, complete and correct,
in all material respects, as of the Closing Date (unless the particular statement speaks expressly as of another date, in which case
it is true, complete and correct, in all material respects, as of such other date), subject, in any case, to the exceptions provided
in the Company Disclosure Schedule attached as Exhibit E to this Agreement (the “Company Disclosure Schedule”),
with specific reference to the sections hereof to which such exception relates, provided that the inclusion of an item as an exception
or qualification to one section of this Agreement shall cause that item to be an exception or qualification only to another section of
this Agreement if it is reasonably clear on its face, upon reading of the disclosure without any independent knowledge on the part of
the reader regarding the matter disclosed, that such disclosure is responsive to such section:

 

2.1.
Organization, Good Standing and Corporate Power. The Company is a corporation duly organized, validly existing and in good
standing under the laws of the State of Delaware. The Company has all requisite corporate power to execute and deliver this
Agreement, to issue the Note and to carry out and perform its obligations under the terms of the Transaction Agreements (as defined
in the Note).

 

2.2.
Authorization. All corporate action on the part of the Company, its directors and its stockholders necessary for the
authorization, execution, delivery and performance of the Transaction Agreements by the Company, including the issuance and delivery
of the Note, has been taken. Each Transaction Agreement, when executed and delivered by the Company, shall constitute the valid and
binding obligation of the Company, enforceable in accordance with its terms except (i) as limited by applicable bankruptcy,
insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights
generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable
remedies, and (iii) to the extent the indemnification provisions contained in any Transaction Agreement may be limited by applicable
federal or state securities laws. The Note will be (i) issued in compliance with all applicable federal and state securities laws,
and (ii) free of any liens or encumbrances, other than the Permitted Indebtedness and Permitted Liens (as defined in the Security
Agreement), and other than any liens or encumbrances created by or imposed upon the Purchasers through no action of the Company; provided,
however, that the Note may be subject to restrictions on transfer as set forth in the Transaction Agreements or otherwise
provided under state and/or federal securities laws. The issuance of the Note will not violate any preemptive rights or rights of
first refusal granted by the Company.

 

2.3.
Valid Issuance of the Note. The Note upon issuance in accordance with the Transaction Agreements will be duly authorized and validly
issued, fully paid, and nonassessable, and will be free of any liens, encumbrances, or restrictions on transfer (other than those set
forth in the Transaction Agreements or otherwise provided by applicable federal or state securities laws).

 

2.4.
Governmental Consents. Assuming the accuracy of the representations made by the Purchasers in Section 3 of this Agreement, no consent,
approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or local
governmental authority is required on the part of the Company in connection with the valid execution and delivery of this Agreement,
the offer, sale or issuance of the Note or the consummation of any other transaction contemplated by the Transaction Agreements.

 

2.5.
Offering Valid. Assuming the accuracy of the representations and warranties of the Purchasers contained in Section 3 hereof, the
offer, sale and issuance of the Note in accordance with the Transaction Agreements will be exempt from the registration requirements
of the Securities Act, and will have been registered or qualified (or are exempt from registration and qualification) under the registration,
permit or qualification requirements of all applicable state securities laws. Neither the Company nor any agent on its behalf has solicited
or will solicit any offers to sell or has offered to sell or will offer to sell all or any part of the Note to any individual, partnership,
corporation (including a business trust), joint stock company, limited liability company, unincorporated association, joint venture or
other entity or governmental authority (each, a “Person”) so as to bring the sale of such Note by the Company within
the registration provisions of the Securities Act or any state securities laws.

 

    	3.

     

    

 

2.6.
Compliance with Other Instruments. The Company is not in violation or default (i) of any provisions of its certificate of incorporation
or bylaws, (ii) of any instrument, judgment, order, writ or decree, (iii) under any note, indenture or mortgage, or (iv) under any lease,
agreement, contract or purchase order to which it is a party or by which it is bound that is required to be listed on the Company Disclosure
Schedule, or (v) to the Company’s knowledge, of any provision of federal or state statute, rule or regulation applicable to the
Company, the violation of which would have a material adverse effect on the business, assets (including intangible assets), liabilities,
financial condition, property, or results of operations of the Company (a “Material Adverse Effect”), other than the
U.S. Controlled Substances Act, as amended, and the rules and regulations promulgated thereunder. The Company has complied, and is now
complying, with all applicable state, county and local statutes, rules and regulations regarding the cultivation, distribution, transport,
storage, manufacturing, processing, testing or sale of cannabis and cannabis products and has not received any written communication
from any governmental authority relating to any examination, audit, inquiry or alleged violation of such state, county or local statute,
rule or regulation or deficiency in the Company’s policies or procedures. The execution, delivery and performance of this Agreement
and the consummation of the transactions contemplated by this Agreement will not result in any such violation or be in conflict with
or constitute, with or without the passage of time and giving of notice, either (i) a default under any such provision, instrument, judgment,
order, writ, decree, contract or agreement; or (ii) an event which results in the creation of any lien, charge or encumbrance upon any
assets of the Company or the suspension, revocation, forfeiture, or nonrenewal of any material permit or license applicable to the Company.

 

2.7.
Bad Actor Matters. No “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a
“Disqualification Event”) is applicable to the Company or, to the Company’s knowledge, any person listed in
the first paragraph of Rule 506(d)(a) (a “Company Covered Person”), except for a Disqualification Event as to which
Rule 506(d)(2)(ii–iv) or (d)(3), is applicable.

 

2.8.
Subsidiaries.

 

(a)
Section 2.8(a) of the Company Disclosure Schedule sets forth for each Subsidiary of the Company (each “Company Subsidiary”),
its name, type of entity, jurisdiction, the number and type of its outstanding equity securities, the current ownership of such equity
interests and the names of its directors, managers and officers. For purposes of this Agreement, “Subsidiary” means
any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of capital
stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in
the election of directors, managers, general partners or trustees thereof is at the time owned or controlled, directly or indirectly,
by (i) the Company, (ii) the Company and one or more Subsidiaries of the Company, or (iii) one or more Subsidiaries of the Company.

 

(b)
Each Company Subsidiary is directly and wholly owned by the Company and all of the capital stock or similar equity securities of
each Subsidiary are owned free and clear of all mortgages, deeds of trust, liens, loans and encumbrances, other than restrictions on
transfer under applicable state and federal securities laws and liens or encumbrances created by or imposed by this Agreement. All issued
and outstanding capital stock or similar equity securities of each Subsidiary were duly authorized and validly issued and, to the extent
applicable, are fully paid and non-assessable, and were not issued in violation of any applicable law or preemptive rights. There are
no outstanding obligations of the Company or any Subsidiary to repurchase, redeem, issue, grant or otherwise acquire any capital stock
or similar equity securities of any Subsidiary or any other securities of any Subsidiary. No Subsidiary is party to any outstanding offer,
option, warrant, call, put, purchase, exchange, equity appreciation, phantom stock, profit participation, subscription or similar commitment
that obligates it to issue, sell, convert, register, vote, transfer, repurchase or redeem any capital stock, or similar equity securities.
No Subsidiary has issued and outstanding any securities convertible into the equity of such Subsidiary.

 

    	4.

     

    

 

(c)
Other than the Company Subsidiaries, the Company does not, directly or indirectly (including through one or more Company Subsidiaries),
own any equity in any other Person.

 

(d)
The Company is not a participant in any joint venture, partnership or similar arrangement.

 

2.9.
Litigation. There is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending or to the Company’s
knowledge, currently threatened in writing (i) against the Company or any officer or director of the Company arising out of their employment
or board relationship with the Company; (ii) that questions the validity of the Transaction Agreements or the right of the Company to
enter into them, or to consummate the transactions contemplated by the Transaction Agreements; or (iii) to the Company’s knowledge,
that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. Neither the Company nor,
to the Company’s knowledge, any of its officers or directors is a party or is named as subject to the provisions of any order,
writ, injunction, judgment or decree of any court or government agency or instrumentality (in the case of officers or directors, such
as would affect the Company). There is no action, suit, proceeding or investigation by the Company pending or which the Company intends
to initiate. The foregoing includes, without limitation, actions, suits, proceedings or investigations pending or threatened in writing
(or any basis therefor known to the Company) involving the prior employment of any of the Company’s employees, their services provided
in connection with the Company’s business, any information or techniques allegedly proprietary to any of their former employers
or their obligations under any agreements with prior employers.

 

2.10.
Intellectual Property. The Company owns or possesses or believes it can acquire on commercially reasonable terms sufficient
legal rights to all Intellectual Property (as defined in the Security Agreement) used by the Company in the conduct of its business as
now conducted and as presently proposed to be conducted without any known conflict with, or infringement of, the rights of others, including
prior employees or consultants, or academic or medical institutions with which any of them may be affiliated now or may have been affiliated
in the past. To the Company’s knowledge, no product or service marketed or sold (or proposed to be marketed or sold) by the Company
violates or will violate any license or infringes or will infringe any intellectual property rights of any other Person. Other than with
respect to commercially available software products under standard end-user object code license agreements, there are no outstanding
options, licenses, agreements, claims, encumbrances or shared ownership interests of any kind relating to the Company’s Intellectual
Property, nor is the Company bound by or a party to any options, licenses or agreements of any kind with respect to the patents, trademarks,
service marks, trade names, copyrights, trade secrets, licenses, information, proprietary rights and processes of any other Person. The
Company has not received any communications alleging that the Company has violated, or by conducting its business, would violate any
of the patents, trademarks, service marks, tradenames, copyrights, trade secrets, mask works or other proprietary rights or processes
of any other Person. The Company has obtained and possesses valid licenses to use all of the software programs present on the computers
and other software-enabled electronic devices that it owns or leases or that it has otherwise provided to its employees for their use
in connection with the Company’s business. To the Company’s knowledge, it will not be necessary to use any inventions of
any of its employees or consultants (or Persons it currently intends to hire) made prior to their employment by the Company, including
prior employees or consultants, or academic or medical institutions with which any of them may be affiliated now or may have been affiliated
in the past. Each employee and consultant has assigned to the Company all intellectual property rights he or she owns that are related
to the Company’s business as now conducted and as presently proposed to be conducted and all intellectual property rights that
he, she or it solely or jointly conceived, reduced to practice, developed or made during the period of his, her or its employment or
consulting relationship with the Company that (a) relate, at the time of conception, reduction to practice, development, or making of
such intellectual property right, to the Company’s business as then conducted or as then proposed to be conducted, (b) were developed
on any amount of the Company’s time or with the use of any of the Company’s equipment, supplies, facilities or information
or (c) resulted from the performance of services for the Company. The Company Disclosure Schedule lists all patents, patent applications,
trademarks, trademark applications, service marks, service mark applications, tradenames, copyrights, and licenses to and under any of
the foregoing, in each case owned by the Company. For purposes of this Section 2.10, the Company shall be deemed to have knowledge of
a patent right if the Company has actual knowledge of the patent right or would be found to be on notice of such patent right as determined
by reference to United States patent laws. No government funding, facilities of a university, college, other educational institution
or research center, or funding from third parties was used in the development of any Intellectual Property of the Company. No Person
who was involved in, or who contributed to, the creation or development of any Intellectual Property of the Company has performed services
for the government, university, college, or other educational institution or research center in a manner that would affect Company’s
rights in any Intellectual Property of the Company.

 

    	5.

     

    

 

2.11.
Agreements; Actions.

 

(a)
Except for the Transaction Agreements or as provided in Section 2.11 of the Company Disclosure Schedule, there are no agreements,
understandings, instruments, contracts or proposed transactions to which the Company is a party or by which it is bound that involve
(i) obligations (contingent or otherwise) of, or payments to, the Company in excess of $100,000, (ii) the license of any patent, copyright,
trademark, trade secret or other proprietary right to or from the Company, (iii) the grant of rights to manufacture, produce, assemble,
license, market, or sell its products to any other Person that limit the Company’s exclusive right to develop, manufacture, assemble,
distribute, market or sell its products, or (iv) indemnification by the Company with respect to infringements of proprietary rights.

 

(b)
Except as provided in Section 2.11 of the Company Disclosure Schedule, the Company has not (i) declared or paid any dividends, or
authorized or made any distribution upon or with respect to any class or series of its capital stock, (ii) incurred any indebtedness
for money borrowed or incurred any other liabilities individually in excess of $100,000 (iii) made any loans or advances to any Person,
other than ordinary advances for travel expenses, or (iv) sold, exchanged or otherwise disposed of any of its assets or rights, other
than the sale of its inventory in the ordinary course of business. For the purposes of Sections 2.12(a) and 2.12(b), all indebtedness,
liabilities, agreements, understandings, instruments, contracts and proposed transactions involving the same Person (including Persons
the Company has reason to believe are affiliated with each other) shall be aggregated for the purpose of meeting the individual minimum
dollar amounts of such Section.

 

(c)
The Company is not a guarantor or indemnitor of any indebtedness of any other Person.

 

2.12.
Certain Transactions.

 

(a)
Other than (i) standard employee benefits generally made available to all employees, (ii) standard director and officer indemnification
agreements approved by Company’s Board of Directors, and (iii) the purchase of shares of Common Stock and the issuance of options
to purchase shares of Common Stock, in each instance, approved in the written minutes of Company’s Board of Directors made available
to the Purchasers, there are no agreements, understandings or proposed transactions between Company and any of its officers, directors
or consultants, or any Affiliate thereof. For purposes of this Agreement, “Affiliate” means, with respect to any specified
Person, any other Person who, directly or indirectly, controls, is controlled by, or is under common control with such Person, including,
without limitation, any general partner, managing member, officer, director or trustee of such Person, or any venture capital fund or
registered investment company now or hereafter existing that is controlled by one or more general partners, managing members or investment
advisers of, or shares the same management company or investment adviser with, such Person.

 

(b)
The Company is not indebted, directly or indirectly, to any of its directors, officers or employees or to their respective spouses
or children or to any Affiliate of any of the foregoing, other than in connection with expenses or advances of expenses incurred in the
ordinary course of business or employee relocation expenses and for other customary employee benefits made generally available to all
employees. None of the Company’s directors, officers or employees, or any members of their immediate families, or any Affiliate
of the foregoing are, directly or indirectly, indebted to Company or to Company’s knowledge, have any (i) material commercial,
industrial, banking, consulting, legal, accounting, charitable or familial relationship with any of Company’s customers, suppliers,
service providers, joint venture partners, licensees and competitors, (ii) direct or indirect ownership interest in any firm or corporation
with which Company is affiliated or with which Company has a business relationship, or any firm or corporation which competes with Company
except that directors, officers, employees or stockholders of Company may own stock in (but not exceeding two percent (2%) of the outstanding
capital stock of) publicly traded companies that may compete with Company; or (iii) financial interest in any material contract with
Company.

 

2.13.
Property. Except as provided in Section 2.13 of the Company Disclosure Schedule, the property and assets that the Company owns are
free and clear of all mortgages, deeds of trust, liens, loans and encumbrances, except for statutory liens for the payment of current
taxes that are not yet delinquent and encumbrances and liens that arise in the ordinary course of business and do not materially impair
the Company’s ownership or use of such property or assets. With respect to the property and assets it leases, the Company is in
compliance with such leases and holds a valid leasehold interest free of any liens, claims or encumbrances other than those of the lessors
of such property or assets. The Company does not own any real property. 

 

    	6.

     

    

 

2.14.
Financial Statements. The Company has delivered to the Purchasers its unaudited financial statements as of September 30, 2021 and
for the fiscal year ended December 31, 2020 and its unaudited financial statements (including balance sheet, income statement and statement
of cash flows) as of September 30, 2021 and for the nine-month period ended September 30, 2021 (collectively, the “Company Financial
Statements”). The Company Financial Statements have been prepared in accordance with GAAP applied on a consistent basis throughout
the periods indicated, except that the unaudited Company Financial Statements may not contain all footnotes required by GAAP. The Company
Financial Statements fairly present in all material respects the financial condition and operating results of Company as of the dates,
and for the periods, indicated therein, subject in the case of the unaudited Company Financial Statements to normal year-end audit adjustments.
Except as set forth in the Company Financial Statements, the Company has no material liabilities or obligations, contingent or otherwise,
other than (i) liabilities incurred in the ordinary course of business subsequent to September 30, 2021; (ii) obligations under contracts
and commitments incurred in the ordinary course of business; and (iii) liabilities and obligations of a type or nature not required under
GAAP to be reflected in the Company Financial Statements, which, in all such cases, individually and in the aggregate would not have
a Material Adverse Effect. The Company maintains and will continue to maintain a standard system of accounting established and administered
in accordance with GAAP.

 

2.15.
Changes. Since September 30, 2021, there has not been:

 

(a)
any change in the assets, liabilities, financial condition or operating results of the Company from that reflected in the Company
Financial Statements, except changes in the ordinary course of business that have not caused, in the aggregate, a Material Adverse Effect;

 

(b)
any damage, destruction or loss, whether or not covered by insurance, that would have a Material Adverse Effect;

 

(c)
any waiver or compromise by the Company of a valuable right or of a material debt owed to it;

 

(d)
any satisfaction or discharge of any lien, claim, or encumbrance or payment of any obligation by the Company, except in the ordinary
course of business and the satisfaction or discharge of which would not have a Material Adverse Effect;

 

(e)
any material change to a material contract or agreement by which the Company or any of its assets is bound or subject;

 

(f)
any material change in any compensation arrangement or agreement with any employee, officer, director or stockholder of the Company;

 

(g)
any resignation or termination of employment of any officer of the Company;

 

(h)
any mortgage, pledge, transfer of a security interest in, or lien, created by the Company, with respect to any of its material properties
or assets, except liens for taxes not yet due or payable and liens that arise in the ordinary course of business and do not materially
impair the Company’s ownership or use of such property or assets;

 

(i)
any loans or guarantees made by the Company to or for the benefit of its employees, officers or directors, or any members of their
immediate families, other than travel advances and other advances made in the ordinary course of its business;

 

(j)
any declaration, setting aside or payment or other distribution in respect of any of the Company’s capital stock, or any direct
or indirect redemption, purchase, or other acquisition of any of such stock by the Company;

 

(k)
any sale, assignment or transfer of any Intellectual Property of the Company that could reasonably be expected to result in a Material
Adverse Effect;

 

(l)
receipt of notice that there has been a loss of, or material order cancellation by, any major customer of the Company;

 

(m)
to the Company’s knowledge, any other event or condition of any character, other than events affecting the economy or the Company’s
industry generally, that could reasonably be expected to result in a Material Adverse Effect; or

 

(n)
any arrangement or commitment by the Company to do any of the acts described in this Section 2.15.

 

    	7.

     

    

 

2.16.
Employee Matters.

 

(a)
To the Company’s knowledge, none of the Company’s employees is obligated under any contract (including licenses, covenants
or commitments of any nature) or other agreement, or subject to any judgment, decree or order of any court or administrative agency,
that would materially interfere with such employee’s ability to promote the interest of the Company or that would conflict with
the Company’s business. Neither the execution or delivery of this Agreement, nor the carrying on of the Company’s business
by the employees of the Company, nor the conduct of the Company’s business as now conducted and as presently proposed to be conducted,
will, to the Company’s knowledge, conflict with or result in a breach of the terms, conditions, or provisions of, or constitute
a default under, any contract, covenant or instrument under which any such employee is now obligated.

 

(b)
The Company is not delinquent in payments to any of its employees, consultants, or independent contractors for any wages, salaries,
commissions, bonuses, or other direct compensation for any service performed for it to the date hereof or amounts required to be reimbursed
to such employees, consultants or independent contractors. The Company has complied in all material respects with all applicable state
and federal equal employment opportunity laws and with other laws related to employment, including those related to wages, hours, worker
classification and collective bargaining. The Company has withheld and paid to the appropriate governmental entity or is holding for
payment not yet due to such governmental entity all amounts required to be withheld from employees of the Company and is not liable for
any arrears of wages, taxes, penalties or other sums for failure to comply with any of the foregoing.

 

(c)
To the Company’s knowledge, no officer of the Company intends to terminate employment with the Company or is otherwise likely
to become unavailable to continue as an officer. The Company does not have a present intention to terminate the employment of any officer
of the Company. The employment of each officer and employee of the Company is terminable at the will of the Company. Except as set forth
in the Company Disclosure Schedule or as required by law, upon termination of the employment of any such employees, no severance or other
payments will become due. Except as set forth in the Company Disclosure Schedule, the Company has no policy, practice, plan or program
of paying severance pay or any form of severance compensation in connection with the termination of employment services.

 

(d)
The Company has not made any representations regarding equity incentives to any officer, employee, director or consultant that are
inconsistent with the share amounts and terms set forth in the minutes of meetings of the Board of Directors of Company.

 

(e)
There are no employee benefit plans maintained, established or sponsored by the Company, or which the Company participates in or
contributes to, which is subject to ERISA.

 

(f)
The Company is not bound by or subject to (and none of its assets or properties is bound by or subject to) any written or oral, express
or implied, contract, commitment or arrangement with any labor union, and no labor union has requested or, to the Company’s knowledge,
has sought to represent any of the employees, representatives or agents of the Company. There is no strike or other labor dispute involving
the Company pending, or to the Company’s knowledge, threatened, which could have a Material Adverse Effect, nor is the Company
aware of any labor organization activity involving its employees.

 

    	8.

     

    

 

(g)
To the Company’s knowledge, none of the officers or directors of the Company has been (a) subject to voluntary or involuntary
petition under the federal bankruptcy laws or any state insolvency law or the appointment of a receiver, fiscal agent or similar officer
by a court for his or her business or property; (b) convicted in a criminal proceeding or named as a subject of a pending criminal proceeding
(excluding traffic violations and other minor offenses); (c) subject to any order, judgment or decree (not subsequently reversed, suspended,
or vacated) of any court of competent jurisdiction permanently or temporarily enjoining him or her from engaging, or otherwise imposing
limits or conditions on his or her engagement in any securities, investment advisory, banking, insurance, or other type of business or
acting as an officer or director of a public company; or (d) found by a court of competent jurisdiction in a civil action or by the Securities
and Exchange Commission or the Commodity Futures Trading Commission to have violated any federal or state securities, commodities, or
unfair trade practices law, which such judgment or finding has not been subsequently reversed, suspended, or vacated.

 

2.17.
Tax Returns and Payments. There are no federal, state, county, local or foreign taxes due and payable by the Company which have not
been timely paid. There are no accrued and unpaid federal, state, country, local or foreign taxes of the Company which are due, whether
or not assessed or disputed. There have been no examinations or audits of any tax returns or reports by any applicable federal, state,
local or foreign governmental agency. The Company has duly and timely filed all federal, state, county, local and foreign tax returns
required to have been filed by it and there are in effect no waivers of applicable statutes of limitations with respect to taxes for
any year.

 

2.18.
Insurance. The Company has in full force and effect insurance policies concerning such casualties as would be reasonable and customary
for companies like the Company, with extended coverage, sufficient in amount (subject to reasonable deductions) to allow it to replace
any of its properties that might be damaged or destroyed.

 

2.19.
Employee Agreements. Each current and former employee and officer of the Company, and each current and former consultant of the Company
who either alone or in concert with others has developed, invented, programmed or designed any Intellectual Property of the Company has
executed an agreement with the Company regarding confidentiality and proprietary information substantially in the form or forms made
available to the Purchasers (the “Company Confidential Information Agreements”). No current or former officer of the
Company has excluded works or inventions from his or her assignment of inventions pursuant to such officer’s Company Confidential
Information Agreement. The Company Confidential Information Agreements for each current and former officer of the Company contains a
non-solicitation agreement. The Company is not aware that any of its officers is in violation of any agreement covered by this Section
2.20.

 

2.20.
Permits. The Company has all franchises, permits, licenses and any similar authority necessary for the conduct of its business, the
lack of which could reasonably be expected to have a Material Adverse Effect. The Company is not in default in any material respect under
any of such franchises, permits, licenses or other similar authority.

 

2.21.
Corporate Documents. The Company’s certificate of incorporation and bylaws are in the form provided to the Purchasers. The
copy of the minute books of the Company made available to the Purchasers contains minutes of all meetings of directors and stockholders
of the Company and all actions by written consent without a meeting by the directors and stockholders of the Company since the date of
incorporation and accurately reflects in all material respects all actions by the directors (and any committee of directors) and stockholders
of the Company with respect to all transactions referred to in such minutes.

 

2.22.
83(b) Elections. To the Company’s knowledge, all elections and notices under Section 83(b) of the Code have been or will be
timely filed by all individuals who have acquired unvested shares of Common Stock of the Company.

 

    	9.

     

    

 

2.23.
Real Property Holding Corporation. The Company is not now and has never been a “United States real property holding corporation”
as defined in the Code and any applicable regulations promulgated thereunder. The Company has filed with the Internal Revenue Service
all statements, if any, with its United States income tax returns which are required under such regulations.

 

2.24.
Environmental and Safety Laws. Except as could not reasonably be expected to have a Material Adverse Effect to the best of its knowledge
(a) the Company is and has been in compliance with all Environmental Laws; (b) there has been no release or to the Company’s knowledge
threatened release of any pollutant, contaminant or toxic or hazardous material, substance or waste or petroleum or any fraction thereof
(each a “Hazardous Substance”), on, upon, into or from any site currently or heretofore owned, leased or otherwise
used by the Company; (c) there have been no Hazardous Substances generated by the Company that have been disposed of or come to rest
at any site that has been included in any published U.S. federal, state or local “superfund” site list or any other similar
list of hazardous or toxic waste sites published by any governmental authority in the United States; and (d) there are no underground
storage tanks located on, no polychlorinated biphenyls (“PCBs”) or PCB-containing equipment used or stored on, and
no hazardous waste as defined by the Resource Conservation and Recovery Act, as amended, stored on, any site owned or operated by the
Company, except for the storage of hazardous waste in compliance with Environmental Laws. The Company has made available to the Purchasers
true and complete copies of all material environmental records, reports, notifications, certificates of need, permits, pending permit
applications, correspondence, engineering studies and environmental studies or assessments. For purposes of this Agreement, “Environmental
Laws” means any law, regulation, or other applicable requirement relating to (a) releases or threatened release of Hazardous
Substance; (b) pollution or protection of employee health or safety, public health or the environment; or (c) the manufacture, handling,
transport, use, treatment, storage, or disposal of Hazardous Substances.

 

2.25.
Disclosure. No representation or warranty of the Company contained in this Agreement, as qualified by the Company Disclosure Schedule,
and no certificate furnished or to be furnished to the Purchasers at the Closing contains any untrue statement of a material fact or,
to the Company’s knowledge, omits to state a material fact necessary in order to make the statements contained herein or therein
not misleading in light of the circumstances under which they were made.

 

2.26.
Foreign Corrupt Practices Act. Neither the Company nor any of its directors, officers, employees or agents have, directly or indirectly,
made, offered, promised or authorized any payment or gift of any money or anything of value to or for the benefit of any “foreign
official” (as such term is defined in the U.S. Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”)),
foreign political party or official thereof or candidate for foreign political office for the purpose of (i) influencing any official
act or decision of such official, party or candidate, (ii) inducing such official, party or candidate to use his, her or its influence
to affect any act or decision of a foreign governmental authority, or (iii) securing any improper advantage, in the case of (i), (ii)
and (iii) above in order to assist the Company or any of its affiliates in obtaining or retaining business for or with, or directing
business to, any Person. Neither the Company nor any of its directors, officers, employees or agents have made or authorized any bribe,
rebate, payoff, influence payment, kickback or other unlawful payment of funds or received or retained any funds in violation of any
law, rule or regulation. The Company further represents that it has maintained, and has caused each of its subsidiaries and affiliates
to maintain, systems of internal controls (including, but not limited to, accounting systems, purchasing systems and billing systems)
and written policies to ensure compliance with the FCPA or any other applicable anti-bribery or anti-corruption law, and to ensure that
all books and records of the Company accurately and fairly reflect, in reasonable detail, all transactions and dispositions of funds
and assets. Neither the Company nor any of its officers, directors or employees are the subject of any allegation, voluntary disclosure,
investigation, prosecution or other enforcement action related to the FCPA or any other anti-corruption law (collectively, “Enforcement
Action”). 

 

    	10.

     

    

 

3.
Representations and Warranties of the Purchasers.
Each Purchaser hereby represents and warrants to the Company, severally
and not jointly, that:

 

3.1.
Authorization. The Purchaser has full power and authority to enter into the Transaction Agreements to which the Purchaser is a party,
each of which when executed and delivered by the Purchaser, will constitute valid and legally binding obligations of the Purchaser, enforceable
in accordance with their terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws
of general application affecting enforcement of creditors’ rights generally, (b) as limited by laws relating to the availability
of specific performance, injunctive relief or other equitable remedies, and (c) to the extent the indemnification provisions contained
in any Transaction Agreement may be limited by applicable federal or state securities laws.

 

3.2.
Purchase Entirely for Own Account. This Agreement is made with the Purchaser in reliance upon the Purchaser’s representation
to the Company, which by the Purchaser’s execution of this Agreement, the Purchaser hereby confirms, that the Note is being acquired
for investment for the Purchaser’s own account, not as a nominee or agent, and not with a view to the resale or distribution of
any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing
the Securities. By executing this Agreement, the Purchaser further represents that the Purchaser does not presently have any contract,
undertaking, agreement or arrangement with any Person to sell, transfer or grant participations to such Person or to any third Person,
with respect to the Note.

 

3.3.
No Public Market. The Purchaser understands that no public market now exists for the Securities, and that the Company has made no
assurances that a public market will ever exist for the Securities.

 

3.4.
Disclosure of Information. The Purchaser has had an opportunity to ask questions and receive answers from the Company, or is otherwise
knowledgeable, regarding the terms and conditions of the offering of the Securities and the business, properties, prospects and financial
condition of the Company. The Purchaser has received all information that the Purchaser has requested from the Company and that the Purchaser
considers necessary or appropriate in deciding whether to consummate the transactions contemplated by the Loan Agreements.

 

3.5.
Investment Experience. The Purchaser has experience investing in securities of companies in the development stage and acknowledges
that it is able to fend for itself, can bear the economic risk of its investment and has such knowledge and experience in financial or
business matters such that it is capable of evaluating the merits and risks of the investment in the Securities. The Purchaser also represents
that it has not been organized for the purpose of acquiring the Securities.

 

3.6.
Restricted Securities. The Purchaser understands that the Securities have not been, and will not be, registered under the Securities
Act, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things,
the bona fide nature of the investment intent and the accuracy of the Purchaser’s representations as expressed herein. The Purchaser
understands that the Securities are “restricted securities” under applicable U.S. federal and state securities laws and that,
pursuant to these laws, the Purchaser must hold the Securities indefinitely unless they are registered with the Securities and Exchange
Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available. The
Purchaser acknowledges that the Company has no obligation to register or qualify the Securities for resale. The Purchaser further acknowledges
that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not
limited to, the time and manner of sale, the holding period for the Securities, and on requirements relating to the Company which are
outside of the Purchaser’s control, and which the Company is under no obligation and may not be able to satisfy.

 

    	11.

     

    

 

3.7.
Accredited Investor. The Purchaser is an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated
under the Securities Act.

 

3.8.
Foreign Investors. If the Purchaser is not a United States person (as defined by Section 7701(a)(30) of the Code), the Purchaser
hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation
to subscribe for the Securities or any use of the Transaction Agreements, including (i) the legal requirements within its jurisdiction
for the purchase of the Securities, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental or other
consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the purchase,
holding, redemption, sale, or transfer of the Securities. The Purchaser’s subscription and payment for and continued beneficial
ownership of the Securities will not violate any applicable securities or other laws of the Purchaser’s jurisdiction.

 

3.9.
No General Solicitation. Neither the Purchaser, nor any of its officers, directors, employees, agents, stockholders or partners has
either directly or indirectly, including, through a broker or finder (a) engaged in any general solicitation, or (b) published any advertisement
in connection with the offer and sale of the Securities.

 

3.10.
Residence. If the Purchaser is an individual, then the Purchaser resides in the state or province identified in the address of the
Purchaser set forth on the signature page to this Agreement; if the Purchaser is a partnership, corporation, limited liability company
or other entity, then the office or offices of the Purchaser in which its principal place of business is identified in the address or
addresses of the Purchaser set forth on the signature page to this Agreement.

 

3.11.
“Bad Actor” Matters. Purchaser hereby represents that no Disqualification Event is applicable to Purchaser or any of
its Rule 506(d) Related Parties (as defined below), except, if applicable, for a Disqualification Event as to which Rule 506(d)(2)(ii)
or (iii) or (d)(3) is applicable. Purchaser hereby agrees that it shall notify the Company promptly in writing in the event a Disqualification
Event becomes applicable to Purchaser or any of its Rule 506(d) Related Parties, except, if applicable, for a Disqualification Event
as to which Rule 506(d)(2)(ii) or (iii) or (d)(3) is applicable. For purposes of this Section 3.11, “Rule 506(d) Related Party”
shall mean a person or entity that is a beneficial owner of Purchaser’s securities for purposes of Rule 506(d) of the Securities
Act.

 

3.12.
Tax Liability. The Purchaser understands that the Purchaser (and not the Company) shall be responsible for the Purchaser’s
own tax liability that may arise as a result of the transactions contemplated by the Transaction Agreements.

 

4.
Additional Covenants of the Company

 

4.1.
Delivery of Financial Statements. The Company shall deliver to the Purchaser:

 

(a)
as soon as practicable, but in any event within one hundred twenty (30) days after the end of the next fiscal year of the Company
(i) a balance sheet as of the end of such year, (ii) statements of income and of cash flows for such year, (iii) a statement of stockholders’
equity as of the end of such year, all prepared in accordance with GAAP;

 

(b)
such other information relating to the financial condition, business, prospects, or corporate affairs of the Company as any Purchaser
may from time to time reasonably request; provided, however, that the Company shall not be obligated under this Section
4.1 to provide information (i) that the Company reasonably determines in good faith to be a trade secret or confidential information
(unless covered by an enforceable confidentiality agreement, in a form acceptable to the Company); or (ii) the disclosure of which would
adversely affect the attorney-client privilege between the Company and its counsel.

 

    	12.

     

    

 

If,
for any period, the Company has any subsidiary whose accounts are consolidated with those of the Company, then in respect of such period
the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements
of the Company and all such consolidated subsidiaries.

 

4.2.
Inspection. The Company shall permit the Purchaser, at the Company’s expense, to visit and inspect the Company’s properties;
examine its books of account and records; and discuss the Company’s affairs, finances, and accounts with its officers, during normal
business hours of the Company as may be reasonably requested by the Purchaser; provided, however, that the Company shall
not be obligated pursuant to this Section to provide access to any information that it reasonably and in good faith considers to be a
trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form acceptable to the Company)
or the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel.

 

4.3.
Other Covenants. For so long as any portion of the Note remains outstanding and unpaid, in whole or in part, the Company covenants
and agrees as follows:

 

(a)
Existence. The Company shall maintain its existence and good standing in its jurisdiction of formation and maintain qualification
in each jurisdiction in which the failure to so qualify could have a material and adverse effect on the business, properties or financial
condition of the Company.

 

(b)
Compliance with Law. The Company shall comply with all laws, ordinances and regulations to which the Company and its property are
subject, the noncompliance with which could have a material adverse effect on the business, properties or financial condition of the
Company.

 

(c)
Notification. The Company shall give written notice to the Purchaser of (i) any event which, with or without notice or passage of
time or both would constitute an Event of Default (as defined in the Note), or the occurrence of an Event of Default within five (5)
business days of becoming aware of the same, or (ii) any event which has had or would reasonably be expected to have a material adverse
effect on the business, properties or financial condition of the Company.

 

(d)
Use of Proceeds. The Company will use the proceeds from the sale of the Note for the acquisition of Benuvia Manufacturing, Inc. and
Benuvia Therapeutics LLC .

 

(e)
Prohibited Transactions. The Company shall not be permitted to assume any additional indebtedness other than Permitted Indebtedness
or issue any equity or equity-linked securities without the written consent of the Purchaser.

 

(f)
Post-Closing. Within ten (10) business days of the date hereof, the Company shall execute and shall cause Fog Break, LTD. (the “Landlord”)
to execute a leasehold assignment and shall execute and cause the execution and delivery of such other documents and agreements from
the Landlord as the Purchaser may reasonably request from time to time.

 

    	13.

     

    

 

4.4.
Confidentiality. The Purchaser agrees that such Purchaser will keep confidential and will not disclose, divulge, or use for any purpose
(other than to monitor its investment in the Company) any confidential information obtained from the Company pursuant to the terms of
this Agreement, unless such confidential information (a) is known or becomes known to the public in general (other than as a result of
a breach of this Section by the Purchaser), (b) is or has been independently developed or conceived by such Purchaser without use of
the Company’s confidential information, or (c) is or has been made known or disclosed to such Purchaser by a third party without
a breach of any obligation of confidentiality such third party may have to the Company; provided, however, that a Purchaser
may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary
to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Note,
if such prospective purchaser agrees to be bound by the provisions of this Section; (iii) to any existing or prospective Affiliate, partner,
member, stockholder, or wholly owned subsidiary of the Purchaser in the ordinary course of business, provided that the Purchaser informs
such Person that such information is confidential and directs such Person to maintain the confidentiality of such information; or (iv)
as may otherwise be required by law, regulation, rule, court order or subpoena, provided that such Purchaser promptly notifies
the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure.

 

5.
Miscellaneous.

 

5.1.
Survival of Representations and Warranties. Unless otherwise set forth in this Agreement, the representations and warranties of the
Company and the Purchaser contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement
and the Closing and shall in no way be affected by any investigation or knowledge of the subject matter thereof made by or on behalf
of the Purchaser or the Company.

 

5.2.
Successors and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective
successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than
the parties hereto or their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of
this Agreement, except as expressly provided in this Agreement.

 

5.3.
Indemnification of the Purchaser.

 

(a)
The Company will indemnify and hold the Purchaser, its affiliates and their respective directors, officers, managers, shareholders,
members, partners, employees, agents, and legal counsel and permitted successors and assigns (each, an “Investor Party”)
harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments,
amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation and defense (collectively, “Losses”)
that any such Investor Party may suffer or incur as a result of or relating to:

 

(b)
any breach or inaccuracy of any representation, warranty, covenant or agreement made by the Company in any Transaction Agreement;

 

(c)
any misrepresentation made by the Company in any Transaction Agreement;

 

(d)
any Proceeding before or by any court, public board, government agency, self-regulatory organization or body based upon, or resulting
from the execution, delivery, performance or enforcement of any of the Transaction Agreement or the consummation of the transactions
contemplated thereby, and whether or not Purchaser is party thereto by claim, counterclaim, crossclaim, as a defendant or otherwise,
or if such proceeding is based upon, or results from, any of the items set forth above;

 

    	14.

     

    

 

(e)
In addition to the indemnity contained herein, the Company will reimburse each Investor Party for its reasonable legal and other
expenses (including the cost of any investigation, preparation and travel in connection therewith) incurred in connection therewith,
as such expenses are incurred; and

 

(f)
The provisions of this Section 5.3 shall survive the termination or expiration of this Agreement.

 

5.4.
Set-Off. Purchaser may set off any of its obligations to the Company (whether or not due for payment), against any of the Company’s
obligations to the Purchaser (whether or not due for payment) under this Agreement and/or any other Transaction Agreement. Purchaser
may do anything necessary to effect any set-off undertaken in accordance with this Section.

 

5.5.
Governing Law. This Agreement shall be governed by the internal laws of the State of New York, without regard to conflict of law
principles that would result in the application of any law other than the law of the State of New York.

 

5.6.
Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including
pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission
method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

5.7.
Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered
in construing or interpreting this Agreement.

 

5.8.
Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given upon the earlier of actual receipt, or (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic
mail or facsimile during normal business hours of the recipient, and if not sent during normal business hours, then on the recipient’s
next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid,
or (d) one (1) business day after deposit with a nationally recognized overnight courier, freight prepaid, specifying next business day
delivery, with written verification of receipt. All communications shall be sent to the respective parties at their address as set forth
on the signature page or Schedule of Purchasers, or to such e-mail address, facsimile number or address as subsequently modified by written
notice given in accordance with this Section.

 

5.9.
Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall
be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall
be enforceable in accordance with its terms.

 

5.10.
Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement, upon
any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching or
non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in
any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other
breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of
any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this
Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either
under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative.

 

    	15.

     

    

 

5.11.
Dispute Resolution. The parties (a) hereby irrevocably and unconditionally submit to the sole and exclusive jurisdiction of the state
courts of the State of New York and to the jurisdiction of the United States District Court for the Southern District of New York for
the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit,
action or other proceeding arising out of or based upon this Agreement except solely and exclusively in the state courts of the State
of New York or the United States District Court for the Southern District of New York, and (c) hereby waive, and agree not to assert,
by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to
the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action
or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement
or the subject matter hereof may not be enforced in or by such court. EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM
OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION AGREEMENTS, THE SECURITIES OR THE SUBJECT MATTER
HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT
AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE),
BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO
AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY
HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING
CONSULTATION WITH LEGAL COUNSEL.

 

5.12.
Entire Agreement. The Transaction Agreements, together with the exhibits and schedules thereto, constitutes the full and entire understanding
and agreement between the parties with regard to the subjects hereof, and no party shall be liable or bound to any other party in any
manner by any representations, warranties, covenants and agreements except as specifically set forth in the Transaction Agreements.

 

[Signature
Pages Follow]

 

    	16.

     

    

 

In
Witness Whereof, the parties have executed this
Secured Note Purchase Agreement as of the date first written above.

 

SIGNATURE
PAGE TO

NEXT
FRONTIER PHARMACEUTICALS, INC.

SECURED
NOTE PURCHASE AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00337-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00337-of-00352.parquet"}]]