Document:

EXHIBIT 10.5

  

   

    

   

    

   

    

    

     

    

    

     

    

    

     

    ASSET REPRESENTATIONS REVIEW AGREEMENT

     

    among

     

    

    

     

    EXETER AUTOMOBILE RECEIVABLES TRUST 20[__]-[__],

      Issuer

     

    

    

     

    EXETER FINANCE LLC,

      Servicer

     

    

    

     

    and

     

    [___________],

      Asset Representations Reviewer

     

    

    

     

    

    

     

    Dated as of [_____], 20[__]

     

    

    

     

    

    

     

    
      
        

    

    
    TABLE OF CONTENTS

    

    

    Page

     

    	
            ARTICLE I DEFINITIONS

          	
            1

          
	 	 	 
	
            Section 1.1.

          	
            Definitions

          	
            1

          
	
            Section 1.2.

          	
            Additional Definitions

          	
            1

          
	 	 	 
	
            ARTICLE II ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

          	
            2

          
	 	 	 
	
            Section 2.1.

          	
            Engagement; Acceptance

          	
            2

          
	
            Section 2.2.

          	
            Confirmation of Status

          	
            2

          
	 	 	 
	
            ARTICLE III ASSET REPRESENTATIONS REVIEW PROCESS

          	
            3

          
	 	 	 
	
            Section 3.1.

          	
            Asset Review Notices

          	
            3

          
	
            Section 3.2.

          	
            Identification of Asset Review Receivables

          	
            3

          
	
            Section 3.3.

          	
            Asset Review Materials.

          	
            3

          
	
            Section 3.4.

          	
            Performance of Asset Reviews.

          	
            3

          
	
            Section 3.5.

          	
            Asset Review Reports

          	
            4

          
	
            Section 3.6.

          	
            Asset Review Representatives.

          	
            5

          
	
            Section 3.7.

          	
            Dispute Resolution

          	
            5

          
	
            Section 3.8.

          	
            Limitations on Asset Review Obligations.

          	
            5

          
	 	 	 
	
            ARTICLE IV ASSET REPRESENTATIONS REVIEWER

          	
            6

          
	 	 	 
	
            Section 4.1.

          	
            Representations and Warranties.

          	
            6

          
	
            Section 4.2.

          	
            Covenants

          	
            7

          
	
            Section 4.3.

          	
            Fees and Expenses.

          	
            8

          
	
            Section 4.4.

          	
            Limitation on Liability

          	
            9

          
	
            Section 4.5.

          	
            Indemnification.

          	
            9

          
	
            Section 4.6.

          	
            Right to Audit

          	
            10

          
	
            Section 4.7.

          	
            Delegation of Obligations

          	
            10

          
	
            Section 4.8.

          	
            Confidential Information.

          	
            10

          
	
            Section 4.9.

          	
            Security and Safeguarding Information.

          	
            13

          
	 	 	 
	
            ARTICLE V RESIGNATION AND REMOVAL

          	
            14

          
	 	 	 
	
            Section 5.1.

          	
            Resignation and Removal of Asset Representations Reviewer.

          	
            14

          
	
            Section 5.2.

          	
            Engagement of Successor.

          	
            15

          
	
            Section 5.3.

          	
            Merger, Consolidation or Succession

          	
            16

          
	 	 	 
	
            ARTICLE VI OTHER AGREEMENTS

          	
            16

          
	 	 	 
	
            Section 6.1.

          	
            Independence of Asset Representations Reviewer

          	
            16

          
	
            Section 6.2.

          	
            No Petition

          	
            16

          
	
            Section 6.3.

          	
            Limitation of Liability of Owner Trustee

          	
            16

          
	
            Section 6.4.

          	
            Termination of Agreement

          	
            17

          
	 	 	 

    

    

    
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    TABLE OF CONTENTS

    (continued)

    Page

     

    	
            ARTICLE VII MISCELLANEOUS PROVISIONS

          	
            17

          
	 	 	 
	
            Section 7.1.

          	
            Amendments.

          	
            17

          
	
            Section 7.2.

          	
            Assignment; Benefit of Agreement; Third Party Beneficiaries.

          	
            18

          
	
            Section 7.3.

          	
            Notices.

          	
            18

          
	
            Section 7.4.

          	
            GOVERNING LAW

          	
            19

          
	
            Section 7.5.

          	
            Submission to Jurisdiction

          	
            19

          
	
            Section 7.6.

          	
            No Waiver; Remedies

          	
            19

          
	
            Section 7.7.

          	
            Severability

          	
            19

          
	
            Section 7.8.

          	
            Headings

          	
            19

          
	
            Section 7.9.

          	
            Counterparts

          	
            19

          

    

    

     

    

    

     

    SCHEDULES

     

    
      
        	Schedule A	
                Representations and Warranties and Procedures to be Performed

              

      

    

     

    

    

    

    

    

    

    

    

    

    

     

    
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    ASSET REPRESENTATIONS REVIEW AGREEMENT dated as of [_____], 20[__] (this “Agreement”), among EXETER AUTOMOBILE RECEIVABLES TRUST 20[__]-[__], a Delaware statutory trust (the “Issuer”),

      EXETER FINANCE LLC, a Delaware limited liability company (“Exeter”), in its capacity as Servicer (in such capacity, the “Servicer”) and [ASSET REPRESENTATIONS REVIEWER], a [entity type], as Asset Representations Reviewer (the “Asset
        Representations Reviewer”).

     

    WHEREAS, in the regular course of its business, Exeter purchases retail installment sale contracts secured by new and used automobiles, light-duty trucks, vans and minivans and utility
      vehicles from motor vehicle dealers.

     

    WHEREAS, in connection with a securitization transaction sponsored by Exeter, Exeter [and [Entity Name]] sold a pool of Receivables to EFCAR, LLC (the “Seller”) which, in turn, sold
      those Receivables to the Issuer which, in turn, sold those Receivables to the Holding Trust (as defined below).

     

    WHEREAS, the Holding Trust has granted a security interest in the Receivables to the Indenture Trustee, for the benefit of the Issuer Secured Parties, pursuant to the Indenture.

     

    WHEREAS, the Issuer has determined to engage the Asset Representations Reviewer to perform reviews of certain Receivables for compliance with the representations and warranties made by
      Exeter and the Seller about the Receivables in the pool.

     

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

     

    ARTICLE I

      DEFINITIONS

     

    Section 1.1.          Definitions.  Capitalized terms that are used but are not otherwise defined in this Agreement have the meanings assigned to them in the Sale and Servicing
      Agreement, dated as of [_____], 20[__] (the “Sale and Servicing Agreement”), by and among the Issuer, Exeter Holdings Trust 20[__]-[__], a Delaware statutory trust (the “Holding Trust”) the Seller, the Servicer and [Indenture Trustee],
      a [entity type], as Indenture Trustee.

     

    

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

     

    

    “Asset Review” means the performance by the Asset Representations Reviewer of the testing procedures for each Test and each Asset Review Receivable in accordance with Section 3.4.

     

    “Asset Review Demand Date” means, for an Asset Review, the date when the Indenture Trustee determines that each of (a) the Delinquency Trigger has occurred and (b) the required
      percentage of Noteholders has voted to direct an Asset Review under Section 7.2(f) of the Indenture.

     

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

     

    
      
        

    

    
    “Asset Review Materials” means, with respect to an Asset Review and an Asset Review Receivable, the documents and other materials for each Test listed under “Documents” in Schedule
      A.

     

    “Asset Review Notice” means the notice from the Indenture Trustee to the Asset Representations Reviewer and the Servicer directing the Asset Representations Reviewer to perform a
      Review.

     

    “Asset Review Receivables” means, with respect to any Asset Review, all Delinquent Receivables as of the last day of the Collection Period before the Asset Review Demand Date stated
      in the related Asset Review Notice.

     

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

     

    [“Basic Documents”] means the [define agreements or which transaction document this is defined in, if not the Sale & Servicing Agreement].

     

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

     

    “Eligible Asset Representations Reviewer” means a Person that (a) is not an Affiliate of Exeter, the Seller, [Entity Name,] the Servicer, the Indenture Trustee, the Owner Trustee or
      any of their Affiliates and (b) was not, and is not an Affiliate of a Person that was, engaged by Exeter or any Underwriter to perform any due diligence on the Receivables prior to the Closing Date.

     

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

     

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

     

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

     

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

     

    ARTICLE II

      ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

     

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

     

      

    Section 2.2.          Confirmation of Status.  The parties confirm that the Asset Representations Reviewer is not
        responsible for (a) reviewing the Asset Review Receivables for compliance with the representations and warranties under the Basic Documents, except as described in this Agreement, or (b) determining whether noncompliance with the representations or
        warranties constitutes a breach of the Basic Documents.

     

    
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    ARTICLE III

      ASSET REPRESENTATIONS REVIEW PROCESS

     

    Section 3.1.          Asset Review Notices.  Upon receipt of an Asset Review Notice from the Indenture Trustee in
        the manner set forth in Section 7.2(f) of the Indenture and receipt of the list of the related Asset Review Receivables in the matter set forth in Section 3.2 below, the Asset Representations Reviewer will start an Asset Review.  The Asset
        Representation Reviewer will have no obligation to start an Asset Review unless and until an Asset Review Notice is received.

     

      

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

     

      

    Section 3.3.          Asset Review Materials.

     

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

     

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

     

    Section 3.4.          Performance of Asset Reviews.

     

    (a)          Test Procedures.  For an Asset Review, the Asset Representations Reviewer will perform for each Asset
        Review Receivable the procedures listed under “Procedures to be

     

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

     

    (b)          Asset Review Period.  The Asset Representations Reviewer will complete the Asset Review of all of the
        Asset Review Receivables within [sixty (60)] days of receiving access to the Asset Review Materials under Section 3.3 (a).  However, if additional Asset Review Materials are provided to the Asset Representations Reviewer in accordance with Section
        3.3(b), the Asset Review period in respect of the related Asset Review Receivables will be extended for an additional [thirty (30)] days.

     

    (c)          Completion of Asset Review for Certain Asset Review Receivables.  Following the delivery of the list
        of the Asset Review Receivables and before the delivery of the Asset Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if an Asset Review Receivable is paid in full by the related
        Obligor, substituted by the Servicer or purchased from the Holding Trust by Exeter, the Seller or the Servicer in accordance with the Basic Documents.  On receipt of any such notice, the Asset Representations Reviewer will immediately terminate all
        Tests of the related Asset Review Receivables and the Asset Review of such Asset Review Receivables will be considered complete (a “Test Complete”).  In this case, the Asset Review Report will indicate a Test Complete for the related Asset
        Review Receivables and the related reason.

     

    (d)          Previously Reviewed Receivable; Duplicative Tests.  If any Asset Review Receivable was included in a
        prior Asset Review, the Asset Representations Reviewer will not perform any Tests on it, but will include the results of the previous Tests in the Asset Review Report for the current Asset Review.  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 Asset Review Receivable, but will report the results of the Test for each applicable representation and warranty on the Asset Review Report.

     

    (e)          Termination of Asset Review.  If an Asset Review is in process and the Notes will be paid in full on
        the next Distribution Date, the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than ten (10) days before that Distribution Date.  On receipt of the notice, the Asset Representations Reviewer will terminate
        the Asset Review immediately and will have no obligation to deliver an Asset Review Report.

     

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

     

    
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    Servicer or the Issuer (or the Servicer on behalf of the Issuer), the Asset Representations Reviewer will provide additional details on the Test results.

     

    Section 3.6.          Asset Review Representatives.

     

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

     

    (b)          Asset Representations Reviewer Representative.  The Asset Representations Reviewer will designate one
        or more representatives who will be available to the Issuer and the Servicer during the performance of an Asset Review.

     

    (c)          Questions About Asset Review.  The Asset Representations Reviewer will make appropriate personnel
        available to respond in writing to written questions or requests for clarification of any Asset Review Report from the Indenture Trustee or the Servicer until the earlier of (i) the payment in full of the Notes and (ii) two years after the delivery
        of the Asset Review Report.  The Asset Representations Reviewer will have no obligation to respond to questions or requests for clarification from Noteholders or any other Person and will direct such Persons to submit written questions or requests
        to the Indenture Trustee.

     

    Section 3.7.          Dispute Resolution.  If an Asset Review Receivable that was reviewed by the Asset Representations Reviewer is the
        subject of a dispute resolution proceeding under Section 3.4 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 in accordance with Section 3.4 of the Sale and Servicing Agreement.  If not paid by a party to the dispute resolution, the expenses will be reimbursed by the Issuer according to Section 4.3(d) of this Agreement.

     

    Section 3.8.          Limitations on Asset Review Obligations.

     

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

     

    (i)          to determine whether a Delinquency Trigger has occurred or whether the required
        percentage of Noteholders has voted to direct a 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 Asset Review Materials;

     

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

     

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

     

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

     

    (b)          Testing Procedure Limitations.  The Asset Representations Reviewer will only be required to perform
        the testing procedures listed under “Procedures to be Performed” in Schedule A, and will, other than as specified in this Agreement, have no obligation to perform additional procedures on any Asset Review Receivable or to provide any information
        other than an Asset Review Report indicating for each Asset Review Receivable whether there was a Test Pass or a Test Fail for each Test, or whether the Asset Review Receivable was a Test Complete and the related reason.  However, the Asset
        Representations Reviewer may, in its discretion, (i) provide additional information about any Asset Review Receivable that it determines in good faith to be material to the Asset Review and (ii) perform other tests that it deems reasonable and
        appropriate in determining whether the Asset Review Receivables were in compliance with the representations and warranties made by Exeter or the Seller about the Asset Review Receivables in the Basic Documents as of the Cutoff Date or Closing Date,
        as applicable.

     

    ARTICLE IV

      ASSET REPRESENTATIONS REVIEWER

     

    Section 4.1.          Representations and Warranties.

     

    (a)          Representations and Warranties.  The Asset Representations Reviewer represents and warrants to the
        Issuer as of the date of this Agreement:

     

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

     

    (ii)          Power, Authority and Enforceability.  The Asset Representations Reviewer has the
        power and authority to execute, deliver and perform its obligations under this Agreement.  The Asset Representations Reviewer has authorized the execution, delivery and performance of this Agreement.  This Agreement is the legal, valid and binding
        obligation of the Asset Representations Reviewer enforceable against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy,

     

    
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    reorganization or other laws relating to the enforcement of creditors’ rights or by general equitable principles.

     

    (iii)          No Conflicts and No Violation.  The completion of the transactions contemplated
        by this Agreement and the performance of the Asset Representations Reviewer’s obligations under this Agreement will not (A) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee or similar
        agreement or instrument under which the Asset Representations Reviewer is a party, (B) result in the creation or imposition of any Lien on any of the assets of the Asset Representations Reviewer under the terms of any indenture, mortgage, deed of
        trust, loan agreement, guarantee or similar agreement or instrument, (C) violate the organizational documents of the Asset Representations Reviewer or (D) violate any law or, to the Asset Representations Reviewer’s knowledge, any order, rule or
        regulation that applies to the Asset Representations Reviewer of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer, in each
        case, which conflict, breach, default, Lien or violation would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement.

     

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

     

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

     

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

     

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

     

    (a)          Eligibility.  It will notify the Issuer and the Servicer promptly if it is not, or on the occurrence
        of any action that would result in it not being, an Eligible Asset Representations Reviewer.

     

    (b)          Review Systems.  It will maintain business process management and/or other systems necessary to
        ensure that it can perform each Test and, on execution of this Agreement, will load each Test into these systems.  The Asset Representations Reviewer will ensure that

     

      

    
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    these systems allow for each Asset Review Receivable and the related Asset Review Materials to be individually tracked and stored as contemplated by this Agreement.

     

    (c)          Personnel.  It will maintain adequate staff that is properly trained to conduct Asset Reviews as
        required by this Agreement.

     

    (d)          Changes to Personnel.  It will promptly notify Servicer in the event that it undergoes significant
        management or staffing changes which would negatively impact its ability to fulfill its obligations under this Agreement.

     

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

     

    (f)          Compliance with Applicable Law.  The Asset Representations Reviewer will act in accordance with all
        requirements applicable to an asset representations reviewer under applicable law (as amended from time to time) and other state or federal securities law applicable to asset representations reviewers in effect during the term of this Agreement.

     

    Section 4.3.          Fees and Expenses.

     

    (a)          [Annual] Fee.  The Issuer will, or will cause the Servicer to, pay the Asset Representations
        Reviewer, as compensation for agreeing to act as the Asset Representations Reviewer under this Agreement, an [annual] fee in the amount of $[_____].  The [annual] fee will be paid on the Closing Date and on each anniversary of the Closing Date
        until this Agreement is terminated, payable pursuant to the priority of payments in Section 5.7 of the Sale and Servicing Agreement.

     

    (b)          Asset Review Fee.  Following the completion of an Asset Review and the delivery to the Indenture
        Trustee of the Asset Review Report, or the termination of an Asset Review according to Section 3.4(e), and the delivery to the Issuer, the Indenture Trustee and the Servicer of a detailed invoice in respect thereof, the Asset Representations
        Reviewer will be entitled to a fee of $[___________] for each Asset Review Receivable for which the Asset Review was started (the “Asset Review Fee”).  However, no Asset Review Fee will be charged for any Asset Review Receivable which was
        included in a prior Asset Review or for which no Tests were completed prior to the Asset Representations Reviewer being notified of a termination of the Asset Review according to Section 3.4(e).  If the detailed invoice is submitted on or before
        the first day of a month, the Asset Review Fee will be paid by the Issuer pursuant to the priority of payments in Section 5.7 of the Sale and Servicing Agreement starting on or before the Distribution Date in that month.  However, if an Asset
        Review is terminated according to Section 3.4(e), the Asset Representations Reviewer must submit its invoice for the Asset Review Fee for the terminated Asset Review no later than five (5) Business Days before the final Distribution Date in order
        to be reimbursed no later than the final Distribution Date.

     

    (c)          Reimbursement of Travel Expenses.  If the Servicer provides access to the Asset Review Materials at
        one of its properties, the Issuer will reimburse the Asset Representations Reviewer for its reasonable travel expenses incurred in connection with the Asset Review upon

     

    
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    receipt of a detailed invoice, payable pursuant to the priority of payments in Section 5.7 of the Sale and Servicing Agreement; provided that such reimbursable expenses may not exceed $[___].

     

    (d)          Dispute Resolution Expenses.  If the Asset Representations Reviewer participates in a dispute
        resolution proceeding under Section 3.7 and its reasonable out-of-pocket expenses it incurs in participating in the proceeding are not paid by a party to the dispute resolution within [ninety (90)] days of the end of the proceeding, the Issuer will
        reimburse the Asset Representations Reviewer for such expenses upon receipt of a detailed invoice, payable pursuant to the priority of payments in Section 5.7 of the Sale and Servicing Agreement.

     

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

     

      

    Section 4.5.          Indemnification.

     

    (a)          Indemnification by Asset Representations Reviewer.  The Asset Representations Reviewer will indemnify
        each of the Issuer, the Holding Trust, the Seller, the Servicer, the Owner Trustee and the Indenture Trustee and their respective directors, officers, employees and agents for all costs, expenses, losses, damages and liabilities (including, but not
        limited to, reasonable legal fees, costs and expenses, and including any such reasonable fees, costs and expenses incurred in connection with any enforcement (including any action, claim or suit brought by such indemnified parties) of any
        indemnification or other obligation of the Asset Representations Reviewer) resulting from (a) the willful misconduct, fraud, bad faith or negligence of the Asset Representations Reviewer in performing its obligations under this Agreement, (b) the
        Asset Representations Reviewer’s breach of any of its representations or warranties or other obligations under this Agreement, (c) its breach of confidentiality obligations or (d) any third party intellectual property claim.  The Asset
        Representations Reviewer’s obligations under this Section 4.5 will survive the termination of this Agreement, the termination of the Issuer, the termination of the Holding Trust and the resignation or removal of the Asset Representations Reviewer.

     

    (b)          Indemnification of Asset Representations Reviewer.  The Issuer will, or will cause the [Servicer] to,
        indemnify the Asset Representations Reviewer and its officers, directors, employees and agents (each, an “Indemnified Person”), for all costs, expenses, losses, damages and liabilities resulting from the performance of its obligations under this
        Agreement (including the fees and expenses of defending itself against any loss, damage or liability), but excluding any fee, expense, loss, damage or liability resulting from (i) the Asset Representations Reviewer’s willful misconduct, bad faith
        or negligence or (ii) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement.

     

    (c)          Proceedings.  Promptly on receipt by an Indemnified Person of notice of a proceeding against it, the
        Indemnified Person will, if a claim is to be made under Section 4.6(b),

     

      

    
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    notify the Issuer and the Servicer of such proceeding.  The Issuer and the Servicer may participate in and assume the defense and settlement of a proceeding at its expense.  If the Issuer or the Servicer
      notifies the Indemnified Person of its intention to assume the defense of a proceeding with counsel reasonably satisfactory to the Indemnified Person, and so long as the Issuer or the Servicer assumes the defense of the proceeding in a manner
      reasonably satisfactory to the Indemnified Person, the Issuer and the Servicer will not be liable for fees and expenses of counsel to the Indemnified Person unless there is a conflict between the interests of the Issuer or the Servicer, as
      applicable, and an Indemnified Person.  If there is a conflict, the Issuer or the Servicer will pay for the reasonable fees and expenses of separate counsel to the Indemnified Person.  No settlement of a proceeding may be made without the approval of
      the Issuer and the Servicer and the Indemnified Person, which approval will not be unreasonably withheld, conditioned or delayed.

     

    (d)          Repayment.  If the Issuer or the Servicer makes any payment under this Section 4.5 and the
        Indemnified Person later collects any of the amounts for which the payments were made to it from others, the Indemnified Person will promptly repay the amounts to the Issuer or the Servicer, as applicable.

     

    Section 4.6.          Right to Audit.  During the term of this Agreement and not more than once per year (unless
        circumstances warrant additional audits as described below), Servicer may audit the Asset Representations Reviewer’s policies, procedures and records that relate to the performance of the Asset Representation Reviewer under this Agreement to ensure
        compliance with this Agreement upon at least ten (10) Business Days’ notice.  Notwithstanding the foregoing, the parties agree that Servicer may conduct an audit at any time, in the event of (i) audits required by Servicer’s governmental or
        regulatory authorities, (ii) investigations of claims of misappropriation, fraud, or business irregularities of a potentially criminal nature, or (iii) Servicer reasonably believes that an audit is necessary to address a material operational
        problem or issue that poses a threat to Servicer’s business.

     

    Section 4.7.          Delegation of Obligations.  The Asset Representations Reviewer may not delegate or
        subcontract its obligations under this Agreement to any Person without the written consent of the Issuer and the Servicer.

     

    Section 4.8.          Confidential Information.

     

    (a)          Definitions.

     

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

     

    
      10

      
        

    

    applications relating to same, trade secrets, software, code, inventions, know-how and similar information) and any and all other business information (hereinafter “Confidential
        Information”).

     

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

     

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

     

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

     

    Neither party shall disclose any Confidential Information to any other persons or entities, except on a “need to know” basis and then only: (i) to their own employees and Agents (as
      defined below); (ii) to their own accountants and legal representatives, provided that any such representatives shall be subject to subsection (d) below; (iii) to their own affiliates, provided that such affiliates shall be restricted in use and
      redisclosure of the Confidential Information to the same extent as the parties hereto.  “Agents”, for purposes of this Section, mean each of the parties’ advisors, directors, officers, employees, contractors, consultants affiliated entities (i.e., an
      entity controlling, controlled by, or under common control with a party), or other agents.  If and to the extent any Agent of the recipient receive Confidential Information, such recipient party shall be responsible for such Agent’s full compliance
      with the terms and conditions of this Agreement and shall be liable for any such Agent’s non-compliance.

     

    (c)          Compelled Disclosure.  If a subpoena or other legal process seeking Confidential Information is
        served upon either party, such party will, to the extent not prohibited by law, rule or order, notify the other immediately and, to the maximum extent practicable prior to disclosure of any Confidential Information, will, at the other’s request and
        reasonable expense, cooperate in any lawful effort to contest the legal validity of such subpoena or other legal process.  The restrictions set forth herein shall apply during the term and after the termination of this

     

      

    
      11

      
        

    

    Agreement.  All Confidential Information furnished to the Asset Representations Reviewer or Servicer, as the case may be, or to which the Asset Representations Reviewer or Servicer gains access in connection
      with this Agreement, is the respective exclusive property of the disclosing party.

     

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

     

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

     

    (f)          Exceptions.  Confidential Information shall not include, and this Agreement imposes no obligations
        with respect to, information that:

     

    (i)          is or becomes part of the public domain other than by disclosure by a Party or its Agents
        in violation of this Agreement;

     

    (ii)         was disclosed to a Party prior to the Effective Date without a duty of confidentiality;

     

    (iii)        is independently developed by a Party outside of this Agreement and without reference to
        or reliance on any Confidential Information of the other Party; or

     

    (iv)        was obtained from a third party not known after reasonable inquiry to be under a duty of
        confidentiality.

     

    The foregoing exceptions shall not apply to any Non-Public Personal Information or Personally Identifiable Financial Information, which shall remain confidential in all circumstances,
      except as required or permitted to be disclosed by applicable law, statute, or regulation.

     

    (g)          Return of Confidential Information.  Subject to Section 4.2(e) of this Agreement, upon the request of
        a party, the other party shall return all Confidential Information to the other; provided, however, (a) each party shall be permitted to retain copies of the other party’s Confidential Information solely for archival, audit, disaster recovery,
        legal and/or regulatory purposes, and (b) neither party will be required to search archived electronic back-up files of its computer systems for the other party’s Confidential Information in order to purge the other

     

    
      12

      
        

    

    party’s Confidential Information from its archived files; provided further, that any Confidential Information so retained will (i) remain subject to the obligations and restrictions contained in this
      Agreement, (ii) will be maintained in accordance with the retaining party’s document retention policies and procedures, and (iii) the retaining party will not use the retained Confidential Information for any other purpose.

     

    Section 4.9.          Security and Safeguarding Information.

     

    (a)          Confidential Information that contains Non-Public Personal Information about customers is subject to the
        protections created by the Gramm-Leach-Bliley Act of 1999 (the “Act”) and under the standards for safeguarding Confidential Information, 16 CFR Part 314 (2002) adopted by Federal Trade Commission (“FTC”) (the “Safeguards  Rule”). 

        Additionally, state specific laws may regulate how certain confidential or personal information is safeguarded.  The parties agree with respect to the Non-Public Personal Information to take all appropriate measures in accordance with the Act, and
        any state specific laws, as are necessary to protect the security of the Non-Public Personal Information and to specifically assure there is no disclosure of the Non-Public Personal Information other than as authorized under the Act, and any state
        specific laws, and this Agreement.

     

    With respect to Confidential Information, including Non-Public Personal Information and Personally Identifiable Financial Information as applicable, each of the parties agrees that:

     

    (i)          It will use commercially reasonable efforts to safeguard and protect the confidentiality
        of any Confidential Information and agrees, warrants, and represents that it has or will implement and maintain appropriate safeguards designed to safeguard and protect the confidentiality of any Confidential Information.

     

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

     

    (iii)          It acknowledges that the providing party is required by the Safeguards Rule to take
        reasonable steps to assure itself that its service providers maintain sufficient procedures to detect and respond to security breaches, and maintain reasonable procedures to discover and respond to widely-known security failures by its service
        providers.  It agrees to furnish to the providing party that appropriate documentation to provide such assurance.

     

    (iv)          It understands that the FTC may, from time to time, issue amendments to and
        interpretations of its regulations implementing the provisions of the Act, and that pursuant to its regulations, either or both of the parties hereto may be required to modify their policies and procedures regarding the collection, use, protection,
        and/or dissemination of Non-Public Personal Information.  Additionally, states may issue amendments to and interpretations of existing regulations, or may issue new regulations, which both of the parties hereto may be required to modify their
        policies and procedures.  To the extent such regulations are so amended or interpreted, each party hereto agrees to

     

    
      13

      
        

    

    

    

     

    use reasonable efforts to adjust the Agreement in order to comply with any such new requirements.

     

    (v)          By the signing of this Agreement, each party certifies that it has a written,
        comprehensive information security program that is in compliance with federal and state laws that are applicable to its respective organization and the types of Confidential Information it receives.

     

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

     

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

     

    (d)          The Asset Representations Reviewer will cooperate with and provide information to the Issuer and the
        Servicer regarding the Asset Representations Reviewer’s compliance with this Section 4.9.  The Asset Representations Reviewer, the Issuer and the Servicer agree to modify Section 4.8 and this Section 4.9 as necessary for any party to comply with
        applicable law.

     

    ARTICLE V

      RESIGNATION AND REMOVAL

     

    Section 5.1.          Resignation and Removal of Asset Representations Reviewer.

     

    (a)          Resignation of Asset Representations Reviewer.  The Asset Representations Reviewer may not resign as
        Asset Representations Reviewer, except:

     

    (i)          upon determination that (A) the performance of its obligations under this Agreement is no
        longer permitted under applicable law and (B) there is no reasonable action that it could take to make the performance of its obligations under this Agreement permitted under applicable law;

     

    

    
      14

      
        

    

    (ii)          if the Asset Representations Reviewer ceases to be an Eligible Asset Representations
        Reviewer.

     

    (iii)         with the consent of the Issuer.

     

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

     

    (b)          Removal of Asset Representations Reviewer.  The Issuer (i) may remove the Asset Representations
        Reviewer and terminate all of its rights and obligations (other than as provided in Section 4.5) under this Agreement (A) upon a breach of any of the representations, warranties, covenants or obligations of the Asset Representations Reviewer
        contained in this Agreement, (B) upon determination that (x) the performance of its obligations under this Agreement is no longer permitted under applicable law and (y) there is no reasonable action that it could take to make the performance of its
        obligations under this Agreement permitted under applicable law or (C) upon the occurrence of an Insolvency Event with respect to the Asset Representations Reviewer and (ii) must remove the Asset Representations Reviewer and terminate all of its
        rights and obligations (other than as provided in Section 4.5) under this Agreement if the Asset Representations Reviewer ceases to be an Eligible Asset Representations Reviewer, in each case, by notifying the Asset Representations Reviewer, the
        Indenture Trustee and the Servicer of the removal.

     

    (c)          Effectiveness of Resignation or Removal.  No removal of the Asset Representations Reviewer will
        become effective until a successor Asset Representations Reviewer is in place.  The predecessor Asset Representations Reviewer will continue to perform its obligations under this agreement until a successor asset Representations Reviewer is in
        place.

     

    Section 5.2.          Engagement of Successor.

     

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

     

    (b)          Transition and Expenses.  The predecessor Asset Representations Reviewer will cooperate with the
        successor Asset Representations Reviewer engaged by the Issuer in effecting the transition of the Asset Representations Reviewer’s obligations and rights under this Agreement.  The predecessor Asset Representations Reviewer will pay the reasonable
        expenses of the successor Asset Representations Reviewer in transitioning the Asset Representations

     

    
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    Reviewer’s obligations under this Agreement and preparing the successor Asset Representations Reviewer to take on the obligations on receipt of an invoice with reasonable detail of the expenses from the
      successor Asset Representations Reviewer.  To the extent expenses incurred by the Asset Representations Reviewer in connection with the replacement of the Asset Representations Reviewer are not paid by the Asset Representations Reviewer that is being
      replaced, the Issuer will pay such expenses in accordance with the priority of payments set forth in Section 5.7(a) of the Sale and Servicing Agreement, Section 5.6(a) of the Indenture or Section 5.6(b) of the Indenture, as applicable.

     

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

     

    ARTICLE VI

      OTHER AGREEMENTS

     

    Section 6.1.          Independence of Asset Representations Reviewer.  The Asset Representations Reviewer will be
        an independent contractor and will not be subject to the supervision of the Issuer or the Owner Trustee for the manner in which it accomplishes the performance of its obligations under this Agreement.  Unless expressly authorized by the Issuer, the
        Asset Representations Reviewer will have no authority to act for or represent the Issuer or the Owner Trustee and will not be considered an agent of the Issuer, the Holding Trust or the Owner Trustee.  Nothing in this Agreement will make the Asset
        Representations Reviewer and any of the Issuer, the Holding Trust or the Owner Trustee members of any partnership, joint venture or other separate entity or impose any liability as such on any of them.

     

      

    Section 6.2.          No Petition.  Each of the Servicer and the Asset Representations Reviewer, by entering into
        this Agreement, and the Owner Trustee and the Indenture Trustee, by accepting the benefits of this Agreement, agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after payment in full of (a)
        all securities issued by the Seller or by a trust for which the Seller was a depositor or (b) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, the Seller, the Issuer or the Holding Trust any
        bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law.  This Section 6.2 will survive the termination of this Agreement.

     

      

    Section 6.3.          Limitation of Liability of Owner Trustee.  This Agreement has been signed on behalf of the
        Issuer by [___________] not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer.  In no event will [___________] in its individual capacity or any beneficial owner of the Issuer have any liability for the
        representations,

     

    
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    warranties, covenants, agreements or other obligations of the Issuer under this Agreement or in any of the certificates, notices or agreements delivered under this Agreement.

     

    Section 6.4.          Termination of Agreement.  This Agreement will terminate, except for the obligations under
        Section 4.5, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture and (b) the termination of the Issuer or the Holding Trust.

     

    ARTICLE VII

      MISCELLANEOUS PROVISIONS

     

    Section 7.1.          Amendments.

     

    (a)          This Agreement may be amended by the Asset Representations Reviewer, the Issuer and the Servicer, without
        the consent of the Indenture Trustee, the Owner Trustee, or any of the Certificateholders or the Noteholders (i) to cure any ambiguity or to conform this Agreement to the Prospectus; provided, however, that the Owner Trustee and the Indenture
        Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel described in Section 7.1(e) in connection with any such amendment or (ii) to correct or supplement any provisions in this Agreement, to comply with any changes in
        the Code or to make any other provisions with respect to matters or questions arising under this Agreement which shall not be inconsistent with the provisions of this Agreement; provided, however, that such action shall not, as evidenced by an
        Opinion of Counsel delivered to the Owner Trustee and the Indenture Trustee, adversely affect in any material respect the interests of any Certificateholder or Noteholder.

     

    (b)          This Agreement may also be amended from time to time by the Asset Representations Reviewer, the Issuer and
        the Servicer, and with the consent of the Indenture Trustee and the Noteholders evidencing not less than a majority of the outstanding principal amount of the Notes, in accordance with the Sale and Servicing Agreement, 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 Certificateholders or Noteholders; provided, however, to the extent not otherwise permitted by Section
        7.1(a), the Servicer provides the Indenture Trustee with an Opinion of Counsel (which may be provided by the Servicer’s internal counsel) stating that no such amendment shall increase or reduce in any manner the amount or priority of, or accelerate
        or delay the timing of, collections of payments on Receivables or distributions that shall be required to be made on any Note or Certificate, unless the Holders of all of the outstanding Notes of each class and the Certificateholders, in each case,
        affected thereby have consented thereto.

     

    (c)          Prior to the execution of any such amendment or consent, the Servicer shall have furnished written
        notification of the substance of such amendment or consent to each Rating Agency.

     

    (d)          It shall not be necessary for the consent of Certificateholders or Noteholders pursuant to this Section to
        approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of

     

    
      17

      
        

    

    obtaining such consents and of evidencing the authorization of the execution thereof by Certificateholders or Noteholders shall be subject to such reasonable requirements as the Indenture Trustee may
      prescribe, including the establishment of record dates. The consent of a Holder of the Certificate or a Note given pursuant to this Section or pursuant to any other provision of this Agreement shall be conclusive and binding on such Holder and on all
      future Holders of such Certificate or such Note and of any Certificate or any Note issued upon the transfer thereof or in exchange thereof or in lieu thereof whether or not notation of such consent is made upon the Certificate or Note.

     

    (e)          Prior to the execution of any amendment to this Agreement, the Owner Trustee and the Indenture Trustee shall
        be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement, and that all conditions precedent, if any, provided for in this Agreement have been
        satisfied.

     

    Section 7.2.          Assignment; Benefit of Agreement; Third Party Beneficiaries.

     

    (a)          Assignment.  Except as stated in Section 5.3, this Agreement may not be assigned by the Asset
        Representations Reviewer without the consent of the Issuer and the Servicer.

     

    (b)          Benefit of the Agreement; Third-Party Beneficiaries.  This Agreement is for the benefit of and will
        be binding on the parties to this Agreement and their permitted successors and assigns.  The Owner Trustee and the Indenture Trustee, for the benefit of the Noteholders, and the Holding Trust will be third-party beneficiaries of this Agreement
        entitled to enforce this Agreement against the Asset Representations Reviewer and the Servicer.  No other Person will have any right or obligation under this Agreement.

     

    Section 7.3.          Notices.

     

    (a)          Delivery of Notices.  All notices, requests, demands, consents, waivers or other communications to or
        from the parties to this Agreement must be in writing and will be considered given:

     

    (i)          on delivery or, for a letter mailed by registered first class mail, postage prepaid,
        three (3) days after deposit in the mail;

     

    (ii)         for a fax, when receipt is confirmed by telephone, reply email or reply fax from the
        recipient;

     

    (iii)        for an email, when receipt is confirmed by telephone or reply email from the recipient;
        and

     

    (iv)        for an electronic posting to a password-protected website to which the recipient has
        access, on delivery (without the requirement of confirmation of receipt) of an email to that recipient stating that the electronic posting has occurred.

     

    (b)          Notice Addresses.  Any notice, request, demand, consent, waiver or other communication will be
        delivered or addressed as stated in Section 12.3(a) of the Sale and

     

    
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    Servicing Agreement or at another address as a party may designate by notice to the other parties.

     

    Section 7.4.          GOVERNING LAW.  THIS AGREEMENT SHALL BE CONSTRUED IN
        ACCORDANCE WITH, AND THIS AGREEMENT AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT SHALL BE, GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401
        AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

     

      

    Section 7.5.          Submission to Jurisdiction.  Each of the parties hereto hereby irrevocably and
        unconditionally:

     

      

    (a)          submits for itself and, as applicable, its property, in any legal action relating to this Agreement, the
        Basic Documents or any other documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts
        of the United States of America for the Southern District of New York and appellate courts from any thereof;

     

    (b)          consents that any such action may be brought in such courts and waives any objection that it may now or
        hereafter have to the venue of such action in any such court or that such action was brought in an inconvenient court and agrees not to plead or claim the same; and

     

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

     

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

     

      

    Section 7.7.          Severability.  Any provision of this Agreement that is prohibited or unenforceable in any
        jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
        invalidate or render unenforceable such provision in any other jurisdiction.

     

      

    Section 7.8.          Headings.  The headings of the various Articles and Sections herein are for convenience of
        reference only and shall not define or limit any of the terms or provisions hereof.

     

      

    Section 7.9.          Counterparts.  This Agreement may be executed in multiple counterparts.  Each counterpart
        will be an original, and all counterparts will together be one document.

     

    [Remainder of Page Left Blank]

     

    
      19

      
        

    

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

     

    	 	
            EXETER AUTOMOBILE RECEIVABLES TRUST 20[__]-[__]

          
	 	 
	 	
            By: [OWNER TRUSTEE], not in its individual capacity but solely as Owner Trustee on behalf of the Trust.

          
	 	 
	 	 
	 	
            By:                                                                                  

                

                    Name:

                    Title:

          
	 	 
	 	 
	 	
            EXETER FINANCE LLC,

              Servicer

          
	 	 
	 	 
	 	
            
              By:                                                                                   

                      Name:

                      Title:

              

          
	 	 
	 	 
	 	
            [ASSET REPRESENTATIONS REVIEWER],

              Asset Representations Reviewer

          
	 	 
	 	 
	 	
            
              By:                                                                                  

                  

                      Name:

                      Title:

            

          

    

    

    
      
        

    

    
    Schedule A

      

      

      Representations and Warranties and Procedures to be Performed

     

    Representation

     

    [          ]

     

    Documents

     

    [          ]

     

    Procedures to be Performed

     

    [          ]

     

    

    

     

     

    

     

    

     

    

  

  

  
  Schedule A-1Exhibit 10.1

 

THE EXCHANGE CONTEMPLATED
HEREIN IS INTENDED TO COMPORT WITH THE REQUIREMENTS OF SECTION 3(a)(9) OF THE SECURITIES ACT OF 1933, AS AMENDED.

 

EXCHANGE AGREEMENT

 

This Exchange
Agreement (this “Agreement”) is entered into as of November 11, 2019 by and between Iliad Research and Trading,
L.P., a Utah limited partnership (“Lender”), and China Recycling Energy Corporation, a Nevada corporation (“Borrower”).
Capitalized terms used in this Agreement without definition shall have the meanings given to them in the Exchange Note (defined
below).

 

A. Borrower
previously sold and issued to Lender that certain Convertible Promissory Note dated January 31, 2019 in the original principal
amount of $1,050,000.00 (the “Original Note”) pursuant to that certain Securities Purchase Agreement dated January
31, 2019 by and between Lender and Borrower (the “Purchase Agreement”).

 

B. Pursuant
to an Exchange Agreement dated April 14, 2019 (the “Exchange Agreement”), Borrower and Lender exchanged the
Original Note for a new Promissory Note in the original principal amount of $1,173,480.00 (the “Exchange Note,”
and together with the Exchange Agreement and all other documents entered into in conjunction therewith, the “Exchange
Documents”).

 

C. Subject
to the terms of this Agreement, Borrower and Lender desire to partition a new Promissory Note in the original principal amount
of $150,000.00 (the “Partitioned Note”) from the Exchange Note and then cause the outstanding balance of the
Exchange Note to be reduced by an amount equal to the initial outstanding balance of the Partitioned Note.

 

D. Borrower
and Lender further desire to exchange (such exchange is referred to as the “Note Exchange”) the Partitioned
Note for the delivery of 300,000 shares of the Company’s Common Stock, par value $0.001 (the “Common Stock,”
and such 300,000 shares of Common Stock, the “Exchange Shares”), according to the terms and conditions of this
Agreement.

 

E. The Note
Exchange will consist of Lender surrendering the Partitioned Note in exchange for the Exchange Shares, which will be issued free
of any restrictive securities legend pursuant to Rule 144. Other than the surrender of the Partitioned Note, no consideration of
any kind whatsoever shall be given by Lender to Borrower in connection with this Agreement.

 

F. Lender and
Borrower now desire to exchange the Partitioned Note for the Exchange Shares on the terms and conditions set forth herein.

 

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

 

1. Recitals
and Definitions. Each of the parties hereto acknowledges and agrees that the recitals set forth above in this Agreement are
true and accurate, are contractual in nature, and are hereby incorporated into and made a part of this Agreement.

 

2. Partition.
Effective as of the date hereof, Borrower and Lender agree that the Partitioned Note is hereby partitioned from the Exchange Note.
Following such partition of the Exchange Note, Borrower and Lender agree that the Exchange Note shall remain in full force and
effect, provided that the outstanding balance of the Exchange Note shall be reduced by an amount equal to the initial outstanding
balance of the Partitioned Note.

 

     

     

    

 

3. Issuance
of Shares. Pursuant to the terms and conditions of this Agreement, the Exchange Shares shall be delivered to Lender on or before
November 12, 2019 and the Note Exchange shall occur with Lender surrendering the Partitioned Note to Borrower on the Free Trading
Date (as defined below). On the Free Trading Date, the Partitioned Note shall be cancelled and all obligations of Borrower under
the Partitioned Note shall be deemed fulfilled. All Exchange Shares delivered hereunder shall be delivered via DWAC to Lender’s
designated brokerage account. Subject to the securities laws and regulations, Borrower agrees to provide all necessary cooperation
or assistance that may be required to cause all Exchange Shares delivered hereunder to become Free Trading (the first date such
occurs, the “Free Trading Date”). For purposes hereof, the term “Free Trading” means that
(a) the Exchange Shares have been cleared and approved for public resale by the compliance departments of Lender’s brokerage
firm and the clearing firm servicing such brokerage, and (b) such shares are held in the name of the clearing firm servicing Lender’s
brokerage firm and have been deposited into such clearing firm’s account for the benefit of Lender.

 

4. Closing.
The closing of the transaction contemplated hereby (the “Closing”) along with the delivery of the Exchange Shares
to Lender shall occur on the date that is mutually agreed to by Borrower and Lender by means of the exchange by email of .pdf documents,
but shall be deemed to have occurred at the offices of Hansen Black Anderson Ashcraft PLLC in Lehi, Utah.

 

5. Holding
Period, Tacking and Legal Opinion. Lender and Borrower agree that for the purposes of Rule 144 (“Rule 144”)
of the Securities Act of 1933, as amended (the “Securities Act”), the holding period of the Partitioned Note
and the Exchange Shares will include Lender’s holding period of the Exchange Note from January 31, 2019, which date is the
date that the Original Note was originally issued. Borrower agrees not to take a position contrary to this Section 5 in any document,
statement, setting, or situation. Borrower agrees to take all action necessary to issue the Exchange Shares without restriction,
and not containing any restrictive legend without the need for any action by Lender; provided that the applicable holding period
has been met. In furtherance thereof, prior to the Closing, counsel to Lender may, in its sole discretion, provide an opinion that:
(a) the Exchange Shares may be resold pursuant to Rule 144 without volume or manner-of-sale restrictions or current public information
requirements; and (b) the transactions contemplated hereby and all other documents associated with this transaction comport with
the requirements of Section 3(a)(9) of the Securities Act. Borrower represents that it is in full compliance with the tests and
standards set forth in Rule 144(i)(2) as of the date of this Agreement. The Exchange Shares are being issued in substitution of
and exchange for and not in satisfaction of the Partitioned Note. The Exchange Shares shall not constitute a novation or satisfaction
and accord of the Partitioned Note. Borrower acknowledges and understands that the representations and agreements of Borrower in
this Section 5 are a material inducement to Lender’s decision to consummate the transactions contemplated herein.

 

    2

     

    

 

6. Representations,
Warranties and Agreements of Borrower. In order to induce Lender to enter into this Agreement, Borrower, for itself, and for
its affiliates, successors and assigns, hereby acknowledges, represents, warrants and agrees as follows: (a) Borrower has full
power and authority to enter into this Agreement and to incur and perform all obligations and covenants contained herein, all of
which have been duly authorized by all proper and necessary action, (b) no consent, approval, filing or registration with or notice
to any governmental authority is required as a condition to the validity of this Agreement or the performance of any of the obligations
of Borrower hereunder, (c) except as specifically set forth herein, nothing herein shall in any manner release, lessen, modify
or otherwise affect Borrower’s obligations under the Exchange Note, (d) the issuance of the Exchange Shares is duly authorized
by all necessary corporate action and the Exchange Shares are validly issued, fully paid and non-assessable, free and clear of
all taxes, liens, claims, pledges, mortgages, restrictions, obligations, security interests and encumbrances of any kind, nature
and description, (e) Borrower has not received any consideration in any form whatsoever for entering into this Agreement, other
than the surrender of the Partitioned Note, and (f) Borrower has taken no action which would give rise to any claim by any person
for a brokerage commission, placement agent or finder’s fee or other similar payment by Borrower related to this Agreement.

 

7. Representations,
Warranties and Agreements of Lender. In order to induce Borrower to enter into this Agreement, Lender, for itself, and for
its affiliates, successors and assigns, hereby acknowledges, represents, warrants and agrees as follows: (a) Lender has full power
and authority to enter into this Agreement and to incur and perform all obligations and covenants contained herein, all of which
have been duly authorized by all proper and necessary action, and (b) no consent, approval, filing or registration with or notice
to any governmental authority is required as a condition to the validity of this Agreement or the performance of any of the obligations
of Lender hereunder.

 

8. Arbitration.
By its execution of this Agreement, each party agrees to be bound by the Arbitration Provisions (as defined in the Purchase Agreement)
set forth as an exhibit to the Purchase Agreement and the parties agree to submit all Claims (as defined in the Purchase Agreement)
arising under this Agreement or any Transaction Document or other agreement between the parties and their affiliates to binding
arbitration pursuant to the Arbitration Provisions.

 

9. Governing
Law; Venue. This Agreement shall be construed and enforced in accordance with, and all questions concerning the construction,
validity, interpretation and performance of this Agreement shall be governed by, the internal laws of the State of Utah, without
giving effect to any choice of law or conflict of law provision or rule (whether of the State of Utah or any other jurisdictions)
that would cause the application of the laws of any jurisdictions other than the State of Utah. The provisions set forth in the
Purchase Agreement to determine the proper venue for any disputes are incorporated herein by this reference. BORROWER
HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE
HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

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10. Counterparts.
This Agreement may be executed in any number of counterparts with the same effect as if all signing parties had signed the same
document. All counterparts shall be construed together and constitute the same instrument. The exchange of copies of this Agreement
and of signature pages by facsimile transmission or other electronic transmission (including email) shall constitute effective
execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all purposes.
Signatures of the parties transmitted by facsimile transmission or other electronic transmission (including email) shall be deemed
to be their original signatures for all purposes.

 

11. Attorneys’ Fees. In the event of any arbitration or action at law or in equity to enforce or interpret the terms of this Agreement,
the prevailing party shall therefore be entitled to an additional award of the full amount of the attorneys’ fees and expenses
paid by such prevailing party in connection with the arbitration, litigation and/or dispute without reduction or apportionment
based upon the individual claims or defenses giving rise to the fees and expenses. Nothing herein shall restrict or impair an arbitrator’s
or a court’s power to award fees and expenses for frivolous or bad faith pleading.

 

12. No Reliance.
Each party acknowledges and agrees that neither the other party nor any of such other party’s officers, directors, members,
managers, equity holders, representatives or agents has made any representations or warranties to the party or any of its agents,
representatives, officers, directors, or employees except as expressly set forth in this Agreement and the Exchange Documents and,
in making its decision to enter into the transactions contemplated by this Agreement, the party is not relying on any representation,
warranty, covenant or promise of the other party or such other party’s officers, directors, members, managers, equity holders,
agents or representatives other than as set forth in this Agreement.

 

13. Severability.
If any part of this Agreement is construed to be in violation of any law, such part shall be modified to achieve the objective
of the parties to the fullest extent permitted and the balance of this Agreement shall remain in full force and effect.

 

14. Entire
Agreement. This Agreement, together with the Exchange Documents, and all other documents referred to herein, supersedes all
other prior oral or written agreements between Borrower, Lender, its affiliates and persons acting on its behalf with respect to
the matters discussed herein, and this Agreement and the instruments referenced herein contain the entire understanding of the
parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither
Lender nor Borrower makes any representation, warranty, covenant or undertaking with respect to such matters.

 

15. Amendments.
This Agreement may be amended, modified, or supplemented only by written agreement of the parties. No provision of this Agreement
may be waived except in writing signed by the party against whom such waiver is sought to be enforced.

 

16. Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and
assigns. This Agreement or any of the severable rights and obligations inuring to the benefit of or to be performed by Lender hereunder
may be assigned by Lender to a third party, including its financing sources, in whole or in part. Neither party shall assign this
Agreement or any of its obligations herein without the prior written consent of the other party.

 

    4

     

    

 

17. Continuing
Enforceability; Conflict Between Documents. Except as otherwise modified by this Agreement, the Exchange Note and each of the
other Exchange Documents shall remain in full force and effect, enforceable in accordance with all of its original terms and provisions.
This Agreement shall not be effective or binding unless and until it is fully executed and delivered by Lender and Borrower. If
there is any conflict between the terms of this Agreement, on the one hand, and the Exchange Note or any other Transaction Document,
on the other hand, the terms of this Agreement shall prevail.

 

18. Time
of Essence. Time is of the essence with respect to each and every provision of this Agreement.

 

19. Notices.
Unless otherwise specifically provided for herein, all notices, demands or requests required or permitted under this Agreement
to be given to Borrower or Lender shall be given as set forth in the “Notices” section of the Purchase Agreement.

 

20. Further
Assurances. Each party shall do and perform or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

[Remainder of page intentionally
left blank]

 

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IN WITNESS WHEREOF, the undersigned
have executed this Agreement as of the date first set forth above.

 

	 	COMPANY:
	 	 
	 	CHINA RECYCLING ENERGY CORPORATION

 

	 	By:	 
	 	Name:	                                  
	 	Title:	 

 

	 	LENDER:
	 	 
	 	ILIAD RESEARCH AND TRADING, L.P.
	 	 
	 	By: Iliad Management, LLC, its General Partner
	 	 
	 	By: Fife Trading, Inc., its Manager

 

	 	By:	                                
	 	 	John M. Fife, President

 

 

 

 

 

 

[Signature
Page to Exchange Agreement]

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