Document:

EX-4.4

 EXHIBIT 4.4 
  

 
  

AMENDED AND RESTATED 
 TRUST
AGREEMENT 
 between 
 EFCAR,
LLC 
 Seller 
 and 

[OWNER TRUSTEE] 
 Owner Trustee

 Dated as of             , 20     

 
  

 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I. DEFINITIONS
	  	 	1	  
			
	 SECTION 1.1.
	 	 Capitalized Terms
	  	 	1	  
	 SECTION 1.2.
	 	 Other Definitional Provisions
	  	 	4	  
		
	 ARTICLE II. ORGANIZATION
	  	 	4	  
			
	 SECTION 2.1.
	 	 Name
	  	 	4	  
	 SECTION 2.2.
	 	 Office
	  	 	5	  
	 SECTION 2.3.
	 	 Purposes and Powers
	  	 	5	  
	 SECTION 2.4.
	 	 Appointment of Owner Trustee
	  	 	6	  
	 SECTION 2.5.
	 	 Initial Capital Contribution of Trust Estate
	  	 	6	  
	 SECTION 2.6.
	 	 Declaration of Trust
	  	 	6	  
	 SECTION 2.7.
	 	 Title to Trust Property
	  	 	6	  
	 SECTION 2.8.
	 	 Situs of Trust
	  	 	7	  
	 SECTION 2.9.
	 	 Representations and Warranties of the Depositor
	  	 	7	  
	 SECTION 2.10.
	 	 Covenants of the Certificateholder
	  	 	8	  
	 SECTION 2.11.
	 	 Federal Income Tax Treatment of the Trust
	  	 	8	  
		
	 ARTICLE III. CERTIFICATE AND TRANSFER OF INTEREST
	  	 	9	  
			
	 SECTION 3.1.
	 	 Initial Ownership
	  	 	9	  
	 SECTION 3.2.
	 	 The Certificate
	  	 	9	  
	 SECTION 3.3.
	 	 Authentication of Certificate
	  	 	10	  
	 SECTION 3.4.
	 	 Registration of Transfer and Exchange of Certificate
	  	 	10	  
	 SECTION 3.5.
	 	 Mutilated, Destroyed, Lost or Stolen Certificates
	  	 	11	  
	 SECTION 3.6.
	 	 Persons Deemed Certificateholders
	  	 	11	  
	 SECTION 3.7.
	 	 Maintenance of Office or Agency
	  	 	12	  
	 SECTION 3.8.
	 	 Disposition in Whole But Not in Part
	  	 	12	  
	 SECTION 3.9.
	 	 ERISA Restrictions
	  	 	12	  
	 SECTION 3.10.
	 	 Appointment of Certificate Paying Agent
	  	 	12	  
		
	 ARTICLE IV. VOTING RIGHTS AND OTHER ACTIONS
	  	 	13	  
			
	 SECTION 4.1.
	 	 Prior Notice to Holder with Respect to Certain Matters
	  	 	13	  
	 SECTION 4.2.
	 	 Action by Certificateholder with Respect to Certain Matters
	  	 	14	  
	 SECTION 4.3.
	 	 Restrictions on Certificateholder’s Power
	  	 	14	  
	 SECTION 4.4.
	 	 [Reserved]
	  	 	14	  
	 SECTION 4.5.
	 	 Action with Respect to Bankruptcy Action
	  	 	14	  
	 SECTION 4.6.
	 	 Covenants and Restrictions on Conduct of Business
	  	 	15	  
		
	 ARTICLE V. AUTHORITY AND DUTIES OF OWNER TRUSTEE
	  	 	17	  
			
	 SECTION 5.1.
	 	 General Authority
	  	 	17	  
	 SECTION 5.2.
	 	 General Duties
	  	 	17	  
	 SECTION 5.3.
	 	 Action upon Instruction
	  	 	18	  
	 SECTION 5.4.
	 	 No Duties Except as Specified in this Agreement or in Instructions
	  	 	19	  

							
	 SECTION 5.5.
	 	 No Action Except under Specified Documents or Instructions
	  	 	19	  
	 SECTION 5.6.
	 	 Restrictions
	  	 	19	  
	 SECTION 5.7.
	 	 Covenants for Reporting of Repurchase Demands due to Breaches of Representations and
Warranties
	  	 	19	  
		
	 ARTICLE VI. CONCERNING THE OWNER TRUSTEE
	  	 	20	  
			
	 SECTION 6.1.
	 	 Acceptance of Trusts and Duties
	  	 	20	  
	 SECTION 6.2.
	 	 Furnishing of Documents
	  	 	21	  
	 SECTION 6.3.
	 	 Representations and Warranties
	  	 	22	  
	 SECTION 6.4.
	 	 Reliance; Advice of Counsel
	  	 	22	  
	 SECTION 6.5.
	 	 Not Acting in Individual Capacity
	  	 	23	  
	 SECTION 6.6.
	 	 Owner Trustee Not Liable for Certificate or Receivables
	  	 	23	  
	 SECTION 6.7.
	 	 Owner Trustee May Own Notes
	  	 	23	  
	 SECTION 6.8.
	 	 Payments from Owner Trust Estate
	  	 	24	  
	 SECTION 6.9.
	 	 Doing Business in Other Jurisdictions
	  	 	24	  
	 SECTION 6.10.
	 	 FATCA Information
	  	 	24	  
		
	 ARTICLE VII. COMPENSATION OF OWNER TRUSTEE
	  	 	24	  
			
	 SECTION 7.1.
	 	 Owner Trustee’s Fees and Expenses
	  	 	24	  
	 SECTION 7.2.
	 	 Indemnification
	  	 	25	  
	 SECTION 7.3.
	 	 Payments to the Owner Trustee
	  	 	25	  
	 SECTION 7.4.
	 	 Non-recourse Obligations
	  	 	25	  
		
	 ARTICLE VIII. TERMINATION OF TRUST AGREEMENT
	  	 	25	  
			
	 SECTION 8.1.
	 	 Termination of Trust Agreement
	  	 	25	  
		
	 ARTICLE IX. SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	  	 	27	  
			
	 SECTION 9.1.
	 	 Eligibility Requirements for Owner Trustee
	  	 	27	  
	 SECTION 9.2.
	 	 Resignation or Removal of Owner Trustee
	  	 	27	  
	 SECTION 9.3.
	 	 Successor Owner Trustee
	  	 	28	  
	 SECTION 9.4.
	 	 Merger or Consolidation of Owner Trustee
	  	 	28	  
	 SECTION 9.5.
	 	 Appointment of Co-Trustee or Separate Trustee
	  	 	28	  
		
	 ARTICLE X. MISCELLANEOUS
	  	 	30	  
			
	 SECTION 10.1.
	 	 Supplements and Amendments
	  	 	30	  
	 SECTION 10.2.
	 	 No Legal Title to Owner Trust Estate in Certificateholder
	  	 	31	  
	 SECTION 10.3.
	 	 Limitations on Rights of Others
	  	 	31	  
	 SECTION 10.4.
	 	 Notices
	  	 	31	  
	 SECTION 10.5.
	 	 Severability
	  	 	32	  
	 SECTION 10.6.
	 	 Separate Counterparts
	  	 	32	  
	 SECTION 10.7.
	 	 Assignments
	  	 	32	  
	 SECTION 10.8.
	 	 No Recourse
	  	 	32	  
	 SECTION 10.9.
	 	 Headings
	  	 	32	  
	 SECTION 10.10.
	 	 GOVERNING LAW
	  	 	32	  
	 SECTION 10.11.
	 	 WAIVER OF JURY TRIAL
	  	 	32	  

  
 ii 

							
	 SECTION 10.12.
	 	 Servicer
	  	 	33	  
	 SECTION 10.13.
	 	 Nonpetition Covenants
	  	 	33	  
	 SECTION 10.14.
	 	 [Third Party Beneficiary]
	  	 	33	  
	 SECTION 10.15.
	 	 Regulation AB
	  	 	34	  
		
	 ARTICLE XI. APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	  	 	34	  
			
	 SECTION 11.1.
	 	 Establishment of Trust Accounts
	  	 	34	  
	 SECTION 11.2.
	 	 Application of Trust Funds
	  	 	34	  
	 SECTION 11.3.
	 	 Method of Payment
	  	 	35	  

 EXHIBITS 
  

			
	 EXHIBIT A
	  	 FORM OF CERTIFICATE

	 EXHIBIT B
	  	 FORM OF CERTIFICATE OF
TRUST

	 EXHIBIT C
	  	 FORM OF NOTICE OF
REPURCHASE REQUEST

  
 iii 

 This AMENDED AND RESTATED TRUST AGREEMENT, dated as of
            , 20     between EFCAR, LLC, a Delaware limited liability company, as depositor (the “Seller”), and [OWNER TRUSTEE], a [entity
type], as Owner Trustee, amends and restates in its entirety that certain Trust Agreement, dated as of             , 20     between the Seller and the
Owner Trustee. 
 ARTICLE I. 

Definitions 
 SECTION 1.1.
Capitalized Terms. For all purposes of this Agreement, the following terms shall have the meanings set forth below: 

“Agreement” shall mean this Trust Agreement, as the same may be amended and supplemented from time to time. 

“Bankruptcy Action” shall have the meaning assigned to such term in Section 4.5(a). 

“Basic Documents” shall mean this Agreement, the Certificate of Trust, the Sale and Servicing Agreement, the Indenture, the
Underwriting Agreement, [the Lockbox Account Agreement, the Custodian Agreement,] [the Hedge Agreement,] [the Note Purchase Agreement] the Asset Representations Review Agreement and the other documents and certificates delivered in connection
therewith, as the same may be amended, restated or supplemented from time to time. 
 “BBA Partnership Audit Rules” shall
mean Sections 6221 through 6241 of the Code, including any other Code provisions with respect to the same subject matter as Sections 6221 through 6241, and any regulations promulgated or proposed under any such Sections and any administrative
guidance with respect thereto. 
 “Benefit Plan Entity” shall have the meaning assigned to such term in Section 3.9.

 “Certificate” means a trust certificate evidencing the beneficial interest of the Certificateholder in the Trust,
substantially in the form of Exhibit A attached hereto. 
 “Certificateholder” or “Holder” shall mean the
person in whose name a Certificate is registered on the Certificate Register. 
 “Certificate Distribution Account” shall
have the meaning assigned to such term in Section 11.1. 
 “Certificate Paying Agent” shall mean any paying agent or
co-paying agent appointed pursuant to Section 3.10 and shall initially be [                    ]. 

 “Certificate of Trust” shall mean the Certificate of Trust in the form of
Exhibit B to be filed for the Trust pursuant to Section 3810(a) of the Statutory Trust Statute. 
 “Certificate
Register” and “Certificate Registrar” shall mean the register mentioned and the registrar appointed pursuant to Section 3.4. 

“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and Treasury Regulations promulgated
thereunder. 
 “Corporate Trust Office” shall mean, with respect to the Owner Trustee, the principal corporate trust office
of the Owner Trustee located at [Address], Attention:                     , or at such other address as the Owner Trustee may designate by
notice to the Depositor, or the principal corporate trust office of any successor Owner Trustee (the address of which the successor owner trustee will notify the Depositor). 

“Depositor” shall mean the Seller in its capacity as Depositor hereunder. 

“Distribution Date” shall have the meaning set forth in the Sale and Servicing Agreement. 

“ERISA” shall have the meaning assigned to such term in Section 3.9. 

[“Exeter” shall mean Exeter Finance Corp.] 

“Expenses” shall have the meaning assigned to such term in Section 7.2. 

“FATCA” shall mean Sections 1471 through 1474 of the Code and (a) any regulations or official interpretations thereof
(including any revenue ruling, revenue procedure, notice or similar guidance issued by the IRS thereunder as a precondition to relief or exemption from taxes under such Sections, regulations and interpretations), (b) any applicable agreement
entered into under Section 1471(b)(1) of the Code, and (c) any applicable intergovernmental agreement with respect to the implementation of the foregoing. 

“FATCA Information” shall mean, with respect to any Certificateholder or Holder, any form or other certification, or such
other information reasonably sufficient to eliminate the imposition of, or determine the amount of, FATCA Withholding Tax. 
 “FATCA
Withholding Tax” shall mean any required withholding or deduction of tax pursuant to FATCA. 
 [“Hedge Agreement”
means the ISDA Master Agreement, dated             , 20    , between the Trust and the Hedge Provider, including the Schedule thereto, the Credit Support
Annex thereto and the Confirmation relating to the Class A-2-B Notes, together with any replacement swap agreement; provided, that no additional swap agreement shall be a “Hedge Agreement” under the Basic Documents for so long
as the Hedge Agreement is outstanding without the prior, written consent of the applicable Hedge Provider unless the Hedge Agreement has terminated.] 

  
 2 

 [“Hedge Provider” means [Hedge Provider], together with any replacement Hedge
Provider.] 
 “Indemnified Parties” shall have the meaning assigned to such term in Section 7.2. 

“Indenture” shall mean the Indenture dated as of
            , 20    , between the Trust and [Indenture Trustee], as Indenture Trustee, as the same may be amended and supplemented from time to time. 

“Indenture Trustee” shall mean, initially, [Indenture Trustee], in its capacity as indenture trustee, including its
successors in interest, until and unless a successor Person shall have become the Indenture Trustee pursuant to the Sale and Servicing Agreement, and thereafter “Indenture Trustee” shall mean such successor Person. 

“Majority Certificateholder” shall mean the Holder of the greatest percentage ownership interest in the Certificate as
recorded in the Certificate Register. 
 “Owner Trust Estate” shall mean all right, title and interest of the Trust in and
to the property and rights assigned to the Trust pursuant to Article II of the Sale and Servicing Agreement, all funds on deposit from time to time in the Trust Accounts and all other property of the Trust from time to time, including any rights of
the Trust pursuant to the Sale and Servicing Agreement. 
 “Owner Trustee” shall mean [Owner Trustee], a [entity type], not
in its individual capacity but solely as owner trustee under this Agreement, and any successor Owner Trustee hereunder. 
 “Record
Date” shall mean with respect to any Distribution Date, the close of business on the last Business Day immediately preceding such Distribution Date. 

“Responsible Officer” shall mean, with respect to the Owner Trustee, any officer within the Corporate Trust Administration
office of the Owner Trustee with direct responsibility for the administration of the Trust and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity
with the particular subject. 
 “Sale and Servicing Agreement” shall mean the Sale and Servicing Agreement dated as of
            , 20    , among the Trust, the Seller, [Exeter Finance Corp.] and
                    , [as Backup Servicer and] as Indenture Trustee, as the same may be amended and supplemented from time to time. 

“Secretary of State” shall mean the Secretary of State of the State of Delaware. 

“STAMP” shall have the meaning assigned to such term in Section 3.4. 

“Statutory Trust Statute” shall mean Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801
et seq. as the same may be amended from time to time. 

  
 3 

 “Treasury Regulations” shall mean regulations, including proposed or temporary
regulations, promulgated under the Code. References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations. 

“Trust” shall mean the trust established by this Agreement. 

SECTION 1.2. Other Definitional Provisions. 

(a) Capitalized terms used herein and not otherwise defined have the meanings assigned to them in the Sale and Servicing Agreement or, if not
defined therein, in the Indenture. 
 (b) All terms defined in this Agreement shall have the defined meanings when used in any certificate
or other document made or delivered pursuant hereto unless otherwise defined therein. 
 (c) As used in this Agreement and in any
certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this Agreement or in any such certificate or other document, and accounting terms partly defined in this Agreement or in any such certificate
or other document to the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles as in effect on the date of this Agreement or any such certificate or other document, as applicable. To the
extent that the definitions of accounting terms in this Agreement or in any such certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this
Agreement or in any such certificate or other document shall control. 
 (d) The words “hereof,” “herein,”
“hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; Section and Exhibit references contained in this Agreement are references
to Sections and Exhibits in or to this Agreement unless otherwise specified; and the term “including” shall mean “including without limitation.” 

(e) The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine
as well as to the feminine and neuter genders of such terms. 
 ARTICLE II. 

Organization 
 SECTION
2.1. Name 
 There is hereby continued a Delaware statutory trust to be known as “Exeter Automobile Receivables Trust
20    -    ,” in which name the Owner Trustee may conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued. 

  
 4 

 SECTION 2.2. Office 

The office of the Trust shall be in care of the Owner Trustee at the Corporate Trust Office or at such other address as the Owner Trustee may
designate by written notice to the Certificateholder. 
 SECTION 2.3. Purposes and Powers. 

The purpose of the Trust is, and the Trust and the Owner Trustee or the Servicer, as applicable, on behalf of the Trust, shall have the power
and authority, to engage in the following activities: 
 (i) to issue the Notes pursuant to the Indenture and the Certificate
pursuant to this Agreement, and to sell the Notes; 
 (ii) with the proceeds of the sale of the Notes, to fund the Reserve
Account [and the Pre-Funding Account] and to pay the organizational, start-up and transactional expenses of the Trust and to pay the balance to the Depositor pursuant to the Sale and Servicing Agreement; 

(iii) to acquire from time to time the Owner Trust Estate, to assign, grant, transfer, pledge, mortgage and convey the Owner
Trust Estate to the Indenture Trustee pursuant to the Indenture for the benefit of the Indenture Trustee on behalf of the Noteholders and to hold, manage and distribute to the Certificateholder pursuant to the terms of the Sale and Servicing
Agreement any portion of the Owner Trust Estate released from the Lien of, and remitted to the Trust pursuant to, the Indenture; 

(iv) [to enter into the Hedge Agreement;] 

(v) to enter into and perform its obligations under the Basic Documents to which it is a party; 

(vi) to engage in those activities, including entering into agreements, that are necessary, suitable or convenient to
accomplish the foregoing or are incidental thereto or connected therewith (including the sale, from time to time, of Receivables at the direction of the Servicer pursuant to Section 4.3(c) of the Sale and Servicing Agreement) and the filing of
state business licenses (and any renewal thereof) as prepared and instructed by the Certificateholder or Servicer, including a Sales Finance Company Application (and any renewal thereof) with the Pennsylvania Department of Banking and Securities,
Licensing Division, and a Financial Regulation Application (and any renewal thereof) with the Maryland Department of Labor, Licensing and Regulation; and 

(vii) subject to compliance with the Basic Documents, to engage in such other activities as may be required in connection with
conservation of the Owner Trust Estate and the making of distributions to the Certificateholder and the Noteholders. 

  
 5 

 The Trust is hereby authorized to engage in the foregoing activities. The Trust shall not engage in any activity
other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement or the Basic Documents. 

SECTION 2.4. Appointment of Owner Trustee. 

The Depositor hereby appoints the Owner Trustee as trustee of the Trust effective as of the date hereof, to have all the rights, powers and
duties set forth herein. The Owner Trustee hereby accepts such appointment. 
 SECTION 2.5. Initial Capital Contribution of Trust
Estate. 
 The Owner Trustee hereby acknowledges receipt in trust from the Depositor of the sum of $1.00 which contribution shall
constitute the initial Owner Trust Estate. The Depositor acknowledges that such contribution has been transferred to, and is being held by, [Indenture Trustee], as agent for the Trust in an account established by [Indenture Trustee], on behalf of
the Trust, which contribution shall constitute the initial Owner Trust Estate. The Depositor shall pay organizational expenses of the Trust as they may arise. 

SECTION 2.6. Declaration of Trust. 

The Owner Trustee hereby declares that it will hold the Owner Trust Estate in trust upon and subject to the conditions set forth herein for the
use and benefit of the Holder, subject to the obligations of the Trust under the Basic Documents. It is the intention of the parties hereto that the Trust constitute a statutory trust under the Statutory Trust Statute and that this Agreement
constitute the governing instrument of such statutory trust. Effective as of the date hereof, the Owner Trustee shall have all rights, powers and duties set forth herein and to the extent not inconsistent herewith, in the Statutory Trust Statute
with respect to accomplishing the purposes of the Trust. The Owner Trustee has filed the Certificate of Trust with the Secretary of State and such filing is hereby ratified in all respects. 

The Holder shall not have any personal liability for any liability or obligation of the Trust. 

SECTION 2.7. Title to Trust Property. 

(a) Legal title to all the Owner Trust Estate shall be vested at all times in the Trust as a separate legal entity except where applicable law
in any jurisdiction requires title to any part of the Owner Trust Estate to be vested in a trustee or trustees, in which case title shall be deemed to be vested in the Owner Trustee, a co-trustee and/or a separate trustee, as the case may be. 

(b) The Holder shall not have legal title to any part of the Trust Property. The Holder shall be entitled to receive distributions with
respect to its undivided ownership interest therein only in accordance with Article VIII and Article XI. No transfer, by operation of law or otherwise, of any right, title or interest by the Certificateholder of its ownership interest in the Owner
Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Trust Property. 

  
 6 

 SECTION 2.8. Situs of Trust. 

The Trust will be located and administered in the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Trust
shall be located in the State of Delaware or the State of New York. Payments will be received by the Trust only in Delaware or New York and payments will be made by the Trust only from Delaware or New York. The Trust shall not have any employees in
any state other than Delaware; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee, the Servicer or any agent of the Trust from having employees within or outside the State of Delaware. The only office
of the Trust will be at the Corporate Trust Office located in Delaware. 
 SECTION 2.9. Representations and Warranties of the
Depositor. 
 The Depositor makes the following representations and warranties on which the Owner Trustee relies in accepting the Owner
Trust Estate in trust and issuing the Certificate. 
 (a) Organization and Good Standing. The Depositor is duly organized and validly
existing as a Delaware limited liability company with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted and is proposed to be conducted pursuant to
this Agreement and the Basic Documents. 
 (b) Due Qualification. The Depositor is duly qualified to do business as a foreign limited
liability company, is in good standing, and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of its property, the conduct of its business and the performance of its obligations under this
Agreement and the Basic Documents requires such qualification. 
 (c) Power and Authority. The Depositor has the power and authority
to execute and deliver this Agreement and to carry out its terms; the Depositor has full power and authority to sell and assign the property to be sold and assigned to and deposited with the Trust and the Depositor has duly authorized such sale and
assignment and deposit to the Trust by all necessary action; and the execution, delivery and performance of this Agreement has been duly authorized by the Depositor by all necessary action. 

(d) No Consent Required. No consent, license, approval or authorization or registration or declaration with, any Person or with any
governmental authority, bureau or agency is required in connection with the execution, delivery or performance of this Agreement and the Basic Documents, except for such as have been obtained, effected or made. 

(e) No Violation. The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not
conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under the certificate of formation or limited liability agreement of the Depositor, or any material
indenture, agreement or other instrument to which the Depositor is a party or by which 

  
 7 

 
it is bound; nor result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant to the
Basic Documents); nor violate any law or, to the best of the Depositor’s knowledge, any order, rule or regulation applicable to the Depositor of any court or of any federal or state regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Depositor or its properties. 
 (f) No Proceedings. There are no proceedings or
investigations pending or, to its knowledge threatened against it before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over it or its properties (A) asserting the
invalidity of this Agreement or any of the Basic Documents, (B) seeking to prevent the issuance of the Certificate or the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the Basic Documents,
(C) seeking any determination or ruling that might materially and adversely affect its performance of its obligations under, or the validity or enforceability of, this Agreement or any of the Basic Documents, or (D) seeking to adversely
affect the federal income tax or other federal, state or local tax attributes of the Certificate. 
 SECTION 2.10. Covenants of the
Certificateholder. 
 The Certificateholder agrees: 

(a) to be bound by the terms and conditions of the Certificate of which the Holder is the beneficial owner and of this Agreement, including
any supplements or amendments hereto and to perform the obligations of a Holder as set forth therein or herein, in all respects as if it were a signatory hereto. This undertaking is made for the benefit of the Trust and the Owner Trustee; and 

(b) except as expressly provided in Sections 4.5 and 10.12, not to, for any reason, take any Bankruptcy Action. 

SECTION 2.11. Federal Income Tax Treatment of the Trust. 

(a) For so long as the Trust has a single owner for federal income tax purposes, it will, pursuant to Treasury Regulations promulgated under
section 7701 of the Code, be disregarded as an entity separate from such owner for all federal income tax purposes. Accordingly, for federal income tax purposes, the owner will be treated as (i) owning all assets owned by the Trust and
(ii) having incurred all liabilities incurred by the Trust, and all transactions between the Trust and the owner will be disregarded. 

(b) Neither the Owner Trustee nor the Certificateholder will, under any circumstances, and at any time, make an election on IRS Form 8832 or
otherwise, to classify the Trust as an association taxable as a corporation for federal, state or any other applicable tax purpose. 
 (c)
In the event that the Trust has two or more equity owners for federal income tax purposes, the Trust will be treated as a partnership. At any such time that the Trust has two or more equity owners, this Agreement will be amended, in accordance with
Section 10.1 herein, and appropriate provisions will be added so as to provide for treatment of the Trust as a partnership. 

  
 8 

 (d) In the event that the Trust is classified as a partnership for federal income tax purposes as
of January 1, 2018, or if later, the date that the BBA Partnership Audit Rules are first applicable to the Trust, (i) the Depositor (or if the Depositor is no longer a Certificateholder, the Majority Certificateholder) is hereby designated
as the partnership representative under Section 6223(a) of the Code to the extent allowed under the law and (ii) the Depositor (or if the Depositor is no longer a Certificateholder, the Majority Certificateholder) will or will cause the
Trust, to the extent eligible, to make the election under Section 6221(b) of the Code with respect to determinations of adjustments at the partnership level and take any other action (such as disclosures and notifications) necessary or
appropriate to effectuate such election. If the election described in the preceding sentence is not available, to the extent applicable, the Depositor (or if the Depositor is no longer a Certificateholder, the Majority Certificateholder) will or
will cause the Trust to make the election under Section 6226(a) of the Code with respect to the alternative to payment of imputed underpayment by a partnership and take any other action such as filings, disclosures and notifications necessary
or appropriate to effectuate such election. The Depositor (or if the Depositor is no longer a Certificateholder, the Majority Certificateholder) is authorized, in its sole discretion, to make any available election with respect to the BBA
Partnership Audit Rules and take any action it deems necessary or appropriate to comply with the requirements of the Code and to conduct the Trust’s affairs with respect to the BBA Partnership Audit Rules. 

ARTICLE III. 
 Certificate and
Transfer of Interest 
 SECTION 3.1. Initial Ownership. 

Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to
the initial Certificateholder, the Depositor shall be the sole beneficiary of the Trust. 
 SECTION 3.2. The Certificate. 

The Certificate shall be executed on behalf of the Trust by manual or facsimile signature of an authorized officer of the Owner Trustee. A
Certificate bearing the manual or facsimile signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign on behalf of the Trust, shall be validly issued and entitled to the benefit of this
Agreement, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the authentication and delivery of such Certificate or did not hold such offices at the date of authentication and delivery of such
Certificate. A transferee of the Certificate shall become the Certificateholder, and shall be entitled to the rights and subject to the obligations of the Certificateholder hereunder, upon due registration of such Certificate in such
transferee’s name pursuant to Section 3.4. 

  
 9 

 SECTION 3.3. Authentication of Certificate. 

Concurrently with the sale of the Receivables to the Trust pursuant to the Sale and Servicing Agreement, the Owner Trustee shall cause the
Certificate to be executed on behalf of the Trust, authenticated and delivered to or upon the written order of the Depositor, signed by its chairman of the board, its president or any vice president, its treasurer or any assistant treasurer without
further corporate action by the Depositor, in authorized denominations. No Certificate shall entitle its holder to any benefit under this Agreement, or shall be valid for any purpose, unless there shall appear on such Certificate a certificate of
authentication substantially in the form set forth in Exhibit A, executed by the Owner Trustee or the Owner Trustee’s authentication agent, by manual signature; such authentication shall constitute conclusive evidence that such Certificate
shall have been duly authenticated and delivered hereunder. The Certificate shall be dated the date of its authentication. 
 SECTION 3.4.
Registration of Transfer and Exchange of Certificate. 
 The Certificate Registrar shall keep or cause to be kept, at the office or
agency maintained pursuant to Section 3.7, a Certificate Register in which, subject to such reasonable regulations as it may prescribe, the Owner Trustee shall provide for the registration of the Certificate and of transfers and exchanges of
the Certificate as herein provided. [Owner Trustee] shall be the initial Certificate Registrar. 
 The Certificate Registrar shall provide
the Indenture Trustee with the name and address of the Certificateholder on the Closing Date. Upon any transfers of the Certificate, the Certificate Registrar shall notify the Indenture Trustee of the name and address of the transferee in writing,
by facsimile, on the day of such transfer. 
 Upon surrender for registration of transfer of the Certificate at the office or agency
maintained pursuant to Section 3.7, the Owner Trustee shall execute, authenticate and deliver (or shall cause its authenticating agent to authenticate and deliver), in the name of the designated transferee, a new Certificate dated the date of
authentication by the Owner Trustee or any authenticating agent. 
 A Certificate presented or surrendered for registration of transfer or
exchange shall be accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Certificateholder or his attorney duly authorized in writing, with such signature
guaranteed by an “eligible guarantor institution” meeting the requirements of the Certificate Registrar, which requirements include membership or participation in the Securities Transfer Agent’s Medallion Program
(“STAMP”) or such other “signature guarantee program” as may be determined by the Certificate Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act. Each Certificate surrendered
for registration of transfer or exchange shall be canceled and subsequently disposed of by the Owner Trustee in accordance with its customary practice. 

No service charge shall be made for any registration of transfer or exchange of the Certificate, but the Owner Trustee or the Certificate
Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of the Certificate. 

  
 10 

 [Notwithstanding the foregoing, no sale or transfer of a Certificate shall be permitted
(including, without limitation, by pledge or hypothecation), and no such sale or transfer shall be registered by the Certificate Registrar to be effective hereunder, if the sale or transfer thereof increases the number of Certificateholders to more
than ninety-nine (99). For purposes of determining the total number of Certificateholders, a beneficial owner of an interest in a partnership, grantor trust, S corporation or other flow-through entity that owns, directly or through other
flow-through entities, a Certificate is treated as a holder of a Certificate if (i) substantially all of the value of the beneficial owner’s interest (directly or indirectly) in the flow-through entity is attributed to the flow-through
entity’s interest in the Certificate and (ii) a principal purpose of the use of the flow-through entity to hold the Certificate is to satisfy the 99 holder limitation set out above.] 

SECTION 3.5. Mutilated, Destroyed, Lost or Stolen Certificates. 

If (a) any mutilated Certificate shall be surrendered to the Certificate Registrar, or if the Certificate Registrar shall receive evidence
to its satisfaction of the destruction, loss or theft of any Certificate and (b) there shall be delivered to the Certificate Registrar and the Owner Trustee, such security or indemnity as may be required by them to save each of them harmless,
then in the absence of notice that such Certificate shall have been acquired by a bona fide purchaser, the Owner Trustee on behalf of the Trust shall execute and the Owner Trustee, or [Owner Trustee], as the Owner Trustee’s authenticating
agent, shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like tenor and denomination. In connection with the issuance of any new Certificate under this
Section, the Owner Trustee or the Certificate Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. Any duplicate Certificate issued pursuant to this Section
shall constitute conclusive evidence of an ownership interest in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time. 

SECTION 3.6. Persons Deemed Certificateholders. 

Every Person by virtue of becoming a Certificateholder in accordance with this Agreement shall be deemed to be bound by the terms of this
Agreement. Prior to due presentation of the Certificate for registration of transfer, the Owner Trustee and the Certificate Registrar and any agent of the Owner Trustee and the Certificate Registrar, may treat the Person in whose name any
Certificate shall be registered in the Certificate Register as the owner of such Certificate for the purpose of receiving distributions pursuant to the Sale and Servicing Agreement and for all other purposes whatsoever, and none of the Owner Trustee
or the Certificate Registrar nor any agent of the Owner Trustee or the Certificate Registrar shall be bound by any notice to the contrary. 

  
 11 

 SECTION 3.7. Maintenance of Office or Agency. 

The Owner Trustee shall maintain an office or offices or agency or agencies where the Certificate may be surrendered for registration of
transfer or exchange and where notices and demands to or upon the Owner Trustee in respect of the Certificate and the Basic Documents may be served. The Owner Trustee initially designates the Corporate Trust Office for such purposes. The Owner
Trustee shall give prompt written notice to the Depositor and the Certificateholder of any change in the location of the Certificate Register or any such office or agency. 

SECTION 3.8. Disposition in Whole But Not in Part. 

The Certificate may be transferred in whole but not in part. Any attempted transfer of the Certificate that would divide the ownership of the
Owner Trust Estate shall be void. The Owner Trustee shall cause any Certificate issued to contain a legend stating “THIS CERTIFICATE IS NOT TRANSFERABLE, EXCEPT UNDER THE LIMITED CONDITIONS SPECIFIED IN THE TRUST AGREEMENT.” 

SECTION 3.9. ERISA Restrictions. 

The Certificate may not be purchased by or transferred to any person that is, or that is acting on behalf of or investing assets of (i) an
“employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) that is subject to the fiduciary responsibility provisions of Title I of ERISA,
(ii) a “plan” (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, (iii) any entity whose underlying assets are deemed to include assets of an employee benefit plan or a plan
described in (i) or (ii) above by reason of such employee benefit plan’s or plan’s investment in the entity, or (iv) an employee benefit plan, a plan or other similar arrangement subject to any provision of federal, state,
local, non-U.S. or other laws that are substantially similar to Section 406 of ERISA or Section 4975 of the Code (each of (i) – (iv), a “Benefit Plan Entity”). By accepting and holding its beneficial ownership
interest in its Certificate, the Holder thereof shall be deemed to have represented and warranted that it is not a Benefit Plan Entity. 

SECTION 3.10. Appointment of Certificate Paying Agent. 

The Certificate Paying Agent shall make distributions to the Certificateholder from the Certificate Distribution Account pursuant to Article
VIII and Article XI hereof and shall report the amounts of such distributions to the Owner Trustee. Any Certificate Paying Agent shall have the revocable power to withdraw funds from the Certificate Distribution Account for the purpose of making the
distributions referred to above. The Owner Trustee shall revoke such power and remove the Certificate Paying Agent if the Owner Trustee or the Depositor by written direction to the Owner Trustee determines, each in its sole discretion that the
Certificate Paying Agent shall have failed to perform its obligations under this Agreement in any material respect. The Certificate Paying Agent initially shall be [Owner Trustee], and any co-paying agent chosen by [Owner Trustee] and the Depositor.
[Owner Trustee] shall be permitted to resign as Certificate Paying Agent upon 30 days’ written notice to the Owner Trustee and the Depositor. In the event that [Owner Trustee] shall no longer be the Certificate Paying Agent, the Depositor,

  
 12 

 
with the consent of the Owner Trustee, shall appoint a successor to act as Certificate Paying Agent (which shall be a bank or trust company). The Owner Trustee shall cause such successor
Certificate Paying Agent or any additional Certificate Paying Agent appointed hereunder to execute and deliver to the Owner Trustee an instrument in which such successor Certificate Paying Agent or additional Certificate Paying Agent shall agree
with the Owner Trustee that, as Certificate Paying Agent, such successor Certificate Paying Agent or additional Certificate Paying Agent will hold all sums, if any, held by it for payment to the Certificateholder in trust for the benefit of the
Certificateholder entitled thereto until such sums shall be paid to the Certificateholder. The Certificate Paying Agent shall return all unclaimed funds to the Owner Trustee and upon removal of a Certificate Paying Agent such Certificate Paying
Agent shall also return all funds in its possession to the Owner Trustee. The provisions of Articles VI and VII shall apply to the Owner Trustee also in its role as Certificate Paying Agent, for so long as the Owner Trustee shall act as Certificate
Paying Agent and, to the extent applicable, to any other paying agent appointed hereunder. Any reference in this Agreement to the Certificate Paying Agent shall include any co-paying agent unless the context requires otherwise 

ARTICLE IV. 
 Voting Rights and
Other Actions 
 SECTION 4.1. Prior Notice to Holder with Respect to Certain Matters. 

With respect to the following matters, the Owner Trustee shall not take action unless at least 30 days before the taking of such action, the
Owner Trustee shall have notified the Certificateholder in writing of the proposed action and the Certificateholder shall not have notified the Owner Trustee in writing prior to the 30th day after such notice is given that the Certificateholder has
withheld consent or provided alternative direction: 
 (a) the election by the Trust to file an amendment to the Certificate of Trust
(unless such amendment is required to be filed under the Statutory Trust Statute or unless such amendment would not materially and adversely affect the interests of the Holder); 

(b) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is required; 

(c) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is not required and such
amendment materially adversely affects the interest of the Certificateholder; or 
 (d) [except pursuant to Section 12.1(b) of the Sale
and Servicing Agreement,] the amendment, change or modification of the Sale and Servicing Agreement, except to cure any ambiguity or defect or to amend or supplement any provision in a manner that would not materially adversely affect the interests
of the Certificateholder. 
 The Owner Trustee shall notify the Certificateholder in writing of any appointment of a successor Note Registrar or Indenture
Trustee within five Business Days after receipt of notice thereof. 

  
 13 

 SECTION 4.2. Action by Certificateholder with Respect to Certain Matters. 

The Owner Trustee shall not have the power, except upon the direction of the Certificateholder in accordance with the Basic Documents, to
(a) remove the Servicer under the Sale and Servicing Agreement pursuant to Section 9.2 thereof or (b) except as expressly provided in the Basic Documents, sell the Receivables after the termination of the Indenture. The Owner Trustee
shall take the actions referred to in the preceding sentence only upon written instructions signed by the Certificateholder and the furnishing of indemnification satisfactory to the Owner Trustee by the Certificateholder. 

SECTION 4.3. Restrictions on Certificateholder’s Power. 

(a) The Certificateholder shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be
contrary to any obligation of the Trust or the Owner Trustee under this Agreement or any of the Basic Documents or would be contrary to Section 2.3 nor shall the Owner Trustee be obligated to follow any such direction, if given. 

(b) The Certificateholder shall not have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit,
action, or proceeding in equity or at law upon or under or with respect to this Agreement or any Basic Document, unless the Certificateholder previously shall have given to the Owner Trustee a written notice of default and of the continuance
thereof, as provided in this Agreement, and also unless the Certificateholder shall have made written request upon the Owner Trustee to institute such action, suit or proceeding in its own name as Owner Trustee under this Agreement and shall have
offered to the Owner Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Owner Trustee, for 30 days after its receipt of such notice, request, and offer of
indemnity, shall have neglected or refused to institute any such action, suit, or proceeding, and during such 30-day period no request or waiver inconsistent with such written request has been given to the Owner Trustee pursuant to and in compliance
with this Section or Section 5.3. For the protection and enforcement of the provisions of this Section, the Certificateholder and the Owner Trustee shall be entitled to such relief as can be given either at law or in equity. 

SECTION 4.4. [Reserved] 

SECTION 4.5. Action with Respect to Bankruptcy Action. 

(a) The Trust shall not, without the prior written consent of the Owner Trustee, (i) institute any proceedings to adjudicate the Trust
bankrupt or insolvent, (ii) consent to the institution of bankruptcy or insolvency proceedings against the Trust, (iii) file a petition seeking or consenting to reorganization or relief under any applicable federal or state law relating to
bankruptcy with respect to the Trust, (iv) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Trust or a substantial part of its property, (v) make any assignment for
the benefit of the Trust’s creditors; (vi) admit in writing its inability to pay its debts generally as they become due; (vii) declare or effect a moratorium on its debt; or (viii) take any action in furtherance of any of the
foregoing (any of the above foregoing 

  
 14 

 
actions, a “Bankruptcy Action”). In considering whether to give or withhold written consent to a Bankruptcy Action by the Trust, the Owner Trustee, with the consent of the
Certificateholder (hereby given, which consent the Certificateholder believes to be in the best interests of the Certificateholder and the Trust), shall consider the interest of the Noteholders in addition to the interests of the Trust and whether
the Trust is insolvent; provided, however, that the Owner Trustee shall not be deemed to owe any fiduciary duty to the Noteholders. The Owner Trustee shall have no duty to give such written consent to a Bankruptcy Action by the Trust
if the Owner Trustee shall not have been furnished (at the expense of the Trust or the Person that requested that such letter be furnished to the Owner Trustee) with a letter from an independent accounting firm of national reputation stating that in
the opinion of such firm the Trust is then insolvent. The Owner Trustee (as such and in its individual capacity) shall not be personally liable to any Person on account of the Owner Trustee’s good faith reliance on the provisions of this
Section or in connection with the Owner Trustee’s giving prior written consent to a Bankruptcy Action by the Trust in accordance herewith, or withholding such consent, in good faith, and neither the Trust nor the Certificateholder shall have
any claim for breach of fiduciary duty or otherwise against the Owner Trustee (as such and in its individual capacity) for giving or withholding its consent to any such Bankruptcy Action. 

(b) The parties hereto stipulate and agree that the Certificateholder has no power to commence any Bankruptcy Action on the part of the Trust
or to direct the Owner Trustee to take any Bankruptcy Action on the part of the Trust except as provided in Sections 4.5(a) and 10.12. To the extent permitted by applicable law, the consent of the Indenture Trustee shall be obtained prior to taking
any Bankruptcy Action by the Trust. 
 (c) The provisions of this Section do not constitute an acknowledgement or admission by the Trust,
the Owner Trustee, the Certificateholder or any creditor of the Trust that the Trust is eligible to be a debtor, under the United States Bankruptcy Code, 11 U.S.C. §§ 101 et seq., as amended. 

SECTION 4.6. Covenants and Restrictions on Conduct of Business. 

(a) The Trust agrees to abide by the following restrictions: 

(i) other than as contemplated by the Basic Documents and related documentation, the Trust shall not incur any indebtedness;

 (ii) other than as contemplated by the Basic Documents and related documentation, the Trust shall not engage in any
dissolution, liquidation, consolidation, merger or sale of assets; 
 (iii) other than as contemplated by the Basic Documents
and related documentation the Trust shall not engage in any business activity in which it is not currently engaged; and 

(iv) other than as contemplated by the Basic Documents and related documentation the Trust shall not form, or cause to be
formed, any subsidiaries and shall not own or acquire any asset. 

  
 15 

 (b) The Trust shall: 

(i) maintain books and records separate from any other person or entity; 

(ii) maintain its office and bank accounts separate from any other person or entity; 

(iii) not commingle its assets with those of any other person or entity; 

(iv) conduct its own business in its own name and use stationery or other business forms under its own name and not that of the
Certificateholder or any Affiliate; 
 (v) other than as contemplated by the Basic Documents and related documentation, pay
its own liabilities and expenses only out of its own funds; 
 (vi) observe all formalities required under the Statutory
Trust Statute; 
 (vii) not guarantee or become obligated for the debts of any other person or entity; 

(viii) not hold out its credit as being available to satisfy the obligation of any other person or entity; 

(ix) not acquire the obligations or securities of the Certificateholder or its Affiliates; 

(x) other than as contemplated by the Basic Documents and related documentation, not make loans to any other person or entity
or buy or hold evidence of indebtedness issued by any other person or entity; 
 (xi) other than as contemplated by the Basic
Documents and related documentation, not pledge its assets for the benefit of any other person or entity; 
 (xii) hold
itself out as a separate entity from the Certificateholder and not conduct any business in the name of the Certificateholder; 

(xiii) correct any known misunderstanding regarding its separate identity; 

(xiv) not identify itself as a division (other than for tax reporting purposes) of any other person or entity; and 

(xv) except as required or specifically provided in the Trust Agreement, the Trust will conduct business with the
Certificateholder or any Affiliate thereof on an arm’s length basis. 
 (c) So long as the Notes or any other amounts owed under the
Indenture remain outstanding, the Trust shall not amend this Section 4.6 unless the Rating Agency Condition has been satisfied. 

  
 16 

 (d) For the avoidance of doubt, the Owner Trustee shall not cause the Trust to engage in any
activity in contravention of the foregoing. The Owner Trustee shall have no obligation to monitor the performance or compliance of the Trust with the foregoing requirements and restrictions. 

ARTICLE V. 
 Authority and
Duties of Owner Trustee 
 SECTION 5.1. General Authority. 

(a) The Owner Trustee is authorized and directed to execute and deliver the Basic Documents to which the Trust is named as a party, each
certificate or other document attached as an exhibit to or contemplated by the Basic Documents to which the Trust is named as a party and any amendment thereto and on behalf of the Trust, each state business license (and any renewal thereof)
prepared by the Certificateholder or Servicer, including a Sales Finance Company Application (and any renewal thereof) with the Pennsylvania Department of Banking and Securities, Licensing Division, and a Financial Regulation Application (and any
renewal thereof) with the Maryland Department of Labor, Licensing and Regulation, in each case, in such form as the Depositor shall approve as evidenced conclusively by the Owner Trustee’s execution thereof, and on behalf of the Trust, to
direct the Indenture Trustee to authenticate and deliver the Class A-1 Notes in the aggregate principal amount of $        , the Class A-2[-A] Notes in the aggregate principal amount of
$        , [the Class A-2-B Notes in the aggregate principal amount of $        ,] the Class A-3 Notes in the aggregate principal amount of
$        , the Class B Notes in the aggregate principal amount of $        , the Class C Notes in the aggregate principal amount of
$        [,]/[and] the Class D Notes in the aggregate principal amount of $        [and the Class E Notes in the aggregate principal amount of
$        ]. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Trust pursuant to the Basic Documents. The Owner Trustee is
further authorized from time to time to take such action as the Certificateholder recommends with respect to the Basic Documents so long as such activities are consistent with the terms of the Basic Documents. 

(b) The Owner Trustee shall sign on behalf of the Trust any applicable tax returns of the Trust, unless applicable law requires the
Certificateholder to sign such documents. 
 SECTION 5.2. General Duties. 

It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all of its responsibilities pursuant to the terms of this
Agreement and the Sale and Servicing Agreement and to administer the Trust in the interest of the Holder, subject to the Basic Documents and in accordance with the provisions of this Agreement. Notwithstanding the foregoing, the Owner Trustee shall
be deemed to have discharged its duties and responsibilities hereunder and under the Basic Documents to the extent the Servicer has agreed in the Sale and Servicing Agreement to perform any act or to discharge any duty of the Trust or the Owner
Trustee hereunder or under any Basic Document, and the Owner Trustee shall not be liable for the default or failure of the Servicer to carry out its obligations under the Sale and Servicing Agreement. 

  
 17 

 SECTION 5.3. Action upon Instruction. 

(a) Subject to Article IV, the Certificateholder shall have the exclusive right to direct the actions of the Owner Trustee in the management of
the Trust, so long as such instructions are not inconsistent with the express terms set forth herein or in any Basic Document. The Certificateholder shall not instruct the Owner Trustee in a manner inconsistent with this Agreement or the Basic
Documents. 
 (b) The Owner Trustee shall not be required to take any action hereunder or under any Basic Document if the Owner Trustee
shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner Trustee or is contrary to the terms hereof or of any Basic Document or is otherwise contrary to law.

 (c) Whenever the Owner Trustee is unable to decide between alternative courses of action permitted or required by the terms of this
Agreement or any Basic Document, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Certificateholder requesting instruction as to the course of action to be adopted, and to the extent
the Owner Trustee acts in good faith in accordance with any written instruction of the Certificateholder received, the Owner Trustee shall not be liable on account of such action to any Person. If the Owner Trustee shall not have received
appropriate instruction within ten (10) days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain
from taking such action, not inconsistent with this Agreement or the Basic Documents, as it shall deem to be in the best interests of the Certificateholder, and shall have no liability to any Person for such action or inaction. 

(d) In the event that the Owner Trustee is unsure as to the application of any provision of this Agreement or any Basic Document or any such
provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course
of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee may give notice (in such form as shall be appropriate under the circumstances) to the Certificateholder requesting instruction and, to
the extent that the Owner Trustee acts or refrains from acting in good faith in accordance with any such instruction received, the Owner Trustee shall not be liable, on account of such action or inaction, to any Person. If the Owner Trustee shall
not have received appropriate instruction within ten (10) days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty
to, take or refrain from taking such action, not inconsistent with this Agreement or the Basic Documents, as it shall deem to be in the best interests of the Certificateholder, and shall have no liability to any Person for such action or inaction.

  
 18 

 SECTION 5.4. No Duties Except as Specified in this Agreement or in Instructions. 

The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of, or
otherwise deal with the Owner Trust Estate, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Owner Trustee is a party, except as expressly provided by the terms of
this Agreement or in any document or written instruction received by the Owner Trustee pursuant to Section 5.3; and no implied duties or obligations shall be read into this Agreement or any Basic Document against the Owner Trustee. The Owner
Trustee shall have no responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to it hereunder or to prepare or
file any Commission filing (including any filings required pursuant to the Sarbanes-Oxley Act of 2002 or any rule or regulation promulgated thereunder) for the Trust or to record this Agreement or any Basic Document. The Owner Trustee nevertheless
agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any Liens on any part of the Owner Trust Estate that result from actions by, or claims against, the Owner Trustee (solely in its individual
capacity) and that are not related to the ownership or the administration of the Owner Trust Estate. 
 SECTION 5.5. No Action Except
under Specified Documents or Instructions. 
 The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal with
any part of the Owner Trust Estate except (i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (ii) in accordance with the Basic Documents and (iii) in accordance
with any document or instruction delivered to the Owner Trustee pursuant to Section 5.3. 
 SECTION 5.6. Restrictions. 

The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.3 or
(b) that, to the actual knowledge of the Owner Trustee, would result in the Trust’s becoming taxable as a corporation for federal income tax purposes. The Certificateholder shall not direct the Owner Trustee to take action that would
violate the provisions of this Section. 
 SECTION 5.7. Covenants for Reporting of Repurchase Demands due to Breaches of Representations
and Warranties. 
 (a) The Owner Trustee will (i) in accordance with its obligations pursuant to Section 3.2 of the Sale and
Servicing Agreement, provide prompt written notice upon the discovery of any breach of the Seller’s representations and warranties, (ii) no later than five (5) Business Days after the end of each calendar quarter, provide to the
Servicer, Exeter and the Seller, a notice in substantially the form of Exhibit C, or any other form agreed upon between the Owner Trustee and the Seller, which shall be deemed acceptable to the Seller unless the Seller notifies the Owner Trustee
within five (5) Business Days of its receipt thereof, with respect to 

  
 19 

 
any requests (in writing or orally) for the repurchase of any Receivable pursuant to Section 5.1 of the Purchase Agreement or Section 3.2 of the Sale and Servicing Agreement received by
a Responsible Officer of the Owner Trustee during the immediately preceding calendar quarter (or, in the case of the initial notice, since the Closing Date) and (iii) promptly upon reasonable written request by the Servicer, Exeter or the
Seller, provide to them any other information reasonably requested in good faith that is in actual possession of the Owner Trustee and necessary to facilitate compliance by them with Rule 15Ga-1 under the Exchange Act, and Items 1104(e) and 1121(c)
of Regulation AB. 
 (b) In no event will the Owner Trustee or the Issuer have any responsibility or liability in connection with
(i) the compliance by the Servicer, Exeter, the Seller or any other Person with the Exchange Act or Regulation AB or (ii) any filing required to be made by a securitizer under the Exchange Act or Regulation AB. The Owner Trustee will not
have a duty to conduct any affirmative investigation as to the occurrence of any conditions requiring the repurchase of any Receivable pursuant to Section 5.1 of the Purchase Agreement or Section 3.2 of the Sale and Servicing Agreement.

 ARTICLE VI. 
 Concerning
the Owner Trustee 
 SECTION 6.1. Acceptance of Trusts and Duties. 

The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts but only upon the
terms of this Agreement. The Owner Trustee also agrees to disburse all moneys actually received by it constituting part of the Owner Trust Estate upon the terms of the Basic Documents and this Agreement. The Owner Trustee shall not be answerable or
accountable hereunder or under any Basic Document under any circumstances, except (i) for its own willful misconduct, bad faith or gross negligence, (ii) in the case of the inaccuracy of any representation or warranty contained in
Section 6.3 expressly made by the Owner Trustee, (iii) for liabilities arising from the failure of the Owner Trustee to perform obligations expressly undertaken by it in the last sentence of Section 5.4 hereof, (iv) for any
investments issued by the Owner Trustee or any branch or affiliate thereof in its commercial capacity or (v) for taxes, fees or other charges on, based on or measured by, any fees, commissions or compensation received by the Owner Trustee. In
particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence): 
 (a) the Owner Trustee shall
not be liable for any error of judgment made by a Responsible Officer of the Owner Trustee (except in the case of willful misconduct, bad faith or gross negligence); 

(b) the Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the instructions of
the Servicer or the Certificateholder; 
 (c) no provision of this Agreement or any Basic Document shall require the Owner Trustee to expend
or risk funds or otherwise incur any financial liability in the 

  
 20 

 
performance of any of its rights or powers hereunder or under any Basic Document if the Owner Trustee shall have reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured or provided to it; 
 (d) under no circumstances shall the Owner Trustee
be liable for indebtedness evidenced by or arising under any of the Basic Documents, including the principal of and interest on the Notes; 

(e) the Owner Trustee shall not be responsible for or in respect of the validity or sufficiency of this Agreement or for the due execution
hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the Owner Trust Estate or for or in respect of the validity or sufficiency of the Basic Documents, other than the certificate of authentication
on the Certificate, and the Owner Trustee shall in no event assume or incur any liability, duty or obligation to the Indenture Trustee, any Noteholder or the Certificateholder, other than as expressly provided for herein and in the Basic Documents;

 (f) the Owner Trustee shall not be liable for the default or misconduct of the Indenture Trustee or the Servicer under any of the Basic
Documents or otherwise and the Owner Trustee shall have no obligation or liability to perform the obligations under this Agreement or the Basic Documents that are required to be performed by the Indenture Trustee under the Indenture or the Sale and
Servicing Agreement or by the Servicer under the Sale and Servicing Agreement; and 
 (g) the Owner Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any Basic Document, at the request, order or direction of
the Certificateholder, unless the Certificateholder has offered to the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby. The right of the
Owner Trustee to perform any discretionary act enumerated in this Agreement or in any Basic Document shall not be construed as a duty, and the Owner Trustee shall not be answerable for other than its gross negligence, bad faith or willful misconduct
in the performance of any such act. 
 SECTION 6.2. Furnishing of Documents. 

The Owner Trustee shall furnish to the Certificateholder promptly upon receipt of a written request therefor, duplicates or copies of all
reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Basic Documents. 

  
 21 

 SECTION 6.3. Representations and Warranties. 

The Owner Trustee hereby represents and warrants to the Depositor and the Holder, that: 

(a) It is a Delaware corporation with trust powers, duly organized and validly existing in good standing under the laws of the State of
Delaware. It has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement. 
 (b) It
has taken all corporate action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its
behalf. 
 (c) Neither the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated
hereby nor compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware state law, governmental rule or regulation governing the banking or trust powers of the Owner Trustee or any judgment or order binding on
it, or constitute any default under its charter documents or by-laws or any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be bound. 

(d) The Agreement has been, or, when executed and delivered will have been, duly authorized, validly executed and delivered by the Owner
Trustee and constitutes, a valid and binding agreement of the Owner Trustee, enforceable against the Owner Trustee in accordance with its terms, except to the extent that enforceability may (A) be subject to insolvency, reorganization,
moratorium, or other similar laws, regulations or procedures of general applicability now or hereinafter in effect relating to or affecting creditor’s rights generally and (B) be limited by general principles of equity (whether considered
in a proceeding at law or in equity). 
 (e) There are no proceedings or investigations pending or, to the actual knowledge of a Responsible
Officer of the Owner Trustee, threatened, before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Owner Trustee or its properties (a) asserting the invalidity of this Agreement
or (b) seeking any determination or ruling that might materially and adversely affect the performance by the Owner Trustee of its obligations under, or the validity or enforceability of, this Agreement or any other Basic Document. 

SECTION 6.4. Reliance; Advice of Counsel. 

(a) The Owner Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order,
certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee may accept a certified copy of a resolution of the board of directors or
other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter, the method of the determination of which is not
specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer, secretary or other authorized officers of the relevant party, as to such fact or
matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 

  
 22 

 (b) In the exercise or administration of the trusts hereunder and in the performance of its
duties and obligations under this Agreement or the Basic Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, and the Owner Trustee shall not be liable for
the conduct or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Owner Trustee with reasonable care, and (ii) may consult with counsel, accountants and other skilled Persons to be selected with
reasonable care and employed by it. The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the written opinion or advice of any such counsel, accountants or other such Persons and
according to such opinion not contrary to this Agreement or any Basic Document. 
 SECTION 6.5. Not Acting in Individual Capacity.

 Except as provided in this Article VI, in accepting the trust hereby created [Owner Trustee] acts solely as Owner Trustee hereunder and
not in its individual capacity and all Persons having any claim against the Owner Trustee by reason of the transactions contemplated by this Agreement or any Basic Document shall look only to the Owner Trust Estate for payment or satisfaction
thereof. 
 SECTION 6.6. Owner Trustee Not Liable for Certificate or Receivables. 

The recitals contained herein and in the Certificate (other than the signature and countersignature of the Owner Trustee on the Certificate)
shall be taken as the statements of the Depositor and the Owner Trustee assumes no responsibility for the correctness thereof. The Owner Trustee makes no representations as to the validity or sufficiency of this Agreement, of any Basic Document or
of the Certificate (other than the signature and countersignature of the Owner Trustee on the Certificate) or the Notes, or of any Receivable or related documents. The Owner Trustee shall at no time have any responsibility or liability for or with
respect to the legality, validity and enforceability of any Receivable, or the perfection and priority of any security interest created by any Receivable in any Financed Vehicle or the maintenance of any such perfection and priority, or for or with
respect to the sufficiency of the Owner Trust Estate or its ability to generate the payments to be distributed to the Certificateholder under this Agreement or the Noteholders under the Indenture, including, without limitation: the existence,
condition and ownership of any Financed Vehicle; the existence and enforceability of any insurance thereon; the existence and contents of any Receivable on any computer or other record thereof; the validity of the assignment of any Receivable to the
Trust or of any intervening assignment; the completeness of any Receivable; the performance or enforcement of any Receivable; the compliance by the Depositor, the Servicer or any other Person with any warranty or representation made under any Basic
Document or in any related document or the accuracy of any such warranty or representation or any action of the Indenture Trustee or the Servicer or any subservicer taken in the name of the Owner Trustee. 

SECTION 6.7. Owner Trustee May Own Notes. 

The Owner Trustee in its individual or any other capacity may become the owner or pledgee of the Notes and may deal with the Depositor, the
Indenture Trustee and the Servicer in banking transactions with the same rights as it would have if it were not Owner Trustee. 

  
 23 

 SECTION 6.8. Payments from Owner Trust Estate. 

All payments to be made by the Owner Trustee under this Agreement or any of the Basic Documents to which the Trust or the Owner Trustee is a
party shall be made only from the income and proceeds of the Owner Trust Estate and only to the extent that the Owner Trustee shall have received income or proceeds from the Owner Trust Estate to make such payments in accordance with the terms
hereof. [Owner Trustee] or any successor thereto, in its individual capacity, shall not be liable for any amounts payable under this Agreement or any of the Basic Documents to which the Trust or the Owner Trustee is a party. 

SECTION 6.9. Doing Business in Other Jurisdictions. 

Notwithstanding anything contained herein to the contrary, neither [Owner Trustee] or any successor thereto, nor the Owner Trustee shall be
required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will, even after the appointment of a co-trustee or separate trustee in accordance with Section 9.5 hereof, (i) require the
consent or approval or authorization or order of or the giving of notice to, or the registration with or the taking of any other action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of
Delaware; (ii) result in any fee, tax or other governmental charge under the laws of the State of Delaware becoming payable by [Owner Trustee] (or any successor thereto); or (iii) subject [Owner Trustee] (or any successor thereto) to
personal jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the consummation of the transactions by [Owner Trustee] (or any successor thereto) or the Owner Trustee, as the case may
be, contemplated hereby. 
 SECTION 6.10. FATCA Information. 

Each Certificateholder or Holder, by acceptance of such Certificate or such interest therein, agrees to provide to the Owner Trustee, upon its
reasonable request, the FATCA Information to the extent such Certificateholder or Holder is legally entitled to do so. In addition, each Certificateholder or Holder, by acceptance of such Certificate or such interest therein, agrees that the Owner
Trustee has the right to withhold or deduct (and to promptly pay over, in full, to the relevant taxing authority) any amounts properly withheld or deducted under law (and without any corresponding gross-up) payable to a Certificateholder or Holder
that fails to comply with the requirements of the preceding sentence. 
 ARTICLE VII. 

Compensation of Owner Trustee 

SECTION 7.1. Owner Trustee’s Fees and Expenses. The Owner Trustee shall receive as compensation for its services hereunder such
fees as have been separately agreed upon before the date hereof between Exeter and the Owner Trustee, and the Owner Trustee shall be entitled to be reimbursed by the Depositor for its other reasonable expenses hereunder, including the reasonable
compensation, expenses and disbursements of such agents, representatives, experts and counsel as the Owner Trustee may employ in connection with the exercise and performance of its rights and its duties hereunder and under the Basic Documents.
Exeter Finance Corp. shall be jointly and severally liable for the fees and expenses owing to the Owner Trustee under this Section 7.1. 

  
 24 

 SECTION 7.2. Indemnification. 

The Depositor shall be liable as primary obligor for, and shall indemnify the Owner Trustee and its officers, directors, successors, assigns,
agents and servants (collectively, the “Indemnified Parties”) from and against, any and all liabilities, obligations, losses, damages, taxes, claims, actions and suits, and any and all reasonable costs, expenses and disbursements
(including reasonable legal fees and expenses, including legal fees and expenses in connection with enforcement of its indemnification rights hereunder) of any kind and nature whatsoever (collectively, “Expenses”) which may at any
time be imposed on, incurred by, or asserted against the Owner Trustee or any Indemnified Party in any way relating to or arising out of this Agreement, the Basic Documents, the Owner Trust Estate, the administration of the Owner Trust Estate or the
action or inaction of the Owner Trustee hereunder, except only that the Depositor shall not be liable for or required to indemnify the Owner Trustee from and against Expenses arising or resulting from any of the matters described in the third
sentence of Section 6.1. The indemnities contained in this Section and the rights under Section 7.1 shall survive the resignation or termination of the Owner Trustee or the termination of this Agreement. In any event of any claim, action
or proceeding for which indemnity will be sought pursuant to this Section, the Owner Trustee’s choice of legal counsel shall be subject to the approval of the Depositor which approval shall not be unreasonably withheld. Exeter Finance Corp.
shall be jointly and severally liable for the indemnification duties and obligations of the Depositor which are described in this Section 7.2. 

SECTION 7.3. Payments to the Owner Trustee. 

Any amounts paid to the Owner Trustee pursuant to this Article VII shall be deemed not to be a part of the Owner Trust Estate immediately after
such payment. 
 SECTION 7.4. Non-recourse Obligations. 

Notwithstanding anything in this Agreement or any Basic Document, the Owner Trustee agrees in its individual capacity and in its capacity as
Owner Trustee for the Trust that all obligations of the Trust to the Owner Trustee individually or as Owner Trustee for the Trust shall be with recourse to the Owner Trust Estate only and specifically shall be without recourse to the assets of the
Holder. 
 ARTICLE VIII. 

Termination of Trust Agreement 

SECTION 8.1. Termination of Trust Agreement. 

(a) The Trust shall dissolve and the Seller and the Servicer shall wind up the affairs of the Trust in accordance with Section 3808 of the
Statutory Trust Statute upon the maturity or other liquidation of the last Receivable (including the purchase by the Servicer at its option or by the Seller at its option of the corpus of the Trust as described in Section 10.1 of the

  
 25 

 
Sale and Servicing Agreement) and the subsequent distribution of amounts in respect of such Receivables as provided in the Basic Documents; provided, however, that the rights to indemnification
under Section 7.2 and the rights under Section 7.1 shall survive the dissolution of the Trust. The Seller or the Servicer shall promptly notify the Owner Trustee of any prospective dissolution pursuant to this Section. The bankruptcy,
liquidation, dissolution, death or incapacity of the Certificateholder, shall not (x) operate to terminate this Agreement or the Trust, nor (y) entitle the Certificateholder’s legal representatives or heirs to claim an accounting or
to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or Owner Trust Estate nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto. 

(b) Neither the Depositor nor the Certificateholder shall be entitled to revoke or terminate the Trust. 

(c) Notice of any termination of the Trust, specifying the Distribution Date upon which the Certificateholder shall surrender the Certificate
to the Owner Trustee for payment of the final distribution by the Certificate Paying Agent and cancellation, shall be given by the Servicer on behalf of the Owner Trustee by letter to the Certificateholder (with a copy to the Owner Trustee) mailed
within five Business Days of receipt of notice of such termination from the Servicer given pursuant to Section 10.1(c) of the Sale and Servicing Agreement, stating (i) the Distribution Date upon or with respect to which final payment of
the Certificate shall be made upon presentation and surrender of the Certificate at the office of the Owner Trustee therein designated, (ii) the amount of any such final payment, (iii) that the Record Date otherwise applicable to such
Distribution Date is not applicable, payments being made only upon presentation and surrender of the Certificate at the office of the Owner Trustee therein specified and (iv) interest will cease to accrue on the Certificate. The Servicer on
behalf of the Owner Trustee shall give such notice to the Indenture Trustee at the time such notice is given to the Certificateholder. Upon presentation and surrender of the Certificate, the Certificate Paying Agent shall cause to be distributed to
the Certificateholder amounts distributable on such Distribution Date pursuant to Section 5.7 of the Sale and Servicing Agreement. 

In the event that the Certificateholder shall not surrender the Certificate for cancellation within six months after the date specified in the
above mentioned written notice, the Servicer on behalf of the Owner Trustee shall give a second written notice to the Certificateholder to surrender the Certificate for cancellation and receive the final distribution with respect thereto. If within
one year after the second notice the Certificate shall not have been surrendered for cancellation, the Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the Certificateholder concerning surrender
of its Certificate, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Agreement. Any funds remaining in the Trust after exhaustion of such remedies shall be distributed, subject to applicable
escheat laws, by the Owner Trustee to the Holder. 
 (d) Upon the completion of the winding up of the Trust in accordance with
Section 3808 of the Statutory Trust Statute, this Agreement shall terminate and be of no further force or effect except as expressly set forth herein and the Owner Trustee shall upon written direction of the Seller that the Trust has be wound
up and direction to file, cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Statute. 

  
 26 

 ARTICLE IX. 

Successor Owner Trustees and Additional Owner Trustees 

SECTION 9.1. Eligibility Requirements for Owner Trustee. 

The Owner Trustee shall at all times be a Person (i) satisfying the provisions of Section 3807(a) of the Statutory Trust Statute;
(ii) authorized to exercise corporate trust powers; and (iii) having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities. If such Person shall publish reports of
condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such Person shall be deemed to be its combined capital
and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the
manner and with the effect specified in Section 9.2. 
 SECTION 9.2. Resignation or Removal of Owner Trustee. 

The Owner Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor and
the Servicer. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee and one copy
to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Owner Trustee or the Certificateholder may petition
any court of competent jurisdiction for the appointment of a successor Owner Trustee. 
 If at any time the Owner Trustee shall
(i) cease to be eligible in accordance with the provisions of Section 9.1 and shall fail to resign after written request therefor by the Depositor, (ii) be legally unable to act, or shall be adjudged bankrupt or insolvent, or a
receiver of the Owner Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or
(iii) be removed as Certificate Paying Agent pursuant to Section 3.10 hereof, then the Depositor may remove the Owner Trustee by sending written notice of such removal to the Owner Trustee. If the Depositor shall remove the Owner Trustee
under the authority of the immediately preceding sentence, the Depositor shall promptly (x) appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Owner Trustee so
removed and one copy to the successor Owner Trustee, and (y) pay all fees owed to the outgoing Owner Trustee. 
 Any resignation or
removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this Section shall not become effective until 

  
 27 

 
acceptance of appointment by the successor Owner Trustee pursuant to Section 9.3 and payment of all fees and expenses owed to the outgoing Owner Trustee. The Depositor shall provide notice
of such resignation or removal of the Owner Trustee to each of the Rating Agencies. 
 SECTION 9.3. Successor Owner Trustee. 

Any successor Owner Trustee appointed pursuant to Section 9.2 shall execute, acknowledge and deliver to the Depositor, the Servicer and to
its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become effective and such successor Owner Trustee, without any further act,
deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee. The predecessor Owner Trustee shall upon payment of
its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement; and the Depositor and the predecessor Owner Trustee shall execute and deliver such instruments and do such other
things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations. 

No successor Owner Trustee shall accept appointment as provided in this Section unless at the time of such acceptance such successor Owner
Trustee shall be eligible pursuant to Section 9.1. 
 Upon acceptance of appointment by a successor Owner Trustee pursuant to this
Section, the Servicer shall mail notice of the successor of such Owner Trustee to the Certificateholder, the Indenture Trustee, the Noteholders and the Rating Agencies. If the Servicer shall fail to mail such notice within ten (10) days after
acceptance of appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Servicer. 

SECTION 9.4. Merger or Consolidation of Owner Trustee. 

Any Person into which the Owner Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any
merger, conversion or consolidation to which the Owner Trustee shall be a party, or any Person succeeding to all or substantially all of the corporate trust business of the Owner Trustee, shall be the successor of the Owner Trustee hereunder,
provided such Person shall be eligible pursuant to Section 9.1, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided,
further, that the Owner Trustee shall mail notice of such merger or consolidation or succession to the Depositor (who shall notify the Rating Agencies). 

SECTION 9.5. Appointment of Co-Trustee or Separate Trustee. 

Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in
which any part of the Owner Trust Estate or any Financed Vehicle may at the time be located, the Servicer and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to

  
 28 

 
appoint one or more Persons approved by the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or separate trustee or separate trustees, of all or any part of the Owner Trust
Estate, and to vest in such Person, in such capacity, such title to the Trust, or any part thereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Servicer and the Owner Trustee may
consider necessary or desirable. If the Servicer shall not have joined in such appointment within 15 days after the receipt by it of a request to do so, the Owner Trustee shall have the power to make such appointment. No co-trustee or separate
trustee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to Section 9.1 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to
Section 9.3. 
 Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the
following provisions and conditions: 
 (i) all rights, powers, duties and obligations conferred or imposed upon the Owner
Trustee shall be conferred upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Owner
Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such
rights, powers, duties and obligations (including the holding of title to the Trust or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the
Owner Trustee; 
 (ii) no trustee under this Agreement shall be personally liable by reason of any act or omission of any
other trustee under this Agreement; and 
 (iii) the Servicer and the Owner Trustee acting jointly may at any time accept the
resignation of or remove any separate trustee or co-trustee. 
 Any notice, request or other writing given to the Owner Trustee shall be
deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this
Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or separately, as may be
provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee. Each such instrument
shall be filed with the Owner Trustee and a copy thereof given to the Servicer. 
 Any separate trustee or co-trustee may at any time
appoint the Owner Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or
co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new
or successor trustee. 

  
 29 

 ARTICLE X. 

Miscellaneous 
 SECTION
10.1. Supplements and Amendments. 
 (a) This Agreement may be amended by the Depositor and the Owner Trustee, [with the prior written
consent of the Hedge Provider (unless such amendment could not reasonably be expected to have a material adverse effect on the Hedge Provider)] and with prior written notice by the Depositor to the Rating Agencies, without the consent of the
Indenture Trustee, any of the Noteholders or the Certificateholder, (i) to cure any ambiguity or defect or (ii) to correct, supplement or modify any provisions in this Agreement; provided, however, that such action shall not,
as evidenced by an Opinion of Counsel delivered to the Owner Trustee which may be based upon a certificate of the Servicer, adversely affect in any material respect the interests of any Noteholder or Certificateholder. 

(b) This Agreement may also be amended from time to time[, with the prior written consent of the Hedge Provider (unless, such amendment could
not reasonably be expected to have a material adverse effect on the Hedge Provider)] by the Depositor and the Owner Trustee, with prior written notice by the Depositor to the Rating Agencies, without the consent of the Indenture Trustee, and to the
extent such amendment materially and adversely affects the interests of the Noteholders, with the consent of the Noteholders evidencing not less than a majority of the Outstanding Amount of the Notes, and the consent of the Certificateholder (which
consent of any Holder of the Certificate or a Note given pursuant to this Section or pursuant to any other provision of this Agreement shall be conclusive and binding on such Holder) for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholder; provided, however, that no such amendment shall (a) 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 Noteholders or the Certificateholder or (b) reduce the aforesaid
percentage of the Outstanding Amount of the Notes and the balance of Certificate required to consent to any such amendment, without the consent of the Holders of all the outstanding Notes and the Certificateholder. 

Promptly after the execution of any such amendment or consent, the Owner Trustee shall furnish written notification of the substance of such
amendment or consent to the Certificateholder, the Indenture Trustee[, the Hedge Provider] and the Depositor (who shall send such notification to each of the Rating Agencies). 

It shall not be necessary for the consent of the Certificateholder or the Noteholders pursuant to this Section to approve the particular form
of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents (and any other consents of the Certificateholder provided for

  
 30 

 
in this Agreement or in any other Basic Document) and of evidencing the authorization of the execution thereof by the Certificateholder shall be subject to such reasonable requirements as the
Owner Trustee may prescribe. Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee shall cause the filing of such amendment with the Secretary of State. 

Prior to the execution of any amendment to this Agreement or the Certificate of Trust, the Owner Trustee shall be entitled to receive and rely
upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the execution and delivery of such amendment have been satisfied. The Owner Trustee may, but
shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s own rights, duties or immunities under this Agreement or otherwise. 

SECTION 10.2. No Legal Title to Owner Trust Estate in Certificateholder. 

The Certificateholder shall not have legal title to any part of the Owner Trust Estate. The Certificateholder shall be entitled to receive
distributions in accordance with Article VIII. No transfer, by operation of law or otherwise, of any right, title or interest of the Certificateholder to and in its ownership interest in the Owner Trust Estate shall operate to terminate this
Agreement or the trust hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Owner Trust Estate. 

SECTION 10.3. Limitations on Rights of Others. 

The provisions of this Agreement are solely for the benefit of the Owner Trustee, the Depositor, the Certificateholder, the Servicer and, to
the extent expressly provided herein, [the Hedge Provider,] the Indenture Trustee and the Noteholders, and nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or
claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 

SECTION 10.4. Notices. 

(a) Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing and shall be deemed given upon
receipt personally delivered, delivered by overnight courier or mailed first class mail or certified mail, in each case return receipt requested, and shall be deemed to have been duly given upon receipt, if to the Owner Trustee, addressed to the
Corporate Trust Office; if to the Depositor, addressed to EFCAR, LLC, [222 West Las Colinas Boulevard, Suite 1800, Irving, Texas 75039], Attention: Chief Financial Officer; or, as to each party, at such other address as shall be designated by such
party in a written notice to each other party. 
 (b) Any notice required or permitted to be given to the Certificateholder shall be given
by first-class mail, postage prepaid, at the address of the Holder. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Certificateholder receives such notice.

  
 31 

 (c) Where this Agreement provides for notice or delivery of documents to the Rating Agencies,
failure to give such notice or deliver such documents shall not affect any other rights or obligations created hereunder. 
 SECTION 10.5.
Severability. 
 Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 SECTION 10.6. Separate Counterparts. 

This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an
original, but all such counterparts shall together constitute but one and the same instrument. 
 SECTION 10.7. Assignments. 

This Agreement shall inure to the benefit of and be binding upon the parties hereto, and their respective successors and permitted assigns.

 SECTION 10.8. No Recourse. 

The Certificateholder by accepting a Certificate acknowledges that the Certificate represents a beneficial interest in the Trust only and does
not represent interests in or obligations of the Seller, the Servicer, the Owner Trustee, the Indenture Trustee, or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or
contemplated in this Agreement, the Certificate or the Basic Documents. 
 SECTION 10.9. Headings. 

The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms
or provisions hereof. 
 SECTION 10.10. GOVERNING LAW. 

THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF
LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

SECTION 10.11. WAIVER OF JURY TRIAL. 

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

  
 32 

 SECTION 10.12. Servicer. 

(a) The Servicer is authorized to prepare, or cause to be prepared, execute and deliver on behalf of the Trust [the Hedge Agreement and] all
such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Trust or Owner Trustee to prepare, file or deliver pursuant to the Basic Documents. Upon written request, the Owner Trustee shall execute and
deliver to the Servicer a limited power of attorney appointing the Servicer as the Trust’s agent and attorney-in-fact to prepare, or cause to be prepared, execute and deliver all such documents, reports, filings, instruments, certificates and
opinions. 
 (b) It shall be the Servicer’s duty and responsibility, and not the Owner Trustee’s duty or responsibility, to cause
the Trust to respond to, defend, participate in or otherwise act in connection with any regulatory, administrative, governmental, investigative or other proceeding or inquiry relating in any way to the Trust, its assets or the conduct of its
business; provided, that, the Owner Trustee hereby agrees to cooperate with the Servicer and to comply with any reasonable request made by the Servicer for the delivery of information or documents to the Servicer in the Owner Trustee’s actual
possession relating to any such regulatory, administrative, governmental, investigative or other proceeding or inquiry. 
 SECTION 10.13.
Nonpetition Covenants. 
 (a) To the fullest extent permitted by applicable law, notwithstanding any prior termination of this
Agreement, but subject to the provisions of Section 4.5, the Certificateholder shall not, prior to the date which is one year and one day after the termination of this Agreement with respect to the Trust, acquiesce, petition or otherwise invoke
or cause the Trust to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Trust under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of the Trust or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Trust. 

(b) To the fullest extent permitted by applicable law, notwithstanding any prior termination of this Agreement, but subject to the provisions
of Section 4.5, the Owner Trustee shall not, prior to the date which is one year and one day after the termination of this Agreement, with respect to the Trust, acquiesce, petition or otherwise invoke or cause the Trust to invoke the process of
any court or government authority for the purpose of commencing or sustaining an involuntary case against the Trust under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of the Trust or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Trust. 

SECTION 10.14. [Third Party Beneficiary]. 

[The Hedge Provider] shall be an express third party beneficiary of this Agreement, entitled to enforce the provisions hereof as if a party
hereto.] 

  
 33 

 SECTION 10.15. Regulation AB. The Owner Trustee acknowledges and agrees that the purpose
of this Section 10.14 is to facilitate compliance by the Trust with the provisions of Regulation AB and related rules and regulations of the Commission. The Owner Trustee acknowledges that interpretations of the requirements of Regulation AB
may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees hereby to comply with reasonable
requests made by the Servicer in good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB. The Owner Trustee shall cooperate fully with the Servicer and the Trust to deliver to the
Servicer and the Trust any and all statements, reports, certifications, records and any other information necessary in the good faith determination of the Servicer to permit the Servicer and the Trust to comply with the provisions of Regulation AB,
together with such disclosures relating to the Owner Trustee reasonably believed by the Servicer to be necessary in order to effect such compliance. 

ARTICLE XI. 
 Application of
Trust Funds; Certain Duties 
 SECTION 11.1. Establishment of Trust Accounts. 

(a) The Owner Trustee, for the benefit of the Certificateholder, shall cause the Certificate Paying Agent to establish and maintain in the name
of the Trust a distribution non-interest bearing account (the “Certificate Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholder. The
Certificate Distribution Account shall be maintained as an Eligible Deposit Account. 
 (b) The Trust shall possess all right, title and
interest in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof. Except as otherwise expressly provided herein, the Certificate Distribution Account shall be under the sole dominion and control
of the Owner Trustee for the benefit of the Certificateholder. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Certificate Paying Agent shall within ten (10) Business Days establish a new
Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash or any investments to such new Certificate Distribution Account. 

SECTION 11.2. Application of Trust Funds. 

(a) On each Distribution Date, the Owner Trustee shall cause the Certificate Paying Agent to distribute amounts deposited in the Certificate
Distribution Account pursuant to the Sale and Servicing Agreement with respect to such Distribution Date in the following order of priority: 

(i) to make payments to the Certificateholder any remaining amount deposited therein; and 

  
 34 

 (ii) to clear and terminate the Certificate Distribution Account upon the
termination of this Agreement. 
 (b) In the event that any withholding tax is imposed on the Trust’s payment (or allocations of
income) to the Certificateholder, such tax shall reduce the amount otherwise distributable to the Certificateholder in accordance with this Section. The Owner Trustee or Certificate Paying Agent is hereby authorized and directed to retain from
amounts otherwise distributable to the Certificateholder sufficient funds for the payment of any tax that is legally owed by the Trust (but such authorization shall not prevent the Owner Trustee or the Certificate Paying Agent from contesting any
such tax in appropriate proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to the Certificateholder shall be treated as cash
distributed to the Certificateholder at the time it is withheld by the Trust and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a
non-U.S. Certificateholder), the Owner Trustee or the Certificate Paying Agent may in its sole discretion withhold such amounts in accordance with this paragraph. 

(c) Any Holder of the Certificate that is organized under the laws of a jurisdiction outside the United States shall, on or prior to the date
such Holder becomes a Holder, (i) shall notify the Owner Trustee and the Certificate Paying Agent and (ii)(A) provide the Owner Trustee and the Certificate Paying Agent with Internal Revenue Service form W-8BEN, W-8BEN-E, W-8ECI or W-8EXP (or
successor forms), as appropriate, or (B) notify the Owner Trustee and the Certificate Paying Agent that it is not entitled to an exemption from United States withholding tax or a reduction in the rate thereof on payments of interest. Any such
Holder agrees by its acceptance of the Certificate, on an ongoing basis, to provide like certification for each taxable year and to notify the Owner Trustee and the Certificate Paying Agent should subsequent circumstances arise affecting the
information provided the Owner Trustee or the Certificate Paying Agent in clauses (i) and (ii) above. The Owner Trustee and the Certificate Paying Agent shall be fully protected in relying upon, and each Holder by its acceptance of the
Certificate hereunder agrees to indemnify and hold the Owner Trustee and the Certificate Paying Agent harmless against all claims or liability of any kind arising in connection with or related to the Owner Trustee’s and the Certificate Paying
Agent’s reliance upon any documents, forms or information provided by any Holder to the Owner Trustee and the Certificate Paying Agent. 

SECTION 11.3. Method of Payment. Distributions required to be made to the Certificateholder on any Distribution Date shall be made to
the Certificateholder of record on the preceding Record Date either by wire transfer, in immediately available funds, to the account of the Certificateholder at a bank or other entity having appropriate facilities therefor, if the Certificateholder
shall have provided to the Certificate Registrar and the Certificate Paying Agent appropriate written instructions at least five Business Days prior to such Distribution Date, or, if not, by check mailed to the Certificateholder at the address of
the Certificateholder appearing in the Certificate Register. 

  
 35 

 [Remainder of Page Intentionally Left Blank] 

  
 36 

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

			
	[OWNER TRUSTEE],
	 as Owner Trustee

		
	By:	 	  

		 	Name:
		 	Title:
	
	 EFCAR, LLC,
 as
Seller

		
	By:	 	  

		 	Name:
		 	Title:

  

			
	ACKNOWLEDGED AND AGREED TO:
	
	EXETER FINANCE CORP.,
	Solely with respect to Sections 7.1 and 7.2
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Amended and Restated
Trust Agreement] 

 EXHIBIT A 

NUMBER 
 R-1 

SEE REVERSE FOR CERTAIN DEFINITIONS 

THIS CERTIFICATE IS NOT TRANSFERABLE, 

EXCEPT UNDER THE LIMITED CONDITIONS 

SPECIFIED IN THE TRUST AGREEMENT 
  

 
 ASSET BACKED
CERTIFICATE 
 evidencing a beneficial ownership interest in certain distributions of the Trust, as defined below, the property of which includes a pool of
retail installment sale contracts secured by new or used automobiles, vans or light duty trucks and sold to the Trust by EFCAR, LLC. 
 (This Certificate
does not represent an interest in or obligation of EFCAR, LLC or any of its Affiliates, except to the extent described below.) 
 THIS
CERTIFIES THAT EFCAR, LLC is the registered owner of a nonassessable, fully-paid, beneficial ownership interest in certain distributions of Exeter Automobile Receivables Trust 20    -     (the
“Trust”) formed by EFCAR, LLC, a Delaware limited liability company (the “Seller”). 
 The Trust was
created pursuant to a Trust Agreement dated as of             , 20    , as amended and restated as of
            , 20     (the “Trust Agreement”), between the Seller and [Owner Trustee], as owner trustee (the “Owner
Trustee”), a summary of certain of the pertinent provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in the Trust Agreement. 

This is the duly authorized Certificate designated as “Asset Backed Certificate” (herein called the
“Certificate”). Also issued under the Indenture, dated as of             , 20    , between the Trust and [Indenture Trustee], as indenture
trustee, are [                     classes of Notes designated as “Class A-1     % Asset Backed
Notes” (the “Class A-1 Notes”), “Class A-2[-A]     % Asset Backed Notes” (the “Class A-2[-A] Notes”), [“Class A-2-B Floating Rate Asset Backed Notes”
(the ““Class A-2-B Notes”),] and “Class A-3     % Asset Backed Notes” (the “Class A-3 Notes” and together with the Class A-1 Notes, the Class A-2[-A] Notes
[the Class A-2-B Notes], the “Class A Notes”), “Class B     % Asset Backed Notes” (the “Class B Notes”), “Class C     % Asset Backed
Notes” (the “Class C Notes”), “Class D     % Asset Backed Notes” (the “Class D Notes”) and “Class E     % Asset Backed Notes” (the
“Class E Notes”) (the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes, the “Notes”). This Certificate is issued under and is subject to the terms, provisions and
conditions of the Trust Agreement, to which Trust Agreement the holder of this Certificate by virtue of the acceptance hereof assents and by which such holder is bound. The property of the Trust includes a pool of retail installment sale contracts
secured by new and used automobiles, 

  
 A-1 

 
vans or light duty trucks (the “Receivables”), all monies due thereunder on or after the [Initial] Cutoff Date, [in the case of the Initial Receivables, and the Subsequent Cutoff
Date, in the case of the Subsequent Receivables,] security interests in the vehicles financed thereby, certain bank accounts and the proceeds thereof, proceeds from claims on certain insurance policies and certain other rights under the Trust
Agreement and the Sale and Servicing Agreement, all right, title and interest of the Seller in and to the Purchase Agreement, dated as of             ,
20    , by and between Exeter Finance Corp. and the Seller and all proceeds of the foregoing. 
 The holder of
this Certificate acknowledges and agrees that its rights to receive distributions in respect of this Certificate are subordinated to the rights of the Noteholders as described in the Sale and Servicing Agreement, the Indenture and the Trust
Agreement, as applicable. 
 Distributions on this Certificate will be made as provided in the Trust Agreement or any other Basic Document
by wire transfer or check mailed to the Certificateholder without the presentation or surrender of this Certificate or the making of any notation hereon. Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final
distribution on this Certificate will be made after due notice by the Servicer on behalf of the Owner Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency maintained for
the purpose by the Owner Trustee at the Corporate Trust Office. 
 Reference is hereby made to the further provisions of this Certificate
set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Owner Trustee, by manual signature,
this Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose. 

THIS CERTIFICATE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE WITHOUT REFERENCE TO ITS CONFLICT OF
LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  
 A-2 

 IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in its individual capacity,
has caused this Certificate to be duly executed. 
  

							
		 		 	 EXETER AUTOMOBILE RECEIVABLES TRUST
20    -    

				
		 		 	By:	 	[OWNER TRUSTEE]
not in its individual capacity but
solely as Owner Trustee
				
	Dated:             , 20    	 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	

 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is the Certificate referred to in the within-mentioned Trust Agreement. 

[                    ], 

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

		 	Name:
		 	Title:

  
 A-3 

 (Reverse of Certificate) 

The Certificate does not represent an obligation of, or an interest in, the Seller, the Servicer, the Owner Trustee or any Affiliates of any
of them and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated herein or in the Trust Agreement, the Indenture or the Basic Documents. In addition, this Certificate is not guaranteed by
any governmental agency or instrumentality and is limited in right of payment to certain collections with respect to the Receivables, all as more specifically set forth herein and in the Sale and Servicing Agreement. A copy of each of the Sale and
Servicing Agreement and the Trust Agreement may be examined during normal business hours at the principal office of the Seller, and at such other places, if any, designated by the Seller, by the Certificateholder upon written request. 

The Trust Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and
obligations of the Seller under the Trust Agreement at any time by the Seller and the Owner Trustee with the consent of the Majority Noteholders and the Certificateholder. Any such consent by the Holder of this Certificate shall be conclusive and
binding on such Holder and on all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Trust
Agreement also permits the amendment thereof, in certain limited circumstances, without the consent of the Certificateholder. 
 As provided
in the Trust Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies of
the Certificate Registrar maintained by the Owner Trustee in the Corporate Trust Office, accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the holder hereof or
such holder’s attorney duly authorized in writing, and thereupon a new Certificate evidencing the same aggregate interest in the Trust will be issued to the designated transferee. The initial Certificate Registrar appointed under the Trust
Agreement is [Owner Trustee]. No service charge will be made for any such registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge
payable in connection therewith. 
 [No sale or transfer of a Certificate shall be permitted (including, without limitation, by pledge or
hypothecation), and no such sale or transfer shall be registered by the Certificate Registrar or be effective hereunder, if the sale or transfer thereof increases to more than 99 the sum of the number of Certificateholders.] 

The Owner Trustee and any agent of the Owner Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for
all purposes, and none of the Owner Trustee nor any such agent shall be affected by any notice to the contrary. 
 The obligations and
responsibilities created by the Trust Agreement and the Trust created thereby shall terminate upon the payment to the Certificateholder of all amounts required to be paid to it pursuant to the Trust Agreement and the Sale and Servicing Agreement and
the 

  
 A-4 

 
disposition of all property held as part of the Trust. The Seller or the Servicer of the Receivables may at its option purchase the corpus of the Trust at a price specified in the Sale and
Servicing Agreement, and such purchase of the Receivables and other property of the Trust will effect early retirement of the Certificate; however, such right of purchase is exercisable, subject to certain restrictions, only as of the last day of
any Collection Period as of which the Pool Balance is 10% or less of the Original Pool Balance. 
 This Certificate may not be purchased by
or transferred to any person that is, or that is acting on behalf of or investing assets of (i) an “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”)) that is subject to the fiduciary responsibility provisions of Title I of ERISA, (ii) a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the
“Code”)) that is subject to Section 4975 of the Code, (iii) any entity whose underlying assets are deemed to include assets of an employee benefit plan or a plan described in (i) or (ii) above by reason of such
employee benefit plan’s or plan’s investment in the entity, or (iv) an employee benefit plan, a plan or other similar arrangement subject to any provision of federal, state, local, non-U.S. or other laws that are substantially similar
to Section 406 of ERISA or Section 4975 of the Code (each of (i) – (iv), a “Benefit Plan Entity”). By accepting and holding this Certificate, the Holder hereof shall be deemed to have represented and warranted
that it is not a Benefit Plan Entity. 
 The recitals contained herein shall be taken as the statements of the Depositor or the Servicer, as
the case may be, and the Owner Trustee assumes no responsibility for the correctness thereof. The Owner Trustee makes no representations as to the validity or sufficiency of this Certificate or of any Receivable or related document. 

Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Owner Trustee, by manual or facsimile
signature, this Certificate shall not entitle the Holder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose. 

  
 A-5 

 ASSIGNMENT 

FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto 

PLEASE INSERT SOCIAL SECURITY 
 OR OTHER IDENTIFYING NUMBER 

OF ASSIGNEE 
  

                          
                                         
                                         
                                         
                                         
           
 (Please print or type name and address, including postal zip code, of assignee) 

 

                          
                                         
                                         
                                         
                                         
           
 the within Certificate, and all rights thereunder, hereby irrevocably constituting and
appointing 

                          
                                   Attorney to transfer said Certificate on
the books of the Certificate Registrar, with full power of substitution in the premises. 
  

					
	Dated:                    	 	  
	 	*
		 	Signature	 	
			
	Guaranteed:	 	  
	 	*

  
  

	*	NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Certificate in every particular, without alteration, enlargement or any change
whatever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Certificate Registrar, which requirements include membership or participation in STAMP or such other “signature
guarantee program” as may be determined by the Certificate Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 A-6 

 EXHIBIT B 

FORM OF 
 CERTIFICATE OF
TRUST 
 OF 

EXETER AUTOMOBILE RECEIVABLES TRUST 20    -     

THIS Certificate of Trust of EXETER AUTOMOBILE RECEIVABLES TRUST 20    -     (the
“Trust”) is being duly executed and filed on behalf of the Trust by the undersigned, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.) (the
“Act”). 
 1. Name. The name of the statutory trust formed by this Certificate of Trust is “Exeter
Automobile Receivables Trust 20    -    .” 
 2. Delaware Trustee. The name and
business address of the trustee of the Trust in the State of Delaware is [Owner Trustee], [Address]. 
 3. Effective Date. This
Certificate of Trust shall be effective upon filing. 
 IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of Trust in
accordance with Section 3811(a)(1) of the Act. 
  

			
	[OWNER TRUSTEE], not in its
	individual capacity but solely as trustee of the Trust
		
	By:	 	  

		 	Name:
		 	Title:

  
 B-1 

 EXHIBIT C 

Form of 
 Notice of
Repurchase Request 
 [            ],
20[    ] 
 Exeter Finance Corp., 

    as Servicer 
 [222 West Las Colinas
Boulevard 
 Irving, Texas 75039 
 Attention: Chief Financial
Officer] 
 EFCAR, LLC, 
     as Seller

 [222 West Las Colinas Boulevard 
 Irving, Texas 75039 

Attention: Chief Financial Officer] 
  

	 	Re:	Exeter Automobile Receivables Trust 20    -    (the “Issuer”) 

Notice of Requests to Repurchase Receivables 

Reference is hereby made to the Amended and Restated Trust Agreement of the Issuer, dated as of
            , 20     (the “Trust Agreement”), between EFCAR, LLC, a Delaware limited liability company, as depositor (the
“Seller”), and [Owner Trustee], a Delaware trust company, as owner trustee (in such capacity, the “Owner Trustee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Trust
Agreement. This Notice is being delivered pursuant to Section 5.7 of the Trust Agreement. 
 [During the period from and including
[            ], 20[    ] to but excluding [            ], 20[    ], the Owner Trustee
received no requests requesting that Receivables be repurchased.] 
 [During the period from and including
[            ], 20[    ] to but excluding [            ], 20[    ], the Owner Trustee
received one or more requests requesting that Receivables be repurchased. Copies of such requests received in writing are attached, and details of any such requests received orally are set forth below: 

 

					
	 Date of Request
	 	 Number of Receivables

Subject to Request
	 	 Aggregate Principal Balance of

Receivables Subject to Request

		 		 	
		 		 	
		 		 	

 [Remainder of Page Intentionally Left Blank] 

  
 C-1 

 
			
	Yours truly,
	
	[                                    
    ],
		 	not in its individual capacity but solely as Owner Trustee of the Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 C-2EX-4.5

 EXHIBIT 4.5 

SALE AND SERVICING 
 AGREEMENT 

among 
 EXETER AUTOMOBILE
RECEIVABLES TRUST 20    -    , 
 Issuer, 

EFCAR, LLC, 
 Seller, 

EXETER FINANCE CORP., 
 Servicer,

 and 
 [INDENTURE TRUSTEE [AND
BACKUP SERVICER]], 
 Indenture Trustee [and Backup Servicer] 

Dated as of             , 20     

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 ARTICLE I Definitions
	  	 	1	  
			
	 SECTION 1.1.
	 	 Definitions
	  	 	1	  
	 SECTION 1.2.
	 	 Other Definitional Provisions
	  	 	20	  
		
	 ARTICLE II Conveyance of Receivables
	  	 	21	  
			
	 SECTION 2.1.
	 	 Conveyance of Receivables
	  	 	21	  
	 SECTION 2.2.
	 	 [Reserved]
	  	 	22	  
	 SECTION 2.3.
	 	 Further Encumbrance of Trust Property
	  	 	22	  
	 SECTION 2.4.
	 	 Intention of the Parties
	  	 	23	  
		
	 ARTICLE III The Receivables
	  	 	24	  
			
	 SECTION 3.1.
	 	 Representations and Warranties of Seller
	  	 	24	  
	 SECTION 3.2.
	 	 Repurchase upon Breach
	  	 	25	  
	 SECTION 3.3.
	 	 Custody of Receivable Files
	  	 	26	  
	 SECTION 3.4.
	 	 Dispute Resolution
	  	 	27	  
		
	 ARTICLE IV Administration and Servicing of Receivables
	  	 	30	  
			
	 SECTION 4.1.
	 	 Duties of the Servicer [and the Backup Servicer]
	  	 	30	  
	 SECTION 4.2.
	 	 Collection of Receivable Payments; Modifications of Receivables[; Lockbox Account
Agreement]
	  	 	31	  
	 SECTION 4.3.
	 	 Realization upon Receivables
	  	 	33	  
	 SECTION 4.4.
	 	 Insurance
	  	 	34	  
	 SECTION 4.5.
	 	 Maintenance of Security Interests in Vehicles
	  	 	36	  
	 SECTION 4.6.
	 	 Covenants, Representations, and Warranties of Servicer
	  	 	37	  
	 SECTION 4.7.
	 	 Purchase of Receivables Upon Breach of Covenant
	  	 	38	  
	 SECTION 4.8.
	 	 Total Servicing Fee; Payment of Certain Expenses by Servicer
	  	 	38	  
	 SECTION 4.9.
	 	 Servicer’s Certificate
	  	 	39	  
	 SECTION 4.10.
	 	 Annual Statement as to Compliance, Notice of Servicer Termination Event
	  	 	39	  
	 SECTION 4.11.
	 	 Annual Independent Public Accountants’ Reports
	  	 	40	  
	 SECTION 4.12.
	 	 Access to Certain Documentation and Information Regarding Receivables
	  	 	41	  
	 SECTION 4.13.
	 	 [Monthly Tape]
	  	 	41	  
		
	 ARTICLE V Trust Accounts; Distributions; Statements to Noteholders
	  	 	43	  
			
	 SECTION 5.1.
	 	 Establishment of Trust Accounts
	  	 	43	  
	 SECTION 5.2.
	 	 [Reserved]
	  	 	46	  
	 SECTION 5.3.
	 	 Certain Reimbursements to the Servicer
	  	 	46	  
	 SECTION 5.4.
	 	 Application of Collections
	  	 	46	  
	 SECTION 5.5.
	 	 [Reserved]
	  	 	47	  
	 SECTION 5.6.
	 	 Additional Deposits
	  	 	47	  

  
 i 

							
	 SECTION 5.7.
	 	 Distributions
	  	 	47	  
	 SECTION 5.8.
	 	 Reserve Account
	  	 	51	  
	 SECTION 5.9.
	 	 Statements to Noteholders
	  	 	52	  
	 SECTION 5.10.
	 	 [Determination of LIBOR]
	  	 	53	  
		
	 ARTICLE VI [Reserved]
	  	 	54	  
		
	 ARTICLE VII The Seller
	  	 	54	  
			
	 SECTION 7.1.
	 	 Representations of Seller
	  	 	54	  
	 SECTION 7.2.
	 	 Corporate Existence
	  	 	56	  
	 SECTION 7.3.
	 	 Liability of Seller; Indemnities
	  	 	57	  
	 SECTION 7.4.
	 	 Merger or Consolidation of, or Assumption of the Obligations of, Seller
	  	 	58	  
	 SECTION 7.5.
	 	 Limitation on Liability of Seller and Others
	  	 	58	  
	 SECTION 7.6.
	 	 Ownership of the Certificate or Notes
	  	 	59	  
		
	 ARTICLE VIII The Servicer and the Backup Servicer
	  	 	59	  
			
	 SECTION 8.1.
	 	 Representations of Servicer
	  	 	59	  
	 SECTION 8.2.
	 	 [Representations of Backup Servicer]
	  	 	60	  
	 SECTION 8.3.
	 	 Liability of Servicer [and Backup Servicer]; Indemnities
	  	 	62	  
	 SECTION 8.4.
	 	 Merger or Consolidation of, or Assumption of the Obligations of, the Servicer [or Backup
Servicer]
	  	 	64	  
	 SECTION 8.5.
	 	 Limitation on Liability of Servicer[, Backup Servicer] and Others
	  	 	65	  
	 SECTION 8.6.
	 	 Delegation of Duties
	  	 	66	  
	 SECTION 8.7.
	 	 Servicer [and Backup Servicer] Not to Resign
	  	 	66	  
	 SECTION 8.8.
	 	 [Rights of the Backup Servicer]
	  	 	67	  
		
	 ARTICLE IX Default
	  	 	68	  
			
	 SECTION 9.1.
	 	 Servicer Termination Event
	  	 	68	  
	 SECTION 9.2.
	 	 Consequences of a Servicer Termination Event
	  	 	69	  
	 SECTION 9.3.
	 	 Appointment of Successor
	  	 	70	  
	 SECTION 9.4.
	 	 Notification to Noteholders
	  	 	72	  
	 SECTION 9.5.
	 	 Waiver of Past Defaults
	  	 	72	  
	 SECTION 9.6.
	 	 [Backup Servicer Termination]
	  	 	72	  
		
	 ARTICLE X Termination
	  	 	73	  
			
	 SECTION 10.1.
	 	 Optional Purchase of All Receivables
	  	 	73	  
		
	 ARTICLE XI Administrative Duties of the Servicer
	  	 	74	  
			
	 SECTION 11.1.
	 	 Administrative Duties
	  	 	74	  
	 SECTION 11.2.
	 	 Records
	  	 	76	  
	 SECTION 11.3.
	 	 Additional Information to be Furnished to the Issuer
	  	 	76	  

  
 ii 

							
	 ARTICLE XII Miscellaneous Provisions
	  	 	77	  
			
	 SECTION 12.1.
	 	 Amendment
	  	 	77	  
	 SECTION 12.2.
	 	 Protection of Title to Trust
	  	 	78	  
	 SECTION 12.3.
	 	 Notices
	  	 	80	  
	 SECTION 12.4.
	 	 Assignment
	  	 	80	  
	 SECTION 12.5.
	 	 Limitations on Rights of Others
	  	 	80	  
	 SECTION 12.6.
	 	 Severability
	  	 	81	  
	 SECTION 12.7.
	 	 Separate Counterparts
	  	 	81	  
	 SECTION 12.8.
	 	 Headings
	  	 	81	  
	 SECTION 12.9.
	 	 Governing Law and Submission to Jurisdiction
	  	 	81	  
	 SECTION 12.10.
	 	 Waiver of Jury Trial
	  	 	81	  
	 SECTION 12.11.
	 	 Assignment to Indenture Trustee
	  	 	81	  
	 SECTION 12.12.
	 	 Nonpetition Covenants
	  	 	81	  
	 SECTION 12.13.
	 	 Limitation of Liability of Owner Trustee and Indenture Trustee
	  	 	82	  
	 SECTION 12.14.
	 	 Indenture Trustee to Report Repurchase Demands due to Breaches of Representations and
Warranties
	  	 	83	  
	 SECTION 12.15.
	 	 Independence of the Servicer
	  	 	83	  
	 SECTION 12.16.
	 	 No Joint Venture
	  	 	83	  
	 SECTION 12.17.
	 	 [Replacement Hedge Agreement]
	  	 	83	  
	 SECTION 12.18.
	 	 State Business Licenses
	  	 	83	  

  

							
	 SCHEDULES
	 		  			
		
	 Schedule A
	 	 Schedule of Receivables
	   

	 Schedule B-1
	 	 Representations and Warranties of the Seller and the Servicer Regarding the
Receivables
	   

	 Schedule B-2
	 	 Representations and Warranties of the Seller and the Servicer Regarding the Pool of
Receivables
	   

		
	 EXHIBITS
	 		
		
	 Exhibit A
	 	 Form of Servicer’s Certificate
	   

  
 iii 

 SALE AND SERVICING AGREEMENT dated as of
            , 20    , among EXETER AUTOMOBILE RECEIVABLES TRUST 20    -    , a Delaware statutory
trust (the “Issuer”), EFCAR, LLC, a Delaware limited liability company (the “Seller”), EXETER FINANCE CORP., a Texas corporation (the “Servicer”), and [INDENTURE TRUSTEE [AND BACKUP SERVICER]],
[entity type], as [Backup Servicer and] Indenture Trustee. 
 WHEREAS the Issuer desires to purchase a portfolio of receivables arising in
connection with motor vehicle retail installment sales contracts [made by Exeter Finance Corp. or an Originator or] acquired by Exeter Finance Corp. through motor vehicle dealers; 

WHEREAS the Seller has purchased such receivables from Exeter Finance Corp. and is willing to sell such receivables to the Issuer; [and] 

WHEREAS the Servicer is willing to service all such receivables; [and] 

[WHEREAS the Backup Servicer is willing to provide backup servicing for all such receivables;] 

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

ARTICLE I 
 Definitions

 SECTION 1.1. Definitions. Whenever used in this Agreement, the following words and phrases shall have the following meanings:

 “Accountants’ Report” means the report of a firm of nationally recognized Independent Accountants described in
Section 4.11. 
 “Accounting Date” means, with respect to any Collection Period the last day of such Collection
Period. 
 “ADR Organization” means [The American Arbitration Association] or, if [The American Arbitration Association] no
longer exists or if its ADR Rules would no longer permit mediation or arbitration, as applicable, of the dispute, another nationally recognized mediation or arbitration organization selected by Exeter. 

“ADR Rules” means the relevant rules of the ADR Organization for mediation (including non-binding arbitration) or binding
arbitration, as applicable, of commercial disputes in effect at the time of the mediation or arbitration. 
 “Affiliate”
means, with respect to any specified Person, any other Person controlling or controlled by or under common control with such specified Person. For the purposes of this definition, “control” when used with respect to any Person means the
power to direct the 

 
management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing. 
 “Aggregate Principal Balance” means, with respect to
any date of determination, the sum of the Principal Balances for all Receivables (other than (i) any Receivable that became a Liquidated Receivable prior to the end of the related Collection Period and (ii) any Receivable that became a
Purchased Receivable prior to the end of the related Collection Period) as of the date of determination. 
 “Agreement”
means this Sale and Servicing Agreement, as the same may be amended and supplemented from time to time. 
 “Amount
Financed” means, with respect to a Receivable, the aggregate amount advanced under such Receivable toward the purchase price of the related Financed Vehicle and any related costs, including amounts advanced in respect of accessories,
insurance premiums, service contracts, debt cancellation coverage, car club and warranty contracts, other items customarily financed as part of motor vehicle retail installment sales contracts or promissory notes, and related costs. 

“Annual Percentage Rate” or “APR” of a Receivable means the annual percentage rate of finance charges or service
charges, as stated in the related Contract. 
 “Asset Representations Review Agreement” means the Asset Representations
Review Agreement, dated as of             , 20    , by and among the Issuer, the Servicer, the Indenture Trustee and the Asset Representations Reviewer.

 “Asset Representations Reviewer” means
                    , a
                    . 

“Asset Review” means, for any Asset Review Notice, the performance by the Asset Representations Reviewer of each Asset Test
stated in Schedule          to the Asset Representations Review Agreement for each Asset Review Receivable. 

“Asset Review Notice” means the notice from the Indenture Trustee to the Asset Representations Reviewer and the Servicer
directing the Asset Representations Reviewer to perform an Asset Review under Section          of the Asset Representations Review Agreement, substantially in the form of Exhibit
         to the Asset Representations Review Agreement. 
 “Asset Review
Receivable” means, for any Asset Review, each Receivable that was a Delinquent Receivable for purposes of calculating the Delinquency Trigger in connection with which the related Asset Review Notice was delivered. 

“Asset Test” means, for an Asset Review, each [“Breach Determination Procedure”] in Schedule
         to the Asset Representations Review Agreement to be performed by the Asset Representations Reviewer on the related Asset Review Receivables. 

“Available Funds” means, with respect to any Distribution Date, the sum of (i) the Collected Funds for the related
Collection Period, (ii) all Purchase Amounts deposited in the 

  
 2 

 
Trust Accounts during the related Collection Period, (iii) Investment Earnings earned on amounts on deposit in the Trust Accounts for the related Collection Period, (iv) following the
acceleration of the Notes pursuant to Section 5.2 of the Indenture, the amount of money or property collected pursuant to Section 5.3 of the Indenture since the preceding Distribution Date by the Indenture Trustee for distribution pursuant
to Section 5.6 and Section 5.8 of the Indenture, (v) the proceeds of any purchase or sale of the assets of the Trust described in Section 10.1 [and (vi) amounts, if any, released from the Reserve Account pursuant to
Section 5.8(c)(B) on such Distribution Date] [and (vii) any amounts received by the Indenture Trustee pursuant to the Hedge Agreement (less any amounts used to enter into a replacement hedge agreement)]. 

[“Backup Servicer” means [Backup Servicer] so long as it is the Indenture Trustee under the Indenture, or any successor
backup servicer appointed in accordance with Section 8.7.] 
 “Base Servicing Fee” means, with respect to any
Collection Period, the fee payable to the Servicer for services rendered during such Collection Period, which shall be equal to the product of (i) the Servicing Fee Rate times (ii) the aggregate Principal Balance of the Receivables as of
the opening of business on the first day of such Collection Period (or, in the case of the first Distribution Date,             , 20    ) times
(iii) one-twelfth. 
 “Basic Documents” means this Agreement, the Certificate of Trust, the Trust Agreement, the
Purchase Agreement, the Indenture, the Custodian Agreement, [the Lockbox Account Agreement,] the Purchase Agreement, the Asset Representations Review Agreement, the Underwriting Agreement, [the Note Purchase Agreement,] [the Hedge Agreement] and
other documents and certificates delivered in connection therewith. 
 “Business Day” means any day other than a Saturday,
a Sunday, a legal holiday or other day on which commercial banking institutions located in Wilmington, Delaware, Irving, Texas,
[                    ],
[                    ] or New York, New York or any other location of any successor Servicer, successor Owner Trustee or successor Indenture
Trustee are authorized or obligated by law, executive order or governmental decree to be closed. 
 [“Calculation Agent”
shall have the meaning set forth in Section 5.10.] 
 “Certificate” means the trust certificate evidencing the
beneficial interest of the Certificateholder in the Trust. 
 “Certificate Distribution Account” has the meaning assigned
to such term in the Trust Agreement. 
 “Certificateholder” means the Person in whose name the Certificate is registered.

 “Class” means the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class B Notes, the Class
C Notes, the Class D Notes and/or the Class E Notes, as the context requires. 
 “Class A Notes” means the Class A-1
Notes, the Class A-2 Notes and the Class A-3 Notes. 

  
 3 

 “Class A Principal Parity Amount” means, with respect to any Distribution Date,
the lesser of (I) the excess, if any, of (x) the aggregate remaining principal balance of the Class A Notes immediately prior to such Distribution Date over (y) the Pool Balance as of the end of the immediately preceding
Collection Period and (II) the amount of Total Available Funds remaining on deposit in the Collection Account after the funding of the items described in clauses [(i) through (iii)] of Section 5.7(a) on such Distribution Date. 

“Class A-1 Notes” has the meaning assigned to such term in the Indenture. 

“Class A-2 Notes” has the meaning assigned to such term in the Indenture. 

[“Class A-2-A Notes” has the meaning assigned to such term in the Indenture. 

“Class A-2-B Notes” has the meaning assigned to such term in the Indenture.] 

“Class A-3 Notes” has the meaning assigned to such term in the Indenture. 

“Class B Notes” has the meaning assigned to such term in the Indenture. 

“Class B Principal Parity Amount” means, with respect to any Distribution Date, the lesser of (I) the excess of
(A) the excess, if any, of (x) the aggregate remaining principal balance of the Class A Notes and of the Class B Notes, in each case immediately prior to such Distribution Date over (y) the Pool Balance as of the end of the
immediately preceding Collection Period over (B) the sum of the Class A Principal Parity Amount for such Distribution Date plus any payments made on the Class A Notes as a Matured Principal Shortfall on such Distribution Date and (II)
the amount of Total Available Funds remaining on deposit in the Collection Account after the funding of the items described in clauses [(i) through (vi)] of Section 5.7(a) on such Distribution Date. 

“Class C Notes” has the meaning assigned to such term in the Indenture. 

“Class C Principal Parity Amount” means, with respect to any Distribution Date, the lesser of (I) the excess of (A) the
excess, if any, of (x) the aggregate remaining principal balance of the Class A Notes, of the Class B Notes and of the Class C Notes, in each case immediately prior to such Distribution Date over (y) the Pool Balance as of the end of
the immediately preceding Collection Period over (B) the sum of the Class A Principal Parity Amount and the Class B Principal Parity Amount for such Distribution Date plus any payments made on the Class A Notes or the Class B Notes as
a Matured Principal Shortfall on such Distribution Date and (II) the amount of Total Available Funds remaining on deposit in the Collection Account after the funding of the items described in clauses [(i) through (ix)] of Section 5.7(a) on such
Distribution Date. 
 “Class D Notes” has the meaning assigned to such term in the Indenture. 

“Class D Principal Parity Amount” means, with respect to any Distribution Date, the lesser of (I) the excess of
(A) the excess, if any, of (x) the aggregate remaining principal balance of the Class A Notes, of the Class B Notes, of the Class C Notes and of the Class D Notes, in each case immediately prior to such Distribution Date over
(y) the Pool Balance as of the end of 

  
 4 

 
the immediately preceding Collection Period over (B) the sum of the Class A Principal Parity Amount, the Class B Principal Parity Amount and the Class C Principal Parity Amount for such
Distribution Date plus any payments made on the Class A Notes, the Class B Notes or the Class C Notes as a Matured Principal Shortfall on such Distribution Date and (II) the amount of Total Available Funds remaining on deposit in the Collection
Account after the funding of the items described in clauses [(i) through (xii)] of Section 5.7(a) on such Distribution Date. 

“Class E Notes” has the meaning assigned to such term in the Indenture. 

“Class E Principal Parity Amount” means, with respect to any Distribution Date, the lesser of (I) the excess of
(A) the excess, if any, of (x) the aggregate remaining principal balance of the Class A Notes, of the Class B Notes, of the Class C Notes, of the Class D Notes and of the Class E Notes, in each case immediately prior to such
Distribution Date over (y) the Pool Balance as of the end of the immediately preceding Collection Period over (B) the sum of the Class A Principal Parity Amount, the Class B Principal Parity Amount, the Class C Principal Parity Amount
and the Class D Principal Parity Amount for such Distribution Date plus any payments made on the Class A Notes, the Class B Notes, the Class C Notes or the Class D Notes as a Matured Principal Shortfall on such Distribution Date and (II) the
amount of Total Available Funds remaining on deposit in the Collection Account after the funding of the items described in clauses [(i) through (xv)] of Section 5.7(a) on such Distribution Date. 

“Closing Date” means             ,
20    . 
 “Collateral Insurance” has the meaning specified in Section 4.4(a). 

“Collected Funds” means, with respect to any Collection Period, the amount of funds in the Collection Account representing
collections on the Receivables during such Collection Period, including all Net Liquidation Proceeds collected during such Collection Period (but excluding any Purchase Amounts). 

“Collection Account” means the account designated as such, established and maintained pursuant to Section 5.1(a)(i).

 “Collection Period” means, with respect to the first Distribution Date, the period beginning as of the close of business
on             , 20     and ending as of the close of business on             ,
20    . With respect to each subsequent Distribution Date, “Collection Period” means the period beginning as of the close of business on the last day of the second preceding calendar month and ending as of the
close of business on the last day of the immediately preceding calendar month. Any amount stated “as of the close of business” shall give effect to the following calculations as determined as of the end of the day on such day: (i) all
applications of collections and (ii) all distributions. 
 “Collection Records” means all manually prepared or
computer generated records relating to collection efforts or payment histories with respect to the Receivables. 

“Commission” means the United States Securities and Exchange Commission. 

  
 5 

 “Computer Tape” means the computer tapes or other electronic media furnished by
the Servicer to the Issuer and its assigns describing certain characteristics of the Receivables as of the Cutoff Date. 

[“Continuing Errors” has the meaning specified in Section 9.3(e).] 

“Contract” means a motor vehicle retail installment sales contract or promissory note. 

“Controlling Party” means the Indenture Trustee for the benefit of the Noteholders. 

“Corporate Trust Office” means (i) with respect to the Owner Trustee, the principal corporate trust office of the Owner
Trustee, which at the time of execution of this agreement is [Address], and (ii) with respect to the Indenture Trustee [and Backup Servicer], the principal office thereof at which at any particular time its corporate trust business shall be
administered, which at the time of execution of this agreement is [Address], Attention:                     . 

“Cram Down Loss” means, with respect to a Receivable that has not become a Liquidated Receivable, if a court of appropriate
jurisdiction in a proceeding related to an Insolvency Event shall have issued an order reducing the amount owed on a Receivable or otherwise modifying or restructuring the Scheduled Receivables Payments to be made on a Receivable, an amount equal to
(i) the excess of the Principal Balance of such Receivable immediately prior to such order over the Principal Balance of such Receivable as so reduced and/or (ii) if such court shall have issued an order reducing the effective rate of
interest on such Receivable, the excess of the Principal Balance of such Receivable immediately prior to such order over the net present value (using as the discount rate the higher of the APR on such Receivable or the rate of interest, if any,
specified by the court in such order) of the Scheduled Receivables Payments as so modified or restructured. A “Cram Down Loss” shall be deemed to have occurred on the date of issuance of such order. 

“Cumulative Net Loss Ratio” means, as of any “Measurement Date” (as set forth in the table in the definition of
“Cumulative Net Loss Trigger”), the ratio (expressed as a percentage) of (a) the aggregate principal balance of receivables that became Liquidated Receivables during the period from the cutoff date through such “Measurement
Date” plus all the Cram Down Losses (without duplication) which occurred during such period minus the amount of Net Liquidation Proceeds with respect to Liquidated Receivables received during such period which are applied to principal of the
Liquidated Receivables to (b) the Pool Balance as of the cutoff date. 
 “Cumulative Net Loss Trigger” exists for any
distribution date if as of the most recent “Measurement Date” (as set forth in the table below) the Cumulative Net Loss Ratio calculated for such “Measurement Date” exceeded the “Trigger Level” (as set forth in the
table below) specified for such “Measurement Date”. For the avoidance of doubt, a Cumulative Net Loss Trigger will not exist at any time if as of the most recent “Measurement Date” the Cumulative Net Loss Ratio calculated
for such “Measurement Date” is less than or equal to the stated “Trigger Level” for such date, despite the fact that a Cumulative Net Loss Trigger may previously have existed. 

  
 6 

			
	 Measurement Date
	  	Trigger Level
	 End of
[                    ] Collection Period
	  	[    ]%
	 End of
[                    ] Collection Period
	  	[    ]%
	 End of
[                    ] Collection Period
	  	[    ]%
	 End of
[                    ] Collection Period
	  	[    ]%
	 End of
[                    ] Collection Period
	  	[    ]%
	 End of
[                    ] Collection Period
	  	[    ]%
	 End of
[                    ] Collection Period
	  	[    ]%
	 End of
[                    ] Collection Period
	  	[    ]%
	 End of
[                    ] Collection Period
	  	[    ]%
	 End of
[                    ] Collection Period
	  	[    ]%
	 End of
[                    ] Collection Period
	  	[    ]%
	 End of
[                    ] Collection Period
	  	[    ]%
	 End of
[                    ] Collection Period
	  	[    ]%
	 End of
[                    ] Collection Period
	  	[    ]%
	 End of
[                    ] Collection Period
	  	[    ]%
	 End of
[                    ] Collection Period
	  	[    ]%

 “Custodian” means [Custodian] and any permitted successors and assigns. 

“Custodian Agreement” means the Custodian Agreement, dated as of
            , 20    , among the Custodian, the Servicer and the Indenture Trustee, as the same may be amended, supplemented or otherwise modified from time
to time in accordance with the terms thereof, which amendments, supplements or modifications thereto shall be acceptable to the Controlling Party. 

“Cutoff Date” means             ,
20    . 
 [“DBRS” means DBRS, Inc. or its successor.] 

“Dealer” means a dealer who sold a Financed Vehicle and who originated and assigned the respective Receivable to Exeter under
a Dealer Agreement or pursuant to a Dealer Assignment. 
 “Dealer Agreement” means any agreement between a Dealer and
Exeter relating to the acquisition of Receivables from a Dealer by Exeter. 
 “Dealer Assignment” means, with respect to a
Receivable, the executed assignment executed by a Dealer conveying such Receivable to Exeter. 
 “Delinquency Rate” means,
for any Collection Period, (i) the aggregate Principal Balance of all Delinquent Receivables as of the end of such Collection Period divided by (ii) the Pool Balance as of the beginning of such Collection Period. 

“Delinquency Trigger” means, that (i) as of the end of any of the [first through twelfth] Collection Periods, the
Delinquency Rate exceeds     %, (ii) as of the end of any of the [thirteenth through twenty-fourth] Collection Periods, the Delinquency Rate exceeds     %, (iii) as of the end of any of
the [twenty-fifth through thirty-sixth] Collection Periods, the Delinquency Rate exceeds     %, (iv) as of the end of any of the [thirty-seventh through forty-eighth] Collection Periods, the Delinquency Rate exceeds
    % or (v) as of the end of any subsequent Collection Period, the Delinquency Rate exceeds     %. 

  
 7 

 “Delinquent Receivable” means, as of any date, any Receivable for which the
related Obligor fails to make at least 90% of a Scheduled Receivables Payment on the scheduled payment date for such Scheduled Receivables Payment and such nonpayment is more than sixty (60) days delinquent as of such date. 

“Delivery” when used with respect to Trust Account Property means: 

(a) with respect to bankers’ acceptances, commercial paper, negotiable certificates of deposit and other obligations that constitute
“instruments” within the meaning of Section 9-102(a)(47) of the UCC and are susceptible of physical delivery, transfer thereof to the Indenture Trustee by physical delivery to the Indenture Trustee endorsed to, or registered in the
name of, the Indenture Trustee or endorsed in blank, and, with respect to a certificated security (as defined in Section 8-102(a)(4) of the UCC), transfer thereof (i) by delivery thereof to the Indenture Trustee of such certificated
security endorsed to, or registered in the name of, the Indenture Trustee or (ii) by delivery thereof to a “clearing corporation” (as defined in Section 8-102(a)(5) of the UCC) and the making by such clearing corporation of
appropriate entries on its books reducing the appropriate securities account of the transferor and increasing the appropriate securities account of the Indenture Trustee by the amount of such certificated security and the identification by the
clearing corporation of the certificated securities for the sole and exclusive account of the Indenture Trustee (all of the foregoing, “Physical Property”), and, in any event, any such Physical Property in registered form shall be
in the name of the Indenture Trustee or its nominee; and such additional or alternative procedures as may hereafter become appropriate to effect the complete transfer of ownership of any such Trust Account Property to the Indenture Trustee or its
nominee or custodian, consistent with changes in applicable law or regulations or the interpretation thereof; 
 (b) with respect to any
security issued by the U.S. Treasury, the Federal Home Loan Mortgage Corporation or by the Federal National Mortgage Association that is a book-entry security held through the Federal Reserve System pursuant to federal book-entry regulations, the
following procedures, all in accordance with applicable law, including applicable Federal regulations and Articles 8 and 9 of the UCC: book-entry registration of such Trust Account Property to an appropriate book-entry account maintained with a
Federal Reserve Bank by a securities intermediary that is also a “depository” pursuant to applicable federal regulations; the making by such securities intermediary of entries in its books and records crediting such Trust Account Property
to the Indenture Trustee’s securities account at the securities intermediary and identifying such book-entry security held through the Federal Reserve System pursuant to federal book-entry regulations as belonging to the Indenture Trustee; and
such additional or alternative procedures as may hereafter become appropriate to effect complete transfer of ownership of any such Trust Account Property to the Indenture Trustee, consistent with changes in applicable law or regulations or the
interpretation thereof; 
 (c) with respect to any item of Trust Account Property that is an uncertificated security under Article 8 of the
UCC and that is not governed by clause (b) above, registration on the books and records of the issuer thereof in the name of the Indenture Trustee or its nominee or custodian who either (i) becomes the registered owner on behalf of the
Indenture Trustee or (ii) having previously become the registered owner, acknowledges that it holds for the Indenture Trustee; and 

  
 8 

 (d) with respect to any item of Trust Account Property that is a financial asset under Article 8
of the UCC and that is not governed by clause (b) above, causing the securities intermediary to indicate on its books and records that such financial asset has been credited to a securities account of the Indenture Trustee. 

“Determination Date” means, with respect to any Collection Period, the second Business Day prior to the related Distribution
Date. 
 “Distribution Date” means, with respect to each Collection Period, the fifteenth day of the following calendar
month, or, if such day is not a Business Day, the immediately following Business Day, commencing             , 20    . 

“Electronic Ledger” means the electronic master record of the retail installment sales contracts or installment loans of the
Servicer. 
 “Eligible Deposit Account” means a segregated trust account with the corporate trust department of a
depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds
deposited in such account, so long as (i) the long-term unsecured debt of such depository institution shall have a credit rating from
[                    ,]
[                    ] and
[                    ] in one of its generic rating categories which signifies investment grade and (ii) such depository
institutions’ deposits are insured by the FDIC. 
 “Eligible Investments” means book-entry securities, negotiable
instruments or securities represented by instruments in registered form for U.S. federal income tax purposes or, in the case of an obligation that is not a “registration-required obligation” (as defined in Section 163(f) of the Code),
in bearer or registered form which evidence, in each case: 
 (a) direct obligations of, and obligations fully guaranteed as to timely
payment by, the United States of America; 
 (b) demand deposits, time deposits or certificates of deposit of any depository institution or
trust company incorporated under the laws of the United States of America or any state thereof or the District of Columbia (or any domestic branch of a foreign bank) and subject to supervision and examination by federal or state banking or
depository institution authorities (including depository receipts issued by any such institution or trust company as custodian with respect to any obligation referred to in clause (a) above or portion of such obligation for the benefit of the
holders of such depository receipts); provided, however, that at the time of the investment or contractual commitment to invest therein (which shall be deemed to be made again each time funds are reinvested following each Distribution Date), the
commercial paper or other short-term senior unsecured debt obligations (other than such obligations the rating of which is based on the credit of a Person other than such depository institution or trust company) of such depository institution or
trust company shall have a credit rating from Standard & Poor’s of A-1+, from Moody’s of Prime-1 and, to the extent rated by DBRS, from DBRS of R-1 (middle); 

  
 9 

 (c) commercial paper and demand notes investing solely in commercial paper having, at the time of
the investment or contractual commitment to invest therein, a rating from Standard & Poor’s of A-1+, from Moody’s of Prime-1 and, to the extent rated by DBRS, from DBRS of R-1 (middle); 

(d) investments in money market funds (including funds for which the Indenture Trustee or the Owner Trustee in each of their individual
capacities or any of their respective Affiliates is investment manager, controlling party or advisor) having a rating from Standard & Poor’s and from Moody’s in the highest rating category; 

(e) bankers’ acceptances issued by any depository institution or trust company referred to in clause (b) above; 

(f) repurchase obligations with respect to any security that is a direct obligation of, or fully guaranteed by, the United States of America
or any agency or instrumentality thereof the obligations of which are backed by the full faith and credit of the United States of America, in either case entered into with a depository institution or trust company (acting as principal) referred to
in clause (b) above; 
 (g) any other investment which would satisfy the Rating Agency Condition and is consistent with the ratings of
the Securities or any other investment that by its terms converts to cash within a finite period, if the Rating Agency Condition is satisfied with respect thereto; and 

(h) cash denominated in United States dollars. 

Any of the foregoing Eligible Investments may be purchased by or through the Indenture Trustee or any of its Affiliates. 

“Errors” has the meaning specified in Section 9.3(e). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Exeter” means Exeter Finance Corp. 

“FDIC” means the Federal Deposit Insurance Corporation. 

“Final Scheduled Distribution Date” means with respect to (i) the Class A-1 Notes, the
            , 20     Distribution Date, (ii) the Class A-2[-A] Notes, the
            , 20     Distribution Date, (iii) [the Class A-2-B Notes, the
            , 20     Distribution Date, (iv)] the Class A-3 Notes, the
            , 20     Distribution Date, [(iv)] the Class B Notes, the             ,
20     Distribution Date, [(v)] the Class C Notes, the             , 20     Distribution Date, [(vi)] the Class D Notes, the
            , 20     Distribution Date and [(vii)] the Class E Notes, the             ,
20     Distribution Date. 
 “Financed Vehicle” means new and used automobiles, light duty
trucks, minivans and sport utility vehicles, together with all accessions thereto, securing an Obligor’s indebtedness under the respective Receivable. 

  
 10 

 “Force-Placed Insurance” has the meaning specified in Section 4.4(b). 

[“Hedge Account” shall have the meaning set forth in Section 5.1(h).] 

[“Hedge Agreement” means the ISDA Master Agreement, dated
            , 20    , between the Issuer and the Hedge Provider, including the Schedule thereto, the Credit Support Annex thereto and the Confirmation
relating to the Class A-2-B Notes, together with any replacement hedge agreement[; provided, that no additional hedge agreement shall be a “Hedge Agreement” under the Basic Documents for so long as the Hedge Agreement is
outstanding without the prior, written consent of the Hedge Provider, unless the Hedge Agreement has terminated].] 
 [“Hedge
Provider” means [Hedge Provider], together with any replacement Hedge Provider.] 
 [“Hedge Termination Account”
means the account designated as such, established and maintained pursuant to Section 5.1(a)(iv).] 
 [“Hedge Termination
Payment” means payments due to the applicable Hedge Provider by the Issuer, including interest that may accrue thereon, under the applicable Hedge Agreement due to a termination of the applicable Hedge Agreement due to the occurrence of an
“event of default” or a “termination event” under the applicable Hedge Agreement.] 
 “Indenture” means
the Indenture dated as of             , 20    , between the Issuer and [Indenture Trustee], as Indenture Trustee, as the same may be amended and
supplemented from time to time. 
 “Indenture Trustee” means the Person acting as Indenture Trustee under the Indenture,
its successors in interest and any successor indenture trustee under the Indenture. 
 “Independent Accountants” shall have
the meaning set forth in Section 4.11(a). 
 [“Initial Purchasers” means [Initial Purchasers] as initial purchasers of
the Class E Notes pursuant to the Note Purchase Agreement. ] 
 “Insolvency Event” means, with respect to a specified
Person, (a) the filing of a petition against such Person or the entry of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under
any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator, or similar official for such Person or for any substantial part
of its property, or ordering the winding-up or liquidation of such Person’s affairs, and such petition, decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or (b) the commencement by such Person of a
voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent
by such Person to the appointment of or taking possession by, a receiver, liquidator, assignee, custodian, trustee, sequestrator, or similar official for such Person or for any substantial part of its property, or the making by such Person of any
general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing. 

  
 11 

 “Insolvency Proceeds” has the meaning specified in Section 10.1(b). 

“Insurance Add-On Amount” means the premium charged to the Obligor in the event that the Servicer obtains Force-Placed
Insurance pursuant to Section 4.4. 
 “Insurance Policy” means, with respect to a Receivable, any insurance policy
(including the insurance policies described in Section 4.4) benefiting the holder of the Receivable providing loss or physical damage, credit life, credit disability, theft, mechanical breakdown or similar coverage with respect to the Financed
Vehicle or the Obligor. 
 “Interest Period” means, with respect to any Distribution Date, the period from and including
the fifteenth day of the preceding calendar month to, but excluding, the fifteenth day of the current calendar month or, in the case of the first Interest Period, the [    ] day period from and including the Closing Date
to, but excluding, the fifteenth day of the current calendar month. 
 “Interest Rate” means, with respect to (i) the
Class A-1 Notes,     % per annum (computed on the basis of a 360-day year and the actual number of days elapsed in the applicable Interest Period), (ii) the Class A-2[-A] Notes,
    % per annum (computed on the basis of a 360-day year consisting of twelve 30-day months), (iii) [the Class A-2-B Notes, LIBOR plus     % per annum (computed on the basis of a
360-day year and the actual number of days elapsed in the applicable Interest Period), (iv)] the Class A-3 Notes,     % per annum (computed on the basis of a 360-day year consisting of twelve 30-day months), [(iv)]
the Class B Notes,     % per annum (computed on the basis of a 360-day year consisting of twelve 30-day months), [(v)] the Class C Notes,     % per annum (computed on the basis of a 360-day year
consisting of twelve 30-day months), [(vi)] the Class D Notes,     % per annum (computed on the basis of a 360-day year consisting of twelve 30-day months) and [(vii)] the Class E Notes,     %
per annum (computed on the basis of a 360-day year consisting of twelve 30-day months). 
 “Investment Company Act” means
the Investment Company Act of 1940, as amended. 
 “Investment Earnings” means, with respect to any date of determination
and Trust Accounts, the investment earnings on amounts on deposit in such Trust Accounts on such date. 
 “Issuer” means
Exeter Automobile Receivables Trust 20    -    . 
 “Issuer Secured
Parties” means the Indenture Trustee in respect of the Indenture Trustee Issuer Secured Obligations. 
 [“Item 1122 Letter
Agreement” means the Item 1122 Letter Agreement, dated as of             , 20    , between the Servicer and [Indenture Trustee], as the same
may be amended and supplemented from time to time.] 
 [“LIBOR” shall have the meaning set forth in Section 5.10. 

  
 12 

 “LIBOR Determination Date” shall have the meaning set forth in
Section 5.10.] 
 “Lien” means a security interest, lien, charge, pledge, equity, or encumbrance of any kind, other
than tax liens, mechanics’ liens and any liens that attach to the respective Receivable by operation of law as a result of any act or omission by the related Obligor. 

“Lien Certificate” means, with respect to a Financed Vehicle, an original certificate of title, certificate of lien or other
notification issued by the Registrar of Titles of the applicable state to a secured party which indicates that the lien of the secured party on the Financed Vehicle is recorded on the original certificate of title. In any jurisdiction in which the
original certificate of title is required to be given to the Obligor, the term “Lien Certificate” shall mean only a certificate or notification issued to a secured party. For Financed Vehicles registered in states which issue confirmation
of the lienholder’s interest electronically, the “Lien Certificate” may consist of notification of an electronic recordation by either a third-party service provider or the relevant Registrar of Titles of the applicable state, which
indicates that the lien of the secured party on the Financed Vehicle is recorded on the original certificate of title on the electronic lien and title system of the applicable state. 

“Liquidated Receivable” means, with respect to any Collection Period, a Receivable for which, (i) on of the last day of
the Collection Period, if as of that date, more than 10% of any Scheduled Receivables Payment related to such Receivable remains unpaid for 120 days or more from the date for such payment and the related Financed Vehicle has not been repossessed,
(ii) the related Financed Vehicle has been repossessed and the Servicer has either liquidated such Financed Vehicle or held such Financed Vehicle in its inventory for more than 60 days (or up to 90 days subject to Exeter’s modification of
the credit and collection policy applicable to its serviced portfolio of motor vehicle installment sales contracts and installment loans) at month-end, or (iii) is otherwise required to be charged-off or is deemed uncollectible by the Servicer
in accordance with the Servicer’s credit and collection policy. 
 “Liquidation Proceeds” means, with respect to a
Liquidated Receivable, all amounts realized with respect to such Receivable. 
 “Lockbox Account” means an account
established by Exeter and maintained on behalf of the Indenture Trustee by the Lockbox Bank pursuant to Section 4.2(c). 

“Lockbox Account Agreement” means the Deposit Account Control Agreement, dated as of
            , 20    , by and among Exeter,
                    , as Lockbox Bank and the Indenture Trustee, as such agreement may be amended or supplemented from time to time, unless
the Indenture Trustee shall cease to be a party thereunder, or such agreement shall be terminated in accordance with its terms, in which event “Lockbox Account Agreement” shall mean any replacement agreement therefor among the Servicer,
the Indenture Trustee and the Lockbox Bank. 
 “Lockbox Bank” means a depository institution named by the Servicer and
acceptable to the Controlling Party. 
 “Majority Noteholders” means the Holders of the Notes representing a majority of
the principal balance of the most senior Class of Notes then outstanding. 

  
 13 

 “Matured Principal Shortfall” means, with respect to any Distribution Date and
for any Class of Notes which would have a remaining principal balance greater than zero on such Distribution Date, after taking into account the payment of all other principal amounts to such Class on such Distribution Date, and as to which such
Distribution Date is either the Final Scheduled Distribution Date for such Class, or a Distribution Date subsequent to such Final Scheduled Distribution Date, the remaining principal balance of such Class on such Distribution Date, after taking into
account the payment of all other principal amounts to such Class on such Distribution Date. 
 “Monthly Records” means all
records and data maintained by the Servicer with respect to the Receivables, including the following with respect to each Receivable: the account number; the originating Dealer [or Originator, as applicable]; Obligor name; Obligor address; Obligor
home phone number; Obligor business phone number; original Principal Balance; original term; Annual Percentage Rate; current Principal Balance; current remaining term; origination date; first payment date; final scheduled payment date; next payment
due date; date of most recent payment; new/used classification; collateral description; days currently delinquent; number of contract extensions (months) to date; amount of Scheduled Receivables Payment; and past due late charges. 

[“Monthly Tape” has the meaning specified in Section 4.13.] 

“Moody’s” means Moody’s Investors Service, Inc. or its successor. 

“Net Liquidation Proceeds” means, with respect to a Liquidated Receivable, Liquidation Proceeds net of (i) reasonable
expenses incurred by the Servicer in connection with the collection of such Receivable and the repossession and disposition of the Financed Vehicle and (ii) amounts that are required to be refunded to the Obligor on such Receivable;
provided, however, that the Net Liquidation Proceeds with respect to any Receivable shall in no event be less than zero. 

“Note Distribution Account” means the account designated as such, established and maintained pursuant to
Section 5.1(a)(ii). 
 “Note Pool Factor” means, for each Class of Notes as of the close of business on any date of
determination, a seven-digit decimal figure equal to the outstanding principal amount of such Class of Notes divided by the original outstanding principal amount of such Class of Notes. 

[“Note Purchase Agreement” means the Note Purchase Agreement dated as of
            , 20    , among the Initial Purchasers, the Seller and the Servicer.] 

“Noteholders’ Interest Carryover Amount” means, with respect to any Class of Notes and any date of determination, all or
any portion of the Noteholders’ Interest Distributable Amount for such Class of Notes for the immediately preceding Distribution Date that remains unpaid as of such date of determination, plus interest on such unpaid amount, to the extent
permitted by law, at the respective Interest Rate borne by the applicable Class of Notes from such immediately preceding Distribution Date to but excluding such date of determination. 

  
 14 

 “Noteholders’ Interest Distributable Amount” means, with respect to any
Distribution Date and Class of Notes, the sum of the Noteholders’ Monthly Interest Distributable Amount for such Distribution Date and each Class of Notes and the Noteholders’ Interest Carryover Amount, if any for such Distribution Date
and each such Class. 
 “Noteholders’ Monthly Interest Distributable Amount” means, with respect to any Distribution
Date and any Class of Notes, interest accrued at the respective Interest Rate during the applicable Interest Period on the principal amount of the Notes of such Class outstanding as of the end of the prior Distribution Date (or, in the case of the
first Distribution Date, as of the Closing Date), calculated (x) for the Class A-1 Notes [and the Class A-2-B Notes] on the basis of a 360-day year and the actual number of days elapsed in the applicable Interest Period and
(y) for all other Classes of Notes on the basis of a 360-day year consisting of twelve 30-day months (without adjustment for the actual number of business days elapsed in the applicable Interest Period) except with respect to the first Interest
Period. 
 “Obligor” on a Receivable means the purchaser or co-purchasers of the Financed Vehicle and any other Person who
owes payments under the Receivable. 
 “Officers’ Certificate” means a certificate signed by the chief executive
officer, the president, any executive vice president, any senior vice president, any vice president, any assistant vice president, any treasurer, any assistant treasurer, any secretary or any assistant secretary of the Seller or the Servicer, as
appropriate. 
 “Opinion of Counsel” means a written opinion of counsel which may, except as otherwise expressly provided
in this Agreement or any other Basic Document, be provided by counsel to the Issuer, the Servicer or the Seller, and which complies with any applicable requirements of the Basic Documents, and which is satisfactory in form and substance to the
recipient(s) thereof. 
 “Original Pool Balance” means the Pool Balance as of the Cutoff Date or
$        . 
 “Originator” means an originator that has originated
Receivables and assigned its full interest therein to Exeter. 
 “Originator Agreement” means any agreement between an
Originator and Exeter relating to the acquisition of Receivables from an Originator by Exeter. 
 “Originator Assignment”
means, with respect to a Receivable, the executed assignment executed by an Originator conveying such Receivable to Exeter. 

“Other Conveyed Property” means all property conveyed by the Seller to the Trust pursuant to Section 2.1(b) through (i).

 “Owner Trust Estate” has the meaning assigned to such term in the Trust Agreement. 

“Owner Trustee” means [Owner Trustee], not in its individual capacity but solely as Owner Trustee under the Trust Agreement,
its successors in interest or any successor Owner Trustee under the Trust Agreement. 

  
 15 

 “Person” means any individual, corporation, estate, partnership, joint venture,
association, joint stock company, trust (including any beneficiary thereof), unincorporated organization or government or any agency or political subdivision thereof. 

“Physical Property” has the meaning assigned to such term in the definition of “Delivery” above. 

“Pool Balance” means, as of any date of determination, the aggregate Principal Balance of the Receivables (excluding
Purchased Receivables and Liquidated Receivables) at the end of the preceding calendar month. 
 [“Predecessor Servicer Work
Product” has the meaning specified in Section 9.3(e).] 
 “Principal Balance” means, with respect to any
Receivable, as of any date, an amount equal to (x) the Amount Financed minus (y) the sum of (i) that portion of all amounts received on or prior to such date and allocable to principal in accordance with the terms of the Receivable
and (ii) any Cram Down Loss in respect of such Receivable as of such date. 
 “Principal Payment Amount” means, with
respect to each Distribution Date; the lesser of: 
 (x) the aggregate principal balance of the Notes on such Distribution Date (after
giving effect to any payments pursuant to clauses [(i)] through [(xx)] of Section 5.7(a)); and 
 (y) the excess, if any, on such
Distribution Date of (i) the sum of the aggregate principal balance of the Notes on such Distribution Date (after making payments pursuant to clauses [(iv), (v), (vii), (viii), (x), (xi), (xiii), (xiv), (xvi) and (xvii)] of
Section 5.7(a)) plus the Target Overcollateralization Amount over (ii) the Pool Balance as of the last day of the related Collection Period. 

“Prospectus Supplement” means the prospectus supplement, dated
            , 20    , relating to the offering of [certain of] the Notes, as filed with the Commission. 

“Purchase Agreement” means the Purchase Agreement between the Seller and the Originator[s], dated as of
            , 20    , pursuant to which the Seller acquires the Receivables, as such agreement may be amended from time to time. 

“Purchase Amount” means, with respect to a Purchased Receivable, the Principal Balance and all accrued and unpaid interest on
the Receivable, after giving effect to the receipt of any moneys collected (from whatever source) on such Receivable, if any. 

“Purchased Receivable” means a Receivable purchased as of the close of business on the last day of a Collection Period by the
Servicer pursuant to Sections 4.2, 4.4(c), or 4.7 or repurchased by the Seller or the Servicer pursuant to Section 3.2 or Section 10.1(a). 

“Rating Agency” means
[                    ,]
[                    ] and
[                    ]. If no such organization or successor maintains a rating on the Securities, “Rating Agency” shall be a
nationally recognized statistical rating organization or other comparable Person engaged by the Seller, notice of which engagement shall be given to the Indenture Trustee, the Owner Trustee and the Servicer. 

  
 16 

 “Rating Agency Condition” means, with respect to any action, that each of
[                    ,]
[                    ] and
[                    ] shall have been given ten (10) days’ (or such shorter period as shall be acceptable to each of
[                    ,]
[                    ] and
[                    ]) prior notice thereof by Exeter and that [(a) with respect to
                    , such Rating Agency has not notified the Seller, the Servicer, the Owner Trustee and the Indenture Trustee in writing
that such action will not result in a reduction or withdrawal of the then current rating of any Class of Notes, and (b)] with respect to
[                    ][                   
 ], such Rating Agency has not notified the Seller, the Servicer, the Owner Trustee or the Indenture Trustee in writing that such action will result in a reduction or withdrawal of the then-current rating of any Class of Notes. 

“Realized Losses” means, with respect to any Receivable that becomes a Liquidated Receivable, the excess of the Principal
Balance of such Liquidated Receivable over Net Liquidation Proceeds to the extent allocable to principal. 
 “Receivables”
means the Contracts listed on Schedule A attached hereto (which Schedule may be in the form of microfiche or a disk). 
 “Receivable
Files” has the meaning specified in Section 3.3. 
 “Record Date” means, with respect to each Distribution
Date, the Business Day immediately preceding such Distribution Date, unless otherwise specified in the Indenture. 
 “Registrar of
Titles” means, with respect to any state, the governmental agency or body responsible for the registration of, and the issuance of certificates of title relating to, motor vehicles and liens thereon. 

“Regulation AB” means Subpart 229.1100- Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125, as
such may be amended from time to time and subject to such clarification and interpretation as have been provided by the Commission in the adopting releases (Asset-Backed Securities, Securities Act Release No. 33-8518.70 Fed. Reg. 1,506,1,531
(January 7, 2005) and Asset-Backed Securities Disclosure and Registration, Securities Act Release No. 33-9638, 79 Fed. Reg. 57,184 (September 24, 2014)) or by the staff of the Commission, or as may be provided by the Commission or its staff
from time to time. 
 “Requesting Party” shall have the meaning set forth in Section 3.4(a). 

“Reserve Account” means the account designated as such, established and maintained pursuant to Section 5.1(a)(iii). 

“Reserve Account Deposit Amount” means, with respect to any Distribution Date, the lesser of (x) the excess of
(i) the Specified Reserve Balance over (ii) the amount on deposit in the Reserve Account on such Distribution Date, after taking into account the amount of any Reserve Account Withdrawal Amount on such Distribution Date and (y) the
amount remaining in the Collection Account after taking into account the distributions therefrom described in clauses (i) through [(xvii)] of Section 5.7(a). 

  
 17 

 “Reserve Account Withdrawal Amount” means, with respect to any Distribution
Date, the lesser of (x) any shortfall in the amount of Available Funds available to pay the amounts specified in clauses (i) through [(xvii)] of Section 5.7(a) (taking into account application of Available Funds to the priority of
payments specified in Section 5.7(a) and ignoring any provision hereof which otherwise limits the amounts described in such clauses to the amount of funds available) and (y) the amount on deposit in the Reserve Account on such Distribution
Date prior to application of amounts on deposit therein pursuant to Section 5.8. 
 “Responsible Officer” means,
(a) with respect to the Indenture Trustee[, Backup Servicer] and Custodian, any officer within their Corporate Trust Office, including any Vice President, Assistant Vice President, Assistant Secretary, Assistant Treasurer, Trust Officer or any
other officer who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such Person’s knowledge of and
familiarity with the particular subject and, in each instance, who shall have direct responsibility for the administration of the Indenture or any other Basic Document and (b) with respect to any other Person, any Executive Vice President,
Senior Vice President, Vice President, Assistant Vice President, Treasurer, Assistant Treasurer, Secretary, Assistant Secretary, or any other officer of such Person customarily performing functions similar to those performed by any of the above
designated officers and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 

[“Reuters Screen LIBOR01 Page” shall have the meaning set forth in Section 5.10.] 

“Sale and Servicing Agreement Collateral” shall have the meaning set forth in Section 2.4. 

“Schedule of Receivables” means the schedule of all motor vehicle retail installment sales contracts and promissory notes
originally held as part of the Trust which is attached as Schedule A (which Schedule may be in the form of microfiche or a disk). 

“Scheduled Receivables Payment” means, with respect to any Collection Period for any Receivable, the amount set forth in such
Receivable as required to be paid by the Obligor in such Collection Period. If after the Closing Date, the Obligor’s obligation under a Receivable with respect to a Collection Period has been modified so as to differ from the amount specified
in such Receivable as a result of (i) the order of a court in an insolvency proceeding involving the Obligor, (ii) pursuant to the Servicemembers Civil Relief Act or (iii) modifications or extensions of the Receivable permitted by
Section 4.2(b), the Scheduled Receivables Payment with respect to such Collection Period shall refer to the Obligor’s payment obligation with respect to such Collection Period as so modified. 

“Seller” means EFCAR, LLC, a Delaware limited liability company, and its successors in interest to the extent permitted
hereunder. 
 “Service Contract” means, with respect to a Financed Vehicle, the agreement, if any, financed under the
related Receivable that provides for the repair of such Financed Vehicle. 

  
 18 

 “Servicer” means Exeter Finance Corp., as the servicer of the Receivables, and
each successor servicer appointed pursuant to Section 9.3. 
 “Servicer Termination Event” has the meaning specified
in Section 9.1. 
 “Servicer’s Certificate” means an Officers’ Certificate of the Servicer delivered
pursuant to Section 4.9, substantially in the form of Exhibit A. 
 “Servicing Fee” shall have the meaning set forth
in Section 4.8. 
 “Servicing Fee Rate” means     % per annum. 

“Simple Interest Method” means the method of allocating a fixed level payment on an obligation between principal and
interest, pursuant to which the portion of such payment that is allocated to interest is equal to the product of the fixed rate of interest on such obligation multiplied by the period of time (expressed as a fraction of a year, based on the actual
number of days in the calendar month and 365 days in the calendar year) elapsed since the preceding payment under the obligation was made. 

“Specified Reserve Balance” means, with respect to any Distribution Date,
$        ; provided, that the Specified Reserve Balance will in no event exceed the outstanding principal amount of the Notes on such Distribution Date after giving effect to distributions
pursuant to clauses [(i) through (xvii)] of Section 5.7(a). 
 [“Standard & Poor’s” means
Standard & Poor’s Ratings Services, Inc., a Standard & Poor’s Financial Services, LLC business, or its successor.] 

“Supplemental Servicing Fee” means, with respect to any Collection Period, all administrative fees, expenses and charges paid
by or on behalf of Obligors, including late fees, prepayment fees and liquidation fees collected on the Receivables during such Collection Period but excluding any fees or expenses related to extensions. 

“Target Overcollateralization Amount” means, for any Distribution Date, the greater of (i) either (A) on the first
and second Distribution Dates and on any Distribution Date thereafter with respect to which no Cumulative Net Loss Trigger exists,     % of the Pool Balance as of the end of the related Collection Period or (B) on the
third Distribution Date or thereafter, but only if a Cumulative Net Loss Trigger exists with respect to such Distribution Date,     % of the Pool Balance as of the end of the related Collection Period and
(ii)     % of the expected Pool Balance as of the [initial] Cutoff Date. 
 “Total Available
Funds” shall have the meaning specified in Section 5.7(a). 
 “Trust” means the Issuer. 

“Trust Account Property” means the Trust Accounts, all amounts and investments held from time to time in any Trust Account
(whether in the form of deposit accounts, Physical Property, book-entry securities, uncertificated securities or otherwise), and all proceeds of the foregoing. 

  
 19 

 “Trust Accounts” shall have the meaning set forth in Section 5.1. 

“Trust Agreement” means the Trust Agreement dated as of
            , 20    , between the Seller and the Owner Trustee, as amended and restated as of
            , 20    , as the same may be amended and supplemented from time to time. 

“Trust Officer” means, (i) in the case of the Indenture Trustee, the chairman or vice-chairman of the board of
directors, any managing director, the chairman or vice-chairman of the executive committee of the board of directors, the president, any vice president, assistant vice president, the secretary, any assistant secretary, the treasurer, any assistant
treasurer, the cashier, any assistant cashier, any trust officer or assistant trust officer, the controller and any assistant controller or any other officer of the Indenture Trustee customarily performing functions similar to those performed by any
of the above designated officers with direct responsibility for the administration of this Agreement or any other Basic Document and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred
because of such officer’s knowledge of and familiarity with the particular subject, and (ii) in the case of the Owner Trustee, any officer in the Corporate Trust Office of the Owner Trustee or any agent of the Owner Trustee under a power
of attorney with direct responsibility for the administration of this Agreement or any of the Basic Documents on behalf of the Owner Trustee. 

“Trust Property” means the property and proceeds conveyed pursuant to Section 2.1, together with certain monies paid
after the Cutoff Date, the Collection Account (including all Eligible Investments therein and all proceeds therefrom)[, the Lockbox Account], [the Hedge Agreement,] the Reserve Account (including all Eligible Investments therein and all proceeds
therefrom), the Note Distribution Account (including all Eligible Investments therein and all proceeds therefrom) and certain other rights under this Agreement. 

“UCC” means the Uniform Commercial Code as in effect in the relevant jurisdiction on the date of the Agreement. 

“Underwriting Agreement” means the Underwriting Agreement, dated as of
            , 2      , among the Seller, the Servicer and [representatives], as representatives of the underwriters named therein. 

“U.S.A Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001, as amended. 
 “Volcker Rule” means Section 619 of the Dodd-Frank Wall Street Reform
and Consumer Protection Act together with the regulations adopted to implement such statutory provision. 
 SECTION 1.2. Other
Definitional Provisions. 
 (a) Capitalized terms used herein and not otherwise defined herein have meanings assigned to them in the
Indenture, or, if not defined therein, in the Trust Agreement. 
 (b) All terms defined in this Agreement shall have the defined meanings
when used in any instrument governed hereby and in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. 

  
 20 

 (c) As used in this Agreement, in any instrument governed hereby and in any certificate or other
document made or delivered pursuant hereto or thereto, accounting terms not defined in this Agreement or in any such instrument, certificate or other document, and accounting terms partly defined in this Agreement or in any such instrument,
certificate or other document to the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles as in effect on the date of this Agreement or any such instrument, certificate or other
document, as applicable. To the extent that the definitions of accounting terms in this Agreement or in any such instrument, certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting
principles, the definitions contained in this Agreement or in any such instrument, certificate or other document shall control. 
 (d) The
words “hereof,” “herein,” “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; Section, Schedule and Exhibit
references contained in this Agreement are references to Sections, Schedules and Exhibits in or to this Agreement unless otherwise specified; and the term “including” shall mean “including without limitation.” 

(e) The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine
as well as to the feminine and neuter genders of such terms. 
 (f) Any agreement, instrument or statute defined or referred to herein or in
any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments
thereto and instruments incorporated therein; references to a Person are also to its permitted successors and assigns. 
 ARTICLE II 

Conveyance of Receivables 

SECTION 2.1. Conveyance of Receivables. In consideration of the Issuer’s delivery to or upon the order of the Seller on the
Closing Date of the net proceeds from the sale of the Notes and the other amounts to be distributed from time to time to the Seller in accordance with the terms of this Agreement, the Seller does hereby sell, transfer, assign, set over and otherwise
convey to the Issuer, without recourse (subject to the Seller’s obligations set forth herein) and the Issuer hereby purchases, all right, title and interest of the Seller in and to the following property, whether now owned or existing or
hereafter acquired or arising: 
 (a) the Receivables and all moneys received thereon after the Cutoff Date; 

(b) the security interests in the Financed Vehicles granted by Obligors pursuant to the Receivables and any other interest of the Seller in
such Financed Vehicles; 

  
 21 

 (c) any proceeds and the right to receive proceeds with respect to the Receivables from claims on
any physical damage, credit life or disability insurance policies covering Financed Vehicles or Obligors and any proceeds from the liquidation of the Receivables; 

(d) any proceeds received from a Dealer pursuant to a Dealer Agreement as a result of a breach of representation or warranty in the related
Dealer Agreement; 
 (e) all rights under any Service Contracts on the related Financed Vehicles; 

(f) the related Receivable Files; 

(g) all of the Seller’s right, title and interest in its rights and benefits, but none of its obligations or burdens, under the Purchase
Agreement, and the delivery requirements, representations and warranties and the cure and repurchase obligations of Exeter under the Purchase Agreement; 

(h) all of the Seller’s (i) Accounts, (ii) Chattel Paper, (iii) Documents, (iv) Instruments and (v) General
Intangibles (as such terms are defined in the UCC) relating to the property described in (a) through (g); and 
 (i) all proceeds and
investments with respect to items (a) through (h). 
 SECTION 2.2. [Reserved] 

SECTION 2.3. Further Encumbrance of Trust Property. 

(a) Immediately upon the conveyance to the Trust by the Seller of any item of the Trust Property pursuant to Section 2.1, all right, title
and interest of the Seller in and to such item of Trust Property shall terminate, and all such right, title and interest shall vest in the Trust, in accordance with the Trust Agreement and Sections 3802 and 3805 of the Statutory Trust Statute (as
defined in the Trust Agreement). 
 (b) Immediately upon the vesting of the Trust Property in the Trust, the Trust shall have the sole right
to pledge or otherwise encumber, such Trust Property. Pursuant to the Indenture, the Trust shall grant a security interest in the Trust Property to the Indenture Trustee securing the repayment of the Notes. The Certificate shall represent the
beneficial ownership interest in the Trust Property, and the Certificateholder shall be entitled to receive distributions with respect thereto as set forth herein. 

(c) Following the payment in full of the Notes and the release and discharge of the Indenture, all covenants of the Issuer under Article III
of the Indenture shall, until payment in full of the Certificate, remain as covenants of the Issuer for the benefit of the Certificateholder, enforceable by the Certificateholder to the same extent as such covenants were enforceable by the
Noteholders prior to the discharge of the Indenture. Any rights of the Indenture Trustee under Article III of the Indenture, following the discharge of the Indenture, shall vest in the Certificateholder. 

  
 22 

 (d) The Indenture Trustee shall, at such time as there are no Notes or Certificate outstanding
and all sums due to (i) the Indenture Trustee pursuant to the Indenture [and] (ii) the Indenture Trustee pursuant to this Agreement [and (iii) the Backup Servicer pursuant to this Agreement], have been paid, release any remaining
portion of the Trust Property to the Seller. 
 SECTION 2.4. Intention of the Parties. 

The execution and delivery of this Agreement shall constitute an acknowledgment by the Seller and the Issuer that they intend that the
assignment and transfer herein contemplated constitute a sale and assignment outright, and not for security, of the Receivables and Other Conveyed Property, for non-tax purposes, conveying good title thereto free and clear of any Liens, from the
Seller to the Issuer, and that the Receivables and the Other Conveyed Property shall not be a part of the Seller’s estate in the event of a bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding under
any federal or state bankruptcy or similar law, or the occurrence of another similar event, of, or with respect to the Seller. In the event that such conveyance is determined to be made as security for a loan made by the Issuer, the Noteholders or
the Certificateholder to the Seller, the Seller hereby grants to the Issuer a security interest in all of the Seller’s right, title and interest in and to the following property for the benefit of the Issuer Secured Parties, whether now owned
or existing or hereafter acquired or arising, and this Agreement shall constitute a security agreement under applicable law (collectively, the “Sale and Servicing Agreement Collateral”): 

(i) the Receivables and all moneys received thereon after the Cutoff Date; 

(ii) the security interests in the Financed Vehicles granted by Obligors pursuant to the Receivables and any other interest of
the Seller in such Financed Vehicles; 
 (iii) any proceeds and the right to receive proceeds with respect to the Receivables
from claims on any physical damage, credit life or disability insurance policies covering Financed Vehicles or Obligors and any proceeds from the liquidation of the Receivables; 

(iv) any proceeds from any Receivable repurchased by a Dealer pursuant to a Dealer Agreement as a result of a breach of
representation or warranty in the related Dealer Agreement; 
 (v) all rights under any Service Contracts on the related
Financed Vehicles; 
 (vi) the related Receivable Files; 

(vii) all of the Seller’s right, title and interest in its rights and benefits, but none of its obligations or burdens,
under the Purchase Agreement, and the delivery requirements, representations and warranties and the cure and repurchase obligations of Exeter under the Purchase Agreement; 

  
 23 

 (viii) all of the Seller’s (a) Accounts, (b) Chattel Paper,
(c) Documents, (d) Instruments and (e) General Intangibles (as such terms are defined in the UCC) relating to the property described in (i) through (vii); and 

(ix) all proceeds and investments with respect to items (i) through (viii). 

ARTICLE III 
 The Receivables

 SECTION 3.1. Representations and Warranties of Seller. 

(a) The Seller hereby represents and warrants that each of the representations and warranties regarding the Receivables that are set forth in
Schedule B-1 is true and correct and that the Issuer is deemed to have relied on such representations and warranties in acquiring the Receivables. Such representations and warranties speak as of the execution and delivery of this Agreement and as of
the Closing Date, but shall survive the sale, transfer and assignment of the Receivables to the Issuer and the pledge thereof to the Indenture Trustee pursuant to the Indenture and shall not be waived. 

(b) The Seller hereby represents and warrants that each of the representations and warranties regarding the pool of Receivables that are set
forth in Schedule B-2 is true and correct and that the Issuer is deemed to have relied on such representations and warranties in acquiring the Receivables. Such representations and warranties speak as of the execution and delivery of this Agreement
and as of the Closing Date, but shall survive the sale, transfer and assignment of the Receivables to the Issuer and the pledge thereof to the Indenture Trustee pursuant to the Indenture and shall not be waived. 

(c) The Seller hereby represents and warrants that each of the following representations and warranties is true and correct and that the
Issuer is deemed to have relied on such representations and warranties in acquiring the Receivables. Such representations and warranties speak as of the execution and delivery of this Agreement and as of the Closing Date, but shall survive the sale,
transfer and assignment of the Receivables to the Issuer and the pledge thereof to the Indenture Trustee pursuant to the Indenture and shall not be waived: 

(i) to the best of the Seller’s knowledge, each Receivable (a) that was originated by Exeter was sold by Exeter to
the Seller without any fraud or misrepresentation on the part of Exeter and (b) that was originated by a Dealer was sold by the Dealer to Exeter and by Exeter to the Seller without any fraud or misrepresentation on the part of such Dealer or
Exeter, respectively; 
 (ii) 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 pursuant to transfers of the Notes; 

  
 24 

 (iii) 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 Receivables or otherwise to impair the rights of the Trust, the Indenture Trustee and the Noteholders in any Receivable or the proceeds thereof. Other than the security interest
granted to the Trust pursuant to this Agreement and except any other security interests that have been fully released and discharged as of the Closing Date, 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 Trust hereunder or that has been terminated. The Seller is not aware of any judgment, ERISA or tax lien filings against it; and 

(iv) no funds have been advanced by the Seller or anyone acting on behalf of Exeter in order to cause any Receivable to qualify
under the representation and warranty set forth as clause [19(E)] of Schedule B-1. 
 SECTION 3.2. Repurchase upon Breach. 

(a) (i) The Seller or the Servicer as the case may be, upon the discovery of any breach of this Agreement by the Seller or (ii) [the
Backup Servicer,] the Owner Trustee or the Indenture Trustee, in each case, upon receipt of written notice or actual knowledge of a breach of the Seller’s representations and warranties made pursuant to Section 3.1(a), shall inform the
other parties to this Agreement promptly, by notice in writing. If Noteholders representing [five] percent or more of the Outstanding Amount of the [most senior class of] Notes inform the Indenture Trustee, by notice in writing, of any breach of the
Seller’s representations and warranties made pursuant to Section 3.1(a), the Indenture Trustee shall inform the other parties to this Agreement in the manner specified in the preceding sentence on behalf of such Noteholders. Any such
notice delivered by the Servicer, the Indenture Trustee, the Trust, the Indenture Trustee, any Noteholder or the Owner Trustee, as the case may be, shall constitute a request by such party that the Seller repurchase the affected Receivable. As of
the last day of the second (or, if the Seller so elects, the first) month following the discovery by the Seller or receipt by the Seller of notice of such breach, unless such breach is cured by such date, the Seller shall have an obligation to
repurchase any Receivable in which the interests of the Noteholders are materially and adversely affected by any such breach as of such date. The “second month” shall mean the month following the month in which discovery or actual
knowledge occurs or written notice is given, and the “first month” shall mean the month in which discovery or actual knowledge occurs or notice is given. In consideration of and simultaneously with the repurchase of the Receivable, the
Seller shall remit, or cause Exeter to remit, to the Collection Account the Purchase Amount in the manner specified in Section 5.6(a) and the Issuer shall execute such assignments and other documents reasonably requested by such person in order
to effect such repurchase. The sole remedy of the Issuer, the Owner Trustee, the Indenture Trustee[, the Backup Servicer] or the Noteholders with respect to a breach of representations and warranties pursuant to Section 3.1(a) and the agreement
contained in this Section shall be the repurchase of Receivables pursuant to this Section, subject to the conditions contained herein or to enforce the obligation of Exeter to the Seller to repurchase such Receivables pursuant to the Purchase
Agreement. Neither the Owner Trustee nor the Indenture Trustee shall have a duty to conduct any affirmative 

  
 25 

 
investigation as to the occurrence of any conditions requiring the repurchase of any Receivable pursuant to this Section. Except as expressly set forth in the Basic Documents, neither the Owner
Trustee nor the Indenture Trustee shall have any duty to conduct an affirmative investigation as to the eligibility of any Receivable for purposes of this Agreement or to enforce the repurchase obligations of the Seller. 

In addition to the foregoing and notwithstanding whether the related Receivable shall have been purchased by the Seller, the Seller shall
indemnify the Trust, the Indenture Trustee, the Owner Trustee[, the Backup Servicer] and the officers, directors, agents and employees thereof, and the Noteholders against all costs, expenses, losses, damages, claims and liabilities, including
reasonable fees and expenses of counsel, which may be asserted against or incurred by any of them as a result of third-party claims arising out of the events or facts giving rise to such breach. In the event the Seller is unable to provide such
indemnity payments due pursuant to this paragraph to the Owner Trustee[,][or] the Indenture Trustee [or Backup Servicer], the Owner Trustee[,][and] the Indenture Trustee [and Backup Servicer] shall collect such indemnities amounts pursuant to
Section 5.7(a) hereof or Section 5.6 of the Indenture, as applicable. 
 (b) Pursuant to Section 2.1 of this Agreement, the
Seller conveyed to the Trust all of the Seller’s right, title and interest in its rights and benefits, but none of its obligations or burdens, under the Purchase Agreement (including the delivery requirements, representations and warranties and
the cure or repurchase obligations of Exeter thereunder). The Seller hereby represents and warrants to the Trust that such assignment is valid, enforceable and effective to permit the Trust to enforce such obligations of Exeter under the Purchase
Agreement. Any purchase by Exeter pursuant to the Purchase Agreement shall be deemed a purchase by the Seller pursuant to this Section 3.2 and the definition of Purchased Receivable. 

SECTION 3.3. Custody of Receivable Files. 

(a) In connection with the sale, transfer and assignment of the Receivables and the Other Conveyed Property to the Trust pursuant to this
Agreement and simultaneously with the execution and delivery of this Agreement, the Indenture Trustee shall enter into the Custodian Agreement pursuant to which the Indenture Trustee shall revocably appoint the Custodian, and the Custodian shall
accept such appointment, to act as the agent of the Indenture Trustee as custodian of the following documents or instruments in its possession or control (the “Receivable Files”) which shall be delivered to the Custodian as agent of
the Indenture Trustee on or before the Closing Date (with respect to each Receivable): 
 (i) The fully executed original of
the Contract (which may contain electronic, facsimile or manual signatures); and 
 (ii) The Lien Certificate (when
received), and otherwise such documents, if any, that Exeter keeps on file in accordance with its customary procedures indicating that the Financed Vehicle is owned by the Obligor and subject to the interest of Exeter as first lienholder or secured
party (including any Lien Certificate received by Exeter), or, if such Lien Certificate has not yet been received, a copy of the application therefor. 

  
 26 

 (b) If the Indenture Trustee is acting as the Custodian pursuant to Section 8 of the
Custodian Agreement, the Indenture Trustee shall be deemed to have assumed the obligations of the Custodian (except for any liabilities incurred by the predecessor Custodian) specified in the Custodian Agreement until such time as a successor
Custodian has been appointed. Upon payment in full of any Receivable, the Servicer will notify the Custodian pursuant to a written request for release of documents in the form attached as Exhibit B to the Custodian Agreement (which written request
shall include a statement to the effect that all amounts received in connection with such payments which are required to be deposited in the Collection Account pursuant to Section 4.1 have been so deposited) and shall request delivery of the
Receivable and Receivable File to the Servicer. From time to time as appropriate for servicing and enforcing any Receivable, the Custodian shall, upon written request for release of documents in the form attached as Exhibit B to the Custodian
Agreement, cause the original Receivable and the related Receivable File to be released to the Servicer. The Servicer’s receipt of a Receivable and/or Receivable File shall obligate the Servicer to return the original Receivable and the related
Receivable File to the Custodian when its need by the Servicer has ceased unless the Receivable is repurchased as described in Section 3.2, 4.2 or 4.7. 

(c) The Servicer shall ensure that the Custodian shall be provided full electronic access to the records of the third party title intermediary
concerning certificates of title that are maintained in electronic form. The Custodian shall certify any electronic certificate of title by confirming the electronic information available from the third party title intermediary against the
electronic information received from the Servicer with respect to electronic certificates of title. Wherever in this Agreement it states that the Custodian has possession of Receivable Files, with respect to electronic Certificates of Title, it
shall mean that the Custodian has received information sufficient to perform the verification set forth in the immediately preceding sentence. The Custodian will rely on, but cannot be responsible for, verify or confirm, the content or accuracy of
any information provided by the third party title intermediary. 
 SECTION 3.4. Dispute Resolution. 

(a) If the Servicer, the Trust, the Owner Trustee, the Indenture Trustee, a Noteholder or the Indenture Trustee on behalf of certain
Noteholders in accordance with the following sentence (the “Requesting Party”) requests that the Seller and/or Exeter repurchase a Receivable due to an alleged breach of a representation and warranty in Section 5.1 of the
Purchase Agreement or in Section 3.2(a) (each, a “Repurchase Request”), and the Repurchase Request has not been resolved within 180 days of the receipt of notice of the Repurchase Request by the Seller or Exeter, as the case
may be (which resolution may take the form of a repurchase of the related Receivable by the Seller or Exeter, as applicable, a withdrawal of the related Repurchase Request by the related Requesting Party or a cure of the condition that led to the
related breach in the manner set forth herein or in the Purchase Agreement, as applicable), the Requesting Party may refer the matter, in its discretion, to either mediation (including non-binding arbitration) or binding third-party arbitration.
Noteholders representing [five] percent or more of the Outstanding Amount of the [most senior Class of] Notes may direct the Indenture Trustee, by notice in writing, in relation to any matter described in the preceding sentence, to initiate either
mediation (including non-binding arbitration) or binding third party arbitration, as directed by such Noteholders, on behalf of such Noteholders. The Requesting Party must start the mediation or arbitration proceeding according to the ADR Rules of
the ADR Organization within 90 days 

  
 27 

 
following the date on which the Form 10-D is filed that relates to the Collection Period during which the related 180-day period ended. The Seller and Exeter agree to participate in the dispute
resolution method selected by the Requesting Party. 
 (b) If the Requesting Party selects mediation for dispute resolution: 

(i) The mediation will be administered by the ADR Organization using its ADR Rules. However, if any ADR Rules are inconsistent
with the procedures for mediation stated in this Section 3.4(b), the procedures in this Section 3.4(b) will control. 

(ii) A single mediator will be selected by the ADR Organization from a list of neutrals maintained by it according to the ADR
Rules. The mediator must be impartial, an attorney admitted to practice in the State of New York and have at least [15] years of experience in commercial litigation and, if possible, consumer finance or asset-backed securitization matters. 

(iii) The mediation will start within [15] Business Days after the selection of the mediator and conclude within [30] days
after the start of the mediation. 
 (iv) Expenses of the mediation will be allocated to the parties as mutually agreed by
them as part of the mediation. 
 (v) If the parties fail to agree at the completion of the mediation, the Requesting Party
may refer the Repurchase Request to arbitration under this Section 3.4. 
 (c) If the Requesting Party selects arbitration for dispute
resolution: 
 (i) The arbitration will be administered by the ADR Organization using its ADR Rules. However, if any ADR
Rules are inconsistent with the procedures for arbitration stated in this Section 3.4(b), the procedures in this Section 3.4(b) will control. 

(ii) A single arbitrator will be selected by the ADR Organization from a list of neutrals maintained by it according to the ADR
Rules. The arbitrator must be an attorney admitted to practice in the State of New York and have at least [15] years of experience in commercial litigation and, if possible, consumer finance or asset-backed securitization matters. The arbitrator
will be independent and impartial and will comply with the Code of Ethics for Arbitrators in Commercial Disputes in effect at the time of the arbitration. Before accepting an appointment, the arbitrator must promptly disclose any circumstances
likely to create a reasonable inference of bias or conflict of interest or likely to preclude completion of the proceedings within the stated time schedule. The arbitrator may be removed by the ADR Organization for cause consisting of actual bias,
conflict of interest or other serious potential for conflict. 
 (iii) The arbitrator will have the authority to schedule,
hear and determine any motions, according to New York law, and will do so at the motion of any party. Discovery will be completed with [30] days of selection of the arbitrator and will be limited for each party to [two] witness depositions not to
exceed five hours, [two] interrogatories, [one] document request and [one] request for admissions. However, the 

  
 28 

 
arbitrator may grant additional discovery on a showing of good cause that the additional discovery is reasonable and necessary. Briefs will be limited to no more than [ten] pages each, and will
be limited to initial statements of the case, motions and a pre-hearing brief. The evidentiary hearing on the merits will start no later than [60] days after selection of the arbitrator and will proceed for no more than [six] consecutive Business
Days with equal time allocated to each party for the presentation of evidence and cross examination. The arbitrator may allow additional time for discovery and hearings on a showing of good cause or due to unavoidable delays. 

(iv) The arbitrator will make its final determination no later than [90] days after its selection. The arbitrator will resolve
the dispute according to the terms of this Agreement and the other Basic Documents, and may not modify or change this Agreement or the other Basic Documents in any way. The arbitrator will not have the power to award punitive damages or
consequential damages in any arbitration conducted by them. In its final determination, the arbitrator will determine and award the expenses of the arbitration (including filing fees, the fees of the arbitrator, expense of any record or transcript
of the arbitration and administrative fees) to the parties in its reasonable discretion. The determination of the arbitrator will be in writing and counterpart copies will be promptly delivered to the parties. The determination will be final and
non-appealable, except for actions to confirm or vacate the determination permitted under federal or State law, and may be entered and enforced in any court of competent jurisdiction. 

(v) By selecting arbitration, the Requesting Party is giving up the right to sue in court, including the right to a trial by
jury. 
 (vi) The Requesting Party may not bring a putative or certificated class action to arbitration. If this waiver of
class action rights is found to be unenforceable for any reason, the Requesting Party agrees that it will bring its claims in a court of competent jurisdiction. 

(d) For each mediation or arbitration: 

(i) Any mediation or arbitration will be held in New York, New York at the offices of the mediator or arbitrator or at another
location selected by the Seller or Exeter. Any party or witness may participate by teleconference or video conference. 

(ii) The Seller, Exeter and the Requesting Party will have the right to seek provisional relief from a competent court of law,
including a temporary restraining order, preliminary injunction or attachment order, if such relief is available by law. 

(iii) Neither the Seller nor Exeter will be required to produce personally identifiable customer information for purposes of
any mediation or arbitration. The existence and details of any unresolved Repurchase Request, any informal meetings, mediations or arbitration proceedings, the nature and amount of any relief sought or granted, any offers or statements made and any
discovery taken in the proceeding will be confidential, privileged and inadmissible for any purpose in any other mediation, 

  
 29 

 
arbitration, litigation or other proceeding. The parties will keep this information confidential and will not disclose or discuss it with any third party (other than a party’s attorneys,
experts, accountants and other advisors, as reasonably required in connection with the mediation or arbitration proceeding under this Section 3.4), except as required by law, regulatory requirement or court order. If a party to a mediation or
arbitration proceeding receives a subpoena or other request for information from a third party (other than a governmental regulatory body) for confidential information of the other party to the mediation or arbitration proceeding, the recipient will
promptly notify the other party and will provide the other party with the opportunity to object to the production of its confidential information. 

ARTICLE IV 
 Administration and
Servicing of Receivables 
 SECTION 4.1. Duties of the Servicer [and the Backup Servicer] 

(a) The Servicer is hereby authorized to act as agent for the Trust and in such capacity shall manage, service, administer and make collections
on the Receivables, and perform the other actions required by the Servicer under this Agreement. The Servicer agrees that its servicing of the Receivables shall be carried out in accordance with customary and usual procedures of institutions which
service motor vehicle retail installment sales contracts and, to the extent more exacting, the degree of skill and attention that the Servicer exercises from time to time with respect to all comparable motor vehicle receivables that it services for
itself or others. In performing such duties, so long as Exeter is the Servicer, it shall substantially comply with the customary servicing policies and procedures, which are partially excerpted in Schedule C; as such policies and procedures may be
updated from time to time. The Servicer’s duties shall include, without limitation, collecting and posting of all payments, responding to inquiries of Obligors on the Receivables, investigating delinquencies, billing Obligors on a monthly
basis, reporting any required tax information to Obligors, monitoring the collateral, [complying with the terms of the Lockbox Account Agreement,] accounting for collections and furnishing monthly and annual statements to the Indenture Trustee with
respect to distributions, monitoring the status of Insurance Policies with respect to the Financed Vehicles and performing the other duties specified herein. 

The Servicer, or if Exeter is no longer the Servicer, Exeter, at the request of the Servicer, shall also administer and enforce all rights and
responsibilities of the holder of the Receivables provided for in the Dealer Agreements [and Originator Agreements] (and shall maintain possession of the Dealer Agreements [and Originator Agreements], to the extent it is necessary to do so), the
Dealer Assignments, the Originator Agreements and the Insurance Policies, to the extent that such Dealer Agreements, Dealer Assignments [, Originator Agreements, Originator Assignments] and Insurance Policies relate to the Receivables, the Financed
Vehicles or the Obligors. To the extent consistent with the standards, policies and procedures otherwise required hereby, the Servicer shall follow its customary standards, policies, and procedures and shall have full power and authority, acting
alone, to do any and all things in connection with such managing, servicing, administration and collection that it may deem necessary or desirable. Without limiting the generality of the foregoing, the Servicer is hereby authorized and empowered by
the Trust to 

  
 30 

 
execute and deliver, on behalf of the Trust, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with
respect to the Receivables and with respect to the Financed Vehicles; provided, however, that notwithstanding the foregoing, the Servicer shall not, except pursuant to an order from a court of competent jurisdiction, release an Obligor from
payment of any unpaid amount under any Receivable or waive the right to collect the unpaid balance of any Receivable from the Obligor, except in accordance with the Servicer’s customary practices. 

The Servicer is hereby authorized to commence, in its own name or in the name of the Trust, a legal proceeding to enforce a Receivable
pursuant to Section 4.3 or to commence or participate in any other legal proceeding (including, without limitation, a bankruptcy proceeding) relating to or involving a Receivable, an Obligor or a Financed Vehicle. If the Servicer commences or
participates in such a legal proceeding in its own name, the Trust shall thereupon be deemed to have automatically assigned such Receivable to the Servicer solely for purposes of commencing or participating in any such proceeding as a party or
claimant, and the Servicer is authorized and empowered by the Trust to execute and deliver in the Servicer’s name any notices, demands, claims, complaints, responses, affidavits or other documents or instruments in connection with any such
proceeding. The Indenture Trustee and the Owner Trustee shall furnish the Servicer with any limited powers of attorney and other documents which the Servicer may reasonably request and which the Servicer deems necessary or appropriate and take any
other steps which the Servicer may deem necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties under this Agreement. 

As set forth in Section 9.3, in the event the Servicer fails to perform its obligations hereunder, the [Backup Servicer]/[successor
Servicer] shall be responsible for the Servicer’s duties in this Agreement as if it were the Servicer, provided that the [Backup Servicer][successor Servicer] shall not be liable for the Servicer’s breach of its obligations. 

(b) [The Backup Servicer shall have the following duties: (i) prior to the Closing Date, the Backup Servicer shall have conducted an
on-site visit of the Servicer’s operations in connection with this or similar agreements, (ii) the Backup Servicer may conduct periodic on-site visits not more than once every 12 months to meet with appropriate operations personnel to
discuss any changes in processes and procedures that have occurred since the last visit, (iii) prior to the Closing Date, the Backup Servicer shall have completed all data-mapping, and (iv) not more than once per year, the Backup Servicer
shall update or amend the data-mapping by effecting a data-map refresh upon receipt of written notice from the Servicer specifying updated or amended fields, if any, in (a) fields in the Monthly Tape or (b) fields confirmed in the original
data-mapping referred to in clause (iii) above. Each on-site visit shall be at the cost of Exeter.] 
 SECTION 4.2. Collection of
Receivable Payments; Modifications of Receivables[; Lockbox Account Agreement]. 
 (a) Consistent with the standards, policies and
procedures required by this Agreement, the Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Receivables as and when the same shall become due, and shall follow such collection procedures
as it follows with respect to all comparable automobile receivables that it services for itself or others and otherwise act with respect to the Receivables, the Dealer 

  
 31 

 
Agreements, the Dealer Assignments, the Insurance Policies and the Other Conveyed Property in such manner as will, in the reasonable judgment of the Servicer, maximize the amount to be received
by the Trust with respect thereto. The Servicer is authorized in its discretion to waive any prepayment charge, late payment charge or any other similar fees that may be collected in the ordinary course of servicing any Receivable. 

(b) The Servicer may at any time agree to a modification, due date change, extension or amendment of a Receivable in accordance with its
credit and collection policy, which may be modified from time to time without notice to the Noteholders. 
 (c) [The Servicer, acting as
agent for the Trust pursuant to the Lockbox Account Agreement, shall use its best efforts to notify or direct Obligors to make all payments on the Receivables, whether by check or by direct debit of the Obligor’s bank account, to be made
directly to one or more Lockbox Banks pursuant to the Lockbox Account Agreement. The Servicer shall use its best efforts to notify or direct any Lockbox Bank to deposit all payments on the Receivables in the Lockbox Account no later than the
Business Day after receipt, and to cause all amounts credited to the Lockbox Account on account of such payments to be transferred to the Collection Account no later than two Business Days after receipt of such payments. The Lockbox Account shall be
a demand deposit account held by the Lockbox Bank. 
 Prior to the Closing Date, the Servicer shall have notified each Obligor that makes
its payments on the Receivables by check to make such payments thereafter directly to the Lockbox Bank (except in the case of Obligors that have already been making such payments to the Lockbox Bank), and shall have provided each such Obligor with
remittance invoices in order to enable such Obligors to make such payments directly to the Lockbox Bank for deposit into the Lockbox Account, and the Servicer will continue, not less often than every three months, to so notify those Obligors who
have failed to make payments to the Lockbox Bank. 
 Notwithstanding any Lockbox Account Agreement, or any of the provisions of this
Agreement relating to the Lockbox Account Agreement, the Servicer shall remain obligated and liable to the Trust, the Indenture Trustee and Noteholders for servicing and administering the Receivables and the Other Conveyed Property in accordance
with the provisions of this Agreement without diminution of such obligation or liability by virtue thereof[; provided, however, that the foregoing shall not apply to any Backup Servicer for so long as the Lockbox Bank is performing its
obligations pursuant to the terms of the Lockbox Account Agreement]. 
 In the event of a termination of the Servicer, the successor
Servicer shall assume all of the rights and obligations of the outgoing Servicer under the Lockbox Account Agreement subject to the terms hereof. In such event, the successor Servicer shall be deemed to have assumed all of the outgoing
Servicer’s interest therein and to have replaced the outgoing Servicer as a party to the Lockbox Account Agreement to the same extent as if the Lockbox Account Agreement had been assigned to the successor Servicer, except that the outgoing
Servicer shall not thereby be relieved of any liability or obligations on the part of the outgoing Servicer to the Lockbox Bank under the Lockbox Account Agreement. The outgoing Servicer shall, upon request of the Indenture Trustee, but at the
expense of the outgoing Servicer, deliver to the successor Servicer all documents and records relating to the Lockbox Account Agreement and an accounting of amounts collected and held by the Lockbox Bank and otherwise use its best efforts

  
 32 

 
to effect the orderly and efficient transfer of the Lockbox Account Agreement to the successor Servicer. In the event that the Majority Noteholders elect to change the identity of the Lockbox
Bank, the outgoing Servicer, at its expense, shall cause the Lockbox Bank to deliver, at the direction of the Majority Noteholders to the Indenture Trustee or a successor Lockbox Bank, all documents and records relating to the Receivables and all
amounts held (or thereafter received) by the Lockbox Bank (together with an accounting of such amounts) and shall otherwise use its best efforts to effect the orderly and efficient transfer of the lockbox arrangements and the Servicer shall notify
the Obligors to make payments to the lockbox arrangements established by the successor. 
 (d) The Servicer shall remit all payments by or
on behalf of the Obligors received directly by the Servicer [to the Lockbox Bank as soon as practicable, but in no event later than two Business Days after identification thereof, and such amounts shall be deposited into the Lockbox Account and
transferred from the Lockbox Account] to the Collection Account in accordance with Section 4.2(c). 
 (e) Exeter shall not cause or
permit the substitution of the Financed Vehicle relating to a Receivable unless: (i) the substitution is a replacement of the Financed Vehicle originally financed under the related Receivable; (ii) the Financed Vehicle originally financed
under the related Receivable was either (x) insured under an Insurance Policy as required under Section 4.4(a) at the time of a casualty loss that is treated as a total loss under such Insurance Policy, (y) deemed to be a
“lemon” pursuant to applicable state law and repurchased by the related Dealer or (z) the subject of an order by a court of competent jurisdiction directing Exeter to substitute another vehicle under the related Receivable;
(iii) the related Receivable is not more than 30 days delinquent; (iv) the Obligor is deemed to be in “good standing” by the Servicer and is not in breach of any requirement under the related Receivable; (v) the replacement
Financed Vehicle has a book value (N.A.D.A.) at least equal to the book value (N.A.D.A.) of the Financed Vehicle that is being replaced, measured immediately before the casualty loss or replacement by the Dealer and (vi) as of the date of such
substitution, the replacement Financed Vehicle’s mileage is no greater than the mileage on the Financed Vehicle that is being replaced; provided, however, that if the substitution is made pursuant to clause (ii)(z), above, clauses
(iii) through (vi) inclusive, shall not be applicable. Exeter shall not cause or permit the substitution of Financed Vehicles relating to Receivables having an original aggregate Principal Balance greater than
     percent (    %) of the Original Pool Balance, (the “Substitution Limit”). In the event that the Substitution Limit is exceeded for any reason, (i) Exeter shall, on or
before the next following Accounting Date, repurchase a sufficient number of such Receivables to cause the aggregate original Principal Balances of such Receivables to be less than the Substitution Limit or (ii) if Exeter is not the Servicer
and the Servicer has caused substitutions to be made hereunder pursuant to the circumstances described in clause (ii)(x), above, the Servicer shall, on or before the next following Accounting Date, repurchase a sufficient number of such Receivables
to cause the aggregate original Principal Balances of such Receivables to be less than the Substitution Limit. 
 SECTION 4.3.
Realization upon Receivables. 
 (a) Consistent with the standards, policies and procedures required by this Agreement, the Servicer
shall use its best efforts to repossess (or otherwise comparably convert the ownership of) and liquidate any Financed Vehicle securing a Receivable with respect to which the Servicer 

  
 33 

 
has determined that payments thereunder are not likely to be resumed, as soon as is practicable; provided, however, that the Servicer may elect not to repossess a Financed Vehicle if in
its good faith judgment it determines that the proceeds ultimately recoverable with respect to such Receivable would be increased by forbearance. The Servicer is authorized to follow such customary practices and procedures as it shall deem necessary
or advisable, consistent with the standard of care required by Section 4.1, which practices and procedures may include reasonable efforts to realize upon any recourse to Dealers, the sale of the related Financed Vehicle at public or private
sale, the submission of claims under an Insurance Policy and other actions by the Servicer in order to realize upon such a Receivable. The foregoing is subject to the provision that, in any case in which the Financed Vehicle shall have suffered
damage, the Servicer shall not expend funds in connection with any repair or towards the repossession of such Financed Vehicle unless it expects in its sole discretion, that such repair and/or repossession shall increase the proceeds of liquidation
of the related Receivable by an amount greater than the amount of such expenses. The Servicer, in its sole discretion, may in accordance with its customary servicing policies and procedures sell any Receivable’s deficiency balance. All amounts
received upon liquidation of a Financed Vehicle shall be remitted directly by the Servicer to the Lockbox Account as soon as practicable, but in no event later than the Business Day after receipt thereof. The Servicer shall be entitled to recover
all reasonable expenses incurred by it in the course of repossessing and liquidating a Financed Vehicle into cash proceeds, but only out of the cash proceeds of such Financed Vehicle, any deficiency obtained from the Obligor or any amounts received
from the related Dealer, which amounts in reimbursement may be retained by the Servicer (and shall not be required to be deposited as provided in Section 4.2(d)) to the extent of such expenses. The Servicer shall pay on behalf of the Trust any
personal property taxes assessed on repossessed Financed Vehicles. The Servicer shall be entitled to reimbursement of any such tax from Net Liquidation Proceeds with respect to such Receivable. 

(b) If the Servicer, or if Exeter is no longer the Servicer, Exeter at the request of the Servicer, elects to commence a legal proceeding to
enforce a Dealer Agreement or Dealer Assignment, the act of commencement shall be deemed to be an automatic assignment from the Trust to the Servicer, or to Exeter at the request of the Servicer, of the rights under such Dealer Agreement or Dealer
Assignment for purposes of collection only. If, however, in any enforcement suit or legal proceeding it is held that the Servicer or Exeter, as appropriate, may not enforce a Dealer Agreement or Dealer Assignment on the grounds that it is not a real
party in interest or a Person entitled to enforce the Dealer Agreement or Dealer Assignment, the Owner Trustee and/or the Indenture Trustee, at Exeter’s expense, or the Seller, at the Seller’s expense, shall take such steps as the Servicer
deems reasonably necessary to enforce the Dealer Agreement or Dealer Assignment, including bringing suit in its name or the name of the Seller or of the Trust and the Owner Trustee and/or the Indenture Trustee for the benefit of the Noteholders. All
amounts recovered shall be remitted directly by the Servicer as provided in Section 4.2(d). 
 SECTION 4.4. Insurance. 

(a) The Servicer shall require, in accordance with its customary servicing policies and procedures, that each Financed Vehicle be insured by
the related Obligor under the Insurance Policies referred to in Paragraph [18]/[16] of the Schedule B-1 hereto and shall monitor the status of such physical loss and damage insurance coverage thereafter, in accordance with its customary servicing
procedures. Each Receivable requires the Obligor to maintain such physical loss and 

  
 34 

 
damage insurance, naming Exeter and its successors and assigns as additional insureds, and permits the holder of such Receivable to obtain physical loss and damage insurance at the expense of the
Obligor if the Obligor fails to maintain such insurance. If the Servicer shall determine that an Obligor has failed to obtain or maintain a physical loss and damage Insurance Policy covering the related Financed Vehicle which satisfies the
conditions set forth in such Paragraph [18]/[16] (including, without limitation, during the repossession of such Financed Vehicle) the Servicer may enforce the rights of the holder of the Receivable under the Receivable to require the Obligor to
obtain such physical loss and damage insurance in accordance with its customary servicing policies and procedures. The Servicer may maintain a vendor’s single interest or other collateral protection insurance policy with respect to all Financed
Vehicles (“Collateral Insurance”) which policy shall by its terms insure against physical loss and damage in the event any Obligor fails to maintain physical loss and damage insurance with respect to the related Financed Vehicle.
The Servicer shall cause itself, and may cause the Indenture Trustee, to be named as named insured under all policies of Collateral Insurance. Costs incurred by the Servicer in maintaining such Collateral Insurance shall be paid by the Servicer.

 (b) The Servicer may, if an Obligor fails to obtain or maintain a physical loss and damage Insurance Policy, obtain insurance with
respect to the related Financed Vehicle and advance on behalf of such Obligor, as required under the terms of the insurance policy, the premiums for such insurance (such insurance being referred to herein as “Force-Placed
Insurance”). All policies of Force-Placed Insurance shall be endorsed with clauses providing for loss payable to the Servicer. Any cost incurred by the Servicer in maintaining such Force-Placed Insurance shall only be recoverable out of
premiums paid by the Obligors or Net Liquidation Proceeds with respect to the Receivable, as provided in Section 4.4(c). 
 (c) In
connection with any Force-Placed Insurance obtained hereunder, the Servicer may, in the manner and to the extent permitted by applicable law, require the Obligors to repay the entire premium to the Servicer. In no event shall the Servicer include
the amount of the premium in the Amount Financed under the Receivable. For all purposes of this Agreement, the Insurance Add-On Amount with respect to any Receivable having Force-Placed Insurance will be treated as a separate obligation of the
Obligor and will not be added to the Principal Balance of such Receivable, and amounts allocable thereto will not be available for distribution on the Notes and the Certificate. The Servicer shall retain and separately administer the right to
receive payments from Obligors with respect to Insurance Add-On Amounts or rebates of Forced-Placed Insurance premiums. If an Obligor makes a payment with respect to a Receivable having Force-Placed Insurance, but the Servicer is unable to determine
whether the payment is allocable to the Receivable or to the Insurance Add-On Amount, the payment shall be applied first to any unpaid Scheduled Receivables Payments and then to the Insurance Add-On Amount. Net Liquidation Proceeds on any Receivable
will be used first to pay the Principal Balance and accrued interest on such Receivable and then to pay the related Insurance Add-On Amount. If an Obligor under a Receivable with respect to which the Servicer has placed Force-Placed Insurance fails
to make scheduled payments of such Insurance Add-On Amount as due, and the Servicer has determined that eventual payment of the Insurance Add-On Amount is unlikely, the Servicer may, but shall not be required to, purchase such Receivable from the
Trust for the Purchase Amount on any subsequent Determination Date. Any such Receivable, and any Receivable with respect to which the Servicer has placed Force-Placed Insurance which has been paid in full (excluding any Insurance Add-On Amounts)
will be assigned to the Servicer. 

  
 35 

 (d) The Servicer may sue to enforce or collect upon the Insurance Policies, in its own name, if
possible, or as agent of the Trust. If the Servicer elects to commence a legal proceeding to enforce an Insurance Policy, the act of commencement shall be deemed to be an automatic assignment of the rights of the Trust under such Insurance Policy to
the Servicer for purposes of collection only. If, however, in any enforcement suit or legal proceeding it is held that the Servicer may not enforce an Insurance Policy on the grounds that it is not a real party in interest or a holder entitled to
enforce the Insurance Policy, the Owner Trustee and/or the Indenture Trustee, at the Servicer’s expense, or the Seller, at the Seller’s expense, shall take such steps as the Servicer deems necessary to enforce such Insurance Policy,
including bringing suit in its name or the name of the Trust and the Owner Trustee and/or the Indenture Trustee for the benefit of the Noteholders. 

SECTION 4.5. Maintenance of Security Interests in Vehicles. 

(a) Consistent with the policies and procedures required by this Agreement, the Servicer shall take such steps on behalf of the Trust as are
necessary to maintain perfection of the security interest created by each Receivable in the related Financed Vehicle, including, but not limited to, obtaining the execution by the Obligors and the recording, registering, filing, re-recording,
re-filing, and re-registering of all security agreements, financing statements and continuation statements as are necessary to maintain the security interest granted by the Obligors under the respective Receivables. The Indenture Trustee hereby
authorizes the Servicer, and the Servicer agrees, to take any and all steps necessary to re-perfect such security interest on behalf of the Trust as necessary because of the relocation of a Financed Vehicle or for any other reason; provided,
that the Indenture Trustee shall have no obligation to monitor the security interest granted by the Obligors under the respective Receivables. In the event that the assignment of a Receivable to the Trust is insufficient, without a notation on the
related Financed Vehicle’s certificate of title, or without fulfilling any additional administrative requirements under the laws of the state in which the Financed Vehicle is located, to perfect a security interest in the related Financed
Vehicle in favor of the Trust, the Servicer hereby agrees that the designation of Exeter as the secured party on the Lien Certificate is in its capacity as Servicer as agent of the Trust. 

(b) Upon the occurrence of a Servicer Termination Event, [the Indenture Trustee and] the Servicer [or the successor Servicer (if no successor
Servicer has been appointed, then the Indenture Trustee)] shall take or cause to be taken such action as may, in the Opinion of Counsel to the Majority Noteholders, be necessary to perfect or re-perfect the security interests in the Financed
Vehicles securing the Receivables in the name of the Trust by amending the title documents of such Financed Vehicles or by such other reasonable means as may, in the Opinion of Counsel to the Majority Noteholders, be necessary or prudent. 

Exeter hereby agrees to pay all expenses related to such perfection or reperfection and to take all action necessary therefor. In no event
shall the Indenture Trustee be required to expend funds in connection with this Section 4.5 that will not otherwise be reimbursed to it. To the extent that Exeter fails to reimburse the Indenture Trustee for any such amounts, such expenses
shall be reimbursed pursuant to Section 5.7(a)[(ii)] hereof. Exeter hereby appoints the Indenture Trustee as its attorney-in-fact to take any and all steps required to be performed by Exeter pursuant to this Section 4.5(b) (it being
understood that and agreed that the Indenture Trustee shall have no obligation to take such steps with respect to all perfection or reperfection, except as 

  
 36 

 
pursuant to the Basic Documents to which it is a party and to which Exeter has paid all expenses), including execution of Lien Certificates or any other documents in the name and stead of Exeter,
and the Indenture Trustee hereby accepts such appointment. 
 SECTION 4.6. Covenants, Representations, and Warranties of Servicer. By
its execution and delivery of this Agreement, the Servicer makes the following representations, warranties and covenants on which the Indenture Trustee relies in accepting the Receivables and authenticating the Notes. 

(a) The Servicer covenants as follows: 

(i) Liens in Force. The Financed Vehicle securing each Receivable shall not be released in whole or in part from the
security interest granted by the Receivable, except upon payment in full of the Receivable or as otherwise contemplated herein; 

(ii) No Impairment. The Servicer shall do nothing to impair the rights of the Trust or the Noteholders in the
Receivables, the Dealer Agreements, the Dealer Assignments, the Insurance Policies or the Other Conveyed Property except as otherwise expressly provided herein; 

(iii) No Amendments. The Servicer shall not extend or otherwise amend the terms of any Receivable, except in accordance
with Section 4.2; [and] 
 (iv) Restrictions on Liens. The Servicer shall not (A) create, incur or suffer to
exist, or agree to create, incur or suffer to exist, or consent to cause or permit in the future (upon the happening of a contingency or otherwise) the creation, incurrence or existence of any Lien or restriction on transferability of the
Receivables except for the Lien in favor of the Indenture Trustee for the benefit of the Noteholders and the restrictions on transferability imposed by this Agreement or (B) sign or file under the Uniform Commercial Code of any jurisdiction any
financing statement which names Exeter or the Servicer as a debtor, or sign any security agreement authorizing any secured party thereunder to file such financing statement, with respect to the Receivables, except in each case any such instrument
solely securing the rights and preserving the Lien of the Indenture Trustee, for the benefit of the Noteholders[.][; and] 

(v) [Servicing System. The Servicer shall promptly notify the Backup Servicer of any material changes which the Servicer
makes to its servicing system and provide sufficient detail with respect thereto to the Backup Servicer as the Backup Servicer may require.] 

(b) The Servicer represents, warrants and covenants as of the Closing Date as to itself that the representations and warranties set forth in
Schedule B-1 and in Schedule B-2 are true and correct; provided that such representations and warranties contained therein and herein shall not apply to any entity other than Exeter. 

  
 37 

 SECTION 4.7. Purchase of Receivables Upon Breach of Covenant. Upon (i) discovery by
the Servicer or (ii) the receipt of written notice or actual knowledge by a Responsible Officer of the Indenture Trustee[,][or] a Responsible Officer of the Owner Trustee [or a Responsible Officer of the Backup Servicer] of a breach of any of
the covenants set forth in Sections 4.5(a) or 4.6, the party discovering such breach shall give prompt written notice to the others; provided, however, that the failure to give any such notice shall not affect any obligation of Exeter
as Servicer under this Section. As of the second Accounting Date following its discovery or actual knowledge or receipt of notice, as applicable, of any breach of any covenant set forth in Sections 4.5(a) or 4.6 which materially and adversely
affects the interests of the Noteholders in any Receivable (including any Liquidated Receivable) (or, at Exeter’s election, the first Accounting Date so following) or the related Financed Vehicle, Exeter shall, unless such breach shall have
been cured in all material respects, purchase from the Trust the Receivable affected by such breach and, on the related Determination Date, Exeter shall pay the related Purchase Amount. It is understood and agreed that the obligation of Exeter to
purchase any Receivable (including any Liquidated Receivable) with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against Exeter for such breach available to the
Noteholders, the Owner Trustee[, the Backup Servicer] or the Indenture Trustee; provided, however, that Exeter shall indemnify the Trust, [the Backup Servicer,] the Owner Trustee, the Indenture Trustee and the Noteholders from and against all
costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by any of them as a result of third-party claims arising out of the events or facts giving rise to
such breach. In the event Exeter is unable to provide such indemnity payments due pursuant to this paragraph to the Owner Trustee[, the Backup Servicer] or the Indenture Trustee, the Owner Trustee[, the Backup Servicer] and the Indenture Trustee
shall collect such indemnities amounts pursuant to Section 5.7(a) hereof or Section 5.6 of the Indenture, as applicable. [Notwithstanding anything to the contrary contained herein, Exeter will not be required to repurchase Receivables due
solely to the Servicer’s not having received Lien Certificates that have been properly applied for from the Registrar of Titles in the applicable states for such Receivables unless (i) such Lien Certificates shall not have been received
with respect to Receivables with Principal Balances which total more than [    ]% of the Aggregate Principal Balance as of the [    ]th day
after the Closing Date, in which case Exeter shall be required to repurchase a sufficient number of such Receivables to cause the aggregate Principal Balances of the remaining Receivables for which no such Lien Certificate shall have been received
to be no greater than [    ]% of the Aggregate Principal Balance as of such date or (ii) such Lien Certificates shall not have been received as of the [    ]th day after the Closing Date. Except as expressly set forth in the Basic Documents, neither the Owner Trustee nor the Indenture Trustee shall have any duty to conduct an affirmative investigation as
to the occurrence of any condition requiring the repurchase of any Receivable pursuant to this Section 4.7, the eligibility of any Receivable for purposes of this Agreement or to enforce the repurchase obligations of Exeter. This Section shall
survive the termination or assignment of this Agreement and the earlier removal or resignation of the Indenture Trustee [and/or the Backup Servicer.] 

SECTION 4.8. Total Servicing Fee; Payment of Certain Expenses by Servicer. On each Distribution Date, the Servicer shall be entitled to
receive out of the Collection Account the Base Servicing Fee and any Supplemental Servicing Fee for the related Collection Period (together, the “Servicing Fee”) pursuant to Section 5.7. The Servicer shall be required to

  
 38 

 
pay all expenses incurred by it in connection with its activities under this Agreement (including taxes imposed on the Servicer, expenses incurred in connection with distributions and reports
made by the Servicer to the Noteholders and all other fees and expenses of the Owner Trustee, [the Backup Servicer or] the Indenture Trustee, except taxes levied or assessed against the Trust and claims against the Trust in respect of
indemnification, which taxes and claims in respect of indemnification against the Trust are expressly stated to be for the account of Exeter). The Servicer shall be liable for the fees and expenses of the Owner Trustee, [the Backup Servicer,] the
Indenture Trustee, the Custodian, [the Lockbox Bank (and any fees under the Lockbox Account Agreement), and the Independent Accountants to the extent any such fees and expenses have not been paid or reimbursed pursuant to Section 5.7 on any
Distribution Date. Notwithstanding the foregoing, if the Servicer shall not be Exeter, a successor to Exeter as Servicer [including the Backup Servicer] permitted by Section 9.3 shall not be liable for taxes levied or assessed against the Trust
or claims against the Trust in respect of indemnification, or the fees and expenses referred to above. 
 SECTION 4.9. Servicer’s
Certificate. 
 No later than [noon] Eastern time on each Determination Date, the Servicer shall deliver (electronic delivery being
acceptable) to [the Backup Servicer,] the Owner Trustee[, the Hedge Provider] and the Indenture Trustee the monthly Servicer’s Certificate. The Servicer will also deliver the Servicer’s Certificate to each Rating Agency on the same date
the Servicer’s Certificate is publicly available (provided that if the Servicer’s Certificate is not made publicly available, the Servicer will deliver it to each Rating Agency, no later than the [15th] of each month (or if not a Business Day, the next succeeding Business Day)). The Servicer’s Certificate will be executed by a Responsible Officer of the Servicer and contain among other
things: (i) all information necessary to enable the Indenture Trustee to make the distributions required by Sections 5.7(a) and 5.7(b), (ii) a listing of all Purchased Receivables purchased by the Servicer as of the related Accounting
Date, identifying the Receivables so purchased by the Servicer[, (iii) all information necessary to enable the Backup Servicer to verify the items specified in Section 4.13(ii) (as set forth in the Monthly Tape delivered pursuant to
Section 4.13)] and (iv) all information necessary to enable the Indenture Trustee to send the statements to Noteholders as required by Section 5.9. Receivables purchased by the Servicer or by the Seller on the related Accounting Date
and each Receivable which became a Liquidated Receivable or which was paid in full during the related Collection Period shall be identified by account number (as set forth in the Schedule of Receivables). 

SECTION 4.10. Annual Statement as to Compliance, Notice of Servicer Termination Event. 

(a) To the extent required by Section 1123 of Regulation AB, the Servicer, shall deliver to the Indenture Trustee, the Owner Trustee[, the
Backup Servicer] and each Rating Agency, on or before March 31 (or 90 days after the end of the Issuer’s fiscal year, if other than December 31) of each year (regardless of whether the Seller has ceased filing reports under the
Exchange Act), beginning on March     , 20    , an officer’s certificate signed by any Responsible Officer of the Servicer, dated as of December 31 of the previous calendar year,
stating that (i) a review of the activities of the Servicer during the preceding calendar year (or such other period as shall have elapsed from the Closing Date to the date of the first such certificate) and of its

  
 39 

 
performance under this Agreement has been made under such officer’s supervision, and (ii) to such officer’s knowledge, based on such review, the Servicer has fulfilled in all
material respects all its obligations under this Agreement throughout such period, or, if there has been a failure to fulfill any such obligation in any material respect, identifying each such failure known to such officer and the nature and status
of such failure. 
 (b) The Seller or the Servicer shall deliver to the Indenture Trustee, the Owner Trustee[, the Backup Servicer], the
Servicer or the Seller (as applicable) and each Rating Agency promptly after having obtained knowledge thereof, but in no event later than two Business Days thereafter, written notice in an officer’s certificate of any event which with the
giving of notice or lapse of time, or both, would become a Servicer Termination Event under any clause of Section 9.1. 
 (c) The
Servicer will deliver to the Issuer, on or before March 31 of each year, beginning on March     ,. 20    , a report regarding the Servicer’s assessment of compliance with certain
minimum servicing criteria during the immediately preceding calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. 

(d) To the extent required by Regulation AB, the Servicer will cause any affiliated servicer or any other party deemed to be participating in
the servicing function pursuant to Item 1122 of Regulation AB to provide to the Issuer, on or before March 31 of each year, beginning on March     , 20    , a report regarding such
party’s assessment of compliance with certain minimum servicing criteria during the immediately preceding calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. 

(e) [Indenture Trustee] acknowledges, in its capacity as Indenture Trustee under this Agreement and the Basic Documents, that to the extent it
is deemed to be participating in the servicing function pursuant to Item 1122 of Regulation AB, it will take any such action as outlined in the Item 1122 Letter Agreement to ensure compliance with the requirements of Section 4.10(d)
and Section 4.11(b) and with Item 1122 of Regulation AB. Such required documentation will be delivered to the Servicer by
                     of each calendar year. 

SECTION 4.11. Annual Independent Public Accountants’ Reports. 

(a) The Servicer shall cause a firm of nationally recognized independent certified public accountants (the “Independent
Accountants”), who may also render other services to the Servicer or its Affiliates, to deliver to [the Backup Servicer,] the Owner Trustee and the Indenture Trustee, on or before March 31 (or 90 days after the end of the Issuer’s
fiscal year, if other than December 31) of each year, beginning in March     , 20    , a report, dated as of December 31 of the preceding calendar year, addressed to the board of
directors of the Servicer, providing its attestation report on the servicing assessment delivered pursuant to Section 4.10(c), including disclosure of any material instance of non-compliance, as required by Rule 13a-18 and 15d-18 of the
Exchange Act and Item 1122(b) of Regulation AB. Such attestation will be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act. 

  
 40 

 (b) Each party required to deliver an assessment of compliance described in Section 4.10(d)
shall cause Independent Accountants, who may also render other services to such party or its Affiliates, to deliver to [the Backup Servicer,] the Owner Trustee, the Indenture Trustee and the Servicer, on or before March 31 (or 90 days after the
end of the Issuer’s fiscal year, if other than December 31) of each year, beginning in March    , 20    , a report, dated as of December 31 of the preceding calendar year,
addressed to the board of directors of such party, providing its attestation report on the servicing assessment delivered pursuant to Section 4.10(d), including disclosure of any material instance of non-compliance, as required by Rule 13a-18
and 15d-18 of the Exchange Act and Item 1122(b) of Regulation AB. Such attestation will be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act. 

(c) The Servicer shall cause a firm of Independent Accountants, who may also render other services to the Servicer or to the Seller,
(1) to deliver to [the Backup Servicer,] the Owner Trustee and the Indenture Trustee on or before April 30 (or 120 days after the end of the Servicer’s fiscal year, if other than December 31) of each year, beginning on
April 30, 20    , with respect to the twelve months ended the immediately preceding December 31 (or other applicable date) (or such other period as shall have elapsed from the Closing Date to the date of such
certificate (which period shall not be less than six months)), a copy of the Form 10-K filed with the United States Commission for Exeter Finance Corp., which filing includes a statement that such audit was made in accordance with generally accepted
auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as such firm considered necessary in the circumstances; and (2) upon request of [the Backup Servicer,] the Owner Trustee or the
Indenture Trustee, to issue an acknowledgement to the effect that such firm has audited the books and records of Exeter Finance Corp., in which the Servicer is included as a consolidated subsidiary, and issued its report pursuant to item (1) of
this section and that the accounting firm is independent of the Seller and the Servicer within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants. 

SECTION 4.12. Access to Certain Documentation and Information Regarding Receivables. The Servicer shall provide to representatives of
[the Backup Servicer,] the Owner Trustee and the Indenture Trustee reasonable access to the documentation regarding the Receivables. In each case, such access shall be afforded without charge but only upon reasonable request and during normal
business hours. Nothing in this Section shall affect the obligation of the Servicer to observe any applicable law prohibiting disclosure of information regarding the Obligors, and the failure of the Servicer to provide access as provided in this
Section as a result of such obligation shall not constitute a breach of this Section. 
 SECTION 4.13. [Monthly Tape]. [No later than
the second Business Day after each Distribution Date, the Servicer will deliver to the Indenture Trustee [and the Backup Servicer] a computer tape and a diskette (or any other electronic transmission acceptable to the Indenture Trustee [and the
Backup Servicer]) in a format acceptable to the Indenture Trustee [and the Backup Servicer] containing the information with respect to the Receivables as of the preceding Accounting Date necessary for preparation of

  
 41 

 
the Servicer’s Certificate relating to the immediately preceding Determination Date and necessary to review the application of collections as provided in Section 5.4 (the
“Monthly Tape”). [The Backup Servicer shall use such tape or diskette (or other electronic transmission acceptable to the Indenture Trustee and the Backup Servicer) to (i) confirm that such tape, diskette or other electronic
transmission is in readable form, and (ii) calculate and confirm (A) the aggregate amount distributable as principal on the related Distribution Date to each Class of Notes, (B) the aggregate amount distributable as interest on the
related Distribution Date to each Class of Notes, (C) any amounts distributable on the related Distribution Date which are to be paid with funds withdrawn from the Reserve Account, (D) the outstanding principal amount of each Class of
Notes after giving effect to all distributions made pursuant to clause (A), above, (E) the Note Pool Factor for each Class of Notes after giving effect to all distributions made pursuant to clause (A), above, (F) the aggregate
Noteholders’ Interest Carryover Amount on such Distribution Date after giving effect to all distributions made pursuant to clauses (A) and (B), above, respectively, (G) the Servicing Fee for the preceding Collection Period,
(H) the Pool Balance as of the close of business on the last day of the preceding Collection Period, (I) the Reserve Account Deposit Amount (after giving effect to all deposits to and withdrawals from the Reserve Account on such
Distribution Date), (J) the number and aggregate principal balance of Receivables that were 31-60 days, 61-90 days and more than 90 days delinquent as of the close of business on the last day of the preceding Collection Period,
(K) cumulative net loss information with respect to the preceding Collection Period, (L) statistical data related to the average Principal Balance, weighted average APR, weighted average original term, weighted average remaining term and
number of Receivables for the preceding and second preceding Collection Periods, and (M) extension information with respect to the preceding Collection Period. The Backup Servicer shall certify to the Indenture Trustee that it has verified the
Servicer’s Certificate in accordance with this Section and shall notify the Servicer and the Indenture Trustee of any discrepancies, in each case, on or before the fifth Business Day following the Distribution Date. In the event that the Backup
Servicer reports any discrepancies, the Servicer and the Backup Servicer shall attempt to reconcile such discrepancies prior to the next succeeding Distribution Date, but in the absence of a reconciliation, the Servicer’s Certificate shall
control for the purpose of calculations and distributions with respect to the next succeeding Distribution Date. In the event that the Backup Servicer and the Servicer are unable to reconcile discrepancies with respect to a Servicer’s
Certificate by the next succeeding Distribution Date, the Servicer shall cause the Independent Accountants, at the Servicer’s expense, to audit the Servicer’s Certificate and, prior to the last day of the month after the month in which
such Servicer’s Certificate was delivered, reconcile the discrepancies. The effect, if any, of such reconciliation shall be reflected in the Servicer’s Certificate for such next succeeding Determination Date. In addition, upon the
occurrence of a Servicer Termination Event the Servicer shall, if so requested by the Controlling Party (acting at the written direction of the Majority Noteholders), deliver to the Backup Servicer or any successor Servicer its Collection Records
and its Monthly Records within 15 days after demand therefor and a computer tape containing as of the close of business on the date of demand all of the data maintained by the Servicer in computer format in connection with servicing the Receivables.
Other than the duties specifically set forth in this Agreement, the Backup Servicer shall have no obligations hereunder, including, without limitation, to supervise, verify, monitor or administer the performance of the Servicer. The Backup Servicer
shall have no liability for any actions taken or omitted by the Servicer.]] 

  
 42 

 ARTICLE V 

Trust Accounts; Distributions; Statements to Noteholders 

SECTION 5.1. Establishment of Trust Accounts. 

(a) 
 (i) The
Indenture Trustee, on behalf of the Noteholders, [shall establish and maintain in its own name]/[in the name of and for the benefit of the Trust shall establish] an Eligible Deposit Account (the “Collection Account”), bearing a
designation clearly indicating that the funds deposited therein are held for the benefit of [the Indenture Trustee on behalf of the Noteholders]/[the Trust]. The Collection Account shall initially be established with the Indenture Trustee. 

(ii) The Indenture Trustee, on behalf of the Noteholders, shall establish and maintain in its own name an Eligible Deposit
Account (the “Note Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Indenture Trustee on behalf of the Noteholders. The Note Distribution Account shall
initially be established with the Indenture Trustee. 
 (iii) The Indenture Trustee, on behalf of the Noteholders, shall
establish and maintain in its own name an Eligible Deposit Account (the “Reserve Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Indenture Trustee on behalf of the
Noteholders. The Reserve Account shall initially be established with the Indenture Trustee. 
 (iv) [Upon receipt by the
Issuer of a Hedge Termination Payment, the Indenture Trustee, on behalf of the Noteholders, shall establish and maintain an Eligible Deposit Account (the “Hedge Termination Account”), bearing a designation clearly indicating that
funds deposited therein are held for the benefit of the Indenture Trustee on behalf of the Noteholders.] 
 (b) Funds on deposit in the
Collection Account, the Reserve Account and the Note Distribution Account [and the Hedge Termination Account] (collectively, the “Trust Accounts”) shall be invested by the Indenture Trustee (or any custodian with respect to funds on
deposit in any such account) in Eligible Investments selected in writing by the Servicer (pursuant to standing instructions or otherwise). All such Eligible Investments shall be held by or on behalf of the Indenture Trustee for the benefit of the
Noteholders. Funds on deposit in any Trust Account shall be invested in Eligible Investments that will mature so that such funds will be available at the close of business on the Business Day immediately preceding the following Distribution Date.
All Eligible Investments will be held to maturity. Each institution at which the relevant Trust Account is maintained shall invest the funds therein as directed in writing by the Servicer in Eligible Investments. Absent written direction by the
Servicer, funds will remain uninvested. 
 (c) All Investment Earnings of moneys deposited in each Trust Account shall be deposited (or
caused to be deposited) in the Collection Account on each Distribution Date by the Indenture Trustee and applied as Available Funds on such Distribution Date, and any loss 

  
 43 

 
resulting from such investments shall be charged to the related Trust Account. The Servicer will not direct the Indenture Trustee to make any investment of any funds held in any of the Trust
Accounts unless the security interest granted and perfected in such account will continue to be perfected in such investment, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to
make any such investment, if requested by the Indenture Trustee, the Servicer shall deliver to the Indenture Trustee an Opinion of Counsel, acceptable to the Indenture Trustee, to such effect. 

(d) The Indenture Trustee shall not in any way be held liable by reason of any insufficiency in any of the Trust Accounts resulting from any
loss on any Eligible Investment included therein except for losses attributable to the Indenture Trustee’s negligence or bad faith or its failure to make payments on such Eligible Investments issued by the Indenture Trustee, in its commercial
capacity as principal obligor and not as trustee, in accordance with their terms. 
 (e) If (i) the Servicer shall have failed to give
investment directions in writing for any funds on deposit in the Trust Accounts to the Indenture Trustee by [1:00] p.m. Eastern time (or such other time as may be agreed by the Issuer and Indenture Trustee) on any Business Day; or (ii) a
Default or Event of Default shall have occurred and is continuing with respect to the Notes but the Notes shall not have been declared due and payable, or, if such Notes shall have been declared due and payable following an Event of Default, amounts
collected or received from the Trust Property are being applied as if there had not been such a declaration; then the Indenture Trustee shall, to the fullest extent practicable, invest and reinvest funds in the Trust Accounts in the investment
described in clause (d) of the definition of Eligible Investments. 
 (f) 

(i) The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Trust
Accounts and in all proceeds thereof for the benefit of the Noteholders and all such funds, investments, proceeds and income shall be part of the Owner Trust Estate. Except as otherwise provided herein, the Trust Accounts shall be under the sole
dominion and control of the Indenture Trustee for the benefit of the Noteholders. If, at any time, any of the Trust Accounts ceases to be an Eligible Deposit Account, the Indenture Trustee (or the Servicer on its behalf) shall within five Business
Days (or such longer period as to which each Rating Agency may consent) establish a new Trust Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Trust Account. In connection with the foregoing, the
Servicer agrees that, in the event that any of the Trust Accounts are not accounts with the Indenture Trustee, the Servicer shall notify the Indenture Trustee in writing promptly upon any of such Trust Accounts ceasing to be an Eligible Deposit
Account. 
 (ii) With respect to the Trust Account Property, the Indenture Trustee agrees that: 

(A) any Trust Account Property that is held in deposit accounts shall be held solely in the Eligible Deposit Accounts; and,
except as otherwise provided herein, each such Eligible Deposit Account shall be subject to the exclusive custody and control of the Indenture Trustee, and the Indenture Trustee shall have sole signature authority with respect thereto; 

  
 44 

 (B) any Trust Account Property that constitutes Physical Property shall be
delivered to the Indenture Trustee in accordance with paragraph (a) of the definition of “Delivery” and shall be held, pending maturity or disposition, solely by the Indenture Trustee or a securities intermediary (as such term is
defined in Section 8-102(14) of the UCC) acting solely for the Indenture Trustee; 
 (C) the “securities
intermediary’s jurisdiction” for purposes of Section 8-110 of the UCC shall be the State of New York; 

(D) any Trust Account Property that is a book-entry security held through the Federal Reserve System pursuant to Federal
book-entry regulations shall be delivered in accordance with paragraph (b) of the definition of “Delivery” and shall be maintained by the Indenture Trustee, pending maturity or disposition, through continued book-entry registration of
such Trust Account Property as described in such paragraph; 
 (E) any Trust Account Property that is an
“uncertificated security” or a “security entitlement” under Article 8 of the UCC and that is not governed by clause (D) above shall be delivered to the Indenture Trustee in accordance with paragraph (c) or
(d), if applicable, of the definition of “Delivery” and shall be maintained by the Indenture Trustee, pending maturity or disposition, through continued registration of the Indenture Trustee’s (or its nominee’s) ownership of such
security; and 
 (F) any cash that is Trust Account Property shall be considered a “financial asset” under
Article 8 of the UCC. 
 (g) The Servicer shall have the power to instruct the Indenture Trustee to make withdrawals and payments from the
Trust Accounts for the purpose of permitting the Servicer and the Indenture Trustee to carry out their respective duties hereunder. 
 (h)
[The Indenture Trustee acknowledges that, pursuant to the provisions of the Hedge Agreement, the Hedge Provider may be required to post collateral with the Indenture Trustee to secure the Hedge Provider’s obligations under the Hedge Agreement.
The Indenture Trustee agrees to establish and maintain an Eligible Deposit Account (the “Hedge Account”) to hold such collateral, at the direction of the Servicer if the Hedge Provider is required to post Collateral to secure the
obligations under the Hedge Agreement. The Indenture Trustee further agrees to follow such written instructions relating to the administration of, and transfers from such account, as may be delivered by the Servicer, subject to and in accordance
with the terms of the Hedge Agreement.] 
 (i) [To the extent that (i) the funds available in the Hedge Termination Account exceed the
costs of entering into a replacement Hedge Agreement or (ii) the Issuer determines not to replace the Hedge Agreement and the Rating Agency Condition is met with respect to such determination, the amounts in the Hedge Termination Account (other
than funds used to pay the 

  
 45 

 
costs of entering into a Hedge Agreement, if applicable) shall be included in Available Funds and allocated in accordance with the priorities set forth in Section 5.7(a) on the following
Distribution Date. In any other situation, amounts on deposit in the Hedge Termination Account at any time shall be invested pursuant to 5.1(b) and on each Distribution Date after the creation of a Hedge Termination Account, the funds therein shall
be used to cover any shortfalls in the amounts payable under clauses (i) through (    ) of Section 5.7(a), provided that in no event will the amount withdrawn from the Hedge Termination Account on such
Distribution Date exceed the amount of net hedge payments that would have been required to be paid on such Distribution Date by the Hedge Provider under the terminated Hedge Agreement had there been no termination of such transaction. Any amounts
remaining in the Hedge Termination Account after payment in full of the Class A-2-B Notes shall be included in Available Funds and allocated in accordance with the order of priority specified in Section 5.7(a) on the following Distribution
Date.] 
 SECTION 5.2. [Reserved] 

SECTION 5.3. Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the
Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The
amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(a)[(i)] upon certification by the Servicer of such amounts and the provision of such information to the Indenture Trustee.
The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account with respect to a Collection Period any amounts paid by Obligors that were deposited in [the Lockbox Account]/[the Collection Account] but that
do not relate to (i) principal and interest payments due on the Receivables and (ii) any fees or expenses related to extensions due on the Receivables. 

SECTION 5.4. Application of Collections. All collections for the Collection Period shall be applied by the Servicer as follows: 

(a) With respect to each Receivable (other than a Purchased Receivable), payments by or on behalf of the Obligor, (other than Supplemental
Servicing Fees with respect to such Receivable, to the extent collected) shall be applied to interest and principal in accordance with the Simple Interest Method. 

(b) All amounts collected that are payable to the Servicer as Supplemental Servicing Fees hereunder shall be deposited in the Collection
Account and paid to the Servicer in accordance with Section 5.7(a). 

  
 46 

 SECTION 5.5. [Reserved] 

SECTION 5.6. Additional Deposits. 

(a) The Servicer and the Seller, as applicable, shall deposit or cause to be deposited in the Collection Account on the Determination Date on
which such obligations are due the aggregate Purchase Amount with respect to Purchased Receivables. 
 (b) The proceeds of any purchase or
sale of the assets of the Trust described in Section 10.1 shall be deposited in the Collection Account. 
 (c) [Net payments received
from the Hedge Provider, if any, shall be deposited by the Indenture Trustee in the Collection Account.] 
 SECTION 5.7.
Distributions. 
 (a) On each Distribution Date, the Indenture Trustee shall (based solely on the information contained in the
Servicer’s Certificate delivered with respect to the related Determination Date) apply or cause to be applied the sum of (x) the Available Funds (after withdrawing amounts deposited in error and Liquidation Proceeds relating to Purchased
Receivables) for the related Collection Period and (y) the Reserve Account Withdrawal Amount for such Distribution Date (such sum, the “Total Available Funds”) to distribute the following amounts from the Collection Account
unless otherwise specified, to the extent of the sources of funds stated to be available therefor, and in the following order of priority 

(i) [from the Total Available Funds, to the Hedge Provider, net payments, if any, due to it under the Hedge Agreement;] 

(ii) from the Total Available Funds, to the Servicer, (1) the Base Servicing Fee for the related Collection Period,
(2) any Supplemental Servicing Fees for the related Collection Period, (3) any amounts specified in Section 5.3, (4) to the extent the Servicer has not reimbursed itself in respect of such amounts pursuant to Section 5.3,
and to the extent not retained by the Servicer and to pay to Exeter any amounts paid by Obligors during the preceding calendar month that did not relate to (x) principal and interest payments due on the Receivables and (y) any fees or
expenses related to extensions due on the Receivables and (5) to any successor Servicer, transition fees not to exceed $         (including boarding fees) in the aggregate; 

(iii) from the Total Available Funds, to each of [the Lockbox Bank,] [the Backup Servicer,] the Indenture Trustee, the
Custodian, the Asset Representations Reviewer and the Owner Trustee, their respective accrued and unpaid fees, expenses and indemnities (in each case, to the extent such fees, expenses or indemnities have not been previously paid by the Servicer,
and provided that such fees, expenses and indemnities shall not exceed (x) $         in the aggregate in any calendar year to the Owner Trustee,
(y) $         in the aggregate in any calendar year to [the Lockbox Bank,] [the Backup Servicer,] the Custodian and the Indenture Trustee) and
(z) $         [each calendar month]/[in the aggregate each calendar year] to the Asset Representations Reviewer; 

  
 47 

 (iv) from the Total Available Funds, [pari passu, (A)] to the Note
Distribution Account for further distribution to the Class A Noteholders, pari passu, the Noteholders’ Interest Distributable Amount for the Class A Notes for such Distribution Date [and (B) to the Hedge Counterparty,
Hedge Termination Payments (so long as the Hedge Counterparty is not a defaulting party or the sole affected party with respect to the termination of the Hedge Agreement]; 

(v) from the Total Available Funds, to the Note Distribution Account for further distribution as provided in paragraph
(b) below, the Class A Principal Parity Amount; 
 (vi) from the Total Available Funds, to the Note Distribution
Account for further distribution as provided in paragraph (b) below, any Matured Principal Shortfall on account of the Class A Notes; 

(vii) from the Total Available Funds, to the Note Distribution Account for further distribution to the Class B Noteholders, the
Noteholders’ Interest Distributable Amount for the Class B Notes for such Distribution Date; 
 (viii) from the Total
Available Funds, to the Note Distribution Account for further distribution as provided in paragraph (b) below, the Class B Principal Parity Amount; 

(ix) from the Total Available Funds, to the Note Distribution Account for further distribution as provided in paragraph
(b) below, any Matured Principal Shortfall on account of the Class B Notes; 
 (x) from the Total Available Funds, to
the Note Distribution Account for further distribution to the Class C Noteholders, the Noteholders’ Interest Distributable Amount for the Class C Notes for such Distribution Date; 

(xi) from the Total Available Funds, to the Note Distribution Account for further distribution as provided in paragraph
(b) below, the Class C Principal Parity Amount; 
 (xii) from the Total Available Funds, to the Note Distribution
Account for further distribution as provided in paragraph (b) below, any Matured Principal Shortfall on account of the Class C Notes; 

(xiii) from the Total Available Funds, to the Note Distribution Account for further distribution to the Class D Noteholders,
the Noteholders’ Interest Distributable Amount for the Class D Notes for such Distribution Date; 
 (xiv) from the Total
Available Funds, to the Note Distribution Account for further distribution as provided in paragraph (b) below, the Class D Principal Parity Amount; 

  
 48 

 (xv) from the Total Available Funds, to the Note Distribution Account for further
distribution as provided in paragraph (b) below, any Matured Principal Shortfall on account of the Class D Notes; 

(xvi) [from the Total Available Funds, to the Note Distribution Account for further distribution to the Class E Noteholders,
the Noteholders’ Interest Distributable Amount for the Class E Notes for such Distribution Date; 
 (xvii) from the
Total Available Funds, to the Note Distribution Account for further distribution as provided in paragraph (b) below, the Class E Principal Parity Amount; 

(xviii) from the Total Available Funds, to the Note Distribution Account for further distribution as provided in paragraph
(b) below, any Matured Principal Shortfall on account of the Class E Notes;] 
 (xix) from the Total Available Funds, to
the Reserve Account, the Reserve Account Deposit Amount for such Distribution Date; 
 (xx) from the Total Available Funds,
to the Note Distribution Account for further distribution as provided in paragraph (b) below, the Principal Payment Amount; 

(xxi) from the Total Available Funds, to pay each of [the Backup Servicer and the successor servicer,] the Owner Trustee, the
Indenture Trustee, the Custodian[,] [and] the Asset Representations Reviewer [and the Lockbox Bank] any fees, expenses and indemnities then due to such party that are in excess of the related cap or annual limitation specified in clauses
(i) and (ii) above; 
 (xxii) [from the Total Available Funds, to the Hedge Counterparty, any unpaid Hedge
Termination Payments;] and 
 (xxiii) from the Total Available Funds, to the Certificate Distribution Account for
distribution to the Certificateholder in accordance with the Trust Agreement, the aggregate amount remaining in the Collection Account. 

On any Distribution Date with respect to which no Servicer’s Certificate was delivered, to the extent there are Available
Funds in the Collection Account, the Indenture Trustee will make payments of the Noteholders’ Interest Distributable Amounts described in [(iii), (vi), (ix), (xii) and (xv)] above as well as any Matured Principal Shortfalls described in
[(v), (viii), (xi), (xiv) and (xvii)] above. 
 (b) [On each Distribution Date, the Indenture Trustee shall apply or cause to be
applied the amounts that are allocated to the Class A-2 Notes in accordance with clause (iii) of paragraph (a) above on that Distribution Date to the Class A-2-A Notes and the Class A-2-B Notes pro rata based on the
principal balance of the Class A-2-A Notes and the Class A-2-B Notes, respectively; provided, that if the amount so allocated to the Class A-2-A Notes or the Class A-2-B Notes on any Distribution Date exceeds the
Noteholders Interest Distributable Amount with respect to such Distribution Date and such Class, then the amount of such excess 

  
 49 

 
shall be allocated to the other such Class on that Distribution Date.] On each Distribution Date, the Indenture Trustee shall apply or cause to be applied the aggregate of the amounts described
in clause [(iv), (v), (vii), (viii), (x), (xi), (xiii), (xiv), (xvi), (xvii) and (xviii)] of paragraph (a) above on that Distribution Date in the listed order of priority: 

(i) to the Class A-1 Noteholders in reduction of the remaining principal balance of the Class A-1 Notes, until the
outstanding principal balance thereof has been reduced to zero; 
 (ii) to the Class A-2 Noteholders in reduction of the
remaining principal balance of the Class A-2 Notes, until the outstanding principal balance thereof has been reduced to zero; 

(iii) to the Class A-3 Noteholders in reduction of the remaining principal balance of the Class A-3 Notes, until the
outstanding principal balance thereof has been reduced to zero; 
 (iv) to the Class B Noteholders in reduction of the
remaining principal balance of the Class B Notes, until the outstanding principal balance thereof has been reduced to zero; 

(v) to the Class C Noteholders in reduction of the remaining principal balance of the Class C Notes, until the outstanding
principal balance thereof has been reduced to zero; 
 (vi) to the Class D Noteholders in reduction of the remaining
principal balance of the Class D Notes, until the outstanding principal balance thereof has been reduced to zero; 
 (vii)
[to the Class E Noteholders in reduction of the remaining principal balance of the Class E Notes, until the outstanding principal balance thereof has been reduced to zero;] 

(c) In the event that the Collection Account is maintained with an institution other than the Indenture Trustee, the Servicer shall instruct
and cause such institution to make all deposits and distributions pursuant to Sections 5.7(a) and 5.7(b) on the related Distribution Date. 

(d) In the event that any withholding tax is imposed on the Trust’s payment (or allocations of income) to a Noteholder, such tax shall
reduce the amount otherwise distributable to the Noteholder in accordance with this Section. The Indenture Trustee is hereby authorized and directed to retain from amounts otherwise distributable to the Noteholders sufficient funds for the payment
of any tax attributable to the Trust (but such authorization shall not prevent the Indenture Trustee from contesting any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such
proceedings). The amount of any withholding tax imposed with respect to a Noteholder shall be treated as cash distributed to such Noteholder at the time it is withheld by the Trust and remitted to the appropriate taxing authority. If there is a
possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-US Noteholder), the Indenture Trustee may in its sole discretion 

  
 50 

 
withhold such amounts in accordance with this clause (d). In the event that a Noteholder wishes to apply for a refund of any such withholding tax, the Indenture Trustee shall reasonably cooperate
with such Noteholder in making such claim so long as such Noteholder agrees to reimburse the Indenture Trustee for any out-of-pocket expenses (including legal fees and expenses) incurred. 

(e) Distributions required to be made to Noteholders on any Distribution Date shall be made to each Noteholder of record on the preceding
Record Date either by (i) wire transfer, in immediately available funds, to the account of such Holder at a bank or other entity having appropriate facilities therefore, if such Noteholder shall have provided to the Note Registrar appropriate
written instructions at least five Business Days prior to such Distribution Date and such Holder’s Notes in the aggregate evidence a denomination of not less than $[1,000,000] or (ii) by check mailed to such Noteholder at the address of
such holder appearing in the Note Register. Notwithstanding the foregoing, the final distribution in respect of any Note (whether on the Final Scheduled Distribution Date or otherwise) will be payable only upon presentation and surrender of such
Note at the office or agency maintained for that purpose by the Note Registrar pursuant to Section 2.4 of the Indenture. 
 (f) Subject
to Section 5.1 and this section, monies received by the Indenture Trustee hereunder need not be segregated in any manner except to the extent required by law and may be deposited under such general conditions as may be prescribed by law, and
the Indenture Trustee shall not be liable for any interest thereon. 
 SECTION 5.8. Reserve Account. 

(a) On the Closing Date, the Seller shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time to time in the
Reserve Account shall be held by the Indenture Trustee for the benefit of the Noteholders. 
 (b) The Seller may, from time to time after
the date hereof, request each Rating Agency to approve a formula for determining the Specified Reserve Balance that is different from the formula set forth herein, which may result in a decrease in the amount of the Specified Reserve Balance or
change the manner by which the Reserve Account is funded. Notwithstanding any other provision of this Agreement, if each Rating Agency then rating the Notes notifies the Seller (who shall send such notification to the Indenture Trustee) in writing
that the use of any such new formula, and any decrease in the amount of the Specified Reserve Balance or change in the manner by which the Reserve Account is funded, will not result in the qualification, reduction or withdrawal of its then current
rating of the Notes then the Specified Reserve Balance will be determined in accordance with such new formula and this Agreement will be amended to reflect such new formula without the consent of any Noteholder. 

(c) On each Distribution Date, the Servicer shall instruct the Indenture Trustee (based on the information contained in the Servicer’s
Certificate delivered on the related Determination Date) (A) if the amount on deposit in the Reserve Account (without taking into account any amount on deposit in the Reserve Account representing net investment earnings) is less than the
Specified Reserve Balance, in which case the Indenture Trustee shall, after payment of any amounts required to be distributed pursuant to clauses (i) through [(xvii)] of Section 5.7(a) deposit

  
 51 

 
in the Reserve Account the Reserve Account Deposit Amount pursuant to Section 5.7(a)[(xvii)], and (B) if the amount on deposit in the Reserve Account, after giving effect to all other
deposits thereto and withdrawals therefrom to be made on such Distribution Date is greater than the Specified Reserve Balance, in which case the Indenture Trustee shall distribute the amount of such excess as part of Available Funds on such
Distribution Date. 
 (d) On each Distribution Date, the Servicer shall instruct the Indenture Trustee (based on the information contained
in the Servicer’s Certificate delivered on the related Determination Date) to withdraw the Reserve Account Withdrawal Amount from the Reserve Account and deposit such amounts in the Collection Account to be included as Total Available Funds for
that Distribution Date. 
 (e) Amounts properly transferred to the Certificate Distribution Account for payment to the Certificateholder
pursuant to this Agreement shall not be available to the Indenture Trustee or the Trust for the purpose of making deposits to the Reserve Account, or making payments to the Noteholders, nor shall the Certificateholder be required to refund any
amount properly received by them. 
 SECTION 5.9. Statements to Noteholders. 

(a) On or prior to each Distribution Date, the Indenture Trustee shall make available to each Noteholder of record a statement setting forth at
least the following information as to the Notes to the extent such information has been received from the Servicer pursuant to Section 4.9: 

(i) the amount of such distribution allocable to principal of each Class of Notes; 

(ii) the amount of such distribution allocable to interest on or with respect to each Class of Notes; 

(iii) the required Reserve Account Withdrawal Amount or any excess released from the Reserve Account and included in Available
Funds; 
 (iv) the Pool Balance as of the close of business on the last day of the preceding Collection Period; 

(v) the aggregate outstanding principal amount of each Class of the Notes and the Note Pool Factor for each such Class after
giving effect to payments allocated to principal reported under (i) above; 
 (vi) the amount of the Servicing Fee paid
to the Servicer with respect to the related Collection Period and/or due but unpaid with respect to such Collection Period or prior Collection Periods, as the case may be; 

(vii) the Noteholders’ Interest Carryover Amount, if any, and the change in that amount from the preceding statement; 

  
 52 

 (viii) the amount of the aggregate Realized Losses, if any, for the related
Collection Period; and 
 (ix) the aggregate Purchase Amounts for Receivables, if any, that were repurchased by the Servicer
or the Seller in such period. 
 (b) The Indenture Trustee will make available each month to each Noteholder the statements referred to in
Section 5.9(a) above (and certain other documents, reports and information regarding the Receivables provided by the Servicer from time to time) via the Indenture Trustee’s internet website, with the use of a password provided by the
Indenture Trustee. The Indenture Trustee will make no representation or warranties as to the accuracy or completeness of such documents, reports and information regarding the Receivables provided by the Servicer. The Indenture Trustee’s
internet website shall be initially located at
www.                                .com or at such other address as shall be
specified by the Indenture Trustee from time to time in writing to the Noteholders. In connection with providing access to the Indenture Trustee’s internet website, the Indenture Trustee may require registration and the acceptance of a
disclaimer. The Indenture Trustee shall not be liable for the dissemination of information in accordance with this Agreement. The Indenture Trustee shall have the right to change the way the statements referred to in Section 5.9(a) above are
distributed in order to make such distribution more convenient and/or more accessible to the parties entitled to receive such statements so long as such statements are only provided to the then current Noteholders. The Indenture Trustee shall
provide notification of any such change to all parties entitled to receive such statements in the manner described in Section 12.3, Section 11.4 of the Indenture or Section 11.5 of the Indenture, as appropriate. 

SECTION 5.10. [Determination of LIBOR]. [The Indenture Trustee, as calculation agent (in such capacity, the “Calculation
Agent”), will determine LIBOR for purposes of calculating the Interest Rate for the Class A-2-B Notes (a) on             , 20    , for
the period from the Closing Date to the first Distribution Date, and (b) for each given Interest Period thereafter, on the second London Business Day prior to the Distribution Date on which such Interest Period begins (each, a “LIBOR
Determination Date”). For purposes of calculating LIBOR, a “London Business Day” means a day on which banking institutions in the City of London, England are not required or authorized by law to be closed. 

“LIBOR” means, the rate for deposits in U.S. Dollars, for a period equal to one month, which appears on the Reuters Screen LIBOR01 Page (or
any replacement page) as of 11:00 a.m., London time, on the related LIBOR Determination Date. If such rate does not appear on the Reuters Screen LIBOR01 Page, the rate for that Interest Period will be determined on the basis of the rates at which
deposits in U.S. Dollars are offered by any four major banks in the London interbank market selected by the Calculation Agent to provide such bank’s offered quotation of such rates at approximately 11:00 a.m., London time, on the related LIBOR
Determination Date to prime banks in the London interbank market for a period of one month, commencing on the first day of such Interest Period and in a principal amount of at least U.S.$1,000,000. The Calculation Agent, will request the principal
London office of each of those four banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that Interest Period will be the arithmetic mean of the quotations. If fewer than two quotations are

  
 53 

 
provided as requested, the rate for that Interest Period will be the arithmetic mean of the rates quoted by major banks in New York City selected by the Calculation Agent at approximately 11:00
a.m., New York City time, on the LIBOR Determination Date with respect to such Interest Period for loans in U.S. Dollars to leading European banks for a period equal to one month, commencing on the first day of such Interest Period and in a
principal amount of at least U.S.$1,000,000; provided, however, that if the banks selected by the Calculation Agent are not quoting rates as mentioned in this sentence, LIBOR for such interest period will be the same as LIBOR for the immediately
preceding Interest Period. 
 “Reuters Screen LIBOR01 Page” is the display designated on the Reuters service (or the successor display
page, other published source, information vendor or provider that has been officially designated by Reuters).] 
 ARTICLE VI 

[Reserved] 
 ARTICLE VII

 The Seller 
 SECTION
7.1. Representations of Seller. The Seller makes the following representations on which the Issuer is deemed to have relied in acquiring the Receivables and on which the Indenture Trustee [and Backup Servicer] may rely. The representations
speak as of the execution and delivery of this Agreement and as of the Closing Date, and shall survive the sale of the Receivables to the Issuer and the pledge thereof to the Indenture Trustee pursuant to the Indenture. 

(a) Schedules of Representations. The representations and warranties set forth in Schedule B-1 and Schedule B-2 are true and correct.

 (b) Organization and Good Standing. The Seller has been duly organized and is validly existing as a limited liability company in
good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted, and had at all relevant times, and now
has, power, authority and legal right to acquire, own and sell the Receivables and the Other Conveyed Property transferred to the Trust. 

(c) Due Qualification. The Seller is duly qualified to do business as a foreign limited liability company, is in good standing and has
obtained all necessary licenses and approvals in all jurisdictions where the failure to do so would materially and adversely affect Seller’s ability to transfer the Receivables and the Other Conveyed Property to the Trust pursuant to this
Agreement, or the validity or enforceability of the Receivables and the Other Conveyed Property or to perform Seller’s obligations hereunder and under the Seller’s Basic Documents. 

(d) Power and Authority. The Seller has the power and authority to execute and deliver this Agreement and its Basic Documents and to
carry out its terms and their terms, 

  
 54 

 
respectively; the Seller has full power and authority to sell and assign the Receivables and the Other Conveyed Property to be sold and assigned to and deposited with the Trust by it and has duly
authorized such sale and assignment to the Trust by all necessary action; and the execution, delivery and performance of this Agreement and the Seller’s Basic Documents have been duly authorized by the Seller by all necessary action. 

(e) Valid Sale, Binding Obligations. This Agreement effects a valid sale, transfer and assignment of the Receivables and the Other
Conveyed Property, enforceable against the Seller and creditors of and purchasers from the Seller; and this Agreement and the Seller’s Basic Documents, when duly executed and delivered, shall constitute legal, valid and binding obligations of
the Seller enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization or other 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. 

(f) No Violation. The consummation of the transactions contemplated by this Agreement and the Basic Documents and the fulfillment of
the terms of this Agreement and the Basic Documents shall not conflict with, result in any breach of any of the terms and provisions of or constitute (with or without notice, lapse of time or both) a default under the certificate of formation or
limited liability company agreement of the Seller, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Seller is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its
properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument, other than this Agreement, or violate any law, order, rule or regulation applicable to the Seller of any court or of any federal or state
regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Seller or any of its properties. 

(g) No Proceedings. There are no proceedings or investigations pending or, to the Seller’s knowledge, threatened against the
Seller, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Seller or its properties (i) asserting the invalidity of this Agreement or any of the Basic
Documents, (ii) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the Basic Documents, (iii) seeking any determination or ruling that might materially and
adversely affect the performance by the Seller of its obligations under, or the validity or enforceability of, this Agreement or any of the Basic Documents, or (iv) seeking to adversely affect the federal income tax or other federal, state or
local tax attributes of the Notes. 
 (h) Solvency. The Seller is not insolvent, nor will the Seller be made insolvent by the
transfer of the Receivables, nor does the Seller anticipate any pending insolvency. 
 (i) No Consents. The Seller is not required to
obtain the consent of any other party or any consent, license, approval or authorization, or registration or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery, performance, validity or
enforceability of this Agreement which has not already been obtained. 

  
 55 

 (j) True Sale. The Receivables are being transferred with the intention of removing them
from the Seller’s estate pursuant to Section 541 of the Bankruptcy Code, as the same may be amended from time to time. 
 (k)
Ordinary Course of Business. The transactions contemplated by this Agreement and the other Basic Documents to which the Seller is a party are in the ordinary course of the Seller’s business. 

(l) Chief Executive Office and Principal Place of Business. The chief executive office and principal place of business of the Seller is
at 222 West Las Colinas Boulevard, Suite 1800, Irving, Texas 75039. 
 (m) Investment Company Act. Neither the Seller nor the Issuer
is an “investment company” or a company “controlled by an investment company” within the meaning of the Investment Company Act. The Issuer will rely on an exclusion or exemption from the definition of “investment
company” under the Investment Company Act contained in Section 3(c)(5) of the Investment Company Act, although there may be additional exclusions or exemptions available to the Issuer. The Issuer is not a “covered fund” for
purposes of the Volcker Rule. 
 SECTION 7.2. Corporate Existence. 

(a) During the term of this Agreement, the Seller will keep in full force and effect its existence, rights and franchises as a limited
liability company under the laws of the jurisdiction of its formation and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability
of this Agreement, the Basic Documents and each other instrument or agreement necessary or appropriate to the proper administration of this Agreement and the transactions contemplated hereby. 

(b) During the term of this Agreement, the Seller shall observe the applicable legal requirements for the recognition of the Seller as a legal
entity separate and apart from its Affiliates, including as follows: 
 (i) the Seller shall maintain corporate records and
books of account separate from those of its Affiliates; 
 (ii) except as otherwise provided in this Agreement, the Seller
shall not commingle its assets and funds with those of its Affiliates; 
 (iii) the Seller shall hold such appropriate
meetings of its board of managers, or adopt resolutions pursuant to a unanimous written consent of the board of managers as are necessary to authorize all the Seller’s actions required by law to be authorized by the board of managers, shall
keep minutes of such meetings and of meetings of its stockholder(s) and observe all other customary corporate formalities (and any successor Seller not a limited liability company shall observe similar procedures in accordance with its governing
documents and applicable law); 

  
 56 

 (iv) the Seller shall at all times hold itself out to the public under the
Seller’s own name as a legal entity separate and distinct from its Affiliates; 
 (v) all transactions and dealings
between the Seller and its Affiliates will be conducted on an arm’s-length basis; and 
 (vi) the Seller shall pay from
its assets all obligations and indebtedness of any kind incurred by the Seller. 
 SECTION 7.3. Liability of Seller; Indemnities. The
Seller shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Seller under this Agreement. 

(a) The Seller shall indemnify, defend and hold harmless the Owner Trustee, the Issuer[, the Backup Servicer] and the Indenture Trustee and
their respective officers, directors, employees and agents from and against any taxes that may at any time be asserted against any such Person with respect to the transactions or activities contemplated in this Agreement and any of the Basic
Documents (except any income taxes arising out of fees paid to the Owner Trustee, and the Indenture Trustee and except any taxes to which the Owner Trustee and the Indenture Trustee may otherwise be subject to, without regard to the transactions
contemplated hereby), including any sales, gross receipts, general corporation, tangible or intangible personal property, privilege or license taxes (but, in the case of the Issuer, not including any taxes asserted with respect to, federal or other
income taxes arising out of distributions on the Notes) and costs and expenses in defending against the same. 
 (b) The Seller shall
indemnify, defend and hold harmless the Issuer, the Owner Trustee[, the Backup Servicer] and the Indenture Trustee and the officers, directors, employees and agents thereof and the Noteholders from and against any losses, liabilities or expenses
incurred by reason of (i) the Seller’s willful misfeasance, bad faith or gross negligence in the performance of its duties under this Agreement, or by reason of reckless disregard of its obligations and duties under this Agreement and
(ii) the Seller’s or the Issuer’s violation of federal or state securities laws in connection with the offering and sale of the Notes. 

(c) The Seller shall indemnify, defend and hold harmless the Issuer, the Owner Trustee[, the Backup Servicer] and the Indenture Trustee and
the officers, directors, employees and agents thereof from and against any and all costs, expenses, losses, claims, damages and liabilities (including reasonable fees and expenses of outside counsel, which shall include any reasonable fees and
expenses of outside counsel incurred in connection with any enforcement of the indemnification obligation hereunder) arising out of, or incurred in connection with the acceptance or performance of the trusts and duties set forth herein and in the
Basic Documents except to the extent that such cost, expense, loss, claim, damage or liability shall be due to the willful misconduct, bad faith or gross negligence (except for errors in judgment) of the Owner Trustee[, Backup Servicer] or the
Indenture Trustee, respectively. In the event the Seller is unable to provide such indemnity payments due pursuant to this paragraph to the Owner Trustee[, Backup Servicer] or the Indenture Trustee, the Owner Trustee[, Backup Servicer] and the
Indenture Trustee shall collect such indemnities amounts pursuant to Section 5.7(a) hereof or Section 5.6 of the Indenture, as applicable. 

  
 57 

 Indemnification under this Section shall survive the resignation or removal of the Owner
Trustee[, Backup Servicer] or the Indenture Trustee and the termination or assignment of this Agreement, the Indenture or the Trust Agreement, as applicable, and shall include reasonable fees and expenses of counsel and other expenses of litigation.
If the Seller shall have made any indemnity payments pursuant to this Section and the Person to or on behalf of whom such payments are made thereafter shall collect any of such amounts from others, such Person shall promptly repay such amounts to
the Seller, without interest. 
 SECTION 7.4. Merger or Consolidation of, or Assumption of the Obligations of, Seller. Any Person
(a) into which the Seller may be merged or consolidated, (b) which may result from any merger or consolidation to which the Seller shall be a party or (c) which may succeed to the properties and assets of the Seller substantially as a
whole, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Seller under this Agreement, shall be the successor to the Seller hereunder without the execution or filing of any document or
any further act by any of the parties to this Agreement; provided, however, that (i) immediately after giving effect to such transaction, no representation or warranty made pursuant to Section 3.1(a) shall have been breached and no
Servicer Termination Event, and no event which, after notice or lapse of time, or both, would become a Servicer Termination Event shall have happened and be continuing, (ii) the Seller shall have delivered to the Owner Trustee[, Backup
Servicer] and the Indenture Trustee an Officers’ Certificate and an Opinion of Counsel each stating that such consolidation, merger or succession and such agreement of assumption comply with this Section and that all conditions precedent, if
any, provided for in this Agreement relating to such transaction have been complied with, (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction and (iv) the Seller shall have delivered to the Owner
Trustee[, Backup Servicer] and the Indenture Trustee an Opinion of Counsel stating that, in the opinion of such counsel, either (A) all financing statements and continuation statements and amendments thereto have been executed and filed that
are necessary fully to preserve and protect the interest of the Indenture Trustee and the Issuer, respectively, in the Receivables and reciting the details of such filings or (B) no such action shall be necessary to preserve and protect such
interest. Notwithstanding anything herein to the contrary, the execution of the foregoing agreement of assumption and compliance with clauses (i), (ii), (iii) and (iv) above shall be conditions to the consummation of the transactions
referred to in clauses (a), (b) or (c) above. 
 SECTION 7.5. Limitation on Liability of Seller and Others. The Seller and
any director or officer or employee or agent of the Seller may rely in good faith on the advice of counsel or on any document of any kind, prima facie properly executed and submitted by any Person respecting any matters arising under any Basic
Document. The Seller shall not be under any obligation to appear in, prosecute or defend any legal action that shall not be incidental to its obligations under this Agreement, and that in its opinion may involve it in any expense or liability. 

  
 58 

 SECTION 7.6. Ownership of the Certificate or Notes. The Seller and any Affiliate thereof
may in its individual or any other capacity become the owner or pledgee of Certificate or Notes with the same rights as it would have if it were not the Seller or an Affiliate thereof, except as expressly provided herein or in any Basic Document.
The Notes or Certificate so owned by the Seller or such Affiliate shall have an equal and proportionate benefit under the provisions of the Basic Documents, without preference, priority, or distinction as among all of the Notes or Certificate;
provided, however, that any Notes or Certificate owned by the Seller or any Affiliate thereof, during the time such Notes or Certificate are owned by them, shall be without voting rights for any purpose set forth in the Basic Documents. The
Seller shall notify the Owner Trustee and the Indenture Trustee with respect to any other transfer of the Certificate. 
 ARTICLE VIII 

The Servicer and the Backup Servicer 

SECTION 8.1. Representations of Servicer. The Servicer makes the following representations on which the Issuer is deemed to have relied
in acquiring the Receivables. The representations speak as of the execution and delivery of this Agreement and as of the Closing Date, and shall survive the sale of the Receivables to the Issuer and the pledge thereof to the Indenture Trustee
pursuant to the Indenture. 
 (a) Representations and Warranties. The representations and warranties set forth in Schedule B-1 and
Schedule B-2 are true and correct; provided, that such representations and warranties contained therein and herein shall not apply to any entity other than Exeter; 

(b) Organization and Good Standing. The Servicer has been duly organized and is validly existing and in good standing under the laws of
its jurisdiction of organization, with power, authority and legal right to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted, and had at all relevant times, and now has,
power, authority and legal right to enter into and perform its obligations under this Agreement; 
 (c) Due Qualification. The
Servicer is duly qualified to do business as a foreign corporation, 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 (including
the servicing of the Receivables as required by this Agreement) requires or shall require such qualification; 
 (d) Power and
Authority. The Servicer has the power and authority to execute and deliver this Agreement and its Basic Documents and to carry out its terms and their terms, respectively, and the execution, delivery and performance of this Agreement and the
Servicer’s Basic Documents have been duly authorized by the Servicer by all necessary corporate action; 
 (e) Binding
Obligation. This Agreement and the Servicer’s Basic Documents shall constitute legal, valid and binding obligations of the Servicer enforceable in accordance with their 

  
 59 

 
respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or other 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; 

(f) No Violation. The consummation of the transactions contemplated by this Agreement and the Servicer’s Basic Documents, and the
fulfillment of the terms of this Agreement and the Servicer’s Basic Documents, shall not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the
articles of incorporation or bylaws of the Servicer, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Servicer is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of
its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument, other than this Agreement, or violate any law, order, rule or regulation applicable to the Servicer of any court or of any federal or
state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Servicer or any of its properties; 

(g) No Proceedings. There are no proceedings or investigations pending or, to the Servicer’s knowledge, threatened against the
Servicer, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Servicer or its properties (A) asserting the invalidity of this Agreement or any of the Basic
Documents, (B) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the Basic Documents, (C) seeking any determination or ruling that might materially and
adversely affect the performance by the Servicer of its obligations under, or the validity or enforceability of, this Agreement or any of the Basic Documents or (D) seeking to adversely affect the federal income tax or other federal, state or
local tax attributes of the Notes; 
 (h) No Consents. The Servicer is not required to obtain the consent of any other party or any
consent, license, approval or authorization, or registration or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery, performance, validity or enforceability of this Agreement which has not
already been obtained. 
 (i) Chief Executive Office and Principal Place of Business. The chief executive office and principal place
of business of the Servicer is located at 222 West Las Colinas Boulevard, Suite 1800, Irving, Texas 75039. 
 SECTION 8.2.
[Representations of Backup Servicer]. The Backup Servicer makes the following representations on which the Issuer is deemed to have relied in acquiring the Receivables. The representations speak as of the execution and delivery of this
Agreement and as of the Closing Date, and shall survive the sale of the Receivables to the Issuer and the pledge thereof to the Indenture Trustee pursuant to the Indenture. 

(a) Organization and Good Standing. The Backup Servicer has been duly organized and is validly existing and in good standing under the
laws of its jurisdiction of organization, with 

  
 60 

 
power, authority and legal right to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted, and had at all relevant times,
and now has, power, authority and legal right to enter into and perform its obligations under this Agreement; 
 (b) Due
Qualification. The Backup Servicer is duly qualified to do business as a foreign corporation, 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 (including the servicing of the Receivables as required by this Agreement) requires or shall require such qualification; 

(c) Power and Authority. The Backup Servicer has the power and authority to execute and deliver this Agreement and the other Basic
Documents to which the Backup Servicer is a party and to carry out its terms and their terms, respectively, and the execution, delivery and performance of this Agreement and the other Basic Documents to which the Backup Servicer is a party have been
duly authorized by the Backup Servicer by all necessary corporate action; 
 (d) Binding Obligation. This Agreement and the other
Basic Documents to which the Backup Servicer is a party shall constitute the legal, valid and binding obligations of the Backup Servicer enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy,
insolvency, reorganization, or other 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; 
 (e) No Violation. The consummation of the transactions contemplated by this Agreement and the
other Basic Documents to which the Backup Servicer is a party, and the fulfillment of the terms of this Agreement and the other Basic Documents to which the Backup Servicer is a party, shall not conflict with, result in any breach of any of the
terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the articles of incorporation or bylaws of the Backup Servicer, or any indenture, agreement, mortgage, deed of trust or other instrument to which the
Backup Servicer is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument, other than this
Agreement, or violate any law, order, rule or regulation applicable to the Backup Servicer of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Backup
Servicer or any of its properties; 
 (f) No Proceedings. There are no proceedings or investigations pending or, to the Backup
Servicer’s knowledge, threatened against the Backup Servicer, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Backup Servicer or its properties
(A) asserting the invalidity of this Agreement or any of the Basic Documents to which the Backup Servicer is a party, (B) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this
Agreement or any of the Basic Documents to which the Backup Servicer is a party, (C) seeking any determination or ruling that might materially and adversely affect the performance by the Backup Servicer of its obligations under, or the validity
or enforceability of, this Agreement or any of the Basic Documents to which the Backup Servicer is a party or (D) seeking to adversely affect the federal income tax or other federal, state or local tax attributes of the Notes; 

  
 61 

 (g) No Consents. The Backup Servicer is not required to obtain the consent of any other
party or any consent, license, approval or authorization, or registration or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery, performance, validity or enforceability of this Agreement which
has not already been obtained. 
 SECTION 8.3. Liability of Servicer [and Backup Servicer]; Indemnities. 

(a) The Servicer (in its capacity as such) shall be liable hereunder only to the extent of the obligations in this Agreement specifically
undertaken by the Servicer and the representations made by the Servicer. 
 (b) The Servicer shall defend, indemnify and hold harmless the
Trust, the Indenture Trustee[, the Backup Servicer], the Owner Trustee, their respective officers, directors, agents and employees, and the Noteholders from and against any and all costs, expenses, losses, damages, claims and liabilities, including
reasonable fees and expenses of counsel and expenses of litigation arising out of or resulting from the use, ownership or operation by the Servicer or any Affiliate thereof of any Financed Vehicle. 

(c) The Servicer (when the Servicer is Exeter) shall indemnify, defend and hold harmless the Trust, the Indenture Trustee[, the Backup
Servicer], the Owner Trustee, their respective officers, directors, agents and employees and the Noteholders from and against any taxes that may at any time be asserted against any of such parties with respect to the transactions or activities
contemplated in this Agreement, including, without limitation, any sales, gross receipts, general corporation, tangible or intangible personal property, privilege or license taxes (but not including any federal or other income taxes, including
franchise taxes asserted with respect to, and as of the date of, the sale of the Receivables and the Other Conveyed Property to the Trust or the issuance and original sale of the Notes) and costs and expenses in defending against the same. 

(d) The Servicer (when the Servicer is not Exeter) shall indemnify, defend and hold harmless the Trust, the Indenture Trustee[, the Backup
Servicer], the Owner Trustee, their respective officers, directors, agents and employees and the Noteholders from and against any taxes with respect to the sale of Receivables in connection with servicing hereunder that may at any time be asserted
against any of such parties with respect to the transactions or activities contemplated in this Agreement, including, without limitation, any sales, gross receipts, general corporation, tangible or intangible personal property, privilege or license
taxes (but not including any federal or other income taxes, including franchise taxes asserted with respect to, and as of the date of, the sale of the Receivables and the Other Conveyed Property to the Trust or the issuance and original sale of the
Notes) and costs and expenses in defending against the same. 
 (e) The Servicer shall indemnify, defend and hold harmless the Trust, the
Indenture Trustee[, the Backup Servicer], the Owner Trustee, their respective officers, directors, agents and employees and the Noteholders from and against any and all costs, expenses, losses, claims, damages, and liabilities (including reasonable
fees and expenses of outside counsel, which shall 

  
 62 

 
include any reasonable fees and expenses of outside counsel incurred in connection with any enforcement of the indemnification obligation hereunder) to the extent that such cost, expense, loss,
claim, damage, or liability arose out of, or was imposed upon the Trust[, the Backup Servicer], the Owner Trustee, the Indenture Trustee or the Noteholders by reason of the breach of this Agreement by the Servicer, the gross negligence, misfeasance,
or bad faith of the Servicer in the performance of its duties under this Agreement or by reason of reckless disregard of its obligations and duties under this Agreement. In the event the Servicer is unable to provide such indemnity payments due
pursuant to this paragraph to the Owner Trustee[, the Backup Servicer] or the Indenture Trustee, the Owner Trustee[, the Backup Servicer] and the Indenture Trustee shall collect such indemnities amounts pursuant to Section 5.7(a) hereof or
Section 5.6 of the Indenture, as applicable. 
 (f) Exeter shall indemnify, defend and hold harmless the Trust, the Indenture Trustee[,
the Backup Servicer], the Owner Trustee, their respective officers, directors, agents and employees and the Noteholders from and against any losses, liabilities or expenses incurred by reason of the violation by Servicer or Seller of federal or
state securities laws in connection with the registration or the sale of the Notes. This section shall survive the termination or assignment of this Agreement, or the earlier removal or resignation of the Indenture Trustee [or the Backup Servicer].

 (g) [The Backup Servicer shall defend, indemnify and hold harmless the Trust, the Indenture Trustee, the Owner Trustee, the Servicer,
their respective officers, directors, agents and employees and the Noteholders from and against: (i) all costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel and expenses of litigation
arising out of or resulting from the use, ownership or operation by the Backup Servicer or any Affiliate thereof of any Financed Vehicle; and (ii) any and all costs, expenses, losses, claims, damages, and liabilities to the extent that such
cost, expense, loss, claim, damage, or liability arose out of, or was imposed upon the Trust, the Owner Trustee, the Indenture Trustee, the Servicer or the Noteholders by reason of, the breach of this Agreement caused by the negligence, willful
misconduct or bad faith of the Backup Servicer, the violation of federal or state securities laws by the Backup Servicer, the gross negligence, misconduct, or bad faith of the Backup Servicer in the performance of its duties under this Agreement or
by reason of reckless disregard of its obligations and duties under this Agreement.] 
 (h) Exeter shall indemnify [the Backup Servicer,]
the Owner Trustee, the Indenture Trustee and the respective officers, directors, agents and employees thereof against any and all losses, liabilities or expenses, (other than overhead and expenses incurred in the normal course of business) incurred
by each of them in connection with the acceptance or administration of the Trust and the performance of their duties under the Basic Documents other than if such loss, liability or expense was incurred by the Indenture Trustee[, the Backup Servicer]
or the Owner Trustee as a result of any such entity’s willful misconduct, bad faith or gross negligence. In the event the Servicer is unable to provide such indemnity payments due pursuant to this paragraph to the Owner Trustee[, the Backup
Servicer] or the Indenture Trustee, the Owner Trustee[, the Backup Servicer] and the Indenture Trustee shall collect such indemnities amounts pursuant to Section 5.7(a) hereof or Section 5.6 of the Indenture, as applicable. 

  
 63 

 (i) Indemnification under this Article shall include, without limitation, reasonable fees and
expenses of counsel and expenses of litigation. If the Servicer has made any indemnity payments pursuant to this Article and the recipient thereafter collects any of such amounts from others, the recipient shall promptly repay such amounts collected
to the Servicer, without interest. [Notwithstanding anything contained herein to the contrary, any indemnification payable by the Servicer to the Backup Servicer, to the extent not paid by the Servicer, shall be paid solely from Section 5.7(a)
of this Agreement.] 
 (j) When the Indenture Trustee [or the Backup Servicer] incurs expenses after the occurrence of a Servicer
Termination Event specified in Section 9.1(d) or (e) with respect to the Servicer, the expenses are intended to constitute expenses of administration under Title 11 of the United States Code or any other applicable federal or state
bankruptcy, insolvency or similar law. 
 (k) The indemnification provisions set forth under this Section 8.3 shall survive the
termination or assignment of this Agreement, or the earlier removal or resignation of the Owner Trustee[, the Backup Servicer] or the Indenture Trustee. 

SECTION 8.4. Merger or Consolidation of, or Assumption of the Obligations of, the Servicer [or Backup Servicer]. 

(a) Exeter shall not merge or consolidate with any other Person, convey, transfer or lease substantially all its assets as an entirety to
another Person, or permit any other Person to become the successor to Exeter’s business unless, after the merger, consolidation, conveyance, transfer, lease or succession, the successor or surviving entity shall be capable of fulfilling the
duties of Exeter contained in this Agreement and shall be acceptable to the Majority Noteholders, and shall be an eligible servicer. Any corporation (i) into which Exeter may be merged or consolidated, (ii) resulting from any merger or
consolidation to which Exeter shall be a party, (iii) which acquires by conveyance, transfer, or lease substantially all of the assets of Exeter, or (iv) succeeding to the business of Exeter, in any of the foregoing cases shall execute an
agreement of assumption to perform every obligation of Exeter under this Agreement and, whether or not such assumption agreement is executed, shall be the successor to Exeter under this Agreement without the execution or filing of any paper or any
further act on the part of any of the parties to this Agreement, anything in this Agreement to the contrary notwithstanding; provided, however, that nothing contained herein shall be deemed to release Exeter from any obligation. Exeter shall
provide notice of any merger, consolidation or succession pursuant to this Section to the Owner Trustee, the Indenture Trustee, the Noteholders and each Rating Agency. Notwithstanding the foregoing, Exeter shall not merge or consolidate with any
other Person or permit any other Person to become a successor to Exeter’s business, unless (x) immediately after giving effect to such transaction, no representation or warranty made pursuant to Section 4.6 shall have been breached
(for purposes hereof, such representations and warranties shall speak as of the date of the consummation of such transaction), (y) Exeter shall have delivered to the Owner Trustee, the Indenture Trustee[, the Backup Servicer] and the Rating
Agencies an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation, merger or succession and such agreement of assumption comply with this Section and that all conditions precedent, if any, provided for in this
Agreement relating to such transaction have been complied with, and (z) Exeter shall have delivered to the Owner Trustee[, the Backup Servicer], the Indenture Trustee and the Rating Agencies an Opinion of Counsel, stating in the opinion of such
counsel, either (A)

  
 64 

 
all financing statements and continuation statements and amendments thereto have been executed and filed that are necessary to preserve and protect the interest of the Trust in the Receivables
and the Other Conveyed Property and reciting the details of the filings or (B) no such action shall be necessary to preserve and protect such interest. 

(b) [The Backup Servicer may merge with any other corporation or banking association. Any corporation or banking association (i) into
which the Backup Servicer may be merged or consolidated, (ii) resulting from any merger or consolidation to which the Backup Servicer shall be a party, (iii) which acquires by conveyance, transfer or lease substantially all of the assets
of the Backup Servicer, or (iv) succeeding to the business of the Backup Servicer, in any of the foregoing cases shall execute an agreement of assumption to perform every obligation of the Backup Servicer under this Agreement and, whether or
not such assumption agreement is executed, shall be the successor to the Backup Servicer under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties to this Agreement, anything in this
Agreement to the contrary notwithstanding; provided, however, that nothing contained herein shall be deemed to release the Backup Servicer from any obligation.] 

SECTION 8.5. Limitation on Liability of Servicer[, Backup Servicer] and Others. 

(a) Neither Exeter[, the Backup Servicer] nor any of the directors or officers or employees or agents of Exeter [or the Backup Servicer] shall
be under any liability to the Trust or the Noteholders, except as provided in this Agreement, for any action taken or for refraining from the taking of any action pursuant to this Agreement; provided, however, that this provision shall
not protect Exeter[, the Backup Servicer] or any such person against any liability that would otherwise be imposed by reason of a breach of this Agreement or willful misconduct, bad faith or gross negligence (excluding errors in judgment) in the
performance of duties; provided, further, that this provision shall not affect any liability to indemnify the Indenture Trustee and the Owner Trustee for costs, taxes, expenses, claims, liabilities, losses or damages paid by the Indenture Trustee
and the Owner Trustee, in their individual capacities. Exeter[, the Backup Servicer] and any director, officer, employee or agent of Exeter [or the Backup Servicer] may rely in good faith on the written advice of counsel or on any document of any
kind prima facie properly executed and submitted by any Person respecting any matters arising under this Agreement. 
 (b) [The Backup
Servicer shall not be liable for any obligation of the Servicer contained in this Agreement or for any errors of the Servicer contained in any computer tape, certificate or other data or document delivered to the Backup Servicer hereunder or on
which the Backup Servicer must rely in order to perform its obligations hereunder, and the Owner Trustee, the Indenture Trustee, the Backup Servicer, the Seller and the Noteholders shall look only to the Servicer to perform such obligations. The
Backup Servicer, the Indenture Trustee, the Owner Trustee and the Custodian shall have no responsibility and shall not be in default hereunder or incur any liability for any failure, error, malfunction or any delay in carrying out any of their
respective duties under this Agreement if such failure or delay results from the Backup Servicer acting in accordance with information prepared or supplied by a Person other than the Backup Servicer (or contractual agents) or the failure of any such
other Person to prepare or provide such information. The Backup Servicer shall have no responsibility, shall not be in default and shall incur no liability for (i) any act or failure to act of any third party (other than its contractual
agents), including the Servicer or the Majority Noteholders, (ii) any inaccuracy or omission in a 

  
 65 

 
notice or communication received by the Backup Servicer from any third party (other than its contractual agents), (iii) the invalidity or unenforceability of any Receivable under applicable
law, (iv) the breach or inaccuracy of any representation or warranty made with respect to any Receivable, or (v) the acts or omissions of any successor Backup Servicer.] 

(c) [The parties expressly acknowledge and consent to [Backup Servicer Name], acting in the possible dual capacity of Backup Servicer or
successor Servicer and in the capacity as Indenture Trustee. [Backup Servicer Name], may, in such dual or other capacity, discharge its separate functions fully, without hindrance or regard to conflict of interest principles, duty of loyalty
principles or other breach of fiduciary duties to the extent that any such conflict or breach arises from the performance by [Backup Servicer Name], of express duties set forth in this Agreement in any of such capacities, all of which defenses,
claims or assertions are hereby expressly waived by the other parties hereto and the Noteholders except in the case of gross negligence and willful misconduct by [Backup Servicer Name].] 

SECTION 8.6. Delegation of Duties. The Servicer may delegate duties under this Agreement to an Affiliate of the Servicer without first
obtaining the consent of any Person. The Servicer also may at any time perform specific duties through sub-contractors in accordance with Servicer’s customary servicing policies and procedures. No delegation or sub-contracting by the Servicer
of its duties herein in the manner described in this Section 8.6 shall relieve the Servicer of its responsibility with respect to such duties. 

SECTION 8.7. Servicer [and Backup Servicer] Not to Resign. Subject to the provisions of Section 8.4, [neither] the Servicer [nor
the Backup Servicer] shall resign from the obligations and duties imposed on it by this Agreement as Servicer [or Backup Servicer] except upon a determination that by reason of a change in legal requirements the performance of its duties under this
Agreement would cause it to be in violation of such legal requirements in a manner which would have a material adverse effect on the Servicer [or the Backup Servicer, as the case may be,] if the Majority Noteholders do not elect to waive the
obligations of the Servicer [or the Backup Servicer, as the case may be,] to perform the duties which render it legally unable to act or to delegate those duties to another Person. Any such determination permitting the resignation of the Servicer
[or the Backup Servicer] shall be evidenced by an Opinion of Counsel to such effect delivered and acceptable to the Indenture Trustee and the Owner Trustee. No resignation of the Servicer shall become effective until [the Backup Servicer or] an
entity acceptable to the Majority Noteholders shall have assumed the responsibilities and obligations of the Servicer. [No resignation of the Backup Servicer shall become effective until an entity acceptable to the Majority Noteholders shall have
assumed the responsibilities and obligations of the Backup Servicer; provided, however, that (i) in the event a successor Backup Servicer is not appointed within 60 days after the Backup Servicer has given notice of its resignation and has
provided the Opinion of Counsel required by this Section, the Backup Servicer may petition a court for its removal (all reasonable fees, costs and expenses, including reasonable attorneys’ fees and expenses, incurred in connection with such
petition will be paid by the Issuer pursuant to Section 5.7(a) hereof or Section 5.6 of the Indenture, as applicable), (ii) the Backup Servicer may resign with the written consent of the Majority Noteholders and (iii) if [Backup
Servicer Name] resigns as Indenture Trustee under the Indenture, it will no longer be the Backup Servicer.] 

  
 66 

 SECTION 8.8. [Rights of the Backup Servicer] 

(a) [Anything herein to the contrary notwithstanding, in no event shall the Backup Servicer be liable for special, indirect, incidental,
punitive or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), whether or not any such damages were foreseeable or contemplated, even if the Backup Servicer has been advised of the likelihood of such
loss or damage and regardless of the form of action. 
 (b) Knowledge of the Backup Servicer shall not be attributed or imputed to [Backup
Servicer Name’s] other roles in the transaction, and knowledge of the Indenture Trustee shall not be attributed or imputed to each other or to the Backup Servicer (in each case, other than instances where such roles are performed by the same
group or division within [Backup Servicer Name], or otherwise include common Responsible Officers). 
 (c) The Backup Servicer shall not be
held responsible for the acts or omissions of the Seller, Servicer, Issuer, Indenture Trustee, Owner Trustee, or any other party to the Basic Documents, and may assume performance of such parties absent written notice or actual knowledge of a
Responsible Officer of the Backup Servicer to the contrary. 
 (d) No discretionary, permissive right, nor privilege of the Backup Servicer
shall be deemed or construed as a duty or obligation. The duties and obligations of the Backup Servicer shall be determined solely by the express provisions of this Agreement and no implied covenants or obligations shall be read into this Agreement
against the Backup Servicer; and in the absence of bad faith on its part, the Backup Servicer may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to
it and conforming to the requirements of this Agreement; however, the Backup Servicer shall examine the certificates and opinions to determine whether or not they conform on their face to the requirements of this Agreement. 

(e) Except as otherwise set forth in the Basic Documents and without duplication, the Backup Servicer shall be entitled to each protection,
privilege or indemnity afforded to the Indenture Trustee under the terms of Sections 6.1(b)(ii), 6.1(c)(ii), 6.1(f) (except for any express costs and expenses related to the performance of the Backup Servicer’s duties under this Agreement, such
as transition expenses which exceed the maximum set forth in Section 5.7(a)[(i)] hereof), 6.1(i), 6.1(k), 6.2(a), 6.2(b), 6.2(e), 6.2(g), 6.2(j), 6.2(k), 6.2(l), 6.2(o), 6.14, 6.16, 6.17 and 11.7 of the Indenture.] 

  
 67 

 ARTICLE IX 

Default 
 SECTION 9.1.
Servicer Termination Event. For purposes of this Agreement, each of the following shall constitute a “Servicer Termination Event”: 

(a) Any failure by the Servicer to deliver to the Indenture Trustee for distribution to Noteholders any proceeds or payment required to be so
delivered under the terms of this Agreement that continues unremedied for a period of two Business Days (one Business Day with respect to payment of Purchase Amounts) after written notice is received by the Servicer from the Indenture Trustee or
after discovery of such failure by a Responsible Officer of the Servicer; or 
 (b) Failure by the Servicer to deliver to the Indenture
Trustee the Servicer’s Certificate by the first Business Day prior to the Distribution Date, or failure on the part of the Servicer to observe its covenants and agreements set forth in Section 8.4(a); or 

(c) Failure on the part of the Servicer duly to observe or perform any other covenants or agreements of the Servicer set forth in this
Agreement, which failure (i) materially and adversely affects the rights of Noteholders, and (ii) continues unremedied for a period of 45 days after knowledge thereof by the Servicer or after the date on which written notice of such
failure, requiring the same to be remedied, shall have been given to the Servicer by the Indenture Trustee; or 
 (d) The entry of a decree
or order for relief by a court or regulatory authority having jurisdiction in respect of the Servicer in an involuntary case under the federal bankruptcy laws, as now or hereafter in effect, or another present or future, federal bankruptcy,
insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Servicer or of any substantial part of its property or ordering the winding up or liquidation of the affairs
of the Servicer and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days or the commencement of an involuntary case under the federal bankruptcy laws, as now or hereinafter in effect, or another
present or future federal or state bankruptcy, insolvency or similar law and such case is not dismissed within 60 days; or 
 (e) The
commencement by the Servicer of a voluntary case under the federal bankruptcy laws, as now or hereafter in effect, or any other present or future, federal or state, bankruptcy, insolvency or similar law, or the consent by the Servicer to the
appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Servicer or of any substantial part of its property or the making by the Servicer of an assignment for the
benefit of creditors or the failure by the Servicer generally to pay its debts as such debts become due or the taking of corporate action by the Servicer in furtherance of any of the foregoing; or 

(f) Any representation, warranty or statement of the Servicer made in this Agreement or any certificate, report or other writing delivered
pursuant hereto shall prove to be incorrect in any material respect as of the time when the same shall have been made, and the incorrectness of such representation, warranty or statement has a material adverse effect on the Trust or the Noteholders
and, within 45 days after knowledge thereof by the Servicer or after written notice thereof shall have been given to the Servicer by the Indenture Trustee, the circumstances or condition in respect of which such representation, warranty or statement
was incorrect shall not have been eliminated or otherwise cured. 

  
 68 

 SECTION 9.2. Consequences of a Servicer Termination Event. If a Servicer Termination Event
shall occur and be continuing, the Indenture Trustee shall at the direction of the Majority Noteholders, by notice given in writing to the Servicer, terminate all of the rights and obligations of the Servicer under this Agreement. On or after the
receipt by the Servicer of such written notice or upon termination of the term of the Servicer, all authority, power, obligations and responsibilities of the Servicer under this Agreement, whether with respect to the Notes, the Certificate or the
Other Conveyed Property or otherwise, automatically shall pass to, be vested in and become obligations and responsibilities of [the Backup Servicer (or such other successor Servicer appointed by the Majority Noteholders)]/[the successor Servicer
appointed by the Majority Noteholders]; provided, however, that the successor Servicer shall have no liability with respect to any obligation which was required to be performed by the terminated Servicer prior to the date that the successor
Servicer becomes the Servicer or any claim of a third-party based on any alleged action or inaction of the terminated Servicer. The successor Servicer is authorized and empowered by this Agreement to execute and deliver, on behalf of the terminated
Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer
and endorsement of the Receivables and the Other Conveyed Property and related documents to show the Trust as lienholder or secured party on the related Lien Certificates, or otherwise. The terminated Servicer agrees to cooperate with the successor
Servicer in effecting the termination of the responsibilities and rights of the terminated Servicer under this Agreement, including, without limitation, the transfer to the successor Servicer for administration by it of all cash amounts that shall
at the time be held by the terminated Servicer for deposit, or have been deposited by the terminated Servicer, in the Collection Account or thereafter received with respect to the Receivables and the delivery to the successor Servicer of all
Receivable Files, Monthly Records and Collection Records and a computer tape in readable form as of the most recent Business Day containing all information necessary to enable the successor Servicer to service the Receivables and the Other Conveyed
Property. [If requested by the Controlling Party (acting at the written direction of the Majority Noteholders), the successor Servicer shall terminate the Lockbox Account Agreement and direct the Obligors to make all payments under the Receivables
directly to the successor Servicer (in which event the successor Servicer shall process such payments in accordance with Section 4.2(d)), or to a lockbox established by the successor Servicer at the direction of the Majority Noteholders, at the
successor Servicer’s expense.] The terminated Servicer shall grant the Indenture Trustee, the successor Servicer and the Majority Noteholders reasonable access to the terminated Servicer’s premises at the terminated Servicer’s
expense. [All reasonable costs and expenses (including attorneys’ fees and disbursements) incurred by the Backup Servicer in connection with the transfer and assumption of servicing obligations hereunder from the Servicer to the Backup
Servicer, as the successor Servicer, converting the Servicer’s data to such party’s computer system and amending this Agreement to reflect such succession as Servicer pursuant to this Section shall be paid by the terminated Servicer
promptly upon presentation of a written invoice setting forth reasonable transition expenses. In no event shall the Backup Servicer, if it becomes the successor Servicer, be responsible for any such transition expenses. If the terminated Servicer
fails to pay the transition expenses, the transition expenses shall be payable pursuant to Section 5.7(a) hereof.] 

  
 69 

 SECTION 9.3. Appointment of Successor. 

(a) On and after the time the Servicer receives a notice of termination pursuant to Section 9.2 or upon the resignation of the Servicer
pursuant to [Section 8.6, the Controlling Party (acting at the written direction of the Majority Noteholders) shall appoint an eligible servicer as successor Servicer or may petition a court of competent jurisdiction to appoint a Person that it
determines is competent to perform the duties of the Servicer hereunder as successor Servicer. Pending appointment pursuant to the preceding sentence, the outgoing Servicer shall continue to act as Servicer until a successor has been appointed and
accepted such appointment. Any successor Servicer] / [Section 8.7], the Backup Servicer (unless the Majority Noteholders shall have exercised its option pursuant to Section 9.3(b) to appoint an alternate successor Servicer)] shall be the
successor in all respects to the Servicer in its capacity as servicer under this Agreement and the other Basic Documents and the transactions set forth or provided for in this Agreement and the other Basic Documents, and shall be subject to all the
rights, responsibilities, restrictions, duties, liabilities and termination provisions relating thereto placed on the Servicer by the terms and provisions of this Agreement and the other Basic Documents except as otherwise stated herein or therein,
as applicable. The Indenture Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. If a successor Servicer is acting as Servicer hereunder, it shall be subject to
termination under Section 9.2 upon the occurrence of any Servicer Termination Event applicable to it as Servicer. [If no Person has accepted its appointment as successor Servicer when the predecessor Servicer ceases to act as Servicer in
accordance with Section 9.2 or Section 8.6, the Indenture Trustee or other eligible successor servicer appointed by the Indenture Trustee and who has accepted such appointment, will, without further action, be automatically appointed the
successor Servicer. Notwithstanding the above, if the Indenture Trustee is unwilling or legally unable to act as successor Servicer, it may appoint, or petition a court of competent jurisdiction to appoint, an institution whose business includes the
servicing of motor vehicle receivables, as successor Servicer. The Indenture Trustee will be released from its duties and obligations as successor Servicer on the date that a new servicer agrees to appointment as successor Servicer hereunder.] 

(b) [The Controlling Party (acting at the written direction of the Majority Noteholders) may exercise at any time its right to appoint as
Backup Servicer or as successor to the Servicer a Person other than the Person serving as Backup Servicer at the time, and shall have no liability to the Indenture Trustee, Exeter, the Seller, the Person then serving as Backup Servicer, any
Noteholders or any other Person if it does so. Notwithstanding the above, if the Backup Servicer shall be legally unable or unwilling to act as Servicer, the Backup Servicer, the Indenture Trustee or the Majority Noteholders may petition a court of
competent jurisdiction to appoint any eligible servicer as the successor to the Servicer. Pending appointment pursuant to the preceding sentence, the Backup Servicer shall act as successor Servicer unless it is legally unable to do so, in which
event the outgoing Servicer shall continue to act as Servicer until a successor has been appointed and accepted such appointment. Subject to Section 8.7, no provision of this Agreement shall be construed as relieving the Backup Servicer of its
obligation to succeed as successor Servicer upon the termination of the Servicer pursuant to Section 9.2 or the resignation of the Servicer pursuant to Section 8.7. If upon the termination of the Servicer pursuant to Section 9.2 or
the resignation of the Servicer pursuant to Section 8.7, the Majority Noteholders appoint a successor Servicer other than the Backup Servicer, the Backup Servicer shall not be relieved of its duties as Backup Servicer hereunder. In the event
any successor Servicer is terminated pursuant to 

  
 70 

 
Section 9.2 hereof, the Controlling Party (acting at the written direction of the Majority Noteholders) shall appoint an eligible servicer as successor Servicer or may petition a court of
competent jurisdiction to appoint a Person that it determines is competent to perform the duties of the Servicer hereunder as successor Servicer. Pending appointment pursuant to the preceding sentence, the outgoing Servicer shall continue to act as
Servicer until a successor has been appointed and accepted such appointment.] 
 (c) Any successor Servicer shall be entitled to such
compensation (whether payable out of the Collection Account or otherwise) as the Servicer would have been entitled to under this Agreement if the Servicer had not resigned or been terminated hereunder or such other compensation as set forth herein.
[If any successor Servicer is appointed, as a result of the Backup Servicer’s refusal (in breach of the terms of this Agreement) to act as Servicer although it is legally able to do so, the Seller and such successor Servicer may agree on
reasonable additional compensation to be paid to such successor Servicer, provided, however, it being understood and agreed that the Seller shall give prior notice to the Backup Servicer with respect to the appointment of such successor and the
payment of additional compensation, if any. In connection with any such appointment, arrangements may be made for the compensation of such successor Servicer out of collections on or in respect of the Receivables as it and such successor shall
agree; provided, however, that such compensation shall not be greater than that payable to Exeter as initial Servicer hereunder without the prior consent of the Controlling Party (acting at the written direction of the Majority Noteholders). The
Backup Servicer and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. The Backup Servicer shall not be relieved of its duties as successor Servicer under this
Section 9.3 until a newly appointed Servicer shall have assumed the obligations and duties of the terminated Servicer under this Agreement.] 

(d) [Upon its appointment, except as otherwise set forth herein or in any other Basic Document, the Backup Servicer or any other successor
Servicer, as applicable, shall be the successor in all respects to the Servicer with respect to servicing obligations under this Agreement and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the
Servicer by the terms and provisions hereof, and all references in this Agreement to the Servicer shall be deemed to refer to the Backup Servicer or the successor Servicer, as applicable; provided, however, that any successor Servicer (including the
Backup Servicer) shall have (i) no liability with respect to any obligation which was required to be performed by the terminated Servicer prior to the date that the successor becomes the successor Servicer or any claim of a third party based on
any alleged action or inaction of the terminated Servicer, (ii) no obligation to perform any repurchase or advancing obligations, if any, of the Servicer, (iii) no obligation to pay any taxes required to be paid by the Servicer,
(iv) no obligation to pay any of the fees and expenses of any other party to this Agreement or the other Basic Documents (including, but not limited to, the Indenture Trustee, any Backup Servicer or the Custodian), (v) no obligation with
respect to obtaining or maintaining Force-Placed Insurance under Section 4.4, (vi) no liability or obligation with respect to any Servicer indemnification obligations of any prior Servicer, including Exeter, and (vii) no liability or
obligation with respect to the Servicer indemnification obligations specified in Section 6.7(a) of the Indenture or Section 6(b) of the Custodian Agreement.] 

(e) [Notwithstanding anything contained in this Agreement to the contrary, the Backup Servicer is authorized to accept and rely on all of the
accounting records (including 

  
 71 

 
computer records) and work of the prior Servicer relating to the Receivables (collectively, the “Predecessor Servicer Work Product”) without any audit or other examination
thereof, and the Backup Servicer shall have no duty, responsibility, obligation or liability for the acts and omissions of the prior Servicer. If any error, inaccuracy, omission or incorrect or non-standard practice or procedure (collectively,
“Errors”) exist in any Predecessor Servicer Work Product and such Errors make it materially more difficult to service or should cause or materially contribute to the Backup Servicer making or continuing any Errors (collectively,
“Continuing Errors”), the Backup Servicer shall have no duty, responsibility, obligation or liability for such Continuing Errors; provided, however, that the Backup Servicer agrees to use its best efforts to prevent further
Continuing Errors. In the event that the Backup Servicer has actual knowledge or received written notice of Errors or Continuing Errors, it shall, with the prior consent of the Controlling Party (acting at the written direction of the Majority
Noteholders) use its best efforts to reconstruct and reconcile such data as is commercially reasonable to correct such Errors and Continuing Errors and to prevent future Continuing Errors. The Backup Servicer shall be entitled to recover its costs
thereby expended in accordance with Section 5.7(a) of this Agreement.] 
 SECTION 9.4. Notification to Noteholders. Upon any
termination of, or appointment of a successor to, the Servicer [or the Backup Servicer], the Indenture Trustee shall give prompt written notice thereof to each Noteholder[, the Hedge Provider] and to the Seller (who shall promptly deliver such
notice to the Rating Agencies). 
 SECTION 9.5. Waiver of Past Defaults. The Majority Noteholders may, on behalf of all Noteholders,
waive any default by the Servicer in the performance of its obligations hereunder and its consequences. Upon any such waiver of a past default, such default shall cease to exist, and any Servicer Termination Event arising therefrom shall be deemed
to have been remedied for every purpose of this Agreement and the Basic Documents. No such waiver shall extend to any subsequent or other default or impair any right consequent thereto. 

SECTION 9.6. [Backup Servicer Termination]. [Prior to an appointment as successor Servicer, the Controlling Party may, in its
discretion, or shall, at the direction of the Majority Noteholders, (a) immediately terminate all of the rights and obligations of the Backup Servicer under this Agreement in the event of a breach of any of the representations or warranties,
covenants or obligations of the Backup Servicer contained in this Agreement or (b) in its sole discretion, without cause upon not less than 30 days’ notice, terminate the rights and obligations of the Backup Servicer. The terminated Backup
Servicer agrees to cooperate with any successor Backup Servicer appointed by the Controlling Party in effecting the termination of the responsibilities and rights of the terminated Backup Servicer under this Agreement, including, without limitation,
the delivery to the successor Backup Servicer of all documents, records and electronic information related to the Receivables in the possession of the Backup Servicer. Expenses incurred by the Backup Servicer in respect of the foregoing sentence
shall be reimbursed in accordance with Section 5.7(a). Such termination shall not be effective unless and until a successor Backup Servicer is appointed by the 

  
 72 

 
Controlling Party at the direction of Majority Noteholders; provided, however, that the Backup Servicer may petition a court of competent jurisdiction to appoint a successor Backup Servicer if
one is not chosen within 60 days of such termination. All reasonable expenses incurred in connection with such petition shall be paid by the Issuer pursuant to Section 5.7(a) hereof or Section 5.6 of the Indenture, as applicable.] 

ARTICLE X 
 Termination

 SECTION 10.1. Optional Purchase of All Receivables. 

(a) Subject to Section 10.1(a) of the Indenture, on the last day of any Collection Period as of which the Pool Balance shall be less than
or equal to 10% of the Original Pool Balance, the Servicer and the Seller each shall have the option to purchase the Owner Trust Estate, other than the Trust Accounts; provided, however, that the amount to be paid for such purchase (as
set forth in the following sentence) shall be sufficient to pay the full amount of principal, and interest then due and payable on the Notes [and all amounts due and payable to the Hedge Counterparty]. To exercise such option, the Servicer or the
Seller, as the case may be, shall deposit pursuant to Section 5.6 in the Collection Account an amount equal to the greater of (i) the amount necessary to pay the full amount of principal and interest then due and payable on the Notes [and
all amounts due and payable to the Hedge Counterparty] and (ii) the aggregate Purchase Amount for the Receivables (including Liquidated Receivables), plus the appraised value of any other property held by the Trust, (such value to be determined
by the Servicer, or if the Indenture Trustee has received written notice that there is a material error in the Servicer’s calculation, by an appraiser mutually agreed upon by the Servicer and the Indenture Trustee), and shall succeed to all
interests in and to the Trust. 
 (b) Upon any sale of the assets of the Trust pursuant to Section 8.1 of the Trust Agreement, the
Servicer shall instruct the Indenture Trustee to deposit the proceeds from such sale after all payments and reserves therefrom (including the expenses of such sale) have been made (the “Insolvency Proceeds”) in the Collection
Account. 
 (c) Notice of any termination of the Trust shall be given by the Servicer to the Owner Trustee[, the Backup Servicer], the
Indenture Trustee and the Rating Agencies as soon as practicable after the Servicer has received notice thereof. 
 (d) Following the
satisfaction and discharge of the Indenture and the payment in full of the principal of and interest on the Notes, the Certificateholder will succeed to the rights of the Noteholders hereunder and the Owner Trustee will succeed to the rights of, and
assume the obligations of, the Indenture Trustee pursuant to this Agreement. 

  
 73 

 ARTICLE XI 

Administrative Duties of the Servicer 

SECTION 11.1. Administrative Duties. 

(a) Duties with Respect to the Indenture. The Servicer shall perform all its duties and the duties of the Issuer under the Indenture. In
addition, the Servicer shall consult with the Owner Trustee as the Servicer deems appropriate regarding the duties of the Issuer under the Indenture. The Servicer shall monitor the performance of the Issuer and shall advise the Owner Trustee when
action is necessary to comply with the Issuer’s duties under the Indenture. The Servicer shall prepare for execution by the Issuer or shall cause the preparation by other appropriate Persons of all such documents, reports, filings, instruments,
certificates and opinions as it shall be the duty of the Issuer to prepare, file or deliver pursuant to the Indenture. In furtherance of the foregoing, the Servicer shall take all necessary action that is the duty of the Issuer to take pursuant to
the Indenture, including, without limitation, pursuant to Sections 2.7, [3.4], 3.5, 3.6, 3.7, 3.9, 3.10, 3.17, [3.19, 3.20, 4.3,] 5.1, 5.4, 6.9, [7.3, 8.2,]/[7.1, 8.3, 9.1,] 9.2, 9.3, 11.1 and 11.15 of the Indenture. 

(b) Duties with Respect to the Issuer. 

(i) In addition to the duties of the Servicer set forth in this Agreement or any of the Basic Documents, the Servicer shall
perform such calculations and shall prepare for execution by the Issuer or the Owner Trustee or shall cause the preparation by other appropriate Persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be
the duty of the Issuer or the Owner Trustee to prepare, file or deliver pursuant to this Agreement or any of the Basic Documents or under state and federal tax and securities laws (including any filings required pursuant to the Sarbanes-Oxley Act of
2002 or any rule or regulation promulgated thereunder), and at the request of the Owner Trustee shall take all appropriate action that it is the duty of the Issuer to take pursuant to this Agreement or any of the Basic Documents, including, without
limitation, pursuant to Sections 2.6 and 2.11 of the Trust Agreement. In accordance with the directions of the Issuer or the Owner Trustee, the Servicer shall administer, perform or supervise the performance of such other activities in connection
with the Collateral (including the Basic Documents) as are not covered by any of the foregoing provisions and as are expressly requested by the Issuer or the Owner Trustee and are reasonably within the capability of the Servicer. The Servicer shall
monitor the activities of the Issuer to ensure the Issuer’s compliance with Section 4.6 of the Trust Agreement and shall take all action necessary to ensure that the Issuer is operated in accordance with the provisions of such section.

 (ii) Notwithstanding anything in this Agreement or any of the Basic Documents to the contrary, the Servicer shall be
responsible for promptly notifying the Owner Trustee and the Indenture Trustee in the event that any withholding tax is imposed on the Issuer’s payments (or allocations of income) to a Holder (as defined in the Trust Agreement) as contemplated
by this Agreement. Any such notice shall be in writing and specify the amount of any withholding tax required to be withheld by the Owner Trustee or the Indenture Trustee pursuant to such provision. 

  
 74 

 (iii) Notwithstanding anything in this Agreement or the Basic Documents to the
contrary, the Servicer shall be responsible for performance of the duties of the Issuer set forth in Sections 5.1(a) and (b) of the Trust Agreement in accordance with Section 10.11 of the Trust Agreement; provided, however, that once
prepared by the Servicer, the Owner Trustee shall retain responsibility for the distribution of any necessary Schedule K-1s, as applicable, to enable the Certificateholder to prepare its federal and state income tax returns. 

(iv) The Servicer shall perform the duties of the Servicer specified in Section 9.2 of the Trust Agreement required to be
performed in connection with the resignation or removal of the Owner Trustee, the duties of the Servicer specified in Section 10.11 of the Trust Agreement, and any other duties expressly required to be performed by the Servicer under this
Agreement or any of the Basic Documents. 
 (v) In carrying out the foregoing duties or any of its other obligations under
this Agreement, the Servicer may enter into transactions with or otherwise deal with any of its Affiliates; provided, however, that the terms of any such transactions or dealings shall be in accordance with any directions received from the
Issuer and shall be, in the Servicer’s opinion, no less favorable to the Issuer in any material respect. 
 (c) Tax Matters. The
Servicer shall prepare and file, on behalf of the Seller, all tax returns, tax elections, financial statements and such annual or other reports attributable to the activities engaged in by the Issuer as are necessary for preparation of tax reports,
including without limitation forms 1099. All tax returns will be signed by the Seller or the Servicer. 
 (d) Non-Ministerial
Matters. With respect to matters that in the reasonable judgment of the Servicer are non-ministerial, the Servicer shall not take any action pursuant to this Article unless within a reasonable time before the taking of such action, the Servicer
shall have notified the Owner Trustee and the Indenture Trustee of the proposed action and the Owner Trustee (at the direction of the Certificateholder) and, with respect to items (i), (ii), (iii and (iv) below, the Indenture Trustee shall not
have withheld consent. For the purpose of the preceding sentence, “non-ministerial matters” shall include: 
 (i)
the amendment of or any supplement to the Indenture; 
 (ii) the initiation of any claim or lawsuit by the Issuer and the
compromise of any action, claim or lawsuit brought by or against the Issuer (other than in connection with the collection of the Receivables); 

(iii) the amendment, change or modification of this Agreement or any of the Basic Documents; 

(iv) the appointment of successor Note Registrars, successor Paying Agents and successor Indenture Trustees pursuant to the
Indenture or the appointment of successor Servicers or the consent to the assignment by the Note Registrar, Paying Agent or Indenture Trustee of its obligations under the Indenture; and 

  
 75 

 (v) the removal of the Indenture Trustee. 

(e) Exceptions. Notwithstanding anything to the contrary in this Agreement, except as expressly provided herein or in the other Basic
Documents, the Servicer, in its capacity hereunder, shall not be obligated to, and shall not, (1) make any payments to the Noteholders or the Certificateholder under the Basic Documents, (2) sell the Trust Property pursuant to
Section 5.5 of the Indenture, (3) take any other action that the Issuer directs the Servicer not to take on its behalf or (4) in connection with its duties hereunder assume any indemnification obligation of any other Person. 

(f) [Neither the Backup Servicer nor any]/[No] successor Servicer shall be responsible for any obligations or duties of the Servicer under
this Section 11.1. Notwithstanding the foregoing or any other provision of this Agreement, Exeter shall continue to perform the obligations of the Servicer under this Section 11.1. 

SECTION 11.2. Records. The Servicer shall maintain appropriate books of account and records relating to services performed under this
Agreement, which books of account and records shall be accessible for inspection by the Issuer at any time during normal business hours. 

SECTION 11.3. Additional Information to be Furnished to the Issuer. The Servicer shall furnish to the Issuer from time to time such
additional information regarding the Collateral as the Issuer shall reasonably request. 

  
 76 

 ARTICLE XII 

Miscellaneous Provisions 

SECTION 12.1. Amendment. 

(a) This Agreement may be amended from time to time by the parties hereto,[with the written consent of the Hedge Provider (unless such
amendment could not reasonably be expected to have a material adverse effect on the Hedge Provider)], but without the consent of any of the Noteholders, to cure any ambiguity, to correct or supplement any provisions in this Agreement, to conform
this Agreement to the Prospectus, to comply with any changes in the Code, or to make any other provisions with respect to matters or questions arising under this Agreement which shall not be inconsistent with the provisions of this Agreement;
provided, however, that such action shall not, as evidenced by an Opinion of Counsel delivered to Owner Trustee and the Indenture Trustee, adversely affect in any material respect the interests of any Noteholder. 

(b) This Agreement may also be amended from time to time by the parties hereto [, with the written consent of the Hedge Provider (unless such
amendment could not reasonably be expected to have a material adverse effect on the Hedge Provider)] and with the consent of the Holders of Notes evidencing not less than a majority of the outstanding principal amount of the Notes for the purpose of
adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders; provided, however, that no such amendment shall (a) 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 Noteholders or (b) reduce the aforesaid percentage of the
outstanding principal amount of the Notes, the Holders of which are required to consent to any such amendment, without the consent of the Holders of all the outstanding Notes of each class affected thereby. 

Promptly after the execution of any such amendment or consent, the Indenture Trustee shall furnish a copy of such amendment or consent to each
Noteholder and the Seller (who shall deliver such notification to the Rating Agencies [and the Hedge Provider]). The Owner Trustee’s[, the Backup Servicer’s] and the Indenture Trustee’s reasonable costs and expenses related to any
such amendment shall be paid by the Issuer pursuant to Section 5.7(a) hereof or Section 5.6 of the Indenture, as applicable. 
 It
shall not be necessary for the consent of the Noteholders pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of
obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of any action by Noteholders shall be subject to such reasonable requirements as the Indenture Trustee or the Owner
Trustee, as applicable, may prescribe. 
 (c) Prior to the execution of any amendment to this Agreement, the Owner Trustee[, the Backup
Servicer] and the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement, that all conditions precedent, if any,
provided for in this Agreement 

  
 77 

 
have been met and, with respect to any amendment to this Agreement pursuant to Section 12.1(b), the Opinion of Counsel referred to in Section 12.2(h)(i) has been delivered. The Owner
Trustee[, the Backup Servicer] and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment which affects the Issuer’s, the Owner Trustee’s[, the Backup Servicer’s] or the Indenture Trustee’s, as
applicable, own rights, duties or immunities under this Agreement or otherwise. 
 SECTION 12.2. Protection of Title to Trust. 

(a) The Seller shall execute and file such financing statements and cause to be executed and filed such continuation statements, all in such
manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Issuer and the interests of the Indenture Trustee in the Receivables and in the proceeds thereof. The Seller shall deliver (or cause to
be delivered) to the Owner Trustee and the Indenture Trustee file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing. 

(b) Neither the Seller nor the Servicer shall change its name, identity or corporate structure in any manner that would, could or might make
any financing statement or continuation statement filed in accordance with paragraph (a) above seriously misleading within the meaning of 9-506 of the UCC, unless it shall have given the Owner Trustee[, the Backup Servicer] and the Indenture
Trustee at least five days’ prior written notice thereof and shall have promptly filed appropriate amendments to all previously filed financing statements or continuation statements. Promptly upon such filing, the Seller or the Servicer, as the
case may be, shall deliver an Opinion of Counsel in form and substance reasonably satisfactory to the Indenture Trustee, stating either (A) all financing statements and continuation statements have been executed and filed that are necessary
fully to preserve and protect the interest of the Trust and the Indenture Trustee in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B) no such action
shall be necessary to preserve and protect such interest. 
 (c) Each of the Seller and the Servicer shall have an obligation to give the
Owner Trustee[, the Backup Servicer] and the Indenture Trustee at least 60 days’ prior written notice of any relocation of its principal executive office or jurisdiction of 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. The Servicer shall
at all times maintain (i) each office from which it shall service Receivables within the United States of America or Canada, and (ii) its principal executive office within the United States of America. 

(d) The Servicer shall maintain accounts and records as to each Receivable accurately and in sufficient detail to permit (i) the reader
thereof to know at any time the status of such Receivable, including payments and recoveries made and payments owing (and the nature of each) and (ii) reconciliation between payments or recoveries on (or with respect to) each Receivable and the
amounts from time to time deposited in the Collection Account in respect of such Receivable. 

  
 78 

 (e) The Servicer shall maintain its computer systems so that, from and after the time of sale
under this Agreement of the Receivables to the Issuer, the Servicer’s master computer records (including any backup archives) that refer to a Receivable shall indicate clearly the interest of the Trust in such Receivable and that such
Receivable is owned by the Trust. Indication of the Trust’s interest in a Receivable shall be deleted from or modified on the Servicer’s computer systems when, and only when, the related Receivable shall have been paid in full or
repurchased or sold pursuant to this Agreement. 
 (f) If at any time the Seller or the Servicer shall propose to sell, grant a security
interest in or otherwise transfer any interest in automotive receivables to any prospective purchaser, lender or other transferee, the Servicer 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 and is owned by the Trust. 

(g) Upon request, the Servicer shall furnish to the Owner Trustee[, the Backup Servicer] or to the Indenture Trustee, within five Business
Days, a list of all Receivables (by contract number and name of Obligor) then held as part of the Trust, together with a reconciliation of such list to the Schedule of Receivables and to each of the Servicer’s Certificates furnished before such
request indicating removal of Receivables from the Trust. 
 (h) The Servicer shall deliver to the Owner Trustee[, the Backup Servicer] and
the Indenture Trustee: 
 (i) promptly after the execution and delivery of the Agreement and, if required pursuant to
Section 12.1, of each amendment, an Opinion of Counsel stating that, in the opinion of such Counsel, either (A) all financing statements and continuation statements have been executed and filed that are necessary fully to preserve and
protect the interest of the Trust and the Indenture Trustee in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B) no such action shall be necessary to
preserve and protect such interest; and 
 (ii) within 120 days after the beginning of each calendar year, beginning with the
first calendar year beginning more than six months after the Closing Date, an Opinion of Counsel, dated as of a date during such 120-day period, stating that, in the opinion of such counsel, either (A) all financing statements and continuation
statements have been executed and filed that are necessary fully to preserve and protect the interest of the Trust and the Indenture Trustee in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in
which such details are given, or (B) no such action shall be necessary to preserve and protect such interest. 
 Each Opinion of
Counsel referred to in clause (i) or (ii) above shall specify any action necessary (as of the date of such opinion) to be taken in the following year to preserve and protect such interest. 

  
 79 

 SECTION 12.3. Notices. 

(a) All demands, notices and communications upon or to the Seller, the Servicer, the Owner Trustee, the Indenture Trustee[, the Backup
Servicer] or the Rating Agencies (upon whom any demands, notices or communications shall be provided only by the Seller or the Servicer) under this Agreement shall be in writing, personally delivered, electronically delivered, mailed by certified
mail, return receipt requested, federal express or similar overnight courier service, and shall be deemed to have been duly given upon receipt (i) in the case of the Seller, to EFCAR, LLC, 222 West Las Colinas Boulevard, Suite 1800, Irving,
Texas 75039, Attention: Chief Financial Officer, (ii) in the case of the Servicer, to Exeter Finance Corp., 222 West Las Colinas Boulevard, Suite 1800, Irving, Texas 75039, Attention: Chief Financial Officer, (iii) in the case of the
Issuer or the Owner Trustee, at the Corporate Trust Office of the Owner Trustee, (iv) in the case of the Indenture Trustee [or the Backup Servicer], at the applicable Corporate Trust Office of the Indenture Trustee [and the Backup Servicer],
(v) in the case of [                    , to
                    ]; (vi) in the case of
[                    , via electronic delivery to
                    ; for any information not available in electronic format, hard copies should be sent to
                    ]; and (vii) in the case of
[                    , to
                    ]. Any notice required or permitted to be mailed to a Noteholder shall be given by first class mail, postage prepaid, at
the address of such Holder as shown in the Note Register. Any notice so mailed within the time prescribed in the Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder shall receive such notice. Where this
Agreement provides for notice or delivery of documents to the Rating Agencies, failure to give such notice or deliver such documents shall not affect any other rights or obligations created hereunder. 

(b) If Exeter is no longer the Servicer, any successor Servicer, as applicable, shall provide any required Rating Agency notices to the
Seller, who shall promptly provide such notice to the Rating Agencies. 
 SECTION 12.4. Assignment. This Agreement shall inure to the
benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. Notwithstanding anything to the contrary contained herein, except as provided in Sections 7.4 and [8.3]/[8.4] and as provided in the provisions
of this Agreement concerning the resignation of the Servicer, this Agreement may not be assigned by the Seller or the Servicer without the prior written consent of the Owner Trustee, the Indenture Trustee[, the Backup Servicer] and the Majority
Noteholders. 
 SECTION 12.5. Limitations on Rights of Others. The provisions of this Agreement are solely for the benefit of the
parties hereto, the Indenture Trustee, the Owner Trustee[, the Hedge Provider] and the Noteholders, as third-party beneficiaries. Nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or
equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. [The Hedge Provider shall be a third-party beneficiary to the provisions of this
Agreement.] 

  
 80 

 SECTION 12.6. Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 SECTION 12.7. Separate
Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument.

 SECTION 12.8. Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall
not define or limit any of the terms or provisions hereof. 
 SECTION 12.9. Governing Law and Submission to Jurisdiction. THIS
AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND THIS AGREEMENT AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT SHALL BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW
PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). EACH OF THE PARTIES HERETO AND THEIR ASSIGNEES AGREES TO THE EXCLUSIVE JURISDICTION OF ANY FEDERAL COURT LOCATED WITHIN THE STATE OF NEW YORK. 

SECTION 12.10. Waiver of Jury Trial. THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS
AGREEMENT OR ANY OTHER DOCUMENT OR INSTRUMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH. 
 SECTION 12.11. Assignment to Indenture
Trustee. The Seller hereby acknowledges and consents to any mortgage, pledge, assignment and grant of a security interest by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders of all right, title and
interest of the Issuer in, to and under the Receivables listed in Schedule A hereto and/or the assignment of any or all of the Issuer’s rights and obligations hereunder to the Indenture Trustee. 

SECTION 12.12. Nonpetition Covenants. 

(a) Notwithstanding any prior termination of this Agreement, the Servicer and the Seller shall not, prior to the date which is one year and one
day after the termination of this 

  
 81 

 
Agreement with respect to the Issuer, acquiesce, petition or otherwise invoke or cause the Issuer to invoke the process of any court or government authority for the purpose of commencing or
sustaining a case against the Issuer under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuer or any substantial part of
its property, or ordering the winding up or liquidation of the affairs of the Issuer. 
 (b) Notwithstanding any prior termination of this
Agreement, the Servicer shall not, prior to the date that is one year and one day after the termination of this Agreement with respect to the Seller, acquiesce to, petition or otherwise invoke or cause the Seller to invoke the process of any court
or government authority for the purpose of commencing or sustaining a case against the Seller under any federal or state bankruptcy, insolvency or similar law, appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator, or other
similar official of the Seller or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Seller. 

SECTION 12.13. Limitation of Liability of Owner Trustee and Indenture Trustee 

(a) It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by [Owner Trustee], not
individually or personally but solely as trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made
and intended not as personal representations, undertakings and agreements by [Owner Trustee] but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on
[Owner Trustee], individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties
hereto, (d) [Owner Trustee] has made no investigation as to the accuracy or completeness of any representations or warranties made by the Issuer in this Agreement and (e) under no circumstances shall [Owner Trustee] be personally liable
for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other related documents. 

(b) Notwithstanding anything contained herein to the contrary, this Agreement has been executed and delivered by [Indenture Trustee], not in
its individual capacity but solely as Indenture Trustee and in no event shall [Indenture Trustee], have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the
certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer. 

(c) In no event shall [Indenture Trustee], in any of its capacities hereunder, be deemed to have assumed any duties of the Owner Trustee under
the Delaware Statutory Trust Statute, common law, or the Trust Agreement. 

  
 82 

 SECTION 12.14. Indenture Trustee to Report Repurchase Demands due to Breaches of
Representations and Warranties. The Indenture Trustee will (i) notify the Servicer, Exeter and the Seller, as soon as practicable and in any event within five Business Days and in the manner set forth for providing notices hereunder, of all
demands or requests communicated (in writing or orally) to the Indenture Trustee [(in any capacity)] for the repurchase of any Receivable pursuant to Section 5.1 of the Purchase Agreement or Section 3.2, (ii) promptly upon request by
the Servicer, Exeter or the Seller, provide to them any other information reasonably requested to facilitate compliance by them with Rule 15Ga-1 under the Exchange Act and Items 1104(e) and 1121(c) of Regulation AB, and (iii) if requested by
the Servicer, Exeter and the Seller, provide a written certification no later than fifteen days following any calendar quarter or calendar year that [Indenture Trustee] has not received any repurchase demands for such period, or if repurchase
demands have been received during such period, that the Indenture Trustee has provided all the information reasonably requested under clause (ii) above with respect to such demands. In no event will the Indenture Trustee or the Issuer have any
responsibility or liability in connection with any filing required to be made by a securitizer under the Exchange Act or Regulation AB. 

SECTION 12.15. Independence of the Servicer. For all purposes of this Agreement, the Servicer shall be an independent contractor and
shall not be subject to the supervision of the Issuer[, the Backup Servicer], the Indenture Trustee or the Owner Trustee with respect to the manner in which it accomplishes the performance of its obligations hereunder. Unless expressly authorized by
this Agreement, the Servicer shall have no authority to act for or represent the Issuer or the Owner Trustee in any way and shall not otherwise be deemed an agent of the Issuer or the Owner Trustee. 

SECTION 12.16. No Joint Venture. Nothing contained in this Agreement (i) shall constitute the Servicer and either of the Issuer or
the Owner Trustee as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, (ii) shall be construed to impose any liability as such on any of them or (iii) shall be deemed to
confer on any of them any express, implied or apparent authority to incur any obligation or liability on behalf of the others. 
 SECTION
12.17. [Replacement Hedge Agreement]. [If the Hedge Agreement is terminated, the Issuer shall enter into a replacement Hedge Agreement with a replacement Hedge Provider in form and substance satisfactory to the Servicer and subject to
satisfaction of the Rating Agency Condition. In order to pay any upfront amounts that are required to be paid to a replacement Hedge Counterparty in order to procure a replacement Hedge Agreement, amounts may be withdrawn first, from the
Hedge Termination Account and second, if amounts in the Hedge Termination Account are insufficient to fund such payments, from the Collection Account.] 

SECTION 12.18. State Business Licenses. The Servicer or the Certificateholder shall prepare and instruct the Trust to file each state
business license (and any renewal thereof) required to be filed under applicable state law without further consent or instruction from the Instructing Party (as defined in the Trust Agreement), including a Sales Finance Company Application (and any
renewal thereof) with the Pennsylvania Department of Banking, Licensing Division, and a Financial Regulation Application (and any renewal thereof) with the Maryland Department of Labor, Licensing and Regulation. 

  
 83 

 [Remainder of Page Intentionally Left Blank] 

  
 84 

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

			
	EXETER AUTOMOBILE RECEIVABLES TRUST 20    -    
	
	By: [OWNER TRUSTEE], not in its individual capacity but solely as Owner Trustee on behalf of the Trust.
		
	By:	 	  

		 	Name:
		 	Title:
	
	EFCAR, LLC,
	Seller,
		
	By:	 	  

		 	Name:
		 	Title:
	
	EXETER FINANCE CORP., Servicer,
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Sale and Servicing
Agreement] 

 
			
	 [INDENTURE TRUSTEE],
 not in its
individual capacity but solely as Indenture Trustee [and Backup Servicer]

		
	By:	 	  

		 	Name:
		 	Title:

  
 [Sale and Servicing
Agreement] 

 SCHEDULE A 

SCHEDULE OF RECEIVABLES 

[On file with Exeter, the Indenture Trustee and Katten Muchin Rosenman LLP] 

  
 SCH-A-1 

 SCHEDULE B-1 

REPRESENTATIONS AND WARRANTIES OF THE SELLER AND THE SERVICER 

REGARDING THE RECEIVABLES  

1. Characteristics of Receivables. Each Receivable (A) was originated [(i)] by a Dealer and purchased by Exeter from such Dealer
under an existing Dealer Agreement or pursuant to a Dealer Assignment with Exeter and was validly assigned by such Dealer to Exeter pursuant to a Dealer Assignment, [(ii) by an Originator and purchased by Exeter from such Originator under an
Originator Agreement or pursuant to an Originator Assignment with Exeter and was validly assigned by such Originator to Exeter pursuant to an Originator Assignment or (iii) by Exeter], (B) was originated by such Dealer[, such originator or
Exeter] for the retail sale of a Financed Vehicle in the ordinary course of such Dealer’s[, such originator’s or Exeter’s] business and (i) [was originated in accordance with Exeter’s credit policies and (ii)] was fully and
properly executed by the parties thereto, and (iii) Exeter and, to the best of Exeter’s knowledge, each Dealer [and originator] had all necessary licenses and permits to originate Receivables in the state where each such Dealer [each such
originator or Exeter] was located, (C) contains customary and enforceable provisions such as to render the rights and remedies of the holder thereof adequate for realization against the collateral security, and (D) has not been amended or
collections with respect to which waived, other than as evidenced in the Receivable File or the Servicer’s electronic records relating thereto. 

2. Compliance with Law. All requirements of applicable federal, state and local laws, and regulations thereunder (including, without
limitation, 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 Moss-Magnuson
Warranty Act, the Federal Reserve Board’s Regulations “B” and “Z” (including amendments to the Federal Reserve’s Official Staff Commentary to Regulation Z, effective October 1, 1998, concerning negative equity
loans), the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Servicemembers Civil Relief Act, each applicable state Motor Vehicle Retail Installment Sales Act, the Gramm-Leach-Bliley Act 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 the Receivables and the Financed Vehicles, have been complied with in all material respects. 

3. Origination. Each Receivable was originated in the United States. 

4. Binding Obligation. Each Receivable represents the genuine, legal, valid and binding payment obligation of the Obligor thereon,
enforceable by the holder thereof in accordance with its terms, except (A) as enforceability may be limited by bankruptcy, insolvency, reorganization 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 (B) as such Receivable may be modified by the application after the Cutoff Date of the
Servicemembers Civil Relief Act, as amended; and, to the best of Exeter’s and the Seller’s knowledge, all parties to each Receivable had full legal capacity to execute and deliver such Receivable and all other documents related thereto and
to grant the security interest purported to be granted thereby. 

  
 SCH-B-1 

 5. Schedule of Receivables. The information set forth in the Schedule of Receivables has
been produced from the Electronic Ledger and was true and correct in all material respects as of the close of business on the Cutoff Date. 

6. Marking Records. Each of Exeter and the Seller agree that the Receivables have been sold to the Trust pursuant to the Sale and
Servicing Agreement and Granted to the Indenture Trustee pursuant to the Indenture. Further, Exeter has indicated in its computer files that the Receivables are owned by the Trust. 

7. Computer Tape. The Computer Tape made available by Exeter to Seller and to the Issuer on the Closing Date was complete and accurate
as of the Cutoff Date and includes a description of the same Receivables that are described in the Schedule of Receivables. 
 8.
Chattel Paper. The Receivables constitute “tangible chattel paper” or “electronic chattel paper” within the meaning of the UCC as in effect in the States of New York, Texas and Delaware. 

9. One Original. There is only one original executed copy (or with respect to “electronic chattel paper”, one
authoritative copy) of each Contract. With respect to Contracts that are “electronic chattel paper”, each authoritative copy (a) is unique, identifiable and unalterable (other than with the participation of the Indenture Trustee in
the case of an addition or amendment of an identified assignee and other than a revision that is readily identifiable as an authorized or unauthorized revision), (b) has been marked with a legend to the following effect: “Authoritative
Copy” and (c) has been communicated to and is maintained by or on behalf of the Custodian.  
 10. Not an
Authoritative Copy. With respect to Contracts that are “electronic chattel paper”, Exeter has marked all copies of each such Contract other than an authoritative copy with a legend to the following effect: “This is not an
authoritative copy.” 
 11. Revisions. With respect to Contracts that are “electronic chattel paper”,
the related Receivables have been established in a manner such that (a) all copies or revisions that add or change an identified assignee of the authoritative copy of each such Contract must be made with the participation of the Indenture
Trustee and (b) all revisions of the authoritative copy of each such Contract must be readily identifiable as an authorized or unauthorized revision. 

12. Pledge or Assignment. With respect to Contracts that are “electronic chattel paper”, the authoritative copy of
each Contract communicated to the Custodian has no marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee.  

13. Receivable Files Complete. There exists a Receivable File pertaining to each Receivable. Related documentation concerning the
Receivable, including any documentation regarding modifications of the Contract, will be maintained electronically by Exeter in accordance with customary policies and procedures. With respect to any Receivables that are tangible chattel paper, the
complete Receivable File for each Receivable currently is in the possession of the Custodian. 

  
 SCH-B-2 

 14. Receivables in Force. No Receivable has been satisfied, or, to the best of the
Exeter’s and the Sellers’s knowledge, 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 terms 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 or Exeter’s electronic records. 

15. Good Title. Immediately prior to the conveyance of the Receivables to the Trust pursuant to this Agreement, the Seller was the sole
owner thereof and had good and indefeasible title thereto, free of any Lien and, upon execution and delivery of this Agreement by the Seller, the Trust shall have good and indefeasible title to and will be the sole owner of such Receivables, free of
any Lien. The Seller has not taken any action to convey any right to any Person that would result in such Person having a right to payments received under the related Insurance Policies, the related Dealer Agreements or Dealer Assignments[, the
related Originator Agreements or Originator Assignments] or to payments due under such Receivables. No Dealer [or Originator] has a participation in, or other right to receive, proceeds of any Receivable. 

16. Security Interest in Financed Vehicle. Each Receivable created or shall create a valid, binding and enforceable first priority
security interest in favor of Exeter in the Financed Vehicle. The Lien Certificate for each Financed Vehicle shows, or if a new or replacement Lien Certificate is being applied for with respect to such Financed Vehicle the Lien Certificate will be
received within 180 days of the Closing Date and will show, Exeter named as the original secured party under each Receivable as the holder of a first priority security interest in such Financed Vehicle. With respect to each Receivable for which the
Lien Certificate has not yet been returned from the Registrar of Titles, Exeter has applied for or received written evidence from the related Dealer [or related Originator] that such Lien Certificate showing Exeter or the Issuer, as applicable, as
first lienholder has been applied for and Exeter’s security interest (assigned by Exeter to the Seller pursuant to the Purchase Agreement) has been validly assigned by the Seller to the Trust pursuant to this Agreement. This Agreement creates a
valid and continuing security interest (as defined in the UCC) in the Receivables in favor of the Trust, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Seller. Immediately
after the sale, transfer and assignment by the Seller to the Trust, each Receivable will be secured by an enforceable and perfected first priority security interest in the Financed Vehicle in favor of the indenture Trustee as secured party, which
security interest is prior to all other Liens upon and security interests in such Financed Vehicle which now exist or may hereafter arise or be created (except, as to priority, for any lien for taxes, labor or materials affecting a Financed
Vehicle). As of the Cutoff Date, there were no Liens or claims for taxes, work, labor or materials affecting a Financed Vehicle which are or may be Liens prior or equal to the Liens of the related Receivable. 

17. Receivable Not Assumable. No Receivable is assumable by another Person in a manner which would release the Obligor thereof from
such Obligor’s obligations to the owner thereof with respect to such Receivable. 
 18. No Defenses. No Receivable is subject to
any right of rescission, setoff, counterclaim or defense, including the defense of usury, and the operation of any of the terms of any Receivable, or the exercise of any right thereunder, will not render such Receivable unenforceable in whole or in
part and no such right has been asserted or threatened with respect to any Receivable. 

  
 SCH-B-3 

 19. No Default. There has been no default, breach, or, to the knowledge of Exeter and the
Seller, violation or event permitting acceleration under the terms of any Receivable (other than payment delinquencies of not more than 30 days), and, to the best of the Exeter’s knowledge, 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. 

20. Insurance. At the time of an origination of a Receivable by a Dealer [or Originator or Exeter], each Financed Vehicle is required
to be covered by a comprehensive and collision insurance policy (i) in an amount at least equal to the lesser of (a) its maximum insurable value and (b) the principal amount due from the Obligor under the related Receivable,
(ii) naming Exeter 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 Exeter and its successors and assigns as additional insured parties, and each Receivable permits the holder thereof to obtain physical loss and damage insurance at the expense of the Obligor if the
Obligor fails to do so. No Financed Vehicle is insured under a policy of Force-Placed Insurance on the Cutoff Date. 
 21. Certain
Characteristics of the Receivables. 
 (A) Each Receivable had a remaining maturity, as of the Cutoff Date, of not less than
     months and not more than      months. 
 (B) Each Receivable had an original
maturity, as of the Cutoff Date, of not less than      months and not more than      months. 

(C) Each Receivable had a remaining Principal Balance, as of the Cutoff Date, of at least
$         and not more than $        . 
 (D)
Each Receivable had an Annual Percentage Rate, as of the Cutoff Date, of at least     % and not more than     %. 

(E) No Receivable was more than 30 days past due as of the Cutoff Date. 

(F) No Receivable was a Liquidated Receivable. 

(G) Each Receivable arose under a Contract that is governed by the laws of the United States or any State thereof. 

(H) Each Obligor had a billing address in the United States as of the date of origination of the related Receivable. 

(I) Each Receivable is denominated in, and each Contract provides for payment in, United States dollars. 

  
 SCH-B-4 

 (J) Each Receivable arose under a Contract that is assignable without the consent of, or notice
to, the Obligor thereunder, and does not contain a confidentiality provision that purports to restrict the ability of the Servicer to exercise its rights under this Agreement, including, without limitation, its right to review the Contract. Each
Receivable prohibits the sale or transfer of the Financed Vehicle without the consent of the Servicer. 
 (K) Each Receivable arose under a
Contract with respect to which Exeter has performed all obligations required to be performed by it thereunder. 
 (L) No automobile related
to a Receivable was held in repossession inventory as of the Cutoff Date. 
 (M) The Servicer’s records do not indicate that any Obligor
was in bankruptcy as of the Cutoff Date. 
 (N) No Obligor is the United States of America or any State or any agency, department,
subdivision or instrumentality thereof. 
 22. Prepayment. Each Receivable allows for prepayment and partial prepayments without
penalty. 
 23. No Further Amounts Owed on the Receivables. At the time each Receivable was acquired from a Dealer [or Originator],
no further amounts were owed by Exeter to the Obligor under the Receivable. 
 24. Interest Calculation. Each Contract provides for
the calculation of interest payable thereunder under the “simple interest” method. 
 25. Lockbox Account. Each Obligor has
been, or will be, directed to make all payments on their related Receivable to the Lockbox Bank for deposit into the Lockbox Account. 
 26.
Transfer. Each Receivable prohibits the sale or transfer of the Financed Vehicle without the consent of Exeter. 
 27.
Prepayment. Each Receivable allows for prepayment and partial prepayments without penalty. 
 28. Prospectus Description. Each
Receivable conforms, and all Receivables in the aggregate conform, in all material respects to the description thereof set forth in the Prospectus. 

29. Risk of Loss. Each Contract contains provisions requiring the Obligor to assume all risk of loss or malfunction on the related
Financed Vehicle, requiring the Obligor to pay all sales, use, property, excise and other similar taxes imposed on or with respect to the Financed Vehicle and making the Obligor liable for all payments required to be made thereunder, without any
setoff, counterclaim or defense for any reason whatsoever, subject only to the Obligor’s right of quiet enjoyment. 

  
 SCH-B-5 

 30. Leasing Business. To the best of the Seller’s and the Servicer’s knowledge,
as appropriate, no Obligor is a Person involved in the business of leasing or selling equipment of a type similar to the Obligor’s related Financed Vehicle. 

  
 SCH-B-6 

 SCHEDULE B-2 

REPRESENTATIONS AND WARRANTIES OF THE SELLER AND THE SERVICER 

REGARDING THE POOL OF RECEIVABLES 

1. Adverse Selection. No selection procedures adverse to the Noteholders were utilized in selecting the Receivables from those
receivables owned by Exeter which met the selection criteria set forth in clauses [(A) through (N) of number 17] of Schedule B-1. 
 2.
All Filings Made. All filings (including, without limitation, UCC filings (including, without limitation, the filing by the Seller of all appropriate financing statements in the proper filing office in the States of Delaware and Texas under
applicable law in order to perfect the security interest in the Receivables granted to the Trust hereunder)) required to be made by any Person and actions required to be taken or performed by any Person in any jurisdiction to give the Trust and the
Indenture Trustee a first priority perfected lien on, or ownership interest in, the Receivables and the proceeds thereof and the Other Conveyed Property have been made, taken or performed. 

3. Consumer Leases. No Receivable in the pool constitutes a “consumer lease” under either (a) the UCC as in effect in
the jurisdiction the law of which governs the Receivable or (b) the Consumer Leasing Act, 15 USC 1667. 

  
 SCH-B-2 

 EXHIBIT A 

SERVICER’S CERTIFICATE

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}]]