Document:

EX-10.3

 Exhibit 10.3 
  

 
  

CALIFORNIA REPUBLIC BANK, 
 as
Seller 
 and 
 CALIFORNIA
REPUBLIC FUNDING, LLC, 
 as Purchaser 
  

 
 RECEIVABLES
PURCHASE 
 AGREEMENT 
 Dated as
of [                    ], 20[__] 
  

 
  

 
  

 TABLE OF CONTENTS 
  

					
	 	  	Page	 
		
	ARTICLE ONE	  			
		
	DEFINITIONS	  			
		
	 Section 1.01. Capitalized Terms; Rules of Usage
	  	 	1	  
		
	ARTICLE TWO	  			
		
	PURCHASE AND SALE OF RECEIVABLES	  			
		
	 Section 2.01. Purchase and Sale of Receivables
	  	 	2	  
	 Section 2.02. Receivables Purchase Price
	  	 	2	  
	 Section 2.03. Costs and Expenses
	  	 	3	  
		
	ARTICLE THREE	  			
		
	REPRESENTATIONS AND WARRANTIES	  			
		
	 Section 3.01. Representations and Warranties of the Purchaser
	  	 	4	  
	 Section 3.02. Representations and Warranties of the Seller
	  	 	5	  
	 Section 3.03. Representations and Warranties as to the Receivables
	  	 	7	  
	 Section 3.04. Seller’s Repurchase of Receivables for Breach of Representations
	  	 	12	  
	 Section 3.05. Representations and Warranties as to Security Interests
	  	 	13	  
		
	ARTICLE FOUR	  			
		
	SELLER’S COMPLIANCE WITH THE FDIC RULE	  			
		
	 Section 4.01. Purpose
	  	 	15	  
	 Section 4.02. Requirements of FDIC Rule
	  	 	15	  
	 Section 4.03. Effect of Section 941 Rules
	  	 	17	  
	 Section 4.04. Actions Upon Repudiation
	  	 	17	  
	 Section 4.05. Notice
	  	 	18	  
	 Section 4.06. Reservation of Rights
	  	 	18	  
		
	ARTICLE FIVE	  			
		
	COVENANTS OF SELLER	  			
		
	 Section 5.01. Protection of Title to Conveyed Assets
	  	 	19	  
	 Section 5.02. Other Liens or Interests
	  	 	20	  
	 Section 5.03. Indemnification
	  	 	21	  

					
	 	  	Page	 
		
	ARTICLE SIX	  			
		
	MISCELLANEOUS PROVISIONS	  			
		
	 Section 6.01. Obligations of Seller
	  	 	22	  
	 Section 6.02. Seller’s Assignment of Receivables
	  	 	22	  
	 Section 6.03. Subsequent Transfer to the Issuer and Indenture Trustee
	  	 	22	  
	 Section 6.04. Amendment
	  	 	22	  
	 Section 6.05. Waivers
	  	 	23	  
	 Section 6.06. Notices
	  	 	23	  
	 Section 6.07. Merger and Integration
	  	 	23	  
	 Section 6.08. Severability
	  	 	23	  
	 Section 6.09. GOVERNING LAW
	  	 	23	  
	 Section 6.10. Counterparts
	  	 	24	  
	 Section 6.11. Third-Party Beneficiaries
	  	 	24	  
	 Section 6.12. Nonpetition Covenant
	  	 	24	  

  
 ii 

 RECEIVABLES PURCHASE AGREEMENT 

This RECEIVABLES PURCHASE AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”)
is made as of [                    ], 20[__], between CALIFORNIA REPUBLIC BANK, a California corporation (the “Seller”), and
CALIFORNIA REPUBLIC FUNDING, LLC, a Delaware limited liability company (the “Purchaser”). 
 WHEREAS, in the regular course of its
business, the Seller purchases from motor vehicle dealers motor vehicle retail installment sale contracts and motor vehicle loans secured by automobiles, sport utility vehicles, light duty trucks or similar motor vehicles; 

WHEREAS, the Purchaser desires to purchase from the Seller certain such motor vehicle retail installment sale contracts and motor vehicle
loans (the “Receivables”); 
 WHEREAS, the Seller is willing to sell the Receivables to the Purchaser; 

WHEREAS, the Seller is selling the Receivables to the Purchaser, the Purchaser is buying the Receivables for the purpose of selling them to
California Republic Auto Receivables Trust 201[_]-[_], which will in turn issue notes and certificates backed by the cash flow from those Receivables in a transaction contemplated by the parties to this Agreement and the other Basic Documents (as
defined below) to be a “securitization” as that term is defined in 12 CFR §360.6 (the “FDIC Rule”); and 

WHEREAS, the parties hereto wish to set forth the terms pursuant to which the Receivables are to be sold by the Seller to the Purchaser. 

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

ARTICLE ONE 
 DEFINITIONS 

Section 1.01. Capitalized Terms; Rules of Usage. Capitalized terms used herein that are not otherwise defined shall have the
meanings ascribed thereto in Appendix A of the Sale and Servicing Agreement, dated as of [                    ], 20[__], among California
Republic Auto Receivables Trust 201[_]-[_], California Republic Funding, LLC, California Republic Bank and [                    ], which
Appendix is hereby incorporated into and made a part of this Agreement. Appendix A also contains rules as to usage applicable to this Agreement. 

  
 1 

 ARTICLE TWO 

PURCHASE AND SALE OF RECEIVABLES 

Section 2.01. Purchase and Sale of Receivables. Effective as of the Closing Date and immediately prior to the transactions
pursuant to the Indenture, the Sale and Servicing Agreement and the Trust Agreement, the Seller does hereby sell, transfer, assign, set over and otherwise convey to the Purchaser, without recourse (subject to the obligations herein), all of its
right, title and interest in and to the Conveyed Assets. 
 The sale, transfer, assignment, setting over and conveyance made hereunder shall
not constitute and is not intended to result in an assumption by the Purchaser of any obligation of the Seller to the Obligors, the Dealers or any other Person in connection with the Receivables and the other assets and properties conveyed hereunder
or any agreement, document or instrument related thereto. 
 It is the intention of the parties hereto that, other than for federal, State
and local income, single business or franchise tax purposes, the transfer and assignment of the Conveyed Assets on the Closing Date constitutes an absolute sale (and not a pledge to secure debt or other obligations of the Seller) of the Conveyed
Assets such that (i) the Conveyed Assets shall not be included in the bankruptcy estate of the Seller pursuant to 11 U.S.C. § 541, (ii) the FDIC shall not, by exercise of its authority to disaffirm or repudiate contracts under
Section 13(e) of the Federal Deposit Insurance Act, reclaim, recover or recharacterize as property of the Seller any Conveyed Assets transferred by the Seller to the Purchaser or disregard the separateness of the Purchaser or the Issuer from
the Seller, and (iii) the transfer of Conveyed Assets pursuant to this Agreement shall comply with the requirements of 12 C.F.R. Section 360.6. If, notwithstanding the intention of the Seller and the Purchaser, such conveyance is deemed to
be a pledge in connection with a financing or is otherwise deemed not to be a sale (a “Recharacterization”), the Seller hereby grants, and the parties intend that the Seller shall have granted to the Purchaser, a first priority perfected
security interest in all of Seller’s right, title and interest in all of the Conveyed Assets and all proceeds of the foregoing, and that this Agreement shall constitute a security agreement under Applicable Law and the Purchaser shall have all
of the rights and remedies of a secured party and creditor under the UCC as in force in the relevant jurisdictions. In the case of any Recharacterization, each of the Seller and the Purchaser represents and warrants as to itself that each remittance
of collections by the Seller to the Purchaser hereunder will have been (i) in payment of a debt incurred by the Seller in the ordinary course of business or financial affairs of the Seller and the Purchaser and (ii) made in the ordinary
course of business or financial affairs of the Seller and the Purchaser. 
 Effective as of the Closing Date, the Seller shall retain
possession of the Receivable Files in its capacity as Custodian. 
 Section 2.02. Receivables Purchase Price. On the Closing
Date, in consideration for the Conveyed Assets, the Purchaser shall pay to the Seller the Receivables Purchase Price, which is equal to
(i) $[                    ] from the sale of the Notes to the Underwriter pursuant to the Underwriting Agreement and the Certificates to
the Certificate Purchasers pursuant to the Certificate Purchase Agreements and (ii) a capital contribution from CRB to the Purchaser in the 

  
 2 

 
amount of $[                    ] less the organizational, startup and transactional
expenses of the Issuer, equal to $[                    ], and the Reserve Account Initial Deposit of
$[                    ]. 

Section 2.03. Costs and Expenses. 

(a)         The Seller will pay all expenses incident to the performance of its obligations under this
Agreement and all expenses in connection with the perfection as against third parties of the Purchaser’s right, title and interest in and to the Conveyed Assets and the Purchaser agrees to pay expenses incident to the performance of its
obligations under this Agreement. 
 (b)         In connection with the purchase of the Receivables
hereunder, and the issuance and sale of the Securities, the Seller shall pay (or shall reimburse the Underwriter and the Placement Agent or any other Person to the extent that the Underwriter or the Placement Agent or such other Person shall pay),
to the extent any of the following amounts are not paid by the Purchaser, including: (i) expenses incident to the preparing, printing, reproducing and distributing of the Prospectus and the Private Placement Memorandum, (ii) the fees and
expenses of qualifying the Notes and Certificates under the securities laws of the several jurisdictions and of preparing, printing and distributing any blue sky survey (including related fees and expenses of counsel to the Underwriter and the
Placement Agent), (iii) any fees charged by the Rating Agencies in connection with rating the Notes, (iv) the fees of DTC in connection with the book-entry registration of the Securities, (v) the fees and disbursements of the Trustees
and their respective counsels, (vi) the fees and disbursements of the accountants to CRB and the Depositor and (vii) the fees and disbursements of the Underwriter and Placement Agent and, as previously agreed upon, their counsel. 

  
 3 

 ARTICLE THREE 

REPRESENTATIONS AND WARRANTIES 

Section 3.01. Representations and Warranties of the Purchaser. The Purchaser hereby makes the following representations and
warranties upon which the Seller may rely. Such representations are made as of the execution and delivery of this Agreement, but shall survive the sale, transfer and assignment of the Receivables to the Purchaser, the sale thereof by the Purchaser
to the Issuer and the pledge thereof by the Issuer to the Indenture Trustee. 

(a)         Organization and Good Standing. It has been duly organized and is
validly existing as a limited liability company in good standing under the laws of the State of Delaware and has the limited liability company power and authority to execute and deliver this Agreement and to perform the terms and provisions hereof.

 (b)         Due Qualification. It is duly qualified to do business as a
foreign limited liability company in good standing, and has obtained all necessary licenses and approvals in California and all jurisdictions where the failure to do so would materially and adversely affect (i) its ability to acquire the
Conveyed Assets and to transfer the Conveyed Assets to the Issuer pursuant to the Sale and Servicing Agreement, (ii) the validity or enforceability of the Conveyed Assets or (iii) its ability to perform its obligations under this
Agreement. 
 (c)         Power and Authority. It has full power, authority
and legal right to execute, deliver and perform this Agreement and has taken all necessary action to authorize the execution, delivery and performance by it of this Agreement. 

(d)         No Consent Required. No approval, authorization, consent, license
or other order or action of, or filing or registration with, any governmental authority, bureau or agency is required in connection with the execution, delivery or performance by it of this Agreement or the consummation of the transactions
contemplated hereby. 
 (e)         Binding Obligation. This Agreement has
been duly executed and delivered by it and this Agreement constitutes a legal, valid and binding obligation of it, enforceable against it in accordance with its terms, subject, as to enforceability, to applicable bankruptcy, insolvency,
reorganization, conservatorship, receivership, liquidation and other similar laws affecting the enforcement of the rights of creditors generally and to equitable limitations on the availability of specific remedies. 

(f)         No Violation. The execution, delivery and performance by it of this
Agreement and the consummation of the transactions contemplated hereby will not conflict with, result in any breach of the material terms and provisions of, constitute (with or without notice or lapse of time) a material default under or result in
the creation or imposition of any Lien under any of its material properties pursuant to the terms of (i) its certificate of formation or operating agreement, (ii) any indenture, contract, lease, mortgage, deed of trust or other instrument
or agreement to which it is a party or by 

  
 4 

 
which it is bound or to which any of its properties are subject or (iii) any law, order, rule or regulation applicable to it of any Governmental Authority having jurisdiction over it. 

(g)         No Proceedings. There are no proceedings or investigations pending,
or, to its knowledge, threatened, before any Governmental Authority having jurisdiction over it or its properties: (i) asserting the invalidity of this Agreement or the transactions contemplated herein, (ii) seeking to prevent the
consummation of any of the transactions contemplated by this Agreement, (iii) seeking any determination or ruling that might materially and adversely affect the performance by it of its obligations under, or the validity or enforceability of,
this Agreement or the transactions contemplated herein or (iv) that may materially and adversely affect this Agreement or the transactions contemplated hereby. 

(h)         Chief Executive Office. Its chief executive office is
18400 Von Karman, Suite 1100, Irvine, California 92612. 
 Section 3.02. Representations and Warranties of the Seller. The
Seller hereby makes the following representations and warranties upon which the Purchaser may rely. Such representations are made as of the execution and delivery of this Agreement, but shall survive the sale, transfer and assignment of the
Receivables to the Purchaser, the sale thereof by the Purchaser to the Issuer and the pledge thereof by the Issuer to the Indenture Trustee. 

(a)         Organization and Good Standing. It has been duly incorporated and
is validly existing as a corporation in good standing under the laws of the State of California authorized to engage in the business of banking, has the corporate power and authority to execute and legal right to own its properties and conduct its
business of originating Receivables as such properties are at present owned and such business is at present conducted and had at all relevant times, and has, power, authority and legal right to acquire, own, service and sell the Conveyed Assets
pursuant to the terms of this Agreement. 
 (b)         Due Qualification. It
is duly qualified to do business as a foreign corporation and is in good standing, and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require
such qualifications and in which the failure to do so would materially and adversely affect (i) its performance of its obligations under this Agreement or (ii) the validity or enforceability of this Agreement or the Conveyed Assets. 

(c)         Power and Authority. It has the power, authority and legal right to
execute and deliver this Agreement, to carry out its terms and to sell and assign the Conveyed Assets; and the execution, delivery and performance of this Agreement has been duly authorized by it by all necessary action. 

(d)         No Consent Required. No approval, authorization, consent, license
or other order or action of, or filing or registration with, any governmental authority, bureau or agency is required in connection with the execution, delivery or performance of this Agreement or the consummation of the transactions contemplated
hereby or thereby, 

  
 5 

 
other than the filing of UCC financing statements or as otherwise has been made or obtained. 

(e)         Valid Sale; Binding Obligation. It intends this Agreement to effect
a valid sale, transfer and assignment of the Receivables and the other Conveyed Assets conveyed by it to the Purchaser hereunder, enforceable against creditors of and purchasers from it; and this Agreement constitutes a legal, valid and binding
obligation of it, enforceable against it in accordance with its terms, subject, as to enforceability, to applicable bankruptcy, insolvency, reorganization, conservatorship, receivership, liquidation and other similar laws affecting enforcement of
the rights of creditors generally and to equitable limitations on the availability of specific remedies. 

(f)         No Violation. The execution, delivery and performance by it of this
Agreement and the consummation of the transactions contemplated hereby will not conflict with, result in any material breach of any of the terms and provisions of, constitute (with or without notice or lapse of time) a material default under, or
result in the creation or imposition of any Lien upon any of its material properties pursuant to the terms of, (i) its articles of incorporation or bylaws, (ii) any indenture, contract, lease, mortgage, deed of trust or other instrument or
agreement to which it is a party or by which it is bound or (iii) any law, order, rule or regulation applicable to it of any Governmental Authority having jurisdiction over it. 

(g)         No Proceedings. There are no proceedings or investigations pending,
or, to its knowledge, threatened, before any Governmental Authority having jurisdiction over it or its properties: (i) asserting the invalidity of this Agreement or the transactions contemplated herein, (ii) seeking to prevent the
consummation of any of the transactions by this Agreement, (iii) seeking any determination or ruling that might materially and adversely affect the performance by it of its obligations under, or the validity or enforceability of, this Agreement
or the transactions contemplated herein or (iv) that may materially and adversely affect this Agreement or the transactions contemplated hereby. 

(h)         Compliance With Requirements of Law. It shall duly satisfy all
obligations on its part to be fulfilled under or in connection with each Receivable, will maintain in effect all qualifications required under Applicable Law and will comply in all material respects with all other Applicable Laws in connection with
servicing each Receivable the failure to comply with which would have a material adverse effect on its performance of its obligations under this Agreement. 

(i)         True Sale. The Receivables are being transferred with the intention
of removing them from its estate pursuant to the FDIC Rule and, to the extent applicable, Section 541 of the Bankruptcy Code. 

(j)         Chief Executive Office. Its chief executive office is
18400 Von Karman, Suite 1100, Irvine, California 92612. 
 (k)        
Official Record. This Agreement and all other documents related hereto to which it is a party have been approved by its board of directors, which approval is 

  
 6 

 
reflected in the minutes or unanimous written consent of such board, and shall continuously from time to time of each such document’s execution, be maintained as its official record. 

Section 3.03. Representations and Warranties as to the Receivables. The Seller hereby makes the following representations and
warranties as to each Receivable conveyed by it to the Purchaser hereunder on which the Purchaser shall rely in acquiring the Receivables. Such representations and warranties shall survive the sale, transfer and assignment of the Receivables to the
Purchaser hereunder, the sale thereof to the Issuer under the Sale and Servicing Agreement, and the pledge thereof to the Indenture Trustee pursuant to the Indenture. Such representations and warranties are made as of the date of execution and
delivery of this Agreement and the Closing Date, unless otherwise noted below. 

(a)         Good Title. It is the intention of the Seller that the transfer and
assignment herein contemplated constitute a sale of the Receivables from the Seller to the Purchaser and that the beneficial interest in and title to the Receivables not be part of the Seller’s estate in the event of a FDIC conservatorship or
receivership of the Seller, or, to the extent applicable, the filing of a bankruptcy petition by or against the Seller under any Insolvency Law, whether the Seller treats the transfer as a secured financing or as a sale for accounting purposes. No
Receivable (including the right to receive payments thereunder) has been sold, transferred, assigned, or pledged by the Seller to any Person other than the Purchaser. Immediately prior to the transfer and assignment herein contemplated, the Seller
was the sole owner of and had good and marketable title to the Receivables free and clear of any Lien and had full right and power to transfer and assign the Receivables to the Purchaser and immediately upon the transfer and assignment of the
Receivables to the Purchaser, the Purchaser shall have good and marketable title to the Receivable, free and clear of any Lien and the Purchaser’s interest in the Receivables resulting from the transfer will be as of the Closing Date perfected
under the UCC. 
 (b)         No Assignment. As of the Closing Date, the
Seller shall not have taken any action to convey any right to any Person that would result in such Person having a right to payments received under the insurance policies relating to the Financed Vehicles or Dealer Agreements, or payments due under
the Receivables. 
 (c)         Past Due. As of the Cutoff Date, no
Receivable was more than 30 days past due. 
 (d)         Characteristics of
Receivables. Each Receivable 
 (i)         was originated by a Dealer in the
ordinary course of such Dealer’s business and such Dealer had all necessary licenses and permits to originate Receivables in the State where it was located; 

(ii)         was duly and properly executed by the parties thereto, was purchased by
the Seller from a Dealer under a Dealer Agreement pursuant to which the Seller acquires Receivables in the ordinary course of business and was validly assigned by such Dealer to the Seller; 

  
 7 

 (iii)         contains customary and
enforceable provisions such as to render the rights and remedies of the holder thereof adequate for realization against the collateral security; 

(iv)         is secured by a Financed Vehicle that, as of the Cutoff Date, has not
been repossessed; 
 (v)         is fully amortizing and provides for level monthly
payments (provided that the payment in the first monthly period and the final monthly period of the life of the Receivable may be minimally different from the level payment) which, if made when due shall fully amortize the amount financed over the
original term and yield interest at the rate set forth on the Receivable; 

(vi)         is a fixed rate, simple interest loan; 

(vii)         shall provide for, in the event that such Receivable is prepaid, a
prepayment that fully pays the principal balance and includes any accrued and unpaid interest due pursuant to the related contract through the date of prepayment in an amount at least equal to the rate set forth on the Receivable; and 

(viii)         has not been amended or collections with respect to which waived,
other than as evidenced in the Receivable File related thereto. 
 (e)        
Individual Characteristics. The Receivables have the following individual characteristics as of the Cutoff Date; 

(i)         each Receivable has an APR of not less than
[            ]% and not more than [            ]%; 

(ii) each Receivable had an original term to maturity of not less than [__] months and not more than [__] months; 

(iii)         each Receivable has a remaining term to maturity, as of the Cutoff
Date, of not less than [__] months and not more than [__] months; 
 (iv)        
each Receivable has a Cutoff Date Principal Balance of not less than $[            ] and no more than
$[            ]; 

(v)         no Obligor as to any Receivable had a non-zero FICO® score of less than 500; and 

(vi)         as of the Cutoff Date, no Receivable had a scheduled maturity date later
than [            ], 20[__]. 

(f)         No Fraud or Misrepresentation. Each Receivable was originated by
the related Dealer and sold by the Dealer to the Seller without any fraud or misrepresentation on the part of such Dealer. 

  
 8 

 (g)         Compliance With Law.
All requirements of applicable federal, State and (to the best knowledge of the Seller) local laws and regulations thereunder (including usury laws, the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the
Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Federal Reserve Board’s Regulation “M,” the Consumer Financial Protection Bureau’s
Regulations “B” and “Z” applicable to consumer auto finance transactions, State unfair and deceptive practices and state adaptations of the National Consumer Act and of the Uniform Consumer Credit Code and other consumer credit
laws and equal credit opportunity and disclosure laws) in respect of all of the Receivables and the Financed Vehicles, have been complied with in all material respects, and each Receivable and the sale of the related Financed Vehicle complied at the
time it was originated or made and now complies in all material respects with all applicable legal requirements. 

(h)         Origination. Each Receivable was originated in the United States to
an Obligor who is a natural person and who is not an Affiliate of any party to any of the Basic Documents. 

(i)         Binding Obligation. Each Receivable represents the genuine, legal,
valid and binding payment obligation in writing of the related Obligor, enforceable by the holder thereof in all material respects in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a
proceeding in equity or at law; and all parties to each Receivable had full legal capacity to exercise and deliver such Receivable and all other documents related thereto and to grant the security interest purported to be granted thereby. 

(j)         No Government Obligor. No Obligor is the United States or any State
or any agency, department, subdivision or instrumentality thereof. 
 (k)        
Obligor Bankruptcy. No Receivable is identified in the records of the Servicer as relating to an Obligor who has filed for bankruptcy or is the subject of bankruptcy proceedings as of the Cutoff Date 

(l)         Receivable Schedule. The information regarding the Receivables set
forth in the Schedule of Receivables is true and correct in all material respects as of the close of business on the Cutoff Date. 

(m)         Marking Records. By the Closing Date, the Seller will have caused
the portions of the electronic ledger relating to the Receivables to be clearly and unambiguously marked to show that the Receivables have been transferred to the Purchaser or as otherwise required by the Purchaser. 

(n)         Adverse Selection. No selection procedures believed by the Seller
to be adverse to the Purchaser or the Noteholders were utilized in selecting the Receivables 

  
 9 

 
from those motor vehicle receivables owned by the Seller eligible for transfer to the Purchaser pursuant to this Agreement. 

(o)         Obligations. The Seller has duly fulfilled all material obligations
on its part to be fulfilled under, or in connection with, the Receivable, and delivery of the related Financed Vehicle to the Obligor has occurred. 

(p)         Chattel Paper. As of the Cutoff Date, (i) the Receivables constitute
either “electronic chattel paper” or “tangible chattel paper” as such terms are defined in the relevant UCC, (ii) no more than 10% of the Pool Balance is represented by Receivables constituting “electronic chattel
paper” and (iii) at least 90% of the Pool Balance is represented by Receivables constituting “tangible chattel paper.” 

(q)         One Original. There is only one original executed copy of each
Receivable. 
 (r)         Receivable Files Complete. There exists a
Receivable File pertaining to each Receivable and such Receivable File contains each of the documents referred to in the definition of such term in Appendix A of the Sale and Servicing Agreement. Each of such documents which is required to be signed
by the Obligor has been signed by the Obligor in the appropriate spaces. All applicable blanks on any form have been properly filled in and each form has otherwise been correctly prepared. The Receivable File for each Receivable currently is in the
possession of the Custodian. 
 (s)         Receivables in Force. As of the
Cutoff Date, no Receivable has been satisfied, subordinated or rescinded, and the Financed Vehicle securing each such Receivable has not been released from the lien of the related Receivable in whole or in part; no provisions of any Receivable have
been waived, altered or modified in any respect since its origination, except by instruments or documents identified in the Receivable File; and no Receivable has been modified as a result of application of the Servicemembers Civil Relief Act or the
California Military Families Financial Relief Act. 
 (t)         Lawful
Assignment. No Receivable was originated in, or is subject to the laws of, any jurisdiction the laws of which would make unlawful, void or voidable the sale, transfer and assignment of such Receivable under this Agreement or to be entered into
by the Purchaser. 
 (u)         Composition of Receivable. No Receivable has
a Principal Balance which includes capitalized interest, late charges or amounts attributable to the payment of the premium for any insurance policy. 

(v)         Security Interest in Financed Vehicle. The Seller has a first
priority perfected security interest in all of the Financed Vehicles securing the Receivables, which security interest is assignable together with such Receivables and has been so assigned to the Purchaser. There are no Liens affecting a Financed
Vehicle which are or may be Liens prior or equal to the lien of the related Receivable. 

  
 10 

 (w)         Notations of Security
Interest in Financed Vehicle. With respect to each Receivable, (i) if the related Financed Vehicle is located in a State in which notation of a security interest on the title document is required or permitted to perfect such security
interest, the title document shows, or if a new or replacement title document is being applied for with respect to such Financed Vehicle the title document will be received within 180 days of the date of origination of such Receivable and will show
the Seller named as the original secured party under each Receivable as the holder of a first priority security interest in such Financed Vehicle and (ii) if the related Financed Vehicle is located in a State in which the filing of a financing
statement under the UCC is required or permitted to perfect such security interest, such filings have been duly made and show the Seller named as the secured party. With respect to each Receivable for which the title document has not yet been
returned from the applicable registrar of titles, the Seller has (i) received written evidence from the related Dealer that such title document showing the Seller as first lienholder has been applied for or (ii) applied for such title
document showing the Seller as first lienholder. 
 (x)         All Filings
Made. All filings (including UCC filings) required to be made by any Person and actions required to be taken or performed by any Person in any jurisdiction to give the Purchaser a first priority perfected lien on, or ownership interest in, the
Receivables and the proceeds thereof have been made, taken or performed. 

(y)         No Impairment. The Seller has not done anything to convey any right
to any Person that would result in such Person having a right to payments due under the Receivable or otherwise to impair the rights of the Purchaser in any Receivable or the proceeds thereof. 

(z)         Receivable Not Assumable. No Receivable is assumable by another
Person in a manner which would release the Obligor thereof from such Obligor’s obligations with respect to such Receivable. 

(aa)         No Defenses. No Receivable is subject to any right of rescission,
setoff, counterclaim or defense and no such right has been asserted or threatened with respect to any Receivable. 

(bb)         No Default. There has been no default, breach, violation or event
permitting acceleration under the terms of any Receivable (other than a current payment delinquency of not more than 30 days as of the Cutoff Date) and no condition exists or event has occurred and is continuing that with notice, the lapse of time
or both would constitute a default, breach, violation or event permitting acceleration under the terms of any Receivable, and there has been no waiver of any of the foregoing. No funds have been advanced by the Seller or any Dealer or any Person
acting on the behalf of the Seller or any Dealer for the purpose of enabling any Obligor to qualify under the preceding sentence. 

(cc)         Insurance. Each Receivable requires the related Obligor to
maintain a comprehensive and collision insurance policy (i) in an amount at least equal to the lesser of (A) its maximum insurable value or (B) the Principal Balance due from the Obligor 

  
 11 

 
under the related Receivable, (ii) naming the Seller as loss payee and (iii) insuring against loss and damage due to fire, theft, transportation, collision and other risks generally
covered by comprehensive and collision coverage. Each Receivable requires the Obligor to maintain physical loss and damage insurance, naming the Seller and its successors and assigns as additional insured parties and each Receivable permits, but
does not require, the holder thereof to obtain physical loss and damage insurance at the expense of the Obligor if the Obligor fails to do so. No Receivable was subject to force-placed insurance as of the Cutoff Date; 

(dd)         Paid Ahead. As of the Cutoff Date, any amounts paid ahead on the
Receivables have been applied to the Principal Balance of the Receivables, as reflected in the Schedule of Receivables. 

(ee)         Interest Payable. With respect to each Receivable, interest will
be charged and payable on the Principal Balance of the Receivable since the date of the last payment on the Receivable (and in all cases will be charged since the Cutoff Date). 

(ff)         Underwriting Guidelines. Each Receivable has been originated in
accordance with the Seller’s underwriting guidelines. 
 (gg)         Bulk
Transfer Laws. The transfer, assignment and conveyance of the Receivables and the related Receivable Files from the Seller to the Purchaser are not subject to the bulk transfer or any similar statutory provisions in effect in any applicable
jurisdiction. 
 (hh)         Geographic. No Receivable was originated by a
Dealer located in any State other than California, Arizona, Texas, Nevada, Kansas, Missouri, Illinois, Oklahoma or Washington. 

Section 3.04. Seller’s Repurchase of Receivables for Breach of Representations. 

(a)         Investigation of Breach. If a Responsible Officer of the Seller (i) has
knowledge of a breach of a representation or warranty made in Section 3.03, (ii) receives notice from the Purchaser, the Issuer, the Owner Trustee or the Indenture Trustee of a breach of a representation or warranty made in
Section 3.03, (iii) receives a Repurchase Request from the Owner Trustee, a Note Owner, a Noteholder or the Indenture Trustee for a Receivable or (iv) receives a Review Report that indicates a Test Fail for a Receivable, then, in each
case, the Seller will investigate the Receivable to confirm the breach and determine if the breach has a material adverse effect on the Receivable. None of the Servicer, the Issuer, the Owner Trustee, the Indenture Trustee or the Administrator will
have an obligation to investigate whether a breach of any representation or warranty has occurred or whether any Receivable is required to be repurchased under this Section. 

(b)         Repurchase of Receivables; Payment of Purchase Price. The Seller may, and if the
breach has a material adverse effect on the Receivable will, repurchase the Receivable described in Section 3.04(a) by paying the Purchase Price on the Business Day before the Payment Date (or, with satisfaction of the Rating Agency Condition,
on the Payment Date) related to the Collection Period in which the Seller has knowledge or was notified of and 

  
 12 

 
confirmed the breach or, at the Seller’s option, on the following Payment Date, unless the breach is cured in all material respects before that Payment Date. 

(c)         Sale and Assignment of Repurchased Receivable. When the Seller’s payment of
the Purchase Price for a Receivable is included in Available Collections for a Payment Date, the Purchaser will be deemed to have sold and assigned to the Seller, effective as of the last day of the Collection Period before the related Collection
Period, all of the Purchaser’s right, title and interest in the Receivable and all security and documents relating to the Receivable. The sale will not require any action by the Purchaser and will be without recourse, representation or warranty
by the Purchaser except the representation that the Purchaser owns the Receivable free and clear of any Lien, other than Permitted Liens. After the sale, the Servicer will mark its receivables systems to indicate that the receivable is no longer a
Receivable and may take any action necessary or advisable to transfer the Purchased Receivable, free from any Lien of the Purchaser, the Issuer or the Indenture Trustee. 

(d)         Repurchase Sole Remedy. The sole remedy for a breach of the Seller’s
representations and warranties made in Section 3.03 is to require the Seller to repurchase the Receivable under this Section. The Purchaser will enforce the Seller’s repurchase obligation under this Section. 

(e)         Dispute Resolution. The Seller agrees to be bound by the dispute resolution terms
in Section 3.04 of the Sale and Servicing Agreement as if they were part of this Agreement. 
 Section 3.05. Representations
and Warranties as to Security Interests. The Seller represents and warrants to the Purchaser, with respect to the Receivables, as of the Closing Date: 

(a)         Security Interest. This Agreement creates a valid and continuing
security interest (as defined in the applicable UCC) in the Receivables in favor of the Purchaser, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Seller. 

(b)         Perfection. The Seller has taken all steps necessary to perfect its
security interest against the Obligor in the Financed Vehicles. 
 (c)        
Chattel Paper. The Receivables constitute “tangible chattel paper” or “electronic chattel paper” under the applicable UCC; as of the Cutoff Date, no more than 10% of the Pool Balance is represented by Receivables
constituting “electronic chattel paper,” and at least 90% of the Pool Balance is represented by Receivables constituting “tangible chattel paper.” 

(d)         Title. The Seller owns and has good and marketable title to the
Receivables free and clear of any Lien, claim or encumbrance of any Person. 

(e)         Acknowledgment. The Seller has received a written acknowledgment
from the Servicer that the Servicer is holding the loan agreements and installment sale contracts that constitute or evidence the Receivables solely on behalf and for the benefit of the Issuer. 

  
 13 

 (f)         No Other Grants. Other
than the security interest granted to the Purchaser pursuant to this Agreement, the Seller has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables. The Seller has not authorized the filing of and
is not aware of any financing statements against the Seller that include a description of collateral covering the Receivables other than any financing statement relating to the security interest granted to the Purchaser hereunder or that has been
terminated. The Seller is not aware of any judgment or tax lien filings against the Seller. 

(g)         Notations. None of the installment sale contracts that constitute
or evidence the Receivables have any marks or notations indicating that they have been pledged, assigned, or otherwise conveyed by the Seller to any Person other than the Purchaser. 

So long as Standard & Poor’s is a Rating Agency, the representations and warranties set forth in this Section may not be waived.
The representations and warranties set forth in this Section will survive the termination of this Agreement until the Indenture has been discharged. 

  
 14 

 ARTICLE FOUR 

SELLER’S COMPLIANCE WITH THE FDIC RULE 

Section 4.01. Purpose. 

(a)         Each of the Seller and the Purchaser acknowledges and agrees that the Receivables sold and
transferred to the Purchaser by the Seller pursuant to this Agreement will be concurrently sold and transferred to the Issuer and the Issuer will concurrently issue Notes backed by the cash flow from the Receivables subject to the Indenture in a
transaction intended to be a securitization as that term is defined in the FDIC Rule. The Seller and the Purchaser desire that the Receivables not be subject to reclamation, recovery or recharacterization as assets of the Seller or the
conservatorship or receivership estate upon the institution of a conservatorship or receivership by the FDIC. The provisions of this Article are intended to ensure compliance by the Seller of the FDIC Rule. 

(b)         As used in this Article, but subject to the rules of interpretation specified in
Section 1.02, references to (i) the “sponsor” shall mean California Republic Bank, (ii) the “issuing entity” shall mean, collectively, the Purchaser in its capacity as the Depositor, and the Issuer, (iii) the
“servicer” shall mean the Servicer or the Administrator, as applicable, (iv) “obligations” or “securitization obligations” shall mean the Notes and (v) “financial assets” and “securitized
financial assets” shall mean the Receivables. 
 (c)         The purpose of this Article is to
facilitate compliance by the sponsor with the provisions of the FDIC Rule. The Seller, as sponsor, and the Purchaser, as an issuing entity, acknowledge that the interpretations of the requirements of the FDIC Rule may change over time, whether due
to interpretive guidance provided by the FDIC or its staff, consensus among participants in the asset-backed securities markets, advice of counsel or otherwise, and agree that the provisions set forth in this Article shall have the effect and
meanings that are appropriate under the FDIC Rule as such meanings change over time on the basis of evolving interpretations of the FDIC Rule. 

(d)         If any provision of the FDIC Rule is amended, or any interpretive guidance regarding the
FDIC Rule is provided by the FDIC or its staff, as a result of which the Purchaser is advised by the Issuer or the Indenture Trustee that either have determined that an amendment to this Article is necessary or desirable, then the Seller agrees that
it will cause this Agreement to be amended in accordance with such FDIC Rule amendment or guidance; provided that the Purchaser or the Issuer delivers to the Indenture Trustee an Officer’s Certificate to the effect that (i) such amendment
will not have a material adverse effect on the Noteholders or (ii) such amendment is required to remain in compliance with the FDIC Rule. 

Section 4.02. Requirements of FDIC Rule. As required by the FDIC Rule: 

(a)         Payment of principal and interest on the securitization obligations must
be primarily based on the performance of financial assets that are transferred to the issuing entity and, except for interest rate or currency mismatches between the financial assets 

  
 15 

 
and the obligations, shall not be contingent on market or credit events that are independent of such financial assets. 

(b)         The sponsor, issuing entity and/or servicer, as appropriate, shall make
available to investors, information describing the financial assets, obligations, capital structure, compensation of relevant parties, and relevant historical performance data set forth below: 

(i)         On or prior to issuance of obligations and at the time of delivery of any
periodic distribution report and, in any event, at least once per calendar quarter, while obligations are outstanding, information about the obligations and the securitized financial assets shall be disclosed to all potential investors at the
financial asset or pool level, as appropriate for the financial assets, and security-level to enable evaluation and analysis of the credit risk and performance of the obligations and financial assets. Such information and its disclosure, at a
minimum, shall comply with the requirements of Regulation AB or any successor disclosure requirements for public issuances, even if the obligations are issued in a private placement or are not otherwise required to be registered; provided, however,
that information that is unknown or not available to the sponsor or the issuing entity after reasonable investigation may be omitted if the issuing entity includes a statement in the offering documents disclosing that the specific information is
otherwise unavailable; 
 (ii)         On or prior to issuance of obligations, the
structure of the securitization and the credit and payment performance of the obligations shall be disclosed, including the capital or tranche structure, the priority of payments and specific subordination features; representations and warranties
made with respect to the financial assets, the remedies for and the time permitted for cure of any breach of representations and warranties, including the repurchase of financial assets, if applicable; liquidity facilities and any credit
enhancements permitted by the FDIC Rule, any waterfall triggers or priority of payment reversal features; and policies governing delinquencies, servicer advances, loss mitigation, and write-offs of financial assets; 

(iii)         While obligations are outstanding, the issuing entity shall provide to
investors information with respect to the credit performance of the obligations and the financial assets, including periodic and cumulative financial asset performance data, delinquency and modification data for the financial assets, substitutions
and removal of financial assets, servicer advances, as well as losses that were allocated to such tranche and remaining balance of financial assets supporting such tranche, if applicable, and the percentage of each tranche in relation to the
securitization as a whole; and 
 (iv)         The nature and amount of
compensation paid to the originator, sponsor, rating agency or third-party advisor, any mortgage or other broker, and the servicer(s), and the extent to which any risk of loss on the underlying assets is retained by any of them for such
securitization shall be disclosed; the Issuer shall 

  
 16 

 
provide to investors while any obligations are outstanding any changes to such information and the amount and nature of payments of any deferred compensation or similar arrangements to any of the
parties. 
 (c)         Prior to the effective date of regulations required under
Section 15G of the Exchange Act, 15 U.S.C. 78a, et seq., added by Section 941(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (such regulations, the “Section 941 Rules” and such date, the “Section 941
Effective Date”), the sponsor shall retain an economic interest in a material portion, defined as not less than 5%, of the credit risk of the financial assets. This retained interest may be either in the form of an interest of not less than 5%
in each of the credit tranches sold or transferred to the investors or in a representative sample of the securitized financial assets equal to not less than 5% of the principal amount of the financial assets at transfer. This retained interest may
not be sold or pledged or hedged, except for the hedging of interest rate or currency risk, during the term of the securitization. 

(d)         The obligations shall not be predominantly sold to an Affiliate of the
sponsor (other than a wholly-owned subsidiary consolidated for accounting and capital purposes with the sponsor) or insider of the sponsor. 

(e)         The sponsor shall separately identify in its financial asset data bases
the financial assets transferred into any securitization and shall maintain an electronic or paper copy of the closing documents in a readily accessible form, a current list of all of its outstanding securitizations and issuing entities, and the
most recent Form 10-K, if applicable, or other periodic financial report for each securitization and issuing entity. The sponsor shall make these records readily available for review by the FDIC promptly upon written request. 

(f)         To the extent serving as servicer, custodian or paying agent for the
securitization, the sponsor shall not comingle amounts received with respect to the financial assets with its own assets except for the time, not to exceed two business days, necessary to clear any payments received. 

Section 4.03. Effect of Section 941 Rules. Section 4.02(c) shall not be construed to require the sponsor to retain any
greater economic interest in the credit risk of the financial assets than is required to comply with the FDIC Rule and other Applicable Law. Accordingly, upon the Section 941 Effective Date and thereafter, the sponsor shall be entitled to
adjust the amount of credit risk that it retains, or the terms under which such credit risk is retained, to the greatest extent elected by the sponsor, so long as the sponsor’s retention shall be in compliance with then Applicable Law. Within a
reasonable time after the sponsor has so adjusted the amount or terms of the credit risk it retains, the sponsor shall give notice thereof to the Indenture Trustee and the Noteholders, and each of the Seller and the Purchaser, are authorized and
entitled to amend Section 4.02(c), in accordance with and to the extent the Issuer, or the Servicer on its behalf, determines necessary or appropriate, to reflect the requirements of the Section 941 Rules. 

Section 4.04. Actions Upon Repudiation. In the event that the Seller becomes the subject of an insolvency proceeding and the FDIC
as receiver or conservator for the Seller exercises its 

  
 17 

 
right of repudiation as contemplated by paragraph (d)(4)(ii) of the FDIC Rule, the Servicer shall determine whether the FDIC in such capacity will pay damages as provided in such paragraph
(d)(4)(ii). Upon making such determination, the Servicer shall promptly, and in any event no more than one Business Day thereafter, so notify the Indenture Trustee. The Servicer shall, thereafter, comply with the directions of the Indenture Trustee
pertaining to such damages and the distribution of such damages. 
 Section 4.05. Notice. 

(a)         In the event that the Seller becomes the subject of an insolvency proceeding and the FDIC
as receiver or conservator provides a written notice of repudiation as contemplated by paragraph (d)(4)(ii) of the FDIC Rule, the party receiving such notice shall promptly deliver such notice to each of the Purchaser, the Seller, and the Indenture
Trustee. 
 (b)         If the FDIC (i) is appointed as a conservator or receiver of the Seller
and (ii) is in default in the payment of principal or interest when due following the expiration of any cure period hereunder or under the other Basic Documents, delivery of written notice to the FDIC requesting the exercise of contractual
rights hereunder and under the other Basic Documents shall be taken by the Indenture Trustee pursuant to the Indenture. 

Section 4.06. Reservation of Rights. Neither the inclusion of this Article in this Agreement nor the compliance by any Person
with, or the acknowledgment by any Person of, this Article’s provisions constitutes an agreement or acknowledgment by any Person that, upon the occurrence of an Insolvency Event with respect to the Seller, a receiver or conservator will have
any rights with respect to the Collateral. 

  
 18 

 ARTICLE FIVE 

COVENANTS OF SELLER 

Section 5.01. Protection of Title to Conveyed Assets. The Seller covenants and agrees with the Purchaser as follows: 

(a)         The Seller shall authorize and file such UCC financing statements and
cause to be authorized and filed such UCC continuation statements, all in such manner and in such places as may be required by Applicable Law fully to preserve, maintain and protect the interest of the Purchaser and the Trustees in the Receivables
and the proceeds thereof. The Seller shall deliver (or cause to be delivered) to the Purchaser file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing. In the event that the
Seller fails to perform its obligations under this subsection, the Purchaser or the Indenture Trustee may do so, at the expense of the Seller. In furtherance of the foregoing, the Seller hereby authorizes the Purchaser or the Indenture Trustee to
file a record or records (as defined in the applicable UCC), including financing statements, in all jurisdictions and with all filing offices as each may determine, in its sole discretion, are necessary or advisable to perfect the security interest
granted to the Purchaser pursuant to this Agreement. Such financing statements may describe the collateral in the same manner as described herein or may contain an indication or description of collateral that describes such property in any other
manner as such party may determine, in its sole discretion, is necessary, advisable or prudent to ensure the perfection of the security interest in the collateral granted to the Purchaser herein. 

(b)         The Seller hereby authorizes the Purchaser, or the Issuer, to the extent
the Seller has not done so upon request, to execute and file in the Seller’s name any document required by Applicable Law to change the lien holder of record as to any Financed Vehicle to the Issuer if the Purchaser, or the Issuer determine
such change is necessary to maintain the perfected security interest of the Issuer in that Financed Vehicle. 

(c)         The Seller shall not change its name, identity or corporate structure or
jurisdiction of organization in any manner that would, could or might make any financing statement or continuation statement filed in accordance with Section 5.01(a) seriously misleading within the meaning of the UCC, unless it shall have given
the Purchaser and the Trustees at least 60 days’ prior written notice thereof and shall have promptly filed appropriate amendments to all previously filed financing statements or continuation statements. 

(d)         The Seller shall give the Purchaser and the Trustees at least 60
days’ prior written notice of any relocation of its principal executive office or change in its jurisdiction or organization, if, as a result of such relocation, the applicable provisions of the UCC would require the filing of any amendment of
any previously filed financing or continuation statement or of any new financing statement and shall promptly file any such amendment or new financing statement. 

  
 19 

 (e)         The Seller shall maintain its
computer systems relating to installment loan recordkeeping so that, from and after the time of sale under this Agreement of its Receivables, the Seller’s master computer records (including any backup archives) that refer to a Receivable shall
indicate clearly the interest of the Purchaser, the Issuer and the Indenture Trustee in such Receivable and that such Receivable has been sold to the Purchaser, sold by the Purchaser to the Issuer, is owned by the Issuer and has been pledged to the
Indenture Trustee pursuant to the Indenture. Indication of the interest in a Receivable of the Purchaser and the Indenture Trustee shall be deleted from or modified on Seller’s computer systems when, and only when, the related Receivable shall
have been paid in full, repurchased by the Seller or purchased by the Servicer. 

(f)         If at any time the Seller shall propose to sell, grant a security interest
in or otherwise transfer any interest in receivables to any prospective purchaser, lender or other transferee, the Seller shall give to such prospective purchaser, lender or other transferee computer tapes, records or printouts (including any
restored from backup archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold to the Purchaser, sold by the Purchaser to the Issuer and pledged to the Indenture
Trustee. 
 (g)         The Seller shall, upon receipt of reasonable prior notice,
permit the Purchaser, the Trustees and their respective agents at any time during normal business hours to inspect, audit and make copies of and abstracts from the Seller’s records regarding any Receivable. 

(h)         Upon request at any time, if the Purchaser or either Trustee shall have
reasonable grounds to believe that such request is necessary in connection with the performance of its duties under this Agreement, the Seller shall furnish to the Purchaser or such Trustee, as the case may be, within 30 Business Days, a list of all
Receivables (by contract number and name of Obligor) conveyed to the Purchaser hereunder and then owned by the Issuer, and pledged to Indenture Trustee, together with a reconciliation of such list to the Schedule of Receivables and to each of the
Servicer’s Monthly Certificates furnished before such request indicating removal of Receivables from the Issuer. 

(i)         The Seller covenants and agrees to deliver in kind upon receipt to the
Servicer under the Sale and Servicing Agreement all payments received by or on behalf of the Seller in respect of the Receivables as soon as practicable, but in no event later than two Business Days after receipt thereof. 

Section 5.02. Other Liens or Interests. Except for the conveyances hereunder, the Seller will not sell, pledge, assign or transfer
to any other Person, or grant, create, incur, assume or suffer to exist any Lien on the Conveyed Assets or any interest therein, and the Seller shall defend the right, title, and interest of the Purchaser and the Issuer in and to the Conveyed Assets
against all claims of third parties claiming through or under the Seller. 

  
 20 

 Section 5.03. Indemnification. 

(a)         The Seller shall defend, indemnify and hold harmless the Purchaser, the Issuer, the
Trustees, the Backup Servicer, if any, the Custodian, the Noteholders and the Certificateholders from and against any and all costs, expenses, losses, damages, claims and liabilities arising out of or resulting from (i) any breach of any of the
Seller’s representations and warranties contained herein, (ii) any action taken, or failed to be taken, by it in respect of any portion of the Receivables other than in accordance with this Agreement or the Sale and Servicing Agreement, or
(iii) the failure of any Receivable, or the sale of the related Financed Vehicle, to comply with Applicable Law. 

(b)         Indemnification under this Section shall include reasonable fees and expenses of counsel
and expenses of litigation and shall survive payment of the Notes and the Certificates. The indemnity obligations hereunder shall be in addition to any obligation that the Seller may otherwise have. 

  
 21 

 ARTICLE SIX 

MISCELLANEOUS PROVISIONS 

Section 6.01. Obligations of Seller. The obligations of the Seller under this Agreement shall not be affected by reason of any
invalidity, illegality or irregularity of any Receivable. 
 Section 6.02. Seller’s Assignment of Receivables. With respect
to all Receivables repurchased by the Seller pursuant to this Agreement, the Purchaser shall assign, without recourse, representation or warranty, to the Seller all of the Purchaser’s right, title and interest in and to such Receivables, and
all security and documents relating thereto. 
 Section 6.03. Subsequent Transfer to the Issuer and Indenture Trustee. 

(a)         The Seller acknowledges that: 

(i)         the Purchaser will, pursuant to the Sale and Servicing Agreement, sell the
Receivables to the Issuer and assign its rights under this Agreement to the Issuer for the benefit of the Securityholders, and the representations and warranties contained in this Agreement and the rights of the Purchaser under Section 3.04 are
intended to benefit the Issuer and the Securityholders; and 
 (ii)         the
Issuer will, pursuant to the Indenture, pledge the Receivables and its rights under this Agreement to the Indenture Trustee for the benefit of the Noteholders, and that the representations and warranties contained in this Agreement and the rights of
the Purchaser under this Agreement, including under Section 3.04, are intended to benefit the Indenture Trustee and the Noteholders. 

(b)         The Seller hereby consents to (i) the sale and assignment in Section 6.03(a)(i)
and (ii) the pledge in Section 6.03(a)(ii). 
 Section 6.04. Amendment. 

(a)         This Agreement may be amended by the Seller and the Purchaser, without the consent of any
Securityholder or any other Person, (i) to amend, following the Section 941 Effective Date, Sections 4.02(c) or 4.03 as contemplated by such Sections, (ii) to make amendments as contemplated by Section 4.01(d), (iii) to cure
any ambiguity or defect, (iv) to correct or supplement any provisions in this Agreement or (v) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions in this Agreement; provided, that
such action shall not adversely affect in any material respect the interests of any Noteholder or Certificateholder. Any such amendment shall not be deemed to materially adversely affect the interests of any Securityholder if (i) the Person
requesting such amendment obtains and delivers to the Trustees an Opinion of Counsel or an Officer’s Certificate to that effect or (ii) the Rating Condition is satisfied. 

(b)         This Agreement may also be amended from time to time by the Seller and the Purchaser, with
the consent of the Indenture Trustee and the Holders of Notes evidencing not less than not less than 51% of the Note Balance of the Controlling Class of Notes for the purpose 

  
 22 

 
of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement; provided that no such amendment shall (i) increase or reduce in any manner the
amount of, or accelerate or delay the timing of, collections of payments on Receivables or distributions that shall be required to be made for the benefit of the Securityholders or (ii) reduce the aforesaid percentage of the Note Balance of the
Controlling Class, the Holders of which are required to consent to any such amendment, without the consent of the Holders of all Outstanding Notes affected thereby. 

(c)         Prior to the execution of any amendment to this Agreement, the Purchaser shall provide
each Rating Agency with written notice of the substance of such amendment. Promptly after the execution of any such amendment, the Purchaser shall furnish written notification of the substance of such amendment to each Rating Agency and the
Trustees. 
 Section 6.05. Waivers. No failure or delay on the part of the Purchaser or the Issuer or the Indenture Trustee, as
the assignee, in exercising any power, right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other or further exercise thereof or the exercise
of any other power, right or remedy. 
 Section 6.06. Notices. All demands, notices and communications pursuant to this
Agreement to either party shall be in writing, personally delivered, or sent by telecopier, email, overnight mail or mailed by certified mail, return receipt requested, and shall be deemed to have been duly given upon the earlier of the receipt at
the address set forth in Exhibit A or at such other address as may be designated by it by notice to the other party, or the third Business Day after the date of sending. 

Section 6.07. Merger and Integration. Except as specifically stated otherwise herein, this Agreement and the other Basic Documents
set forth the entire understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Agreement and the other Basic Documents. 

Section 6.08. Severability. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for
any reason whatsoever held invalid, illegal or unenforceable, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions and terms of this Agreement and shall in no way affect
the validity or enforceability of the other covenants, agreements, provisions and terms of this Agreement or of the Receivables or the rights of the holders thereof. 

Section 6.09. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 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. 

  
 23 

 Section 6.10.   Counterparts. This Agreement may be executed in any number
of counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument. 

Section 6.11.   Third-Party Beneficiaries. All covenants and agreements contained herein will be binding upon, and inure
to the benefit of, the parties hereto and their respective successors and permitted assigns, all as provided in this Agreement. Any request, notice, direction, consent, waiver or other instrument or action by a party to this Agreement will bind the
successors and assigns of such party. Each of the Issuer and Indenture Trustee is an intended third-party beneficiary of this Agreement. It is acknowledged and agreed that the provisions of this Agreement may be enforced by or on behalf of such
Persons against the Seller to the same extent as if it were a party hereto. Except as otherwise provided in this Agreement, no other Person will have any right or obligation under this Agreement. 

Section 6.12.   Nonpetition Covenant. Each of the parties hereto covenants that it will not at any time institute
against, or join any Person in instituting against, the Issuer or the Purchaser any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceedings or other Proceedings under any Insolvency Law in connection with any obligations
relating to the Basic Documents, and agrees that it will not cooperate with or encourage others to file a bankruptcy petition against the Issuer or the Purchaser. 

  
 24 

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

			
	CALIFORNIA REPUBLIC BANK
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	CALIFORNIA REPUBLIC FUNDING, LLC
		
	By:	 	 
	Name:	 	
	Title:	 	

 201[_]-[_] Receivables Purchase Agreement 

 EXHIBIT A 

ADDRESSES FOR NOTICES 

California Republic Bank 

18400 Von Karman, Suite 1100 

Irvine, California 92612 
 Attn:
General Counsel 
 Tel: 949-270-9700 

Fax: 949-270-9799 

kshields@crbnk.com 

California Republic Funding, LLC 

18400 Von Karman, Suite 1100 

Irvine, California 92612 
 Attn:
General Counsel 
 Tel: 949-270-9700 

Fax: 949-270-9799 

kshields@crbnk.com 

  
 A-1EX-10.4

 Exhibit 10.4 
  

 
  

ASSET REPRESENTATIONS REVIEW AGREEMENT 

among 
 CALIFORNIA REPUBLIC AUTO
RECEIVABLES TRUST 201[    ]-[    ], 
 as Issuer 

CALIFORNIA REPUBLIC BANK, 
 as
Servicer 
 and 

[                    ], 

as Asset Representations Reviewer 
  

 
 Dated as of
[                    ], 20[        ] 

 
  

 
  

 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	ARTICLE I	  			
		
	USAGE AND DEFINITIONS	  			
			
	 Section 1.1.
	  	Usage and Definitions	  	 	4	  
	 Section 1.2.
	  	Additional Definitions	  	 	4	  
	 Section 1.3.
	  	Review Materials and Test Definitions	  	 	5	  
		
	ARTICLE II	  			
		
	ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER	  			
			
	 Section 2.1.
	  	Engagement; Acceptance	  	 	6	  
	 Section 2.2.
	  	Confirmation of Status	  	 	6	  
		
	ARTICLE III	  			
		
	ASSET REPRESENTATIONS REVIEW PROCESS	  			
			
	 Section 3.1.
	  	Review Notices	  	 	7	  
	 Section 3.2.
	  	Identification of Review Receivables	  	 	7	  
	 Section 3.3.
	  	Review Materials	  	 	7	  
	 Section 3.4.
	  	Performance of Reviews	  	 	7	  
	 Section 3.5.
	  	Review Reports	  	 	8	  
	 Section 3.6.
	  	Review Representatives	  	 	8	  
	 Section 3.7.
	  	Dispute Resolution	  	 	9	  
	 Section 3.8.
	  	Limitations on Review Obligations	  	 	9	  
		
	ARTICLE IV	  			
		
	ASSET REPRESENTATIONS REVIEWER	  			
			
	 Section 4.1.
	  	Representations and Warranties	  	 	11	  
	 Section 4.2.
	  	Covenants	  	 	12	  
	 Section 4.3.
	  	Fees and Expenses	  	 	12	  
	 Section 4.4.
	  	Limitation on Liability	  	 	13	  
	 Section 4.5.
	  	Indemnification by Asset Representations Reviewer	  	 	13	  
	 Section 4.6.
	  	Indemnification of Asset Representations Reviewer	  	 	13	  
	 Section 4.7.
	  	Inspections of Asset Representations Reviewer	  	 	14	  
	 Section 4.8.
	  	Delegation of Obligations	  	 	14	  
	 Section 4.9.
	  	Confidential Information	  	 	14	  
	 Section 4.10.
	  	Personally Identifiable Information	  	 	16	  

							
	ARTICLE V	  			
			
		  	RESIGNATION AND REMOVAL;	  			
		  	SUCCESSOR ASSET REPRESENTATIONS REVIEWER	  			
			
	 Section 5.1.
	  	Eligibility Requirements for Asset Representations Reviewer	  	 	19	  
	 Section 5.2.
	  	Resignation and Removal of Asset Representations Reviewer	  	 	19	  
	 Section 5.3.
	  	Successor Asset Representations Reviewer	  	 	19	  
	 Section 5.4.
	  	Merger, Consolidation or Succession	  	 	20	  
		
	ARTICLE VI	  			
		
	OTHER AGREEMENTS	  			
			
	 Section 6.1.
	  	Independence of Asset Representations Reviewer	  	 	21	  
	 Section 6.2.
	  	No Petition	  	 	21	  
	 Section 6.3.
	  	Limitation of Liability of Owner Trustee	  	 	21	  
	 Section 6.4.
	  	Termination of Agreement	  	 	21	  
		
	ARTICLE VII	  			
			
		  	MISCELLANEOUS PROVISIONS	  			
			
	 Section 7.1.
	  	Amendments	  	 	22	  
	 Section 7.2.
	  	Assignment; Benefit of Agreement; Third Party Beneficiaries	  	 	22	  
	 Section 7.3.
	  	Notices	  	 	22	  
	 Section 7.4.
	  	GOVERNING LAW	  	 	23	  
	 Section 7.5.
	  	Submission to Jurisdiction	  	 	23	  
	 Section 7.6.
	  	WAIVER OF JURY TRIAL	  	 	23	  
	 Section 7.7.
	  	No Waiver; Remedies	  	 	23	  
	 Section 7.8.
	  	Severability	  	 	23	  
	 Section 7.9.
	  	Headings	  	 	23	  
	 Section 7.10.
	  	Counterparts	  	 	24	  
			
		  	SCHEDULES	  			
		
	 Schedule A — Review Materials
	  	 	SA-1	  
	 Schedule B — Representations and Warranties and Tests
	  	 	SB-1	  

  
 3 

 This ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of
[                    ], 20[        ] (as amended, restated or otherwise modified from time to
time, this “Agreement”), is between California Republic Auto Receivables Trust 201[    ]-[    ], a Delaware statutory trust, as issuer (the “Issuer”), California Republic
Bank, a Delaware limited liability company, as servicer (the “Servicer”), and [                    ], a
[                    ], as asset representations reviewer (the “Asset Representations Reviewer”). 

BACKGROUND 
 In the normal course
of its business, CRB purchases retail installment sale contracts secured by new and used cars, light trucks and utility vehicles from motor vehicle dealers. 

In connection with a securitization transaction sponsored by CRB, CRB sold a pool of Receivables consisting of retail installment sale
contracts to the Depositor, who sold them to the Issuer. 
 The Issuer has granted a security interest in the pool of Receivables to the
Indenture Trustee, for the benefit of the Secured Parties, as security for the Notes issued by the Issuer under the Indenture. 
 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 CRB and the Depositor about the Receivables in the pool. 

The parties agree as follows. 

ARTICLE I 
 USAGE AND DEFINITIONS

 Section 1.1. Usage and Definitions. Capitalized terms used in this Agreement that are not otherwise defined shall have the
meanings ascribed thereto in Appendix A to the Sale and Servicing Agreement, dated as of [                    ],
20[        ], among the Issuer, California Republic Funding, LLC, the Servicer and
[                    ], which Appendix is hereby incorporated into and made a part of this Agreement. Appendix A also contains rules as to
usage applicable to this Agreement. 
 Section 1.2. Additional Definitions. The following terms have the meanings given below:

 “Confidential Information” has the meaning stated in Section 4.9(b). 

“Contract” has the meaning stated in Schedule A. 

“Information Recipients” has the meaning stated in Section 4.9(a). 

“Indemnified Parties” has the meaning stated in Section 4.6(a). 

  
 4 

 “Issuer PII” has the meaning stated in Section 4.10(a). 

“Personally Identifiable Information” or “PII” has the meaning stated in Section 4.10(a). 

“Review” means the performance by the Asset Representations Reviewer of the testing procedures for each Test and each Review
Receivable according to Section 3.4. 
 “Review Fee” has the meaning stated in Section 4.3(b). 

“Review Materials” means, for a Review and a Review Receivable, the documents and other materials listed in Schedule A,
as applicable. 
 “Review Report” means, for a Review, the report of the Asset Representations Reviewer as described in
Section 3.5. 
 “Test” has the meaning stated in Section 3.4(a). 

“Test Complete” has the meaning stated in Section 3.4(c). 

“Test Fail” has the meaning stated in Section 3.4(a). 

“Test Pass” has the meaning stated in Section 3.4(a). 

Section 1.3. Review Materials and Test Definitions. Capitalized terms or terms or phrases in quotation marks used in the Tests, if
not defined in Appendix A to the Sale and Servicing Agreement or in this Agreement, including Schedule A to this Agreement, refer to sections, titles or terms in the Contract or other Review Materials. 

  
 5 

 ARTICLE II 

ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER 

Section 2.1. Engagement; Acceptance. The Issuer 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 in this
Agreement. 
 Section 2.2. 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 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. 

  
 6 

 ARTICLE III 

ASSET REPRESENTATIONS REVIEW PROCESS 

Section 3.1. Review Notices. On receipt of a Review Notice from the Indenture Trustee according to Section 7.2 of the
Indenture, the Asset Representations Reviewer will start a Review. The Asset Representations Reviewer will not be obligated to start a Review until a Review Notice is received. 

Section 3.2. Identification of Review Receivables. Within ten Business Days after receipt of a Review Notice, the Servicer will
deliver to the Asset Representations Reviewer and the Indenture Trustee a list of the Review Receivables. 
 Section 3.3. Review
Materials. 
 (a)         Access to Review Materials. The Servicer will give the Asset
Representations Reviewer access to the Review Materials for all of the Review Receivables within 60 days after receipt of the Review Notice in one or more of the following ways: (i) by providing access to the Servicer’s receivables
systems, either remotely or at an office 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 an office of the
Servicer where the Receivable Files are located or (iv) 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 without
changing the meaning or usefulness of the Review Materials for the Review. 
 (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 determines any missing or insufficient Review Materials, the Asset Representations Reviewer will notify the Servicer promptly, and in any event no less than 20 days before completing the Review. The Servicer will have
15 days to give the Asset Representations Reviewer access to the missing Review Materials or other documents or information to correct the insufficiency. If the missing Review Materials or other documents have not been provided by the Servicer
within 15 days, the related Review Receivable will have a Test Fail for the Test or Tests that require use of the missing or insufficient Review Materials. If the Contract for any Review Receivable is not provided or is illegible, the Asset
Representations Reviewer will be unable to perform any Tests and the related Review Receivable will have an overall Test Fail for all Tests. In either of these cases, the Test or Tests will be considered completed and the Review Report will report a
Test Fail for the related Review Receivable or applicable representation or warranty and the reason for the Test Fail. 
 Section 3.4.
Performance of Reviews. 
 (a)         Test Procedures. For a Review, the Asset
Representations Reviewer will perform for each Review Receivable the procedures listed under “Tests” in Schedule B for each representation and warranty (each, a “Test”), using the Review Materials necessary to perform

  
 7 

 
the procedures as stated in the Test. For each Test and 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)         Review Period. The
Asset Representations Reviewer will complete the Review of all of the Review Receivables within 60 days after receiving access to the Review Materials under Section 3.3(a). However, if missing or additional Review Materials are provided to
the Asset Representations Reviewer under Section 3.3(b), the Review period will be extended for an additional 30 days. 

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

(d)         Duplicative Tests. If the same Test is required for more than one representation or
warranty listed on Schedule B, the Asset Representations Reviewer will only perform the Test once for each Review Receivable but will report the results of the Test for each applicable representation or warranty on the Review Report. 

(e)         Termination of Review. If a 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 days before that Payment Date. On receipt of notice, the Asset Representations Reviewer will terminate the Review
immediately and will not be obligated to deliver a Review Report. 
 Section 3.5. Review Reports. Within five days after the end
of the Review period under Section 3.4(b), the Asset Representations Reviewer will deliver to the Issuer, the Servicer and the Indenture Trustee a Review Report indicating for each Review Receivable whether there was a Test Pass or a Test Fail
for each Test, or whether the Review Receivable was an overall Test Fail (for a missing or illegible Contract) or a Test Complete. For each Test Fail, overall Test Fail or Test Complete, the Review Report will indicate the related reason. The Review
Report will contain a summary of the Review results to 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 Issuer PII. On reasonable request of the Servicer, the Asset Representations Reviewer will provide additional detail on the Test results. 

Section 3.6. 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 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 

  
 8 

 
systems, obtaining missing or insufficient Review Materials and/or providing clarification of any 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 a Review. 

(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 Indenture Trustee or the Servicer until the earlier of (i) the payment in full of the Notes and (ii) one year after
the delivery of the Review Report. 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 Indenture Trustee. 
 Section 3.7. Dispute Resolution. If a Receivable that was Reviewed by the Asset
Representations Reviewer is the subject of a dispute resolution proceeding under Section 3.04 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 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 3.04 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). 
 Section 3.8. Limitations on Review Obligations. 

(a)         Review Process Limitations. The Asset Representations Reviewer is not obligated to:

 (i)         determine whether a Delinquency Trigger has occurred or whether the
required percentage of Noteholders has voted to direct a Review under the Indenture, and may rely on the information in any Review Notice delivered by the Indenture Trustee; 

(ii)         determine which Receivables are subject to a Review, and may rely on the
lists of Review Receivables provided by the Servicer; 
 (iii)         obtain or
confirm the validity of the Review Materials and no liability for any errors in the Review Materials and may rely on the accuracy and completeness of the Review Materials; 

(iv)         obtain missing or insufficient Review Materials from any party or any
other source; or 
 (v)         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 Review Receivables. 

  
 9 

 (b)         Testing Procedure Limitations. The
Asset Representations Reviewer will only be required to perform the testing procedures listed under “Tests” in Schedule A, and will not be obligated to perform additional procedures on any Review Receivable or to provide any
information other than a Review Report indicating for each Review Receivable whether there was a Test Pass or a Test Fail for each Test, or whether the Review Receivable was a Test Complete and the related reason. However, the Asset Representations
Reviewer may provide additional information about any Review Receivable that it determines in good faith to be material to the Review. 

  
 10 

 ARTICLE IV 

ASSET REPRESENTATIONS REVIEWER 

Section 4.1. Representations and Warranties. The Asset Representations Reviewer represents and warrants to the Issuer 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, mortgage, deed of trust, 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, mortgage, deed of trust, 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 Governmental Authority having jurisdiction over the Asset Representations Reviewer or its properties 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 Governmental Authority 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

  
 11 

 
effect on the Asset Representations Reviewer’s ability to perform its obligations under, or the validity or enforceability of, this Agreement. 

(e)        Eligibility. The Asset Representations Reviewer meets the
eligibility requirements in Section 5.1. 
 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 no longer meets the eligibility requirements in Section 5.1. 

(b)        Review Systems; Personnel. It will maintain business process
management and/or other systems necessary to ensure that it can perform each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will ensure that these systems allow for each Review
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 Reviews as required by this
Agreement. 
 (c)        Maintenance of Review Materials. It will maintain
copies of any Review Materials, Review Reports and other documents relating to a Review, including internal correspondence and work papers, for a period of two years after the termination of this Agreement. 

Section 4.3. Fees and Expenses. 

(a)        Annual Fee. The Issuer will, or will cause the Servicer to, pay the Asset
Representations Reviewer, as compensation for agreeing to act as the Asset Representations Reviewer under this Agreement, an annual fee separately agreed to by the Issuer and the Asset Representations Reviewer. The annual fee will be paid as agreed
by the Issuer and the Asset Representations Reviewer until this Agreement is terminated. 

(b)        Review Fee. Following the completion of a Review and the delivery to the Indenture
Trustee of the Review Report, or the termination of a Review according to Section 3.4(e), and the delivery to the Servicer of a detailed invoice, the Asset Representations Reviewer will be entitled to a fee of
$[            ] for each Review Receivable for which the Review was started (the “Review Fee”). However, no Review Fee will be charged for any Review Receivable which was
included in a prior Review or for which no Tests were completed prior to the Asset Representations Reviewer being notified of a termination of the Review according to Section 3.4(e) or due to missing or insufficient Review Materials under
Section 3.3(b). If the detailed invoice is submitted on or before the first day of a month, the Review Fee will be paid by the Issuer according to the priority of payments in Section 5.04 of the Sale and Servicing Agreement starting on or
before the Payment Date in that month. However, if a Review is terminated according to Section 3.4(e), the Asset Representations Reviewer must submit its invoice for the Review Fee for the terminated Review no later than five Business Days
before the final Payment Date to be reimbursed no later than the final Payment Date. 

  
 12 

 (c)        Reimbursement of Travel Expenses. If
the Servicer provides access to the 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 Review upon receipt of a detailed invoice.

 (d)        Dispute Resolution Expenses. If the Asset Representations Reviewer participates
in a dispute resolution proceeding under Section 3.7 and its reasonable expenses for participating in the proceeding are not paid by a party to the dispute resolution within 90 days after the end of the proceeding, the Issuer will
reimburse the Asset Representations Reviewer for such expenses upon receipt of a detailed invoice. 
 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 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 4.5. Indemnification by Asset Representations Reviewer. The Asset Representations Reviewer will indemnify each of the
Issuer, the Depositor, the Servicer, the Owner 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 or (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 4.5 will survive the termination of this Agreement, the termination of the Issuer and the resignation or removal of the Asset Representations Reviewer. 

Section 4.6. Indemnification of Asset Representations Reviewer. 

(a)        Indemnification. The Issuer will, or will cause the Administrator to, indemnify the
Asset Representations Reviewer and its officers, directors, employees and agents (each, an “Indemnified Person”), for all fees, 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. 

(b)        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(a), notify the Issuer and the Administrator of the Proceeding. The Issuer or the Administrator may participate in and assume the defense and settlement of a
Proceeding at its expense. If the Issuer or the Administrator notifies the Indemnified Person of its intention to assume the defense of the Proceeding with counsel reasonably satisfactory to the Indemnified Person, and so long as the Issuer or the
Administrator assumes the defense of the Proceeding in a manner reasonably 

  
 13 

 
satisfactory to the Indemnified Person, the Issuer and the Administrator 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 Administrator, as applicable, and an Indemnified Person. If there is a conflict, the Issuer or the Administrator 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 Administrator and the Indemnified Person, which approval will not be unreasonably withheld. 

(c)         Survival of Obligations. The Issuer’s and the Administrator’s obligations
under this Section 4.6 will survive the resignation or removal of the Asset Representations Reviewer and the termination of this Agreement. 

(d)         Repayment. If the Issuer or the Administrator makes any payment under this
Section 4.6 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 Administrator, as applicable. 

Section 4.7. Inspections of Asset Representations Reviewer. The Asset Representations Reviewer agrees that, with reasonable prior
notice not more than once during any year, it will permit authorized representatives of the Issuer, the Servicer or the Administrator, 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, the
Servicer’s or the Administrator’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, the Servicer and the
Administrator 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, the Servicer or the Administrator reasonably determines that it is required to
make the disclosure under this Agreement or the other Basic 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 4.8. 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. 

Section 4.9. 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 Section 4.9, 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 

  
 14 

 
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 Review 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 CRB 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.

 (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 Review 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 take reasonable measures 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 4.10. 

(d)         Disclosure. If the Asset Representations Reviewer is required by Applicable Law,
regulation, rule or order issued by a Governmental 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 

  
 15 

 
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 by its Information Recipients. 
 (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, the prevailing party will be reimbursed for its fees and expenses, including reasonable attorney’s fees, incurred for the enforcement. 

Section 4.10. 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), 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. 

(c)         Additional Limitations. In addition to the use and protection requirements
described in Section 4.10(b), the Asset Representations Reviewer’s disclosure of Issuer PII is also subject to the following requirements: 

  
 16 

 (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 a 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 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 4.10. The Asset Representations Reviewer and the Issuer agree to modify this Section 4.10 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 4.10 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 4.10 with the inspections described in Section 4.7. The Asset Representations Reviewer will also permit the Issuer during normal business hours on reasonable advance written 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 a Review, and if such Affiliate or third party is identified to the Asset Representations Reviewer, such Affiliate or third party is an

  
 17 

 
intended third-party beneficiary of this Section 4.10, 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 4.10 against the Asset Representations Reviewer as if each were a signatory to this Agreement. 

  
 18 

 ARTICLE V 

RESIGNATION AND REMOVAL; 

SUCCESSOR ASSET REPRESENTATIONS REVIEWER 

Section 5.1. Eligibility Requirements for Asset Representations Reviewer. The Asset Representations Reviewer must be a Person who
(a) is not Affiliated with CRB, the Depositor, the Servicer, the Indenture Trustee, the Owner Trustee or any of their Affiliates and (b) was not, and is not Affiliated with a Person that was, engaged by CRB or any Underwriter to perform
any due diligence on the Receivables prior to the Closing Date. 
 Section 5.2. Resignation and Removal of Asset Representations
Reviewer. 
 (a)         No Resignation. The Asset Representations Reviewer will not
resign as Asset Representations Reviewer unless it determines it is legally unable to perform its obligations under this Agreement and there is no reasonable action that it could take to make the performance of its obligations under this Agreement
permitted under Applicable Law. The Asset Representations Reviewer will deliver a notice of its resignation to the Issuer and the Servicer, together with an Opinion of Counsel supporting its determination. 

(b)         Removal. If any of the following events occur, the Issuer, by notice to the Asset
Representations Reviewer, 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 5.1; 
 (ii)        the Asset Representations Reviewer
breaches of any of its representations, warranties, covenants or obligations in this Agreement; or 

(iii)         an Insolvency 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. 

(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 5.3(b). 
 Section 5.3. Successor Asset Representations Reviewer. 

(a)         Engagement of Successor Asset Representations Reviewer. Following the resignation
or removal of the Asset Representations Reviewer, the Issuer will engage a successor Asset Representations Reviewer who meets the eligibility requirements of Section 5.1. 

  
 19 

 (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 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 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 or the successor Asset Representations Reviewer. 

Section 5.4. 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 5.1, 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). 

  
 20 

 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 authorized by the Issuer or the Owner Trustee, respectively, 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 or the Owner Trustee. Nothing in this Agreement will make the Asset Representations
Reviewer and either of the Issuer 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 parties 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 Depositor or by a trust for which the Depositor was a depositor or (b) the Notes, it will not start or pursue against, or join any other Person in
starting or pursuing against (i) the Depositor or (ii) the Issuer, respectively, 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 a beneficial owner of the Issuer be liable for
the Issuer’s obligations under this Agreement. For all purposes under this Agreement, the Owner Trustee will be subject to, and entitled to the benefits of, the Trust Agreement. 

Section 6.4. Termination of Agreement. This Agreement will terminate, except for the obligations under Section 4.6, on the
earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture and (b) the date the Issuer is terminated under the Trust Agreement. 

  
 21 

 ARTICLE VII 

MISCELLANEOUS PROVISIONS 

Section 7.1. Amendments. 

(a)      The parties may amend this Agreement: 

(i)         to clarify an ambiguity, correct an error or correct or supplement any
term of this Agreement that may be defective or inconsistent with the other terms of this Agreement or to provide for, or facilitate the acceptance of this Agreement by, a successor Asset Representations Reviewer, in each case without the consent of
the Noteholders or any other Person; 
 (ii)         to add, change or eliminate
terms of this Agreement, in each case without the consent of the Noteholders or any other Person, if the Administrator delivers an Officer’s Certificate to the Issuer, the Owner Trustee and the Indenture Trustee stating that the amendment will
not have a material adverse effect on the Noteholders; or 
 (iii)         to add,
change or eliminate terms of this Agreement for which an Officer’s Certificate is not or cannot be delivered under Section 7.1(a)(ii), with the consent of the Noteholders holding not less than 51% of the Note Balance of each Class of Notes
Outstanding (with each affected Class voting separately, except that all Noteholders of Class A Notes will vote together as a single class). 

(b)        Notice of Amendments. The Administrator will notify the Rating Agencies in advance
of any amendment. Promptly after the execution of an amendment, the Administrator will deliver a copy of the amendment to the Rating Agencies. 

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

(a)         Assignment. Except as stated in Section 5.4, 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 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 7.3. Notices. 

(a)      Notices to Parties. All notices, requests, demands, consents, waivers or other communications to
or from the parties must be in writing and will be considered given: 
 (i)        
for overnight mail, on delivery or, for registered first class mail, postage prepaid, three days after deposit in the mail; 

  
 22 

 (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 of an email (without the requirement of confirmation of receipt) stating that the electronic posting has occurred. 

(b)         Notice Addresses. Any notice, request, demand, consent, waiver or other
communication will be addressed as stated in Section 10.03 of the Sale and Servicing Agreement or to another address as a party may give by notice to the other parties. 

Section 7.4. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 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. 
 Section 7.5. Submission to Jurisdiction. Each party
submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of the courts of the State of New York located in the Borough of Manhattan for legal proceedings relating to this Agreement. Each
party irrevocably waives, to the fullest extent permitted by law, any objection that it may now or in the future have to the venue of a proceeding brought in such a court and any claim that the proceeding has been brought in an inconvenient forum.

 Section 7.6. WAIVER OF JURY TRIAL. EACH PARTY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, THE RIGHT TO TRIAL BY JURY IN LEGAL PROCEEDING RELATING TO THIS AGREEMENT. 
 Section 7.7. 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 7.8. 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 7.9.
Headings. The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement. 

  
 23 

 Section 7.10. Counterparts. This Agreement may be executed in multiple counterparts.
Each counterpart will be an original and all counterparts will together be one document. 

  
 24 

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

			
	 CALIFORNIA REPUBLIC AUTO

RECEIVABLES TRUST 201[   ]-[   ]

		
	By:	 	[                                      
  ],
		 	 not in its individual capacity,
 but solely
as Owner Trustee

  

					
		 	        By:	 	 
		 		 	Name:
		 		 	Title:

  

			
	CALIFORNIA REPUBLIC BANK
		
	By:	 	 
		 	Name:
		 	Title:
	
	[                                    
    ]

  

			
	By:	 	 
		 	Name:
		 	Title:

 201[_]-[_] Asset Representations Review Agreement 

 Schedule A 

Review Materials 

1.         A copy of the Receivable File that includes the following documents, if applicable: 

 

	 	(a)	The retail installment sale contract or similar document that evidences the Receivable (the “Contract”) 

  

	 	(b)	The following documents related to the Contract (collectively, the “Amendments”): 

  

	 	(i)	Any correction notices to the Contract 

  

	 	(ii)	Any modification agreements completed by the parties to the Contract 

  

	 	(c)	The certificate of title, motor vehicle lien statement, application for title, application for registration for motor vehicle, certificate of origin or manufacturer statement of origin for a vehicle, or other evidence
(including eAtlas reporting for electronic titling states) showing the security interest in the Financed Vehicle (collectively, the “Title Documents”) 

  

	 	(d)	Any ancillary documents for credit insurance, service contracts or other products and services (collectively, the “Ancillary Documents”) 

 

	 	(e)	Military orders 

  

	 	(f)	The credit application 

  

	 	(g)	State specific documents related to the Contract 

2.         Copies of applicable CRB procedures, as of the date of the Contract, including: 

 

	 	(a)	CRB’s procedure listing approved contract forms as of the date of the Contract (the “List of Approved Contract Forms”) 

 

	 	(b)	CRB’s procedure listing acceptable name variations of CRB (the “List of Acceptable Name Variations”) 

  

	 	(c)	CRB’s procedure listing approved providers and form numbers for service contracts and other products (the “List of Approved Products”) 

3.         A copy of the Agreement to Terms of Assignment (the “Dealer Assignment”) 

4.         Applicable screen prints from CRB’s receivables systems 

  
 SA-1 

 Schedule B 

Representations and Warranties and Tests 

[Provided Separately] 

  
 SB-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}]]