Document:

Exhibit
4.1

 

Biofrontera
Inc.

and

COMPUTERSHARE
TRUST COMPANY, N.A.

as
Rights Agent

Stockholder
Rights Agreement

Dated
as of October 13, 2022

Table
of Contents

 

	 	Page
	Section
    1. Certain Definitions	1
	Section
    2. Appointment of Rights Agent	7
	Section
    3. Issue of Right Certificates	7
	Section
    4. Form of Right Certificates	8
	Section
    5. Countersignature and Registration	9
	Section
    6. Transfer, Split Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates	10
	Section
    7. Exercise of Rights; Exercise Price; Expiration Date of Rights	10
	Section
    8. Cancellation and Destruction of Right Certificates	12
	Section
    9. Reservation and Availability of Preferred Stock	12
	Section
    10. Preferred Stock Record Date	13
	Section
    11. Adjustment of Exercise Price, Number and Kind of Shares or Number of Rights	13
	Section
    12. Certificate of Adjusted Exercise Price or Number of Shares	19
	Section
    13. Consolidation, Merger or Sale or Transfer of Assets or Earning Power	19
	Section
    14. Fractional Rights and Fractional Shares	21
	Section
    15. Rights of Action	22
	Section
    16. Agreement of Right Holders	22
	Section
    17. Right Certificate Holder Not Deemed a Stockholder	23
	Section
    18. Concerning the Rights Agent	23
	Section
    19. Merger or Consolidation or Change of Name of Rights Agent	24
	Section
    20. Duties of Rights Agent	24
	Section
    21. Change of Rights Agent	26
	Section
    22. Issuance of New Right Certificates	27
	Section
    23. Redemption	27
	Section
    24. Exchange	28
	Section
    25. Notice of Certain Events	30
	Section
    26. Notices	30
	Section
    27. Supplements and Amendments	31
	Section
    28. Successors	31
	Section
    29. Determinations and Actions by the Board of Directors	31
	Section
    30. Benefits of this Agreement	31
	Section
    31. Severability	32
	Section
    32. Governing Law	32
	Section
    33. Counterparts	32
	Section
    34. Descriptive Headings	32
	Section
    35. Force Majeure	32

 

Exhibit
A – Certificate of Designations of Series A Junior Participating Cumulative Preferred Stock

Exhibit
B – Form of Right Certificate

Exhibit
C – Form of Summary of Rights

 

    	 

    	 

    

 

Stockholder
Rights Agreement, dated as of October 13, 2022 between Biofrontera Inc., a Delaware corporation (the “Company”),
and Computershare Trust Company, N.A., a federally chartered trust company (the “Rights Agent”).

 

W
I T N E S S E T H

 

WHEREAS,
the Board of Directors of the Company desires to provide stockholders of the Company with the opportunity to benefit from the long-term
prospects and value of the Company and to ensure that stockholders of the Company receive fair and equal treatment in the event of any
proposed takeover of the Company;

 

WHEREAS,
on October 13, 2022, the Board of Directors of the Company authorized and declared a dividend distribution of one Right (as such
term is hereinafter defined) for each outstanding share of Common Stock, par value $0.001 per share, of the Company (the “Common
Stock”) outstanding as of October 24, 2022 (the “Record Date”), and authorized the issuance of one
Right for each share of Common Stock of the Company issued (whether or not originally issued or sold from the Company’s treasury,
except in the case of treasury shares having associated Rights) between the Record Date and the earlier of the Distribution Date or the
Expiration Date (as such terms are hereinafter defined), each Right initially representing the right to purchase one ten-thousandth of
a share of Series A Junior Participating Cumulative Preferred Stock of the Company having the rights, powers and preferences set forth
on Exhibit A hereto, upon the terms and subject to the conditions hereinafter set forth (the “Rights”); and

 

WHEREAS,
the Company desires to appoint the Rights Agent to act as rights agent hereunder, in accordance with the terms and conditions hereof.

 

NOW,
THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as follows:

 

Section
1. Certain Definitions. For purposes of this Agreement, the following terms have the meanings indicated:

 

(a)
“Acquiring Person” shall mean any Person (as such term is hereinafter defined) who or which, together with all Affiliates
(as such term is hereinafter defined) and Associates (as such term is hereinafter defined) of such Person and any other Person with whom
such Person is Acting in Concert, shall become the Beneficial Owner (as such term is hereinafter defined) of 20% or more of the shares
of Common Stock of the Company then outstanding after the time of the first public announcement of the declaration of the Rights dividend,
but shall not include (i) the Company, (ii) any Subsidiary (as such term is hereinafter defined) of the Company, (iii) any employee benefit
plan or compensation arrangement of the Company or any Subsidiary of the Company or (iv) any Person holding shares of Common Stock of
the Company organized, appointed or established by the Company or any Subsidiary of the Company for or pursuant to the terms of any such
employee benefit plan or compensation arrangement (the Persons described in clauses (i) through (iv) above are referred to herein as
“Exempt Persons”). Notwithstanding the foregoing, no Person who Beneficially Owns, as of the time of the first public
announcement of the declaration of the Rights dividend, 20% or more of the shares of Common Stock of the Company then outstanding shall
become an Acquiring Person unless such Person shall, after the time of the public announcement of the declaration of the Rights dividend,
increase its Beneficial Ownership of the then-outstanding Common Stock (other than as a result of an acquisition of shares of Common
Stock by the Company) to an amount equal to or greater than the greater of (x) 20% or (y) the sum of (i) the lowest Beneficial Ownership
of such Person as a percentage of the outstanding shares of Common Stock as of any time from and after the time of the public announcement
of the declaration of the Rights dividend plus (ii) 0.001%. For the avoidance of doubt, for purposes of this Agreement any exercise,
conversion, settlement, unwinding or other disposition of a derivative security, instrument or transaction referred to in Section 1(e)(iv)
shall be deemed to be the disposition of the associated Derivative Common Shares that reduces the Beneficial Ownership of the Person
that acquired the derivative security or instrument or that entered into the derivative transaction, and any acquisition of shares of
Common Stock of the Company in connection with any such exercise, conversion, settlement, unwinding or other disposition shall be deemed
to be the subsequent acquisition of Beneficial Ownership of additional shares of Common Stock of the Company. Notwithstanding the foregoing,
no Person shall become an “Acquiring Person” as the result of an acquisition or cancellation by the Company of Common Stock
of the Company which, by reducing the number of shares outstanding, increases the proportionate number of shares Beneficially Owned by
such Person to 20% or more of the shares of Common Stock of the Company then outstanding; provided, however, that if a Person shall become
the Beneficial Owner of 20% or more of the shares of Common Stock of the Company then outstanding by reason of share purchases by the
Company and shall, after such share purchases by the Company, become the Beneficial Owner of any additional shares (other than pursuant
to a stock split, stock dividend or similar transaction) of Common Stock of the Company, then such Person shall be deemed to be an “Acquiring
Person.” Notwithstanding anything to the contrary provided in this Agreement, (x) a Person shall not be deemed to be or to have
ever become an “Acquiring Person” for any purposes of this Agreement if the Board of Directors of the Company determines
at any time that a Person who would otherwise be an “Acquiring Person,” has become such without intending to become an “Acquiring
Person,” and such Person divests as promptly as practicable (or within such period of time as the Board of Directors of the Company
determines is reasonable) a sufficient number of shares of Common Stock of the Company (or, for the avoidance of doubt, with respect
to any Derivative Common Shares, terminates the subject derivative transaction or transactions or disposes of the subject derivative
security or securities) so that such Person would no longer be an “Acquiring Person,” as defined pursuant to the foregoing
provisions of this Section 1(a), and (y) if a bona fide swaps dealer who would otherwise be an “Acquiring Person” has become
so as a result of its actions in the ordinary course of its business that the Board determines, in its sole discretion, were taken without
the intent or effect of evading or assisting any other Person to evade the purposes and intent of this Agreement, or otherwise seeking
to control or influence the management or policies of the Company, then, and unless and until the Board shall otherwise determine, such
Person shall not be deemed to be or to have ever become an “Acquiring Person” for any purposes of this Agreement.

 

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(b)
A Person shall be deemed to be “Acting in Concert” with another Person if such Person knowingly acts (whether or not
pursuant to an express agreement, arrangement or understanding) at any time after the first public announcement of the adoption of this
Agreement, in concert or in parallel with such other Person, or towards a common goal with such other Person, relating to changing or
influencing the control of the Company or in connection with or as a participant in any transaction having that purpose or effect, where
(i) each Person is conscious of the other Person’s conduct and this awareness is an element in their respective decision-making
processes and (ii) at least one additional factor supports a determination by the Board that such Persons intended to act in concert
or in parallel, which additional factors may include exchanging information, attending meetings, conducting discussions, or making or
soliciting invitations to act in concert or in parallel; provided that, the additional factor required shall not include actions by an
officer or director of the Company acting in such capacities. A Person who is Acting in Concert with another Person shall be deemed to
be Acting in Concert with any third party who is also Acting in Concert with such other Person. No Person shall be deemed to be Acting
in Concert with another Person solely as a result of (a) making or receiving a solicitation of, or granting or receiving, revocable proxies
or consents given in response to a public proxy or consent solicitation made to more than 10 holders of shares of a class of stock of
the Company registered under Section 12 of the Exchange Act, or (b) soliciting or being solicited for tenders of, or tendering or receiving
tenders of, securities in a public tender or exchange offer made pursuant to, and in accordance with, Section 14(d) of the Exchange Act
by means of a tender offer statement filed on Schedule TO.

 

(c)
“Adjustment Shares” shall have the meaning set forth in Section 11(a)(ii) hereof.

 

(d)
“Affiliate” and “Associate” shall have the respective meanings ascribed to such terms in
Rule 12b-2 of the General Rules and Regulations (the “Rules”) under the Exchange Act, as in effect on the date of
this Agreement; provided, however, that no Person who is a director or officer of the Company shall be deemed an Affiliate
or an Associate of any other director or officer of the Company solely as a result of his or her position as director or officer of the
Company.

 

(e)
 A Person shall be deemed the “Beneficial Owner” of, and shall be deemed to “Beneficially Own”
and have “Beneficial Ownership” of, any securities:

 

(i)
 which such Person or any of such Person’s Affiliates or Associates, directly or indirectly, Beneficially Owns (as determined
pursuant to Rule 13d-3 of the Rules under the Exchange Act, as in effect on the date of this Agreement);

 

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(ii)
which such Person or any of such Person’s Affiliates or Associates, directly or indirectly, has:

 

(A)
 the legal, equitable or contractual right or obligation to acquire (whether directly or indirectly and whether exercisable immediately
or only after the passage of time, compliance with regulatory requirements, satisfaction of one or more conditions (whether or not within
the control of such Person) or otherwise) (1) upon the exercise of any conversion rights, exchange rights, rights (other than the Rights),
warrants or options, or otherwise; (2) pursuant to the power to revoke a trust, discretionary account or similar arrangement; (3) pursuant
to the power to terminate a repurchase or similar so-called “stock borrowing” agreement, arrangement or understanding; or
(4) pursuant to the automatic termination of a trust, discretionary account or similar arrangement; provided, however,
that a Person shall not be deemed the “Beneficial Owner” of, or to “Beneficially Own” or have “Beneficial
Ownership” of, securities (w) tendered pursuant to a tender or exchange offer made by or on behalf of such Person or any of such
Person’s Affiliates or Associates until such tendered securities are accepted for purchase or exchange; (x) issuable upon exercise
of Rights at any time prior to the occurrence of a Triggering Event; (y) issuable upon exercise of Rights from and after the occurrence
of a Triggering Event, which Rights were acquired by such Person or any of such Person’s Affiliates or Associates prior to the
Distribution Date or pursuant to Sections 3(a), 11(i) or 22 hereof; or (z) that a Person or any of such Person’s Affiliates or
Associates may be deemed to have the right to acquire pursuant to any merger or other acquisition agreement between the Company and such
Person (or one or more of its Affiliates or Associates), or any tender, voting or support agreement entered into by such Person (or one
or more of its Affiliates or Associates) in connection therewith, if such agreement has been approved by the Board prior to there being
an Acquiring Person; or

 

(B)
the right to vote pursuant to any agreement, arrangement or understanding (whether or not in writing); provided, however,
that a Person shall not be deemed the “Beneficial Owner” of, or to “Beneficially Own” or have “Beneficial
Ownership” of, any security under this clause (B) if the agreement, arrangement or understanding to vote such security (1) arises
solely from a revocable proxy or consent given in response to a public proxy or consent solicitation made pursuant to a written proxy
or consent solicitation statement filed with the Securities and Exchange Commission in accordance with the Rules of the Exchange Act
and (2) is not also then reportable by such person on Schedule 13D under the Exchange Act (or any comparable or successor report); or

 

(C)
the right to dispose of pursuant to any agreement, arrangement or understanding (whether or not in writing) (other than customary arrangements
with and between underwriters and selling group members with respect to a bona fide public offering of securities); or

 

(iii)
which are Beneficially Owned, directly or indirectly, by any other Person (or any Affiliate or Associate thereof) with which such Person
or any of such Person’s Affiliates or Associates (A) is Acting in Concert or (B) has any agreement, arrangement or understanding
(whether or not in writing) (other than customary agreements with and between underwriters and selling group members with respect to
a bona fide public offering of securities) for the purpose of acquiring, holding, voting (except pursuant to a revocable proxy or consent
as described in clause (B) of Section 1(e)(ii) hereof) or disposing of any securities of the Company; or

 

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(iv)
that are the subject of a derivative transaction entered into by such Person or any of such Person’s Affiliates or Associates or
any other Person with whom such Person is Acting in Concert, including, for these purposes, any derivative security acquired by such
Person or any of such Person’s Affiliates or Associates or any other Person with whom such Person is Acting in Concert that gives
such Person or any of such Person’s Affiliates or Associates the economic equivalent of ownership of an amount of securities due
to the fact that the value of the derivative security is explicitly determined by reference to the price or value of such securities,
or that provides such Person or any of such Person’s Affiliates or Associates an opportunity, directly or indirectly, to profit
or to share in any profit derived from any change in the value of such securities, in any case without regard to whether (A) such derivative
security conveys any voting rights in such securities to such Person or any of such Person’s Affiliates or Associates; (B) the
derivative security is required to be, or capable of being, settled through delivery of such securities; or (C) such Person or any of
such Person’s Affiliates or Associates may have entered into other transactions that hedge the economic effect of such derivative
security. In determining the number of shares of Common Stock of the Company that are Beneficially Owned by virtue of the operation of
this Section 1(e)(iv), the subject Person will be deemed to Beneficially Own (without duplication) the notional or other number
of shares of Common Stock of the Company that, pursuant to the documentation evidencing the derivative security, may be acquired upon
the exercise or settlement of the applicable security or as the basis upon which the value or settlement amount of such security, or
the opportunity of the holder of such derivative security to profit or share in any profit, is to be calculated, in whole or in part,
and in any case (or if no such number of shares of Common Stock of the Company is specified in such documentation or otherwise) as determined
by the Board in good faith to be the number of shares of Common Stock of the Company to which the derivative security relates. Such shares
of Common Stock of the Company that are deemed so Beneficially Owned pursuant to the operation of this Section 1(e)(iv) shall
be referred to herein as “Derivative Common Shares”; provided, however, that (1) no Person engaged in
business as an underwriter of securities shall be deemed the Beneficial Owner of any securities acquired through such Person’s
participation as an underwriter in good faith in a firm commitment underwriting until the expiration of forty (40) days after the date
of such acquisition and (2) no Person who is a director or an officer of the Company shall be deemed, as a result of his or her position
as director or officer of the Company, the Beneficial Owner of any securities of the Company that are Beneficially Owned by any other
director or officer of the Company.

 

For
all purposes of this Agreement, any calculation of the number of shares of Common Stock of the Company outstanding at any particular
time, including for purposes of determining the percentage of the outstanding shares of Common Stock of the Company of which any Person
is the Beneficial Owner, shall include the number of shares of Common Stock of the Company not outstanding at the time of such calculation
that such Person is otherwise deemed to Beneficially Own for purposes of this Agreement, but the number of shares of Common Stock of
the Company not outstanding that such Person, together with all Affiliates and Associates of such Person and any other Person with whom
such Person is Acting in Concert, is otherwise deemed to Beneficially Own for purposes of this Agreement will not be deemed to be outstanding
for the purpose of computing the percentage of outstanding shares of Common Stock of the Company Beneficially Owned by any other Person.

 

(f)
“Book Entry Shares” shall have the meaning set forth in Section 3(a).

 

(g)
“Business Day” shall mean any day other than a Saturday, Sunday, or a day on which banking institutions in
the State of New York are authorized or obligated by law or executive order to close.

 

(h)
“Certificate of Incorporation” when used in reference to the Company shall mean the Amended and Restated Certificate
of Incorporation of the Company filed with the Delaware Secretary of State on November 1, 2021, as the same may be amended from time
to time.

 

(i)
“Close of Business” on any given date shall mean 5:00 p.m., New York City time, on such date; provided,
however, that if such date is not a Business Day it shall mean 5:00 p.m., New York City time, on the next succeeding Business
Day.

 

(j)
“Common Stock” when used in reference to the Company shall mean the common stock, par value $0.001 per share, of the
Company or any other shares of capital stock of the Company into which such stock shall be reclassified or changed after the date hereof.
“Common Stock” when used with reference to any Person other than the Company organized in corporate form shall mean (i) the
capital stock or other equity interest of such Person with the greatest voting power, (ii) the equity securities or other equity interest
having power to control or direct the management of such Person or (iii) if such Person is a Subsidiary of another Person, the Person
or Persons which ultimately control such first-mentioned Person and which have issued any such outstanding capital stock, equity securities
or equity interest. “Common Stock” when used with reference to any Person not organized in corporate form shall mean units
of beneficial interest which (x) shall represent the right to participate generally in the profits and losses of such Person (including,
without limitation, any flow-through tax benefits resulting from an ownership interest in such Person) and (y) shall be entitled to exercise
the greatest voting power of such Person or, in the case of a limited partnership, shall have the power to remove or otherwise replace
the general partner or partners.

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(k)
“Common Stock Equivalents” shall have the meaning set forth in Section 11(a)(iii) hereof.

 

(l)
“Current Exchange Value” shall mean the product of the closing price of a share of Common Stock of the Company
on the date of the occurrence of an Exchange Determination (or the next Trading Day, if such date is not a Trading Day) multiplied by
the number of shares of Common Stock of the Company for which the Right would otherwise be exchangeable (without regard to whether there
were sufficient shares of Common Stock of the Company available therefor).

 

(m)
“Current Value” shall have the meaning set forth in Section 11(a)(iii) hereof.

 

(n)
“Depositary Agent” shall have the meaning set forth in Section 7(c) hereof.

 

(o)
“Derivative Common Shares” shall have the meaning set forth in Section 1(e)(iv).

 

(p)
“Distribution Date” shall have the meaning set forth in Section 3(a) hereof.

 

(q)
“Early Expiration Date” shall have the meaning set forth in Section 7(a) hereof.

 

(r)
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(s)
“Exchange Date” shall have the meaning set forth in Section 7(a) hereof.

 

(t) “Exchange Determination” shall have the meaning set forth in Section 24(a).

 

(u) “Exempt Person” shall have the meaning set forth in the definition of “Acquiring Person.”

 

(v) “Exercise Price” shall have the meaning set forth in Section 4(a) hereof.

 

(w)
“Expiration Date” shall have the meaning set forth in Section 7(a) hereof.

 

(x)
“Fair Market Value” of any securities or other property shall be as determined in accordance with Section 11(d) hereof.

(y)
“Final Expiration Date” shall have the meaning set forth in Section 7(a) hereof.

 

(z)
“Group” shall have the meaning set forth in clause (b) of the definition of “Person.”

 

(aa)
“Person” shall mean (a) an individual, a corporation, a partnership, a limited liability company, an association,
a joint stock company, a trust, a business trust, a government or political subdivision, any unincorporated organization, or any other
association or entity including any successor (by merger or otherwise) thereof or thereto, and (b) a “group” as that term
is used for purposes of Section 13(d)(3) of the Exchange Act.

 

(bb)
“Preferred Stock” shall mean shares of Series A Junior Participating Cumulative Preferred Stock, par value
$0.001 per share, of the Company having the rights and preferences set forth in the form of Certificate of Designations attached hereto
as Exhibit A.

 

(cc)
“Preferred Stock Equivalents” shall have the meaning set forth in Section 11(b) hereof.

 

(dd)
“Principal Party” shall have the meaning set forth in Section 13(b) hereof.

 

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(ee)
“Redemption Date” shall have the meaning set forth in Section 7(a) hereof.

 

(ff)
“Redemption Price” shall have the meaning set forth in Section 23(a) hereof.

 

(gg)
“Registered Common Stock” shall have the meaning set forth in Section 13(b) hereof.

 

(hh)
“Right Certificates” shall have the meaning set forth in Section 3(b) hereof.

 

(ii)
“Section 11(a)(ii) Event” shall have the meaning set forth in Section 11(a)(ii) hereof.

 

(jj)
“Section 11(a)(ii) Trigger Date” shall have the meaning set forth in Section 11(a)(iii) hereof.

 

(kk)
“Section 13 Event” shall mean any event described in clauses (x), (y) or (z) of Section 13(a) hereof.

 

(ll)
“Section 24 Exchange Ratio” shall have the meaning set forth in Section 24(a) hereof.

 

(mm)
“Signature Guarantee” shall have the meaning set forth in Section 6(a) hereof.
 

(nn) “Spread” shall have the meaning set forth in Section 11(a)(iii) hereof.

 

(oo)
“Stock Acquisition Date” shall mean the date of the first public announcement (which for purposes of this definition
shall include, without limitation, the issuance of a press release or the filing of a publicly-available report or other document with
the Securities and Exchange Commission or any other governmental agency) by the Company, acting pursuant to a resolution adopted by the
Board of Directors of the Company, or by an Acquiring Person, subject in each case to the last paragraph of Section 1(a), that an Acquiring
Person has become such.

 

(pp)
“Stockholder Approval” shall mean the approval or ratification by the stockholders of the Company of this Agreement
(as amended from time to time or as contemplated to be in effect following such Stockholder Approval) by a majority of the votes properly
cast at the meeting and entitled to vote generally on the subject matter.

 

(qq)
“Subsidiary” shall mean, with reference to any Person, any corporation or other entity of which securities
or other ownership interests having ordinary voting power sufficient, in the absence of contingencies, to elect a majority of the board
of directors or other persons performing similar functions of such corporation or other entity are at the time directly or indirectly
Beneficially Owned or otherwise controlled by such Person either alone or together with one or more Affiliates of such Person.

 

(rr)
“Substitution Period” shall have the meaning set forth in Section 11(a)(iii) hereof.

 

(ss)
“Summary of Rights” means a summary of this Agreement substantially in the form attached hereto as Exhibit C.

 

(tt)
“Trading Day” shall have the meaning set forth in Section 11(d)(i) hereof.

 

(uu)
“Triggering Event” shall mean any Section 11(a)(ii) Event or any Section 13 Event.

 

(vv)
“Trust” shall have the meaning set forth in Section 24(b)(ii) hereof.

 

(ww)
“Trust Agreement” shall have the meaning set forth in Section 24(b)(ii) hereof.

 

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Section
2. Appointment of Rights Agent. The Company hereby appoints the Rights Agent to act as agent for the Company in accordance with the express
terms and conditions hereof (and no implied terms and conditions), and the Rights Agent hereby accepts such appointment. The Company
may from time to time appoint such co-Rights Agents as it may deem necessary or desirable (the term “Rights Agent” being
used herein to refer, collectively, to the Rights Agent together with any such co-Rights Agents). In the event the Company appoints one
or more co-Rights Agents, the respective duties of the Rights Agent and any co-Rights Agents shall be as the Company reasonably determines,
provided that such duties are consistent with the terms and conditions of this Agreement. The Company shall give ten (10) days’
prior written notice to the Rights Agent of the appointment of one or more co-Rights Agents and the respective duties of the Rights Agent
and any such co-Rights Agents. The Rights Agent shall have no duty to supervise, and shall in no event be liable for, the acts or omissions
of any such co-Rights Agent.

 

Section
3. Issue of Right Certificates.

 

(a)
 From the date hereof until the earlier of (i) the Close of Business on the tenth calendar day after the Stock Acquisition Date
or (ii) the Close of Business on the tenth Business Day (or such later calendar day, if any, as the Board of Directors of the Company
may determine in its sole discretion) after the date a tender or exchange offer by any Person, other than an Exempt Person, is first
published or sent or given within the meaning of Rule 14d-4(a) of the Exchange Act, or any successor rule, if, upon consummation thereof,
such Person would become an Acquiring Person, including any such date which is after the date of this Agreement and prior to the issuance
of the Rights (the earliest of such dates being herein referred to as the “Distribution Date”), (x) the Rights will
be evidenced (subject to the provisions of Section 3(b) hereof) by the certificates for the Common Stock of the Company registered in
the names of the holders of the Common Stock of the Company or, in the case of uncertificated shares of Common Stock of the Company registered
in book entry form (“Book Entry Shares”), by notation in book entry accounts reflecting the ownership of such shares
(which certificates and notations, as applicable, will also be deemed to be certificates or notations for Rights), and not by separate
certificates or notations, as applicable, and (y) the Rights will be transferable only in connection with the transfer of the underlying
shares of Common Stock of the Company.

 

(b)
 As soon as practicable after the Distribution Date, the Rights Agent will, at the Company’s expense send, by first-class,
insured, postage prepaid mail, to each record holder of the Common Stock of the Company as of the Close of Business on the Distribution
Date, at the address of such holder shown on the records of the Company, one or more certificates, in substantially the form of Exhibit
B hereto (the “Right Certificates”), evidencing one Right for each share of Common Stock of the Company so held,
subject to adjustment as provided herein. In the event that an adjustment in the number of Rights per share of Common Stock of the Company
has been made pursuant to Section 11(o) hereof, the Company may make the necessary and appropriate rounding adjustments (in accordance
with Section 14(a) hereof) at the time of distribution of the Right Certificates, so that Right Certificates representing only whole
numbers of Rights are distributed and cash is paid in lieu of any fractional Rights. As of and after the Close of Business on the Distribution
Date, the Rights will be evidenced solely by such Right Certificates.

 

(c)
 With respect to certificates for the Common Stock of the Company and Book Entry Shares, as applicable, outstanding prior to the
Close of Business on the Record Date, the Rights will be evidenced by such certificates for the Common Stock of the Company or Book Entry
Shares on or until the Distribution Date (or the earlier redemption, expiration or termination of the Rights), and the registered holders
of the Common Stock of the Company also shall be the registered holders of the associated Rights. Until the Distribution Date (or the
earlier redemption, expiration or termination of the Rights), the transfer of any shares of Common Stock of the Company (with or without
a copy of the Summary of Rights) outstanding prior to the date of this Agreement shall also constitute the transfer of the Rights associated
with the Common Stock of the Company represented by such certificate or Book Entry Share.

 

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(d)
 Rights will be issued in respect of all shares of Common Stock of the Company that are issued (whether as an original issuance
or from the Company’s treasury) after the Record Date but prior to the earlier of the Distribution Date or the Expiration Date.
Certificates for the Common Stock of the Company issued after the Record Date, but prior to the earlier of the Distribution Date or the
Expiration Date, shall be deemed also to be certificates for Rights, and shall bear a legend, substantially in the form set forth below:

This
certificate also evidences and entitles the holder hereof to certain Rights as set forth in a Stockholder Rights Agreement between Biofrontera
Inc. and Computershare Trust Company, N.A. (or any successor Rights Agent), as Rights Agent, dated as of October 13, 2022, as
amended, restated, renewed, supplemented or extended from time to time (the “Rights Agreement”), the terms of which
are hereby incorporated herein by reference and a copy of which is on file at the principal offices of Biofrontera Inc. and the stock
transfer administration office of the Rights Agent. Under certain circumstances, as set forth in the Rights Agreement, such Rights will
be evidenced by separate certificates and will no longer be evidenced by this certificate. Biofrontera Inc. may redeem the Rights at
a redemption price of $0.0001 per Right, subject to adjustment, under the terms of the Rights Agreement. Biofrontera Inc. will mail to
the holder of this certificate a copy of the Rights Agreement, as in effect on the date of mailing, without charge promptly after receipt
of a written request therefor. Under certain circumstances, Rights issued to or held by Acquiring Persons or any Affiliates or Associates
thereof or any other Person with whom such Person is Acting in Concert (as such terms are defined in the Rights Agreement), and any subsequent
holder of such Rights, may become null and void. The Rights shall not be exercisable, and shall be void so long as held, by a holder
in any jurisdiction where the requisite qualification, if any, to the issuance to such holder, or the exercise by such holder, of the
Rights in such jurisdiction shall not have been obtained or be obtainable.

 

With
respect to any Book Entry Shares, a legend in substantially similar form will be included in a notice to the record holder of such shares
in accordance with applicable law. With respect to such certificates for shares of Common Stock of the Company or Book Entry Shares,
as applicable, containing the foregoing legend, until the earlier of the Distribution Date or the Expiration Date, (i) the Rights associated
with the shares of Common Stock of the Company represented by such certificates or Book Entry Shares will be evidenced solely by such
certificates or Book Entry Shares, (ii) the registered holders of shares of Common Stock of the Company will also be the registered holders
of the associated Rights and (iii) the surrender for transfer of any such certificates or Book Entry Shares (with or without a copy of
the Summary of Rights) will also constitute the transfer of the Rights associated with the shares of Common Stock of the Company represented
thereby. Notwithstanding this Section 3(d), the omission of the legend required hereby, the inclusion of a legend that makes reference
to a rights agreement other than this Agreement or the failure to provide notice thereof will not affect the enforceability of any part
of this Agreement or the rights of any holder of Rights.

 

(e)
 In the event that the Company purchases or otherwise acquires any shares of Common Stock of the Company after the Record Date
but prior to the Distribution Date, any Rights associated with such Common Stock of the Company shall be deemed canceled and retired
so that the Company shall not be entitled to exercise any Rights associated with the shares of Common Stock of the Company which are
no longer outstanding. The failure to print the legend referred to in Section 3(d) on any such certificate representing Common Stock
of the Company or any defect therein shall not affect in any manner whatsoever the application or interpretation of the provisions of
Section 7(e) hereof.

(f)
 The Company will make available, or cause to be made available, promptly after the Record Date, a copy of the Summary of Rights
to any holder of Rights who may so request from time to time prior to the Expiration Date.

 

Section
4. Form of Right Certificates.

 

(a)
 The Right Certificates (and the forms of election to purchase shares and of assignment and certificate to be printed on the reverse
thereof) shall each be substantially in the form of Exhibit B hereto and may have such marks of identification or designation
and such legends, summaries or endorsements printed thereon as the Company may deem appropriate (but which do not affect the rights,
duties, liabilities or responsibilities of the Rights Agent) and as are not inconsistent with the provisions of this Agreement, or as
may be required to comply with any applicable law, rule or regulation or with any rule or regulation of any stock exchange or the Financial
Industry Regulatory Authority, or to conform to customary usage. The Right Certificates shall be in a machine printable format and in
a form reasonably satisfactory to the Rights Agent. Subject to the provisions of Section 11 and Section 22 hereof, the Right Certificates,
whenever distributed, shall be dated as of the Record Date, shall show the date of countersignature, and on their face shall entitle
the holders thereof to purchase such number of one ten-thousandths of a share of Preferred Stock as shall be set forth therein at the
price set forth therein (the “Exercise Price”), but the number of such shares and the Exercise Price shall be subject
to adjustment as provided herein.

 

    	8

    	 

    

 

(b)
 Any Right Certificate issued pursuant to Section 3(a) or Section 22 hereof that represents Rights Beneficially Owned by (i) an
Acquiring Person or any Associate or Affiliate of an Acquiring Person or any other Person with whom such Person is Acting in Concert,
(ii) a transferee of an Acquiring Person (or of any Associate or Affiliate of an Acquiring Person or any other Person with whom such
Person is Acting in Concert) who becomes a transferee after the Acquiring Person becomes such, or (iii) a transferee of an Acquiring
Person (or of any such Associate or Affiliate or any other Person with whom such Person is Acting in Concert) who becomes a transferee
prior to or concurrently with the Acquiring Person becoming such and receives such Rights pursuant to either (A) a transfer (whether
or not for consideration) from the Acquiring Person to holders of equity interests in such Acquiring Person or to any Person with whom
the Acquiring Person has any plan, agreement, arrangement or understanding (whether or not in writing) regarding the transferred Rights,
the shares of Common Stock of the Company associated with such Rights or the Company or (B) a transfer which the Board of Directors of
the Company has determined is part of a plan, agreement, arrangement or understanding which has as a primary purpose or effect the avoidance
of Section 7(e) hereof, and any Right Certificate issued pursuant to Section 6, Section 11 or Section 22 upon transfer, exchange, replacement
or adjustment of any other Right Certificate referred to in this sentence, shall contain (to the extent feasible) the following legend:

 

The
Rights represented by this Right Certificate are or were Beneficially Owned by a Person who was or became an Acquiring Person or an Affiliate
or an Associate of an Acquiring Person or any other Person with whom such Person is Acting in Concert (as such terms are defined in the
Rights Agreement). This Right Certificate and the Rights represented hereby may become null and void under certain circumstances as specified
in Section 7(e) of the Rights Agreement.

The
Company shall give notice to the Rights Agent promptly after it becomes aware of the existence and identity of any Acquiring Person or
any Associate or Affiliate thereof or any other Person with whom such Person is Acting in Concert. The Company shall instruct the Rights
Agent in writing of the Rights which should be so legended. The failure to print the foregoing legend on any such Right Certificate or
any defect therein shall not affect in any manner whatsoever the application or interpretation of the provisions of Section 7(e) hereof.

 

(c)
 Notwithstanding anything to the contrary in this Agreement, the Company and the Rights Agent may at any time and to the extent
deemed necessary, desirable or appropriate, including before or after the Distribution Date, amend this Agreement without the consent
of any holder of Rights to provide for uncertificated Rights in addition to or in place of Rights evidenced by Right Certificates.

 

Section
5. Countersignature and Registration.

 

(a)
 The Right Certificates shall be executed on behalf of the Company by its Chair or Vice Chair of the Board of Directors, its President
or any Vice President and by its Treasurer, any Assistant Treasurer, Secretary or any Assistant Secretary, either manually or by electronic
signature, and shall have affixed thereto the Company’s seal which shall be attested to by the Secretary or any Assistant Secretary
of the Company, either manually or by electronic signature. The Right Certificates shall be countersigned, either manually or by electronic
signature, by an authorized signatory of the Rights Agent and shall not be valid for any purpose unless so countersigned, and such countersignature
upon any Right Certificate shall be conclusive evidence, and the only evidence, that such Right Certificate has been duly countersigned
as required hereunder. In case any officer of the Company who shall have signed any of the Right Certificates shall cease to be such
officer of the Company before countersignature by the Rights Agent and issuance and delivery by the Company, such Right Certificates,
nevertheless, may be countersigned by an authorized signatory of the Rights Agent, and issued and delivered by the Company with the same
force and effect as though the person who signed such Right Certificates had not ceased to be such officer of the Company; and any Right
Certificates may be signed on behalf of the Company by any person who, at the actual date of the execution of such Right Certificate,
shall be a proper officer of the Company to sign such Right Certificate, although at the date of the execution of this Rights Agreement
any such person was not such an officer.

 

(b)
 Following the Distribution Date, the Rights Agent will keep or cause to be kept, at one of its offices designated as the appropriate
place for surrender of Right Certificates upon exercise or transfer, books for registration and transfer of the Right Certificates issued
hereunder. Such books shall show the names and addresses of the respective holders of the Right Certificates, the number of Rights evidenced
on its face by each of the Right Certificates and the date of each of the Right Certificates.

    	9

    	 

    

 

Section
6. Transfer, Split Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates.

 

(a)
 Subject to the provisions of Section 4(b), Section 7(e) and Section 14 hereof, at any time after the Close of Business on the
Distribution Date, and at or prior to the Close of Business on the Expiration Date, any Right Certificate or Certificates may be transferred,
split up, combined or exchanged for another Right Certificate or Certificates, entitling the registered holder to purchase a like number
of one ten-thousandths of a share of Preferred Stock (or following a Triggering Event, Common Stock of the Company, cash, property, debt
securities, Preferred Stock or any combination thereof, including any such securities, cash or property following a Section 13 Event)
as the Right Certificate or Certificates surrendered then entitled such holder to purchase and at the same Exercise Price. Any registered
holder desiring to transfer, split up, combine or exchange any Right Certificate shall make such request in writing delivered to the
Rights Agent, and shall surrender the Right Certificate or Certificates to be transferred, split up, combined or exchanged, with the
form of assignment and certificate contained therein properly completed and duly executed and with all signatures guaranteed from an
eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association (a “Signature
Guarantee”), at the office or offices of the Rights Agent designated for such purpose. Neither the Rights Agent nor the Company
shall be obligated to take any action whatsoever with respect to the transfer of any such surrendered Right Certificate until the registered
holder shall have properly completed and duly executed the certificate contained in the form of assignment on the reverse side of such
Right Certificate accompanied by a Signature Guarantee and shall have provided such additional evidence of the identity of the Beneficial
Owner (or former Beneficial Owner) or Affiliates or Associates thereof as the Company shall reasonably request. Thereupon the Rights
Agent shall, subject to Section 4(b), Section 7(e) and Section 14 hereof, countersign and deliver to the Person entitled thereto a Right
Certificate or Certificates, as the case may be, as so requested. The Company may require payment by the registered holder of a Right
Certificate, of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer, split up,
combination or exchange of Right Certificates. If and to the extent the Company does require payment of any such taxes or charges, the
Company shall give the Rights Agent prompt written notice thereof and the Rights Agent shall not be obligated to deliver any Rights Certificate
unless and until it is satisfied that all such payments have been made, and the Rights Agent shall forward any such sum collected by
it to the Company or to such Persons as the Company specifies by written notice. The Rights Agent shall have no duty or obligation to
take any action with respect to a Rights holder under this Agreement that requires the payment by such Rights holder of applicable taxes
and/or charges unless and until the Rights Agent is satisfied that all such taxes and/or charges have been paid.

 

(b)
 Upon receipt by the Company and the Rights Agent of evidence reasonably satisfactory to them of the loss, theft, destruction or
mutilation of a Right Certificate, and, in case of loss, theft or destruction, of indemnity or security satisfactory to them, and reimbursement
to the Company and the Rights Agent of all reasonable expenses incidental thereto, and upon surrender to the Rights Agent and cancellation
of the Right Certificate, if mutilated, the Company will execute and deliver a new Right Certificate of like tenor to the Rights Agent
for countersignature and delivery to the registered owner in lieu of the Right Certificate so lost, stolen, destroyed or mutilated.

Section
7. Exercise of Rights; Exercise Price; Expiration Date of Rights.

 

(a)
Subject to Section 7(e) hereof, the registered holder of any Right Certificate may exercise the Rights evidenced thereby (except as otherwise
provided herein) in whole or in part at any time after the Distribution Date upon surrender of the Right Certificate, with the form of
election to purchase and the certificate on the reverse side thereof properly completed and duly executed, to the Rights Agent at the
office or offices of the Rights Agent designated for such purpose, accompanied by a Signature Guarantee and such other documentation
as the Rights Agent may reasonably request together with payment of the aggregate Exercise Price for the total number of one ten-thousandths
of a share of Preferred Stock, (or other securities, cash or other assets, as the case may be) as to which such surrendered Rights are
then exercised, at or prior to the earliest of (i) the Close of Business on October 13, 2023 (the “Final Expiration Date”),
(ii) the time at which the Rights are redeemed as provided in Section 23 hereof (the “Redemption Date”), (iii) the
time at which such Rights are exchanged as provided in Section 24 hereof (the “Exchange Date”), or (iv) the Close
of Business on the first day after the Company’s 2023 annual meeting of stockholders (including any adjournments or postponement
thereof) if Stockholder Approval has not been obtained on or prior to such date (the “Early Expiration Date”) (the
earliest of (i), (ii), (iii), or (iv) being herein referred to as the “Expiration Date”). Except as set forth in Section
7(e) hereof and notwithstanding any other provision of this Agreement, any Person who prior to the Distribution Date becomes a record
holder of shares of Common Stock of the Company may exercise all of the rights of a registered holder of a Right Certificate with respect
to the Rights associated with such shares of Common Stock of the Company in accordance with the provisions of this Agreement, as of the
date such Person becomes a record holder of shares of Common Stock of the Company.
 

    	10

    	 

    

 

(b)
The Exercise Price for each one ten-thousandth of a share of Preferred Stock pursuant to the exercise of a Right shall initially be $5.00,
shall be subject to adjustment from time to time as provided in Section 11 and Section 13 hereof and shall be payable in lawful money
of the United States of America in accordance with Section 7(c) below.

 

(c)
 As promptly as practicable following the Distribution Date, the Company shall deposit with a corporation, trust, bank or similar
institution in good standing organized under the laws of the United States or any State of the United States, which is authorized under
such laws to exercise corporate trust or stock transfer powers and is subject to supervision or examination by a federal or state authority
(such institution is hereinafter referred to as the “Depositary Agent”), certificates representing the shares of Preferred
Stock that may be acquired upon exercise of the Rights and the Company shall cause such Depositary Agent to enter into an agreement pursuant
to which the Depositary Agent shall issue receipts representing interests in the shares of Preferred Stock so deposited. Upon receipt
of a Right Certificate representing exercisable Rights, with the form of election to purchase and the certificate on the reverse side
thereof properly completed and duly executed, accompanied by payment of the Exercise Price for the shares to be purchased and an amount
equal to any applicable transfer tax by certified check or bank draft payable to the order of the Company or by money order, the Rights
Agent shall, subject to Section 20(k) and Section 14(b) hereof, thereupon promptly (i) requisition from the Depositary Agent (or make
available, if the Rights Agent is the Depositary Agent) depositary receipts or certificates for the number of one ten-thousandths of
a share of Preferred Stock to be purchased and the Company hereby irrevocably authorizes the Depositary Agent to comply with all such
requests, (ii) when appropriate, requisition from the Company the amount of cash, if any, to be paid in lieu of issuance of fractional
shares in accordance with Section 14 hereof, (iii) promptly after receipt of such certificates or depositary receipts, cause the same
to be delivered to or upon the order of the registered holder of such Right Certificate, registered in such name or names as may be designated
by such holder and (iv) when appropriate, after receipt of each certificate or depositary receipts promptly deliver such cash to or upon
the order of the registered holder of such Right Certificate. In the event that the Company is obligated to issue other securities (including
Common Stock of the Company) of the Company, pay cash or distribute other property pursuant to Section 11(a) hereof, the Company will
make all arrangements necessary so that such other securities, cash or other property are available for distribution by the Rights Agent,
if and when appropriate. The payment of the Exercise Price may be made by certified or bank check payable to the order of the Company,
or by money order or wire transfer of immediately available funds to the account of the Company (provided that notice of such wire transfer
shall be given by the holder of the related Right to the Rights Agent).

(d)
 In case the registered holder of any Right Certificate shall exercise less than all the Rights evidenced thereby, a new Right
Certificate evidencing Rights equivalent to the Rights remaining unexercised shall be issued by the Rights Agent and delivered to the
registered holder of such Right Certificate or to his duly authorized assigns, subject to the provisions of Section 14 hereof.

(e)
 Notwithstanding anything in this Agreement to the contrary, from and after the first occurrence of a Section 11(a)(ii) Event or
Section 13 Event, any Rights Beneficially Owned by (i) an Acquiring Person or any Associate or Affiliate of an Acquiring Person or any
other Person with whom such Person is Acting in Concert, (ii) a transferee of an Acquiring Person (or of any Associate or Affiliate of
an Acquiring Person or any other Person with whom such Person is Acting in Concert) who becomes a transferee after the Acquiring Person
becomes such or (iii) a transferee of an Acquiring Person (or of any Associate or Affiliate of an Acquiring Person or any other Person
with whom such Person is Acting in Concert) who becomes a transferee prior to or concurrently with the Acquiring Person becoming such
and receives such Rights pursuant to either (A) a transfer (whether or not for consideration) from the Acquiring Person to holders of
equity interests in such Acquiring Person or to any Person with whom the Acquiring Person has any plan, agreement, arrangement or understanding
(whether or not in writing) regarding the transferred Rights, the shares of Common Stock of the Company associated with such Rights or
the Company, or (B) a transfer which the Board of Directors of the Company has determined is part of a plan, agreement, arrangement or
understanding which has as a primary purpose or effect the avoidance of this Section 7(e), shall be null and void without any further
action and no holder of such Rights shall have any rights whatsoever with respect to such Rights, whether under any provision of this
Agreement or otherwise. The Company shall use all reasonable efforts to ensure that the provisions of this Section 7(e) and Section 4(b)
hereof are complied with, but shall have no liability to any holder of Right Certificates or other Person as a result of its failure
to make any determinations with respect to an Acquiring Person or any Affiliates or Associates of an Acquiring Person or any other Person
with whom such Person is Acting in Concert or any transferee of any of them hereunder.

 

    	11

    	 

    

 

(f)
  Notwithstanding anything in this Agreement to the contrary, neither the Rights Agent nor the Company shall be obligated
to undertake any action with respect to a registered holder of Rights upon the occurrence of any purported exercise as set forth in this
Section 7 unless such registered holder shall have (i) completed and signed the certificate contained in the form of election to purchase
set forth on the reverse side of the Right Certificate surrendered for such exercise, and (ii) provided such additional evidence of the
identity of the Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates thereof as the Company shall reasonably request.

Section
8. Cancellation and Destruction of Right Certificates. All Right Certificates surrendered for the purpose of exercise, transfer, split
up, combination or exchange shall, if surrendered to the Company or any of its agents, be delivered to the Rights Agent for cancellation
or in canceled form, or, if surrendered to the Rights Agent, shall be canceled by it, and no Right Certificates shall be issued in lieu
thereof except as expressly permitted by any of the provisions of this Agreement. The Company shall deliver to the Rights Agent for cancellation
and retirement, and the Rights Agent shall so cancel and retire, any other Right Certificate purchased or acquired by the Company otherwise
than upon the exercise thereof. Subject to applicable law and regulation, the Rights Agent shall maintain in a retrievable database electronic
records of all cancelled or destroyed stock certificates which have been canceled or destroyed by the Rights Agent. The Rights Agent
shall maintain such electronic records or physical records for the time period required by applicable law and regulation. Upon written
request of the Company (and at the expense of the Company), the Rights Agent shall provide to the Company or its designee copies of such
electronic records or physical records relating to Right Certificates cancelled or destroyed by the Rights Agent.

 

Section
9. Reservation and Availability of Preferred Stock.

 

(a)
 The Company covenants and agrees that it will cause to be reserved and kept available out of its authorized and unissued shares
of Preferred Stock or any authorized and issued shares of Preferred Stock held in its treasury, the number of shares of Preferred Stock
that will be sufficient to permit the exercise in full of all outstanding and exercisable Rights. Upon the occurrence of any events resulting
in an increase in the aggregate number of shares of Preferred Stock issuable upon exercise of all outstanding Rights in excess of the
number then reserved, the Company shall make appropriate increases in the number of shares so reserved.

 

(b)
 The Company shall use its reasonable best efforts to cause, from and after such time as the Rights become exercisable, all shares
of Preferred Stock issued or reserved for issuance to be listed, upon official notice of issuance, upon the principal national securities
exchange, if any, upon which the Common Stock of the Company is listed or, if the principal market for the Common Stock of the Company
is not on any national securities exchange, to be eligible for quotation on such system as the Common Stock is then quoted.

 

(c)
 The Company shall use its reasonable best efforts to (i) file, as soon as practicable following the earliest date after the occurrence
of a Section 11(a)(ii) Event on which the consideration to be delivered by the Company upon exercise of the Rights has been determined
in accordance with Section 11(a)(iii) hereof, or as soon as required by law following the Distribution Date, as the case may be, a registration
statement under the Securities Act of 1933, as amended (the “Securities Act”), with respect to the securities purchasable
upon exercise of the Rights on an appropriate form, (ii) cause such registration statement to become effective as soon as practicable
after such filing and (iii) cause such registration statement to remain effective (with a prospectus that at all times meets the requirements
of the Securities Act) until the earlier of (A) the date as of which the Rights are no longer exercisable for such securities or (B)
the Expiration Date. The Company will also take such action as may be appropriate under, and which will ensure compliance with, the securities
or “blue sky” laws of the various states in connection with the exercisability of the Rights. The Company may temporarily
suspend, for a period of time not to exceed ninety (90) days after the date determined in accordance with the provisions of the first
sentence of this Section 9(c), the exercisability of the Rights in order to prepare and file such registration statement and permit it
to become effective. Upon such suspension, the Company shall issue a public announcement stating that the exercisability of the Rights
has been temporarily suspended, as well as a public announcement at such time as the suspension is no longer in effect, in each case
with prompt written notice to the Rights Agent. Notwithstanding any such provision of this Agreement to the contrary, the Rights shall
not be exercisable in any jurisdiction unless the requisite qualification in such jurisdiction shall have been obtained.

    	12

    	 

    

 

(d)
 The Company covenants and agrees that it will take all such action as may be necessary to ensure that all shares of Preferred
Stock delivered upon the exercise of the Rights shall, at the time of delivery of the certificates or depositary receipts for such shares
(subject to payment of the Exercise Price), be duly and validly authorized and issued and fully paid and nonassessable.

(e)
 The Company further covenants and agrees that it will pay when due and payable any and all federal and state transfer taxes and
charges which may be payable in respect of the issuance or delivery of the Right Certificates or of any certificates for shares of Preferred
Stock and/or other property upon the exercise of Rights. The Company shall not, however, be required to pay any transfer tax which may
be payable in respect of any transfer or delivery of Right Certificates or the issuance or delivery of other securities or property to
a person other than, or in respect of the issuance or delivery of securities or other property in a name other than that of, the registered
holder of the Right Certificates evidencing Rights surrendered for exercise or to issue or deliver any certificates for securities or
other property in a name other than that of the registered holder upon the exercise of any Rights until such tax shall have been paid
(any such tax being payable by the holder of such Right Certificate at the time of surrender) or until it has been established to the
Company’s satisfaction that no such tax is due.

 

Section
10. Preferred Stock Record Date. Each Person in whose name any certificate for Preferred Stock or other securities (including any fraction
of a share of Preferred Stock or such other securities) is issued upon the exercise of Rights shall for all purposes be deemed to have
become the holder of record of the shares of Preferred Stock or such other securities represented thereby on, and such certificate shall
be dated, the date upon which the Right Certificate evidencing such Rights was duly surrendered and payment of the Exercise Price (and
any applicable transfer taxes) was made; provided, however, that if the date of such surrender and payment is a date upon which the transfer
books of the Company for the Preferred Stock or such other securities, as applicable, are closed, such person shall be deemed to have
become the record holder of such shares of Preferred Stock or such other securities on, and such certificate shall be dated, the next
succeeding Business Day on which the transfer books of the Company are open; and further provided, however, that if delivery of shares
of Preferred Stock or such other securities is delayed pursuant to Section 9(c), such Person shall be deemed to have become the record
holder of such shares of Preferred Stock or such other securities only when such shares or such other securities first become deliverable.
Prior to the exercise of the Right evidenced thereby, the holder of a Right Certificate shall not be entitled to any rights of a stockholder
of the Company with respect to shares for which the Rights shall be exercisable, including, without limitation, the right to vote, to
receive dividends or other distributions or to exercise any preemptive rights, and shall not be entitled to receive any notice of any
proceedings of the Company, except as provided herein.

Section
11. Adjustment of Exercise Price, Number and Kind of Shares or Number of Rights. The Exercise Price, the number and kind of shares covered
by each Right and the number of Rights outstanding are subject to adjustment from time to time as provided in this Section 11.

(a)
 (i) In the event the Company shall at any time after the date of this Agreement (A) declare a dividend on the Preferred Stock
payable in shares of Preferred Stock, (B) subdivide the outstanding Preferred Stock, (C) combine the outstanding Preferred Stock into
a smaller number of shares or (D) issue, change or alter any shares of its capital stock in a reclassification or recapitalization of
the Preferred Stock (including any such reclassification or recapitalization in connection with a consolidation or merger in which the
Company is the continuing or surviving Person), except as otherwise provided in this Section 11(a) and Section 7(e) hereof, the Exercise
Price in effect at the time of the record date for such dividend or the effective time of such subdivision, combination, reclassification
or recapitalization, and the number and kind of shares of capital stock issuable on such date or at such time, shall be proportionately
adjusted so that the holder of any Right exercised after such time shall be entitled to receive the aggregate number and kind of shares
of capital stock which, if such Right had been exercised immediately prior to such date and at a time when the Preferred Stock transfer
books of the Company were open, such holder would have owned upon such exercise and been entitled to receive by virtue of such dividend,
subdivision, combination, reclassification or recapitalization; provided, however, that in no event shall the consideration
to be paid upon the exercise of a Right be less than the aggregate par value of the shares of capital stock of the Company issuable upon
exercise of a Right. If an event occurs which would require an adjustment under both Section 11(a)(i) and Section 11(a)(ii) hereof, the
adjustment provided for in this Section 11(a)(i) shall be in addition to, and shall be made prior to, any adjustment required pursuant
to Section 11(a)(ii) hereof.

 

    	13

    	 

    

 

(ii)
 Subject to the provisions of Section 24 hereof, in the event any Person, alone or together with its Affiliates and Associates
and any other Person with whom such Person is Acting in Concert, shall become an Acquiring Person, then, promptly following any such
occurrence (a “Section 11(a)(ii) Event”), proper provision shall be made so that each holder of a Right, except as
provided in Section 7(e) hereof, shall thereafter have a right to receive, upon exercise thereof at the then current Exercise Price in
accordance with the terms of this Agreement, in lieu of a number of one ten-thousandths of a share of Preferred Stock, such number of
shares of Common Stock of the Company as shall equal the result obtained by (x) multiplying the then current Exercise Price by the then
number of one ten-thousandths of a share of Preferred Stock for which a Right was exercisable immediately prior to the first occurrence
of a Section 11(a)(ii) Event, whether or not such Right was then exercisable, and dividing that product by (y) 50% of the Fair Market
Value per share of Common Stock of the Company (determined pursuant to Section 11(d)) on the date of the occurrence of a Section 11(a)(ii)
Event (such number of shares being referred to as the “Adjustment Shares”).

 

(iii)
In lieu of issuing any shares of Common Stock of the Company in accordance with Section 11(a)(ii) hereof, the Company, acting by or pursuant
to a resolution of the Board of Directors of the Company, may, and in the event that the number of shares of Common Stock of the Company
which are authorized by the Company’s Certificate of Incorporation but not outstanding or reserved for issuance for purposes other
than upon exercise of the Rights is not sufficient to permit the exercise in full of the Rights in accordance with the foregoing subparagraph
(ii) of this Section 11(a), the Company, acting by or pursuant to a resolution of the Board of Directors of the Company, shall: (A) determine
the excess of (X) the Fair Market Value of the Adjustment Shares issuable upon the exercise of a Right (the “Current Value”)
over (Y) the Exercise Price attributable to each Right (such excess being referred to as the “Spread”) and (B) with
respect to all or a portion of each Right (subject to Section 7(e) hereof), make adequate provision to substitute for the Adjustment
Shares, upon payment of the Exercise Price, (1) Common Stock of the Company or equity securities, if any, of the Company other than Common
Stock of the Company (including, without limitation, shares, or units of shares, of Preferred Stock that the Board of Directors of the
Company has determined to have the same value as shares of Common Stock of the Company (such shares of Preferred Stock being referred
to herein as “Common Stock Equivalents”)), (2) cash, (3) a reduction in the Exercise Price, (4) Preferred Stock Equivalents
which the Board of Directors of the Company has deemed to have the same value as shares of Common Stock of the Company, (5) debt securities
of the Company, (6) other assets or securities of the Company or (7) any combination of the foregoing, having an aggregate value equal
to the Current Value, where such aggregate value has been determined by the Board of Directors of the Company after receiving the advice
of a nationally recognized investment banking firm selected by the Board of Directors of the Company; provided, however,
that if the Company shall not have made adequate provision to deliver value pursuant to clause (B) above within thirty (30) days following
the later of (x) the first occurrence of a Section 11(a)(ii) Event and (y) the date on which the Company’s right of redemption
pursuant to Section 23(a) expires (the later of (x) and (y) being referred to herein as the “Section 11(a)(ii) Trigger Date”),
then the Company shall be obligated to deliver, upon the surrender for exercise of a Right and without requiring payment of the Exercise
Price, shares of Common Stock of the Company (to the extent available) and then, if necessary, cash, which shares and/or cash have an
aggregate value equal to the Spread. If the Board of Directors of the Company shall determine in good faith that it is likely that sufficient
additional shares of Common Stock of the Company could be authorized for issuance upon exercise in full of the Rights, the 30-day period
set forth above may be extended to the extent necessary, but not more than ninety (90) days after the Section 11(a)(ii) Trigger Date,
in order that the Company may seek stockholder approval for the authorization of such additional shares (such period, as it may be extended,
being referred to herein as the “Substitution Period”). To the extent that the Company determines that some action
need be taken pursuant to the first and/or second sentences of this Section 11(a)(iii), the Company (x) shall provide, subject to Section
7(e) hereof, that such action shall apply uniformly to all outstanding Rights and (y) may suspend the exercisability of the Rights until
the expiration of the Substitution Period in order to seek any authorization of additional shares and/or to decide the appropriate form
of distribution to be made pursuant to such first sentence and to determine the value thereof. In the event of any such suspension, the
Company shall issue a public announcement stating that the exercisability of the Rights has been temporarily suspended and a public announcement
at such time as the suspension is no longer in effect. For purposes of this Section 11(a)(iii), the value of the Common Stock of the
Company and of the Preferred Stock shall be the Fair Market Value (as determined pursuant to Section 11(d) hereof) per share of the Common
Stock of the Company and the Preferred Stock, respectively, on the Section 11(a)(ii) Trigger Date, the value of any Common Stock Equivalent
shall be deemed to have the same value as the Common Stock of the Company on such date and the value of any Preferred Stock Equivalent
shall be deemed to have the same value as the Preferred Stock on such date.

 

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(b)
 If the Company shall fix a record date for the issuance of rights, options or warrants to all holders of Preferred Stock entitling
them (for a period expiring within forty-five (45) calendar days after such record date) to subscribe for or purchase Preferred Stock
(or securities having the same or more favorable rights, privileges and preferences as the shares of Preferred Stock (“Preferred
Stock Equivalents”)) or securities convertible into Preferred Stock or Preferred Stock Equivalents at a price per share of
Preferred Stock or per share of Preferred Stock Equivalents (or having a conversion price per share, if a security convertible into Preferred
Stock or Preferred Stock Equivalents) less than the Fair Market Value (as determined pursuant to Section 11(d) hereof) per share of Preferred
Stock on such record date, the Exercise Price to be in effect after such record date shall be determined by multiplying the Exercise
Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the number of shares of Preferred
Stock outstanding on such record date, plus the number of shares of Preferred Stock which the aggregate offering price of the total number
of shares of Preferred Stock and/or Preferred Stock Equivalents to be offered (and the aggregate initial conversion price of the convertible
securities so to be offered) would purchase at such Fair Market Value and the denominator of which shall be the number of shares of Preferred
Stock outstanding on such record date, plus the number of additional shares of Preferred Stock and Preferred Stock Equivalents to be
offered for subscription or purchase (or into which the convertible securities so to be offered are initially convertible); provided,
however, that in no event shall the consideration to be paid upon the exercise of a Right be less than the aggregate par value
of the shares of stock of the Company issuable upon exercise of a Right. In case such subscription price may be paid in a consideration
part or all of which shall be in a form other than cash, the value of such consideration shall be the Fair Market Value thereof determined
in accordance with Section 11(d) hereof. Shares of Preferred Stock owned by or held for the account of the Company shall not be deemed
outstanding for the purpose of any such computation. Such adjustments shall be made successively whenever such a record date is fixed;
and in the event that such rights or warrants are not so issued, the Exercise Price shall be adjusted to be the Exercise Price which
would then be in effect if such record date had not been fixed.

 

(c)
 If the Company shall fix a record date for the making of a distribution to all holders of Preferred Stock (including any such
distribution made in connection with a consolidation or merger in which the Company is the continuing or surviving corporation), of evidences
of indebtedness, cash (other than a regular periodic cash dividend out of the earnings or retained earnings of the Company), assets (other
than a dividend payable in Preferred Stock, but including any dividend payable in stock other than Preferred Stock) or convertible securities,
subscription rights or warrants (excluding those referred to in Section 11(b)), the Exercise Price to be in effect after such record
date shall be determined by multiplying the Exercise Price in effect immediately prior to such record date by a fraction, the numerator
of which shall be the Fair Market Value (as determined pursuant to Section 11(d) hereof) per one ten-thousandth of a share of Preferred
Stock on such record date, less the Fair Market Value (as determined pursuant to Section 11(d) hereof) of the portion of the cash, assets
or evidences of indebtedness so to be distributed or of such convertible securities, subscription rights or warrants applicable to one
ten-thousandth of a share of Preferred Stock and the denominator of which shall be the Fair Market Value (as determined pursuant to Section
11(d) hereof) per one ten-thousandth of a share of Preferred Stock; provided, however, that in no event shall the consideration
to be paid upon the exercise of a Right be less than the aggregate par value of the shares of stock of the Company issuable upon exercise
of a Right. Such adjustments shall be made successively whenever such a record date is fixed; and in the event that such distribution
is not so made, the Exercise Price shall again be adjusted to be the Exercise Price which would be in effect if such record date had
not been fixed.

 

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(d)
 For the purpose of this Agreement, the “Fair Market Value” of any share of Preferred Stock, Common Stock or
any other stock or any Right or other security or any other property shall be determined as provided in this Section 11(d).

(i)
  In the case of a publicly-traded stock or other security, the Fair Market Value on any date shall be deemed to be the average
of the daily closing prices per share of such stock or per unit of such other security for the thirty (30) consecutive Trading Days (as
such term is hereinafter defined) immediately prior to such date; provided, however, that in the event that the Fair Market
Value per share of any share of stock is determined during a period following the announcement by the issuer of such stock of (x) a dividend
or distribution on such stock payable in shares of such stock or securities convertible into shares of such stock or (y) any subdivision,
combination or reclassification of such stock, and prior to the expiration of the 30 Trading Day period after the ex-dividend date for
such dividend or distribution, or the record date for such subdivision, combination or reclassification, then, and in each such case,
the Fair Market Value shall be properly adjusted to take into account ex-dividend trading. The closing price for each day shall be the
last sale price, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular
way, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted
to trading on the Nasdaq Stock Market or, if the securities are not listed or admitted to trading on the Nasdaq Stock Market, as reported
in the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange
on which such security is listed or admitted to trading; or, if not listed or admitted to trading on any national securities exchange,
the last quoted price (or, if not so quoted, the average of the last quoted high bid and low asked prices) in the over-the-counter market,
as reported by the OTC Bulletin Board, the Pink Sheets or such other system then in use; or, if on any such date no bids for such security
are quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making
a market in such security selected by the Board of Directors of the Company. If on any such date no market maker is making a market in
such security, the Fair Market Value of such security on such date shall be determined reasonably and with utmost good faith to the holders
of the Rights by the Board of Directors of the Company; provided, however, that if at the time of such determination there
is an Acquiring Person, the Fair Market Value of such security on such date shall be determined by a nationally recognized investment
banking firm selected by the Board of Directors of the Company, which determination shall be described in a statement filed with the
Rights Agent and shall be binding on the Rights Agent and the holders of the Rights. The term “Trading Day” shall
mean a day on which the principal national securities exchange on which such security is listed or admitted to trading is open for the
transaction of business or, if such security is not listed or admitted to trading on any national securities exchange, a Business Day.

 

(ii)
 If a security is not publicly held or not so listed or traded, “Fair Market Value” shall mean the fair value
per share of stock or per other unit of such security, determined reasonably and in good faith to the holders of the Rights by the Board
of Directors of the Company; provided, however, that if at the time of such determination there is an Acquiring Person,
the Fair Market Value of such security on such date shall be determined by a nationally recognized investment banking firm selected by
the Board of Directors of the Company, which determination shall be described in a statement filed with the Rights Agent and shall be
binding on the Rights Agent and the holders of the Rights; provided, however, that for the purposes of making any adjustment
provided for by Section 11(a)(ii) hereof, the Fair Market Value of a share of Preferred Stock shall not be less than the product of the
then Fair Market Value of a share of Common Stock multiplied by the higher of the then Dividend Multiple or Vote Multiple (as both of
such terms are defined in the Certificate of Designations attached as Exhibit A hereto) applicable to the Preferred Stock and
shall not exceed 105% of the product of the then Fair Market Value of a share of Common Stock multiplied by the higher of the then Dividend
Multiple or Vote Multiple applicable to the Preferred Stock.

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(iii)
In the case of property other than securities, the Fair Market Value thereof shall be determined reasonably and in good faith to the
holders of Rights by the Board of Directors of the Company; provided, however, that if at the time of such determination
there is an Acquiring Person, the Fair Market Value of such property on such date shall be determined by a nationally recognized investment
banking firm selected by the Board of Directors of the Company, which determination shall be described in a statement filed with the
Rights Agent and shall be binding upon the Rights Agent and the holders of the Rights.

 

(e)
 Anything herein to the contrary notwithstanding, no adjustment in the Exercise Price shall be required unless such adjustment
would require an increase or decrease of at least 1.0% in the Exercise Price; provided, however, that any adjustments which
by reason of this Section 11(e) are not required to be made shall be carried forward and taken into account in any subsequent adjustment.
All calculations under this Section 11 shall be made to the nearest cent or to the nearest one-millionth of a share of Common Stock of
the Company or hundred-millionth of a share of Preferred Stock, as the case may be, or to such other figure as the Board of Directors
of the Company may deem appropriate. Notwithstanding the first sentence of this Section 11(e), any adjustment required by this Section
11 shall be made no later than the earlier of (i) three (3) years from the date of the transaction which mandates such adjustment or
(ii) the Expiration Date.

(f)
  If as a result of any provision of Section 11(a) or Section 13(a) hereof, the holder of any Right thereafter exercised
shall become entitled to receive any shares of capital stock of the Company other than Preferred Stock, thereafter the number of such
other shares so receivable upon exercise of any Right shall be subject to adjustment from time to time in a manner and on terms as nearly
equivalent as practicable to the provisions with respect to the Preferred Stock contained in Section 11(a), (b), (c), (d), (e), (g) through
(k) and (m), inclusive, and the provisions of Sections 7, 9, 10, 13 and 14 hereof with respect to the Preferred Stock shall apply on
like terms to any such other shares.

(g)
 All Rights originally issued by the Company subsequent to any adjustment made to the Exercise Price hereunder shall evidence the
right to purchase, at the adjusted Exercise Price, the number of one ten-thousandths of a share of Preferred Stock (or other securities
or amount of cash or combination thereof) purchasable from time to time hereunder upon exercise of the Rights, all subject to further
adjustment as provided herein.

 

(h)
 Unless the Company shall have exercised its election as provided in Section 11(i), upon each adjustment of the Exercise Price
as a result of the calculations made in Section 11(b) and (c), each Right outstanding immediately prior to the making of such adjustment
shall thereafter evidence the right to purchase, at the adjusted Exercise Price, that number of one ten-thousandths of a share of Preferred
Stock (calculated to the nearest hundred-millionth) as the Board of Directors of the Company determines is appropriate to preserve the
economic value of the Rights, including, by way of example, that number obtained by (i) multiplying (x) the number of one ten-thousandths
of a share of Preferred Stock for which a Right may be exercisable immediately prior to this adjustment by (y) the Exercise Price in
effect immediately prior to such adjustment of the Exercise Price and (ii) dividing the product so obtained by the Exercise Price in
effect immediately after such adjustment of the Exercise Price.

 

(i)
  The Company may elect on or after the date of any adjustment of the Exercise Price to adjust the number of Rights, in substitution
for any adjustment in the number of shares of Preferred Stock purchasable upon the exercise of a Right. Each of the Rights outstanding
after the adjustment in the number of Rights shall be exercisable for the number of one ten-thousandths of a share of Preferred Stock
for which a Right was exercisable immediately prior to such adjustment. Each Right held of record prior to such adjustment of the number
of Rights shall become that number of Rights (calculated to the nearest one-millionth) obtained by dividing the Exercise Price in effect
immediately prior to adjustment of the Exercise Price by the Exercise Price in effect immediately after adjustment of the Exercise Price.
The Company shall make a public announcement of its election to adjust the number of Rights, indicating the record date for the adjustment,
and, if known at the time, the amount of the adjustment to be made. This record date may be the date on which the Exercise Price is adjusted
or any day thereafter, but, if the Right Certificates have been issued, shall be at least ten (10) days later than the date of the public
announcement. If Right Certificates have been issued, upon each adjustment of the number of Rights pursuant to this Section 11(i), the
Company shall, as promptly as practicable, cause to be distributed to holders of record of Right Certificates on such record date Right
Certificates evidencing, subject to Section 14 hereof, the additional Rights to which such holders shall be entitled as a result of such
adjustment, or, at the option of the Company, shall cause to be distributed to such holders of record in substitution and replacement
for the Right Certificates held by such holders prior to the date of adjustment, and upon surrender thereof, if required by the Company,
new Right Certificates evidencing all the Rights to which such holders shall be entitled after such adjustment. Right Certificates so
to be distributed shall be issued, executed and countersigned in the manner provided for herein (and may bear, at the option of the Company,
the adjusted Exercise Price) and shall be registered in the names of the holders of record of Right Certificates on the record date specified
in the public announcement.

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(j)
  Irrespective of any adjustment or change in the Exercise Price or the number of one ten-thousandths of a share of Preferred
Stock issuable upon the exercise of the Rights, the Right Certificates theretofore and thereafter issued may continue to express the
Exercise Price per share and the number of shares which were expressed in the initial Right Certificates issued hereunder without prejudice
to any adjustment or change.

(k)
 Before taking any action that would cause an adjustment reducing the Exercise Price below the then stated value, if any, of the
number of one ten-thousandths of a share of Preferred Stock issuable upon exercise of the Rights, the Company shall take any corporate
action which may, in the opinion of its counsel, be necessary in order that the Company may validly and legally issue fully paid and
nonassessable shares of Preferred Stock at such adjusted Exercise Price.

(l)
  In any case in which this Section 11 shall require that an adjustment in the Exercise Price be made effective as of a record
date for a specified event, the Company may elect to defer until the occurrence of such event the issuing to the holder of any Right
exercised after such record date the number of one ten-thousandths of a share of Preferred Stock or other capital stock or securities
of the Company, if any, issuable upon such exercise over and above the number of one ten-thousandths of a share of Preferred Stock and
other capital stock or securities of the Company, if any, issuable upon such exercise on the basis of the Exercise Price in effect prior
to such adjustment; provided, however, that the Company shall deliver to such holder a due bill or other appropriate instrument
evidencing such holder’s right to receive such additional shares upon the occurrence of the event requiring such adjustment.

 

(m)
Anything in this Section 11 to the contrary notwithstanding, the Company shall be entitled to make such reductions in the Exercise Price,
in addition to those adjustments expressly required by this Section 11, as and to the extent that in its good faith judgment the Board
of Directors of the Company shall determine to be advisable in order that any consolidation or subdivision of the Preferred Stock, issuance
wholly for cash of any shares of Preferred Stock at less than the Fair Market Value, issuance wholly for cash of shares of Preferred
Stock or securities which by their terms are convertible into or exchangeable for shares of Preferred Stock, stock dividends or issuance
of rights, options or warrants referred to hereinabove in this Section 11, hereafter made by the Company to holders of its Preferred
Stock, shall not be taxable to such stockholders.

(n)
 The Company covenants and agrees that it shall not, at any time after the Distribution Date and so long as the Rights have not
been redeemed pursuant to Section 23 hereof or exchanged pursuant to Section 24 hereof, (i) consolidate with (other than a Subsidiary
of the Company in a transaction that complies with the proviso at the end of this sentence), (ii) merge with or into, or (iii) sell or
transfer (or permit any Subsidiary to sell or transfer), in one transaction or a series of related transactions, assets or earning power
aggregating 50% or more of the assets or earning power of the Company and its Subsidiaries taken as a whole, to any other Person or Persons
(other than the Company and/or any of its Subsidiaries in one or more transactions each of which complies with the proviso at the end
of this sentence) if (x) at the time of or immediately after such consolidation, merger or sale there are any rights, warrants or other
instruments outstanding or agreements or arrangements in effect which would substantially diminish or otherwise eliminate the benefits
intended to be afforded by the Rights, or (y) prior to, simultaneously with or immediately after such consolidation, merger or sale the
stockholders of a Person who constitutes, or would constitute, the “Principal Party” for the purposes of Section 13(a) hereof
shall have received a distribution of Rights previously owned by such Person or any of its Affiliates and Associates or any other Person
with whom such Person is Acting in Concert; provided, however, that, subject to the following sentence, this Section 11(n)
shall not affect the ability of any Subsidiary of the Company to consolidate with, or merge with or into, or sell or transfer assets
or earning power to, any other Subsidiary of the Company. The Company further covenants and agrees that after the Distribution Date it
will not, except as permitted by Section 23, Section 24 or Section 27 hereof, take (or permit any Subsidiary to take) any action if at
the time such action is taken it is reasonably foreseeable that such action will substantially diminish or otherwise eliminate the benefits
intended to be afforded by the Rights.

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(o)
 Notwithstanding anything in this Agreement to the contrary, in the event the Company shall at any time after the date of this
Agreement and prior to the Distribution Date (i) declare or pay any dividend on the outstanding Common Stock of the Company payable in
shares of Common Stock of the Company or (ii) effect a subdivision, combination or consolidation of the outstanding shares of Common
Stock of the Company (by reclassification or otherwise than by payment of dividends in shares of Common Stock of the Company) into a
greater or lesser number of shares of Common Stock of the Company, then in any such case (A) the number of one ten-thousandths of a share
of Preferred Stock purchasable after such event upon proper exercise of each Right shall be determined by multiplying the number of one
ten-thousandths of a share of Preferred Stock so purchasable immediately prior to such event by a fraction, the numerator of which is
the number of shares of Common Stock of the Company outstanding immediately prior to such event and the denominator of which is the number
of shares of Common Stock of the Company outstanding immediately after such event, and (B) each share of Common Stock of the Company
outstanding immediately after such event shall have issued with respect to it that number of Rights which each share of Common Stock
of the Company outstanding immediately prior to such event had issued with respect to it. The adjustments provided for in this Section
11(o) shall be made successively whenever such a dividend is declared or paid or such a subdivision, combination or consolidation is
effected.

 

(p)
 The exercise of Rights under Section 11(a)(ii) shall only result in the loss of rights under Section 11(a)(ii) to the extent so
exercised and, unless expressly provided to the contrary elsewhere in this Agreement, such exercise shall not otherwise affect the rights
of holders of Right Certificates under this Rights Agreement, including rights to purchase securities of the Principal Party following
a Section 13 Event which has occurred or may thereafter occur, as set forth in Section 13 hereof. Upon exercise of a Right Certificate
under Section 11(a)(ii), the Rights Agent shall return such Right Certificate duly marked to indicate that such exercise has occurred.

Section
12. Certificate of Adjusted Exercise Price or Number of Shares. Whenever an adjustment is made as provided in Section 11 or Section 13
hereof, the Company shall (a) promptly prepare a certificate setting forth such adjustment and a brief, reasonably detailed statement
of the facts and computations accounting for such adjustment, (b) promptly file with the Rights Agent and with each transfer agent for
the Preferred Stock and the Common Stock of the Company a copy of such certificate and (c) mail a brief summary thereof to each holder
of a Right Certificate (or, if prior to the Distribution Date, to each holder of a certificate representing shares of Common Stock of
the Company or Book Entry Shares, as applicable) in accordance with Section 26 hereof. The Rights Agent shall be fully protected in relying
on any such certificate and on any adjustment contained therein and shall have no duty or liability with respect to, and shall not be
deemed to have knowledge of any such adjustment unless and until it shall have received such certificate.

 

Section
13. Consolidation, Merger or Sale or Transfer of Assets or Earning Power.

(a)
 In the event that, following the Stock Acquisition Date, directly or indirectly, (x) the Company shall consolidate with, or merge
with and into, any other Person (other than a Subsidiary of the Company in a transaction which is not prohibited by Section 11(n) hereof),
and the Company shall not be the continuing or surviving corporation of such consolidation or merger, (y) any Person (other than a Subsidiary
of the Company in a transaction which is not prohibited by the proviso at the end of the first sentence of Section 11(n) hereof) shall
consolidate with the Company, or merge with and into the Company and the Company shall be the continuing or surviving corporation of
such merger and, in connection with such merger, all or part of the shares of Common Stock of the Company shall be changed into or exchanged
for stock or other securities of any other Person or cash or any other property, or (z) the Company shall sell, mortgage or otherwise
transfer (or one or more of its Subsidiaries shall sell, mortgage or otherwise transfer), in one transaction or a series of related transactions,
assets or earning power aggregating 50% or more of the assets or earning power of the Company and its Subsidiaries (taken as a whole)
to any other Person or Persons (other than the Company or any Subsidiary of the Company in one or more transactions, each of which is
not prohibited by the proviso at the end of the first sentence of Section 11(n) hereof), then, and in each such case, proper provision
shall be made so that: (i) each holder of a Right, except as provided in Section 7(e) hereof, shall have the right to receive, upon the
exercise thereof at the then current Exercise Price in accordance with the terms of this Agreement, such number of validly authorized
and issued, fully paid and nonassessable shares of freely tradable Common Stock of the Principal Party (as hereinafter defined in Section
13(b)), free and clear of rights of call or first refusal, liens, encumbrances, transfer restrictions or other adverse claims, as shall
be equal to the result obtained by (1) multiplying the then current Exercise Price by the number of one ten-thousandths of a share of
Preferred Stock for which a Right is exercisable immediately prior to the first occurrence of a Section 13 Event (without taking into
account any adjustment previously made pursuant to Section 11(a)(ii) or 11(a)(iii) hereof), and dividing that product by (2) 50% of the
Fair Market Value (determined pursuant to Section 11(d) hereof) per share of the Common Stock of such Principal Party on the date of
consummation of such consolidation, merger, sale or transfer; (ii) such Principal Party shall thereafter be liable for, and shall assume,
by virtue of such consolidation, merger, sale, mortgage or transfer, all the obligations and duties of the Company pursuant to this Agreement;
(iii) the term “Company” shall thereafter be deemed to refer to such Principal Party, it being specifically intended that
the provisions of Section 11 hereof shall apply to such Principal Party; and (iv) such Principal Party shall take such steps (including,
but not limited to, the reservation of a sufficient number of shares of its Common Stock to permit exercise of all outstanding Rights
in accordance with this Section 13(a) and the making of payments in cash and/or other securities in accordance with Section 11(a)(iii)
hereof) in connection with such consummation as may be necessary to assure that the provisions hereof shall thereafter be applicable,
as nearly as reasonably may be, in relation to its shares of Common Stock thereafter deliverable upon the exercise of the Rights.

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(b)
“Principal Party” shall mean:

(i)
  in the case of any transaction described in clause (x) or (y) of the first sentence of Section 13(a), the Person that is
the issuer of any securities into which shares of Common Stock of the Company are converted in such merger or consolidation, or, if there
is more than one such issuer, the issuer of Common Stock that has the highest aggregate Fair Market Value (determined pursuant to Section
11(d)), and if no securities are so issued, the Person that is the other party to the merger or consolidation, or, if there is more than
one such Person, the Person the Common Stock of which has the highest aggregate Fair Market Value (determined pursuant to Section 11(d));
and

(ii)
 in the case of any transaction described in clause (z) of the first sentence of Section 13(a), the Person that is the party receiving
the greatest portion of the assets or earning power transferred pursuant to such transaction or transactions, or, if each Person that
is a party to such transaction or transactions receives the same portion of the assets or earning power transferred pursuant to such
transaction or transactions or if the Person receiving the largest portion of the assets or earning power cannot be determined, whichever
Person the Common Stock of which has the highest aggregate Fair Market Value (determined pursuant to Section 11(d); provided,
however, that in any such case described in clauses (i) or (ii) of Section 13(b) hereof, (1) if the Common Stock of such Person
is not at such time and has not been continuously over the preceding 12-month period registered under Section 12 of the Exchange Act
(“Registered Common Stock”) or such Person is not a corporation, and such Person is a direct or indirect Subsidiary
or Affiliate of another Person who has Registered Common Stock outstanding, “Principal Party” shall refer to such other Person;
(2) if the Common Stock of such Person is not Registered Common Stock or such Person is not a corporation, and such Person is a direct
or indirect Subsidiary of another Person but is not a direct or indirect Subsidiary of another Person which has Registered Common Stock
outstanding, “Principal Party” shall refer to the ultimate parent entity of such first-mentioned Person; (3) if the Common
Stock of such Person is not Registered Common Stock or such Person is not a corporation, and such Person is directly or indirectly controlled
by more than one Person, and one or more of such other Persons has Registered Common Stock outstanding, “Principal Party”
shall refer to whichever of such other Persons is the issuer of the Registered Common Stock having the highest aggregate Fair Market
Value (determined pursuant to Section 11(d)); and (4) if the Common Stock of such Person is not Registered Common Stock or such Person
is not a corporation, and such Person is directly or indirectly controlled by more than one Person, and none of such other Persons has
Registered Common Stock outstanding, “Principal Party” shall refer to whichever ultimate parent entity is the corporation
having the greatest stockholders’ equity or, if no such ultimate parent entity is a corporation, “Principal Party”
shall refer to whichever ultimate parent entity is the entity having the greatest net assets.

 

(c)
 The Company shall not consummate any such consolidation, merger, sale or transfer unless prior thereto (x) the Principal Party
shall have a sufficient number of authorized shares of its Common Stock, which have not been issued or reserved for issuance, to permit
the exercise in full of the Rights in accordance with this Section 13, and (y) the Company and each Principal Party and each other Person
who may become a Principal Party as a result of such consolidation, merger, sale or transfer shall have executed and delivered to the
Rights Agent a supplemental agreement providing for the terms set forth in Section 13(a) and (b) and further providing that, as soon
as practicable after the date of any consolidation, merger, sale or transfer of assets mentioned in Section 13(a), the Principal Party
at its own expense will:

 

(i)
  prepare and file a registration statement under the Securities Act with respect to the Rights and the securities purchasable
upon exercise of the Rights on an appropriate form, cause such registration statement to become effective as soon as practicable after
such filing and cause such registration statement to remain effective (with a prospectus that at all times meets the requirements of
the Securities Act) until the Expiration Date;

 

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(ii)
 qualify or register the Rights and the securities purchasable upon exercise of the Rights under the blue sky laws of such jurisdictions
as may be necessary or appropriate;

 

(iii)
list (or continue the listing of) the Rights and the securities purchasable upon exercise of the Rights on a national securities exchange
or to meet the eligibility requirements for listing on an automated quotation system or such other system on which the Common Stock of
the Company is then traded; and

 

(iv)
deliver to holders of the Rights historical financial statements for the Principal Party and each of its Affiliates which comply in all
respects with the requirements for registration on Form 10 under the Exchange Act.

(d)
 In case the Principal Party which is to be a party to a transaction referred to in this Section 13 has a provision in any of its
authorized securities or in its certificate of incorporation or By-Laws or other instrument governing its affairs, which provision would
have the effect of (i) causing such Principal Party to issue (other than to holders of Rights pursuant to this Section 13), in connection
with, or as a consequence of, the consummation of a transaction referred to in this Section 13, shares of Common Stock of such Principal
Party at less than the then current Fair Market Value (determined pursuant to Section 11(d)) or securities exercisable for, or convertible
into, Common Stock of such Principal Party at less than such Fair Market Value, or (ii) providing for any special payment, tax or similar
provisions in connection with the issuance of the Common Stock of such Principal Party pursuant to the provisions of this Section 13,
then, in such event, the Company shall not consummate any such transaction unless prior thereto the Company and such Principal Party
shall have executed and delivered to the Rights Agent a supplemental agreement providing that the provision in question of such Principal
Party shall have been canceled, waived or amended, or that the authorized securities shall be redeemed, so that the applicable provision
will have no effect in connection with, or as a consequence of, the consummation of the proposed transaction.

The
provisions of this Section 13 shall similarly apply to successive mergers or consolidations or sales or other transfers.

Section
14. Fractional Rights and Fractional Shares.

(a)
 The Company shall not be required to issue fractions of Rights, except prior to the Distribution Date as provided in Section 11(o)
hereof, or to distribute Right Certificates which evidence fractional Rights. If the Company elects not to issue such fractional Rights,
the Company shall pay, in lieu of such fractional Rights, to the registered holders of the Right Certificates with regard to which such
fractional Rights would otherwise be issuable, an amount in cash equal to the same fraction of the Fair Market Value of a whole Right,
as determined pursuant to Section 11(d) hereof.

(b)
 The Company shall not be required to issue fractions of shares of Preferred Stock (other than fractions which are integral multiples
of one ten-thousandth of a share of Preferred Stock) upon exercise of the Rights or to distribute certificates which evidence fractional
shares of Preferred Stock (other than fractions which are integral multiples of one ten-thousandth of a share of Preferred Stock). In
lieu of fractional shares of Preferred Stock that are not integral multiples of one ten-thousandth of a share of Preferred Stock, the
Company may pay to the registered holders of Right Certificates at the time such Rights are exercised as herein provided an amount in
cash equal to the same fraction of the Fair Market Value of one ten-thousandth of a share of Preferred Stock. For purposes of this Section
14(b), the Fair Market Value of one ten-thousandth of a share of Preferred Stock shall be determined pursuant to Section 11(d) hereof
for the Trading Day immediately prior to the date of such exercise.

 

    	21

    	 

    

 

(c)
 The holder of a Right by the acceptance of the Rights expressly waives his right to receive any fractional Rights or any fractional
shares upon exercise of a Right, except as permitted by this Section 14.

 

(d)
 Whenever a payment for fractional Rights or fractional shares is to be made by the Rights Agent under this Agreement, the Company
shall (i) promptly prepare and deliver to the Rights Agent a certificate setting forth in reasonable detail the facts related to such
payment and the prices or formulas utilized in calculating such payments and (ii) provide sufficient monies to the Rights Agent in the
form of fully collected funds to make such payments. The Rights Agent may rely upon such a certificate and has no duty with respect to,
and will not be deemed to have knowledge of, any payment for fractional Rights or fractional shares under any Section of this Agreement
relating to the payment of fractional Rights or fractional shares unless and until the Rights Agent has received such a certificate and
sufficient monies.

Section
15. Rights of Action. All rights of action in respect of this Agreement, other than rights of action vested in the Rights Agent pursuant
to Sections 18 and 20 hereof, are vested in the respective registered holders of the Right Certificates (or, prior to the Distribution
Date, the registered holders of the Common Stock of the Company); and any registered holder of any Right Certificate (or, prior to the
Distribution Date, of the Common Stock of the Company), without the consent of the Rights Agent or of the holder of any other Right Certificate
(or, prior to the Distribution Date, of the Common Stock of the Company), may, in such registered holder’s own behalf and for such
registered holder’s own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Company to
enforce, or otherwise act in respect of, his right to exercise the Right evidenced by such Right Certificate in the manner provided in
such Right Certificate and in this Agreement. Without limiting the foregoing or any remedies available to the holders of Rights, it is
specifically acknowledged that the holders of Rights would not have an adequate remedy at law for any breach of this Agreement by the
Company and shall be entitled to specific performance of the obligations hereunder and injunctive relief against actual or threatened
violations of the obligations hereunder of the Company. Holders of Rights shall be entitled to recover the reasonable costs and expenses,
including attorneys’ fees, incurred by them in any action to enforce the provisions of this Agreement.

Section
16. Agreement of Right Holders. Every holder of a Right, by accepting the same, consents and agrees with the Company and the Rights Agent
and with every other holder of a Right that:

(a)
 prior to the Distribution Date, each Right will be transferable only simultaneously and together with the transfer of shares of
Common Stock of the Company;

(b)
 after the Distribution Date, the Right Certificates are transferable only on the registry books of the Rights Agent if surrendered
at the office or offices of the Rights Agent designated for such purpose, duly endorsed or accompanied by a proper instrument of transfer
and with the appropriate forms and certificates properly completed and duly executed, accompanied by a Signature Guarantee and such other
documentation as the Rights Agent may reasonably request;

 

(c)
 subject to Sections 6(a) and 7(f), the Company and the Rights Agent may deem and treat the person in whose name a Right Certificate
(or, prior to the Distribution Date, the associated certificate representing Common Stock of the Company or Book Entry Shares, as applicable)
is registered as the absolute owner thereof and of the Rights evidenced thereby (notwithstanding any notations of ownership or writing
on the Right Certificates or the associated certificate representing Common Stock of the Company or Book Entry Shares, as applicable,
made by anyone other than the Company or the Rights Agent) for all purposes whatsoever, and, subject to the last sentence of Section
7(e), neither the Company nor the Rights Agent shall be affected by any notice to the contrary; and

    	22

    	 

    

 

(d)
 notwithstanding anything in this Agreement to the contrary, neither the Company nor the Rights Agent shall have any liability
to any holder of a Right or other Person as the result of its inability to perform any of its obligations under this Agreement by reason
of any preliminary or permanent injunction or other order, decree or ruling issued by a court of competent jurisdiction or by a governmental,
regulatory or administrative agency or commission, or any statute, rule, regulation or executive order promulgated or enacted by any
governmental authority prohibiting or otherwise restraining performance of such obligations; provided, however, that the
Company must use its best efforts to have any such order, decree or ruling lifted or otherwise overturned as soon as possible.

 

Section
17. Right Certificate Holder Not Deemed a Stockholder. No holder, as such, of any Right Certificate shall be entitled to vote, receive
dividends or be deemed for any purpose the holder of the shares of Preferred Stock or any other securities of the Company which may at
any time be issuable on the exercise of the Rights represented thereby, nor shall anything contained herein or in any Right Certificate
be construed to confer upon the holder of any Right Certificate, as such, any of the rights of a stockholder of the Company or any right
to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent
to any corporate action, or to receive notice of meetings or other actions affecting stockholders (except as provided in Section 25 hereof),
or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by such Right Certificate shall have
been exercised in accordance with the provisions hereof.

Section
18. Concerning the Rights Agent.

(a)
 The Company agrees to pay to the Rights Agent such compensation as shall be agreed to in writing between the Company and the Rights
Agent for all services rendered by it hereunder and, from time to time, on demand of the Rights Agent, its reasonable expenses and attorney
fees and disbursements and other disbursements incurred in the preparation, negotiation, execution, administration, delivery and amendment
of this Agreement and the exercise and performance of its duties hereunder. The Company also covenants and agrees to indemnify the Rights
Agent for, and to hold it harmless against, any loss, liability, damage, judgment, fine, penalty, claim, demand, settlement, cost or
expense (including the reasonable fees and expenses of legal counsel) that may be paid, incurred or suffered by it, or to which it may
become subject, without gross negligence, bad faith or willful misconduct on the part of the Rights Agent, (which gross negligence, bad
faith, or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction), for any action
taken, suffered or omitted to be taken by the Rights Agent in connection with the execution, acceptance, administration, exercise and
performance of its duties under this Agreement, including the costs and expenses of defending against any claim of liability arising
therefrom, directly or indirectly, or of enforcing its rights under this Agreement.

 

(b)
 The Rights Agent shall be authorized and protected and shall incur no liability for or in respect of any action taken, suffered
or omitted to be taken by it in connection with its acceptance and administration of this Agreement and the exercise and performance
of its duties hereunder in reliance upon any Right Certificate or certificate representing Common Stock of the Company (or registration
on the transfer books of the Company, including, in the case of uncertificated shares, by notation in book entry accounts reflecting
ownership), Preferred Stock, or other securities of the Company, instrument of assignment or transfer, power of attorney, endorsement,
affidavit, letter, notice, direction, consent, certificate, statement, or other paper or document believed by it in the absence of bad
faith to be genuine and to be duly signed and executed and, where necessary, guaranteed, verified or acknowledged, by the proper Person
or Persons, or otherwise upon the advice of counsel as set forth in Section 20. The Rights Agent shall not be deemed to have knowledge
of any event of which it was supposed to receive notice thereof hereunder, and the Rights Agent shall be fully protected and shall incur
no liability for failing to take action in connection therewith unless and until it has received such notice in writing.

(c)
 Section 18 and Section 20 shall survive the termination of this Agreement, the resignation, replacement or removal of the Rights
Agent and the exercise, termination and expiration of the Rights. Notwithstanding anything in this Agreement to the contrary, in no event
shall the Rights Agent be liable for special, punitive, incidental, indirect or consequential
loss or damage of any kind whatsoever, even if the Rights Agent has been advised of the likelihood of such loss or damage and regardless
of the form of the action.

    	23

    	 

    

 

Section
19. Merger or Consolidation or Change of Name of Rights Agent.

 

(a)
Any Person into which the Rights Agent or any successor Rights Agent may be merged or with which it may be consolidated, or any Person
resulting from any merger or consolidation to which the Rights Agent or any successor Rights Agent shall be a party, or any Person succeeding
to the corporate trust or other stockholder services business of the Rights Agent or any successor Rights Agent, shall be the successor
to the Rights Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties
hereto, provided that such Person would be eligible for appointment as a successor Rights Agent under the provisions of Section 21 hereof.
The purchase of all or substantially all of the Rights Agent’s assets employed in the performance of the transfer agent activities
shall be deemed a merger or consolidation for purposes of this Section 19. In case at the time such successor Rights Agent shall succeed
to the agency created by this Agreement, any of the Right Certificates shall have been countersigned but not delivered, any such successor
Rights Agent may adopt the countersignature of the predecessor Rights Agent and deliver such Right Certificates so countersigned; and
in case at that time any of the Right Certificates shall not have been countersigned, any successor Rights Agent may countersign such
Right Certificates either in the name of the predecessor or in the name of the successor Rights Agent; and in all such cases such Right
Certificates shall have the full force provided in the Right Certificates and in this Agreement.

 

(b)
In case at any time the name of the Rights Agent shall be changed and at such time any of the Right Certificates shall have been countersigned
but not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Right Certificates so countersigned;
and in case at that time any of the Right Certificates shall not have been countersigned, the Rights Agent may countersign such Right
Certificates either in its prior name or in its changed name; and in all such cases such Right Certificates shall have the full force
provided in the Right Certificates and in this Agreement.

 

Section
20. Duties of Rights Agent. The Rights Agent undertakes the duties and obligations expressly imposed by this Agreement, and no implied
duties or obligations shall be read into this Agreement against the Rights Agent, upon the following terms and conditions, by all of
which the Company and the holders of Right Certificates, by their acceptance thereof, shall be bound:

 

(a)
The Rights Agent may consult with legal counsel selected by it (who may be legal counsel for the Company), and the opinion of such counsel
shall be full and complete authorization and protection to the Rights Agent, and the Rights Agent shall have no liability for or in respect
of, any action taken or omitted by it in the absence of bad faith and in accordance with such advice or opinion.

 

(b)
Whenever in the performance of its duties under this Agreement the Rights Agent shall deem it necessary or desirable that any fact or
matter (including, without limitation, the identity of any Acquiring Person and the determination of “Fair Market Value”)
be proved or established by the Company prior to taking, suffering or omitting to take any action hereunder, such fact or matter (unless
other evidence in respect thereof shall be herein specifically prescribed) may be deemed to be conclusively proved and established by
a certificate signed by a person believed by the Rights Agent to be the Chair of the Board of Directors, a Vice Chair of the Board of
Directors, the Chief Executive Officer, the President, a Vice President, the Treasurer, any Assistant Treasurer, the Secretary or an
Assistant Secretary of the Company and delivered to the Rights Agent. Any such certificate shall be full and complete authorization and
protection to the Rights Agent, and the Rights Agent shall incur no liability for or in respect of any action taken, suffered or omitted
to be taken by it under this Agreement in reliance upon such certificate. The Rights Agent shall have no duty to act without such certificate
as set forth in this Section 20(b).

 

(c)
The Rights Agent shall be liable hereunder only for its own gross negligence, bad faith or willful misconduct (which gross negligence,
bad faith, or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction). Notwithstanding
anything to the contrary herein, any liability of the Rights Agent under this Agreement shall be limited to the amount of fees (but not
including any reimbursed costs) paid by the Company to the Rights Agent during the twelve (12) months immediately preceding the event
for which recovery from the Rights Agent is being sought.

 

(d)
The Rights Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in
the Right Certificates (except its countersignature thereof) or be required to verify the same, but all such statements and recitals
are and shall be deemed to have been made by the Company only.

 

(e)
The Rights Agent shall not be liable or responsible for any failure of the Company to comply with any of its obligations relating to
any registration statement filed with the Securities and Exchange Commission or this Agreement, including obligations under applicable
regulation or law.

 

    	24

    	 

    

 

(f)
 The Rights Agent shall not have any duty or responsibility in the case of the receipt of any written demand from any holder of
Rights with respect to any action or default by the Company, including, without limiting the generality of the foregoing, any duty or
responsibility to initiate or attempt to initiate any proceedings at law or otherwise or to make any demand upon the Company.

 

(g)
The Rights Agent shall not have any liability for or be under any responsibility in respect of the validity of this Agreement or the
execution and delivery hereof (except the due execution hereof by the Rights Agent) or in respect of the validity or execution of any
Right Certificate (except its countersignature thereof); nor shall it be liable or responsible for any breach by the Company of any covenant
or condition contained in this Agreement or in any Right Certificate; nor shall it be liable or responsible for any change in the exercisability
of the Rights (including the Rights becoming void pursuant to Section 7(e) hereof) or any adjustment required under the provisions of
Sections 11, 13 or 23(c) hereof or responsible for the manner, method or amount of any such adjustment or the ascertaining of the existence
of facts that would require any such adjustment (except with respect to the exercise of Rights evidenced by Right Certificates after
receipt of a certificate describing any such adjustment furnished in accordance with Section 12 hereof), nor shall it be liable or responsible
for any determination by the Board of Directors of the Company of the Fair Market Value of the Rights or Preferred Stock pursuant to
the provisions hereof; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or
reservation of any shares of Common Stock of the Company or Preferred Stock to be issued pursuant to this Agreement or any Right Certificate
or as to whether or not any shares of Common Stock of the Company or Preferred Stock will, when so issued, be validly authorized and
issued, fully paid and nonassessable.

 

(h)
The Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered
all such further and other acts, instruments and assurances as may reasonably be required by the Rights Agent for the carrying out or
performing by the Rights Agent of the provisions of this Agreement.

 

(i)
 The Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder
and certificates delivered pursuant to any provision hereof from any person believed by the Rights Agent to be the Chair of the Board
of Directors, any Vice Chair of the Board of Directors, the Chief Executive Officer, the President, a Vice President, the Secretary,
an Assistant Secretary, the Treasurer or an Assistant Treasurer of the Company, and is authorized to apply to such officers for advice
or instructions in connection with its duties, and it shall not be liable for any action taken, suffered or omitted to be taken by it
in the absence of bad faith in accordance with instructions of any such officer. Any application by the Rights Agent for written instructions
from the Company may, at the option of the Rights Agent, set forth in writing any action proposed to be taken, suffered or omitted to
be taken by the Rights Agent under this Agreement and the date on or after which such action shall be taken or suffered or such omission
shall be effective. The Rights Agent shall not be liable for any action taken, suffered or omitted to be taken by the Rights Agent in
accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less
than five (5) Business Days after the date any officer of the Company actually receives such application, unless any such officer shall
have consented in writing to an earlier date) unless, prior to taking any such action (or the effective date in the case of an omission),
the Rights Agent shall have received written instructions in response to such application specifying the action to be taken, suffered
or omitted to be taken.

 

(j)
 The Rights Agent and any stockholder, director, officer or employee of the Rights Agent may buy, sell or deal in any of the Rights
or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract
with or lend money to the Company or otherwise act as fully and freely as though it were not the Rights Agent under this Agreement. Nothing
herein shall preclude the Rights Agent from acting in any other capacity for the Company or for any other legal entity.

 

(k)
The Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself
or by or through its attorneys or agents and the Rights Agent shall not be answerable or accountable for any act, omission, default,
neglect or misconduct of any such attorneys or agents or for any loss to the Company or any other Person resulting from any such act,
omission, default, neglect or misconduct, absent gross negligence or bad faith in the selection and continued employment thereof (which
gross negligence or bad faith must be determined by a final, non-appealable judgment of a court of competent jurisdiction).

 

    	25

    	 

    

 

(l)
 No provision of this Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder or in the exercise of its rights if there shall be reasonable grounds for
believing that repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured to it.

 

(m)
If, with respect to any Right Certificate surrendered to the Rights Agent for exercise or transfer, the certificate attached to the form
of assignment or form of election to purchase, as the case may be, has either not been properly completed or indicates an affirmative
response to clause (1) or clause (2) thereof, the Rights Agent shall not take any further action with respect to such requested exercise
or transfer without first consulting with the Company; provided, however that Rights Agent shall not be liable for any delays arising
from the duties under this Section 20(m).

 

(n)
The Rights Agent shall have no responsibility to the Company, any holders of Rights or any other Person for interest or earnings on any
moneys held by the Rights Agent pursuant to this Agreement.

 

(o)
The Rights Agent shall not be required to take notice or be deemed to have notice of any event or condition hereunder, including any
event or condition that may require action by the Rights Agent, unless the Rights Agent shall be specifically notified in writing of
such event or condition by the Company, and all notices or other instruments required by this Agreement to be delivered to the Rights
Agent must, in order to be effective, be received by the Rights Agent as specified in Section 26 hereof, and in the absence of such notice
so delivered, the Rights Agent may conclusively assume no such event or condition exists.

 

(p)
The Rights Agent may rely on and be fully authorized and protected in acting or failing to act upon (a) any guaranty of signature by
an “eligible guarantor institution” that is a member or participant in the Securities Transfer Agents Medallion Program or
other comparable “signature guarantee program” or insurance program in addition to, or in substitution for, the foregoing;
or (b) any law, act, regulation or any interpretation of the same.

 

(q)
In the event the Rights Agent believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request
or other communication, paper or document received by the Rights Agent hereunder, the Rights Agent, may (upon notice to the Company of
such ambiguity or uncertainty), in its sole discretion, refrain from taking any action, and shall be fully protected and shall not be
liable in any way to Company, the holder of any Rights Certificate or any other Person for refraining from taking such action, unless
the Rights Agent receives written instructions signed by the Company which eliminates such ambiguity or uncertainty to the satisfaction
of Rights Agent.

 

Section
21. Change of Rights Agent. The Rights Agent or any successor Rights Agent may resign and be discharged from its duties under this Agreement
upon thirty (30) days’ notice in writing mailed to the Company by first class mail, provided, however, that in the
event any transfer agency relationship in effect between the Company and the Rights Agent terminates, the Rights Agent will be deemed
to have resigned automatically and be discharged from its duties under this Agreement as of the effective date of such termination and
the Company shall be responsible for sending any required notice. The Company may remove the Rights Agent or any successor Rights Agent
(with or without cause), upon no less than thirty (30) days’ notice in writing, mailed to the Rights Agent or successor Rights
Agent, as the case may be, and to each transfer agent of the Common Stock and Preferred Stock, by registered or certified mail, and by
giving notice to the holders of the Right Certificates by any means reasonably determined by the Company to inform such holders of such
removal (including, without limitation, by including such information in one or more of the Company’s reports to stockholders or
reports or filings with the Securities and Exchange Commission). If the Rights Agent shall resign or be removed or shall otherwise become
incapable of acting, the Company shall appoint a successor to the Rights Agent. If the Company shall fail to make such appointment within
a period of thirty (30) days after giving notice of such removal or after it has been notified in writing of such resignation or incapacity
by the resigning or incapacitated Rights Agent or by the holder of a Right Certificate (who shall, with such notice, submit his Right
Certificate for inspection by the Company), then any registered holder of any Right Certificate may apply to any court of competent jurisdiction
for the appointment of a new Rights Agent. Any successor Rights Agent, whether appointed by the Company or by such a court, shall be
(a) a corporation organized and doing business under the laws of the United States, the State of Delaware or the State of New York (or
of any other state of the United States so long as such corporation is authorized to do business as a banking institution in the State
of Delaware or the State of New York), in good standing, which is authorized under such laws to exercise stock transfer or corporate
trust powers and is subject to supervision or examination by federal or state authority and which has at the time of its appointment
as Rights Agent a combined capital and surplus of at least $10,000,000 or (b) an Affiliate of a Person described in clause (a) of this
sentence. After appointment, the successor Rights Agent shall be vested with the same powers, rights, duties and responsibilities as
if it had been originally named as Rights Agent without further act or deed; but the predecessor Rights Agent shall deliver and transfer
to the successor Rights Agent any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance,
act or deed necessary for the purpose but such predecessor Rights Agent shall not be required to make any additional expenditure or assume
any additional liability in connection with the foregoing. Not later than the effective date of any such appointment, the Company shall
file notice thereof in writing with the predecessor Rights Agent and each transfer agent of the Common Stock of the Company and the Preferred
Stock, and give notice to the holders of the Right Certificates by any means reasonably determined by the Company to inform such holders
of such appointment (including, without limitation, by including such information in one or more of the Company’s reports to stockholders
or reports or filings with the Securities and Exchange Commission). Failure to give any notice provided for in this Section 21, however,
or any defect therein, shall not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment
of the successor Rights Agent, as the case may be.

 

    	26

    	 

    

 

Section
22. Issuance of New Right Certificates. Notwithstanding any of the provisions of this Agreement or of the Rights to the contrary, the
Company may, at its option, issue new Right Certificates evidencing Rights in such form as may be approved by the Board of Directors
of the Company to reflect any adjustment or change in the Exercise Price per share and the number or kind or class of shares of stock
or other securities or property purchasable under the Right Certificates made in accordance with the provisions of this Agreement. In
addition, in connection with the issuance or sale of shares of Common Stock of the Company following the Distribution Date and prior
to the redemption or expiration of the Rights, the Company (a) shall, with respect to shares of Common Stock of the Company so issued
or sold pursuant to the exercise of stock options or under any employee plan or arrangement, or upon the exercise, conversion or exchange
of securities hereafter issued by the Company, and (b) may, in any other case, if deemed necessary or appropriate by the Board of Directors
of the Company, issue Right Certificates representing the appropriate number of Rights in connection with such issuance or sale; provided,
however, that (i) no such Right Certificate shall be issued if, and to the extent that, the Company shall be advised by counsel
that such issuance would create a significant risk of material adverse tax consequences to the Company or the person to whom such Right
Certificate would be issued, and (ii) no such Right Certificate shall be issued if, and to the extent that, appropriate adjustments shall
otherwise have been made in lieu of the issuance thereof.

 

Section
23. Redemption.

 

(a)
The Board of Directors of the Company may, at its option, redeem all but not less than all of the then outstanding Rights at a redemption
price of $0.0001 per Right, appropriately adjusted to reflect any stock dividend declared or paid, any subdivision or combination of
the outstanding shares of Common Stock of the Company or any similar event occurring after the date of this Agreement (such redemption
price, as adjusted from time to time, being hereinafter referred to as the “Redemption Price”). The Rights may be
redeemed only until the earlier to occur of (i) the time at which any Person becomes an Acquiring Person or (ii) the Final Expiration
Date.

 

(b)
Immediately upon the action of the Board of Directors of the Company ordering the redemption of the Rights in accordance with Section
23 hereof, and without any further action and without any notice, the right to exercise the Rights will terminate and the only right
thereafter of the holders of Rights shall be to receive the Redemption Price for each Right so held. Promptly after the action of the
Board of Directors of the Company ordering the redemption of the Rights in accordance with Section 23 hereof, the Company shall give
notice of such redemption to the Rights Agent and the holders of the then outstanding Rights by mailing such notice to the Rights Agent
and to all such holders at their last addresses as they appear upon the registry books of the Rights Agent or, prior to the Distribution
Date, on the registry books of the transfer agent for the Common Stock of the Company. Any notice which is mailed in the manner herein
provided shall be deemed given, whether or not the holder receives the notice. The Company promptly shall mail a notice of any such exchange
to all of the holders of such Rights at their last addresses as they appear upon the registry books of the Rights Agent. Any notice which
is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice. Each such notice of redemption
will state the method by which the payment of the Redemption Price will be made. Neither the Company nor any of its Affiliates or Associates
may redeem, acquire or purchase for value any Rights at any time in any manner other than that specifically set forth in this Section
23 or Section 24 hereof or in connection with the purchase or other acquisition of shares of Common Stock of the Company prior to the
Distribution Date.

 

    	27

    	 

    

 

(c)
The Company may, at its option, pay the Redemption Price in cash, shares of Common Stock of the Company (based on the Fair Market Value
of the Common Stock of the Company as of the time of redemption) or any other form of consideration deemed appropriate by the Board of
Directors of the Company.

 

Section
24. Exchange.

 

(a)
The Board of Directors of the Company may, at its option, at any time on or after the occurrence of a Section 11(a)(ii) Event, exchange
all or part of the then outstanding and exercisable Rights (which shall not include Rights that have become void pursuant to the provisions
of Section 7(e) hereof) for shares of Common Stock of the Company at an exchange ratio of one share of Common Stock of the Company per
Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof (such
exchange ratio being hereinafter referred to as the “Section 24 Exchange Ratio” and such determination by the Board
of Directors of the Company, an “Exchange Determination”). Notwithstanding the foregoing, the Board of Directors of
the Company shall not be empowered to effect an Exchange Determination at any time after any Person (other than an Exempt Person), together
with all Affiliates and Associates of such Person and any other Person with whom such Person is Acting in Concert, becomes the Beneficial
Owner of 50% or more of the Common Stock of the Company.

 

(b)
(i)  Immediately following an Exchange Determination and without any further action and without any notice, the right to exercise
such Rights pursuant to Section 11(a)(ii) shall terminate and the only right thereafter of a holder of such Rights shall be to receive
that number of shares of Common Stock of the Company equal to the number of such Rights held by such holder multiplied by the Section
24 Exchange Ratio; provided, however, that the holder of a Right exchanged pursuant to this Section 24 shall continue to have the right
to purchase securities or other property of the Principal Party following a Section 13 Event that has occurred or may thereafter occur.
The Company shall promptly give notice of any such exchange in accordance with Section 26 hereof and shall promptly mail a notice of
any such exchange to all of the holders of such Rights at their last addresses as they appear upon the registry books of the Rights Agent;
provided, however, that the failure to give, or any defect in, such notice shall not affect the validity of such exchange.
Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice. Each such
notice of exchange will state the method by which the exchange of the shares of Common Stock of the Company (or other consideration)
for Rights will be effected and, in the event of any partial exchange, the number of Rights which will be exchanged. Any partial exchange
shall be effected pro rata based on the number of Rights (other than Rights which have become null and void pursuant to the provisions
of Section 7(e) hereof) held by each holder of Rights.

 

 (ii)
The exchange of the Rights pursuant to Section 24(a) may be made effective at such time, on such basis and with such conditions as the
Board of Directors of the Company, in its sole discretion, may establish. Without limiting the foregoing, prior to effecting an exchange
pursuant to Section 24(a), the Board of Directors of the Company may direct the Company to enter into a trust agreement in such form
and with such terms as the Board of Directors of the Company approves (the “Trust Agreement”). If the Board of Directors
of the Company so directs, then the Company shall enter into the Trust Agreement and shall issue to the trust created by such agreement
(the “Trust”) all of the shares of Common Stock of the Company (or other consideration) issuable pursuant to the exchange
(or any portion thereof that has not theretofore been issued in connection with the exchange). From and after the time at which such
shares of Common Stock of the Company (or other consideration) are issued or paid to the Trust, all stockholders then entitled to receive
shares of Common Stock of the Company (or other consideration) pursuant to the exchange will be entitled to receive such shares or consideration
(and any dividends or distributions made thereon after the date on which such shares or consideration are deposited into the Trust) only
from the Trust and solely upon compliance with the relevant terms and provisions of the Trust Agreement.

 

    	28

    	 

    

 

(c)
Following an Exchange Determination, the Company may implement such procedures as it deems appropriate, in its sole discretion, to minimize
the possibility that any shares of Common Stock of the Company (or other consideration) issuable or payable pursuant to this Section
24 are received by Persons whose Rights are null and void pursuant to Section 7(e). Prior to effecting any exchange, the Company may
require, or cause the trustee of the Trust to require, as a condition thereof, that any registered holder of Rights provide such evidence
(including the identity of the Beneficial Owner (or former Beneficial Owner) thereof and the Affiliates or Associates of such Beneficial
Owner or former Beneficial Owner) as the Company may reasonably request in order to determine if such Rights are null and void pursuant
to Section 7(e). If such registered holder does not comply with the foregoing requirements, then the Company will be entitled to conclusively
deem such Rights to be Beneficially Owned by an Acquiring Person (or an Affiliate or Associate of an Acquiring Person or any other Person
with whom such Person is Acting in Concert or any transferee of an Acquiring Person or any Affiliate or Associate or any other Person
with whom such Person is Acting in Concert of such transferee or any nominee of any of the foregoing) and, accordingly, such Rights will
be null and void and not exchangeable in connection herewith. Any shares of Common Stock of the Company (or other consideration) issued
at the direction of the Board of Directors of the Company in connection with the exchange will be duly and validly authorized and issued
and fully paid and nonassessable, and the Company will be deemed to have received as consideration for such issuance a benefit having
a value that is at least equal to the aggregate par value of the shares of Common Stock of the Company (or other consideration) so issued.
The failure to give, or any defect in, any notice required by this Section 24 will not affect the legality or validity of the action
taken by the Board of Directors of the Company or of such exchange.

 

(d)
In the event that there are not sufficient shares of Common Stock of the Company issued but not outstanding or authorized but unissued
to permit any exchange of Rights as contemplated in accordance with Section 24(a), then the Company will either take such action as may
be necessary to authorize additional shares of Common Stock of the Company for issuance upon exchange of the Rights or, alternatively,
at the option of the Board of Directors, with respect to each Right (i) pay cash in an amount equal to the Current Exchange Value in
lieu of issuing shares of Common Stock of the Company in exchange therefor; (ii) issue debt or equity securities (or a combination thereof)
having a value equal to the Current Exchange Value in lieu of issuing shares of Common Stock of the Company in exchange for each such
Right, where the value of such securities will be determined by the Board of Directors of the Company based upon the advice of a nationally
recognized investment banking firm selected by the Board of Directors of the Company, which determination shall be described in a written
statement filed with the Rights Agent and will be binding on the Rights Agent and the holders of Rights; or (iii) deliver any combination
of cash, property, shares of Common Stock of the Company, Preferred Stock, Preferred Stock Equivalents or other securities having a value
equal to the Current Exchange Value in exchange for each Right. To the extent that the Company determines that some action need be taken
pursuant to this Section 24(d), then the Board of Directors of the Company may temporarily suspend the exercisability of the Rights for
a period of up to one hundred and twenty (120) days following the date on which the Exchange Determination has occurred in order to seek
any authorization of additional shares of Common Stock of the Company or to decide the appropriate form of distribution to be made pursuant
to the above provision and to determine the value thereof. Upon any such suspension, the Company will issue a public announcement stating,
and notify the Rights Agent in writing, that the exercisability of the Rights has been temporarily suspended, as well as issue a public
announcement, and notify the Rights Agent in writing, at such time as the suspension is no longer in effect.

 

(e)
The Company shall not be required to issue fractions of Common Stock of the Company or to distribute certificates which evidence fractional
shares of Common Stock of the Company. If the Company elects not to issue such fractional shares of Common Stock of the Company, the
Company shall pay, in lieu of such fractional shares of Common Stock of the Company, to the registered holders of the Right Certificates
with regard to which such fractional shares of Common Stock of the Company would otherwise be issuable, an amount in cash equal to the
same fraction of the Fair Market Value of a whole share of Common Stock of the Company. For the purposes of this paragraph (e), the Fair
Market Value of a whole share of Common Stock of the Company shall be the closing price of a share of Common Stock of the Company (as
determined pursuant to the second sentence of Section 11(d)(i) hereof) for the Trading Day immediately prior to the date of the Exchange
Determination.

 

    	29

    	 

    

 

Section
25. Notice of Certain Events.

 

(a)
In case the Company shall propose, at any time after the Distribution Date, (i) to pay any dividend payable in stock of any class to
the holders of Preferred Stock or to make any other distribution to the holders of Preferred Stock (other than a regular periodic cash
dividend out of earnings or retained earnings of the Company), or (ii) to offer to the holders of Preferred Stock rights or warrants
to subscribe for or to purchase any additional shares of Preferred Stock or shares of stock of any class or any other securities, rights
or options, or (iii) to effect any reclassification of its Preferred Stock (other than a reclassification involving only the subdivision
of outstanding shares of Preferred Stock), or (iv) to effect any consolidation or merger into or with, or to effect any sale, mortgage
or other transfer (or to permit one or more of its Subsidiaries to effect any sale, mortgage or other transfer), in one transaction or
a series of related transactions, of 50% or more of the assets or earning power of the Company and its Subsidiaries (taken as a whole)
to, any other Person (other than a Subsidiary of the Company in one or more transactions each of which is not prohibited by the proviso
at the end of the first sentence of Section 11(n) hereof), or (v) to effect the liquidation, dissolution or winding up of the Company,
or (vi) to declare or pay any dividend on the Common Stock of the Company payable in Common Stock of the Company or to effect a subdivision,
combination or consolidation of the Common Stock of the Company (by reclassification or otherwise than by payment of dividends in Common
Stock of the Company) then in each such case, the Company shall give to each holder of a Right Certificate and to the Rights Agent, in
accordance with Section 26 hereof, a notice of such proposed action, which shall specify the record date for the purposes of such stock
dividend, distribution of rights or warrants, or the date on which such reclassification, consolidation, merger, sale, transfer, liquidation,
dissolution, or winding up is to take place and the date of participation therein by the holders of the shares of Common Stock of the
Company and/or Preferred Stock, if any such date is to be fixed, and such notice shall be so given in the case of any action covered
by clause (i) or (ii) above at least twenty (20) days prior to the record date for determining holders of the shares of Preferred Stock
for purposes of such action, and in the case of any such other action, at least twenty (20) days prior to the date of the taking of such
proposed action or the date of participation therein by the holders of the shares of Common Stock of the Company and/or Preferred Stock,
whichever shall be the earlier; provided, however, no such notice shall be required pursuant to this Section 25 as a result
of any Subsidiary of the Company effecting a consolidation or merger with or into, or effecting a sale or other transfer of assets or
earnings power to, any other Subsidiary of the Company in a manner not inconsistent with the provisions of this Agreement.

 

(b)
In case any Section 11(a)(ii) Event shall occur, then, in any such case, the Company shall as soon as practicable thereafter give to
each registered holder of a Right Certificate and to the Rights Agent, in accordance with Section 26 hereof, a notice of the occurrence
of such event, which shall specify the event and the consequences of the event to holders of Rights under Section 11(a)(ii) hereof.

 

Section
26. Notices. Notices or demands authorized by this Agreement to be given or made by the Rights Agent or by the holder of any Right Certificate
to or on the Company shall be sufficiently given or made if sent by first-class mail, postage prepaid, by email (with confirmation of
transmission) or by nationally-recognized overnight courier addressed (until another address is filed in writing with the Rights Agent)
as follows:

 

Biofrontera
Inc. 120 Presidential Way

Woburn,
MA 01801

Attention:
Legal Department

 

Subject
to the provisions of Section 21, any notice or demand authorized by this Agreement to be given or made by the Company or by the holder
of any Right Certificate to or on the Rights Agent shall be sufficiently given or made if sent by first-class mail, postage prepaid,
by facsimile transmission or by nationally-recognized overnight courier addressed (until another address is filed in writing with the
Company) as follows:

 

Computershare
Trust Company, N.A.

150
Royall Street

Canton,
MA 02021

Facsimile
No.: (781) 575-2549

Attention:
Client Administration

 

Notices
or demands authorized by this Agreement to be given or made by the Company or the Rights Agent to the holder of any Right Certificate
(or, prior to the Distribution Date, to the holder of any certificate representing shares of Common Stock of the Company) shall be sufficiently
given or made if sent by first-class mail, postage prepaid, addressed to such holder at the address of such holder as shown on the registry
books of the Company.

 

    	30

    	 

    

 

Section
27. Supplements and Amendments. Prior to the occurrence of a Section 11(a)(ii) Event, the Company may in its sole and absolute discretion,
and the Rights Agent shall, if the Board of Directors of the Company so directs, supplement or amend any provision of this Agreement
as the Board of Directors of the Company may deem necessary or desirable without the approval of any holders of certificates representing
shares of Common Stock of the Company. From and after the occurrence of a Section 11(a)(ii) Event, the Company and the Rights Agent shall,
if the Board of Directors of the Company so directs, supplement or amend this Agreement without the approval of any holder of Right Certificates
in order (i) to cure any ambiguity, (ii) to correct or supplement any provision contained herein which may be defective or inconsistent
with any other provisions herein, (iii) to shorten or lengthen any time period hereunder, or (iv) to change or supplement the provisions
hereof in any manner which the Board of Directors of the Company may deem necessary or desirable and which shall not adversely affect
the interests of the holders of Right Certificates (other than an Acquiring Person or any Affiliate or Associate of an Acquiring Person
or any other Person with whom such Person is Acting in Concert); provided, however, that from and after the occurrence
of a Section 11(a)(ii) Event this Agreement may not be supplemented or amended to lengthen, pursuant to clause (iii) of this sentence,
(A) a time period relating to when the Rights may be redeemed at such time as the Rights are not then redeemable or (B) any other time
period unless such lengthening is for the purpose of protecting, enhancing or clarifying the rights of, and the benefits to, the holders
of Rights (other than an Acquiring Person or any Affiliate or Associate of an Acquiring Person or any other Person with whom such Person
is Acting in Concert). Upon the delivery of such certificate from an appropriate officer of the Company which states that the proposed
supplement or amendment is in compliance with the terms of this Section 27, the Rights Agent shall execute such supplement or amendment.
No supplement or amendment to this Agreement shall be effective unless duly executed by the Rights Agent and the Company. Notwithstanding
anything in this Agreement to the contrary, the Rights Agent may, but shall not be obligated to, enter into any supplement or amendment
that adversely affects the Rights Agent’s own rights, duties, immunities or obligations under this Agreement. Prior to the occurrence
of a Section 11(a)(ii) Event, the interests of the holders of Rights shall be deemed coincident with the interests of the holders of
Common Stock of the Company. Notwithstanding any other provision hereof, the Rights Agent’s consent must be obtained regarding
any amendment or supplement pursuant to this Section 27 which alters the Rights Agent’s rights or duties.

 

Section
28. Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind
and inure to the benefit of their respective successors and assigns hereunder.

 

Section
29. Determinations and Actions by the Board of Directors. The Board of Directors of the Company shall have the exclusive power and authority
to administer this Agreement and to exercise all rights and powers specifically granted to the Board of Directors or to the Company,
or as may be necessary or advisable in the administration of this Agreement, including, without limitation, the right and power to (i)
interpret the provisions of this Agreement and (ii) make all determinations and computations deemed necessary or advisable for the administration
of this Agreement (including a determination to redeem or not redeem the Rights or to amend the Agreement). Without limiting any of the
rights and immunities of the Rights Agent, all such actions, calculations, interpretations and determinations which are done or made
by the Board of Directors in good faith shall be final, conclusive and binding on the Company, the Rights Agent, the holders of the Rights
and all other parties.

 

Section
30. Benefits of this Agreement. Nothing in this Agreement shall be construed to give to any person or corporation other than the Company,
the Rights Agent and the registered holders of the Right Certificates (and, prior to the Distribution Date, the Common Stock of the Company)
any legal or equitable right, remedy or claim under this Agreement; but this Agreement shall be for the sole and exclusive benefit of
the Company, the Rights Agent and the registered holders of the Right Certificates (and, prior to the Distribution Date, registered holders
of the Common Stock of the Company).

 

    	31

    	 

    

 

Section
31. Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other
authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement
shall remain in full force and effect and shall in no way be affected, impaired or invalidated; provided, however, that
notwithstanding anything in this Agreement to the contrary, if any such term, provision, covenant or restriction is held by such court
or authority to be invalid, void or unenforceable and the Board of Directors of the Company determines in its good faith judgment that
severing the invalid language from the Agreement would adversely affect the purpose or effect of the Agreement, the right of redemption
set forth in Section 23 hereof shall be reinstated and shall not expire until the Close of Business on the tenth day following the date
of such determination by the Board of Directors; further, provided, however, that if such excluded provision shall materially and adversely
affect the rights, immunities, liabilities, duties or obligations of the Rights Agent, the Rights Agent shall be entitled to resign immediately
upon written notice to the Company.

 

Section
32. Governing Law. This Agreement, each Right and each Right Certificate issued hereunder shall be deemed to be a contract made under
the laws of the State of Delaware and for all purposes shall be governed by and construed in accordance with the laws of such State applicable
to contracts to be made and to be performed entirely within such State. The courts of the State of Delaware and of the United States
of America located in the State of Delaware (the “Delaware Courts”) shall have exclusive jurisdiction over any litigation
arising out of or relating to this Agreement and the transactions contemplated hereby, and any Person commencing or otherwise involved
in any such litigation shall waive any objection to the laying of venue of such litigation in the Delaware Courts and shall not plead
or claim in any Delaware Court that such litigation brought therein has been brought in an inconvenient forum. Notwithstanding the foregoing,
the Company and the Rights Agent may mutually agree to a jurisdiction other than Delaware for any litigation directly between the Company
and the Rights Agent arising out of or relating to this Agreement.

 

Section
33. Counterparts. This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be
deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. Delivery of an executed
signature page of the Agreement by facsimile or other customary means of electronic transmission (e.g., “pdf”) shall be effective
as delivery of a manually executed counterpart hereof.

 

Section
34. Descriptive Headings. Descriptive headings of the several Sections of this Agreement are inserted for convenience only and shall
not control or affect the meaning or construction of any of the provisions hereof.

 

Section
35. Force Majeure. Notwithstanding anything to the contrary contained herein, the Rights Agent will not have any liability for not performing,
or a delay in the performance of, any act, duty, obligation or responsibility by reason of any occurrence beyond the reasonable control
of the Rights Agent (including any act or provision or any present or future law or regulation or governmental authority, any act of
God, epidemics, pandemics, war, civil or military disobedience or disorder, riot, rebellion, terrorism, insurrection, fire, earthquake,
storm, flood, strike, work stoppage, interruptions or malfunctions of computer facilities, loss of data due to power failures or mechanical
difficulties, labor dispute, accident or failure or malfunction of any utilities communication or computer services or similar occurrence).

 

[Remainder
of page intentionally left blank]

 

    	32

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as an instrument under seal, all as of the day and
year first above written.

 

	BIOFRONTERA
    INC.	 
	 	 
	By:	/s/
    Erica Monaco	 
	Name: 	Erica Monaco	 
	Title:	Chief Executive Officer	 
	 	 
	Computershare
    Trust Company, N.A., as Rights Agent	 
	 	 
	By:	/s/
    Patricia Peachey	 
	Name:	Patricia Peachey	 
	Title:	Relationship Manager	 

 

    	 

    	 

    

 

Exhibit
A

 

CERTIFICATE
OF DESIGNATIONS

of

SERIES
A JUNIOR PARTICIPATING CUMULATIVE

PREFERRED
STOCK

of

BIOFRONTERA
INC.

 

BIOFRONTERA
INC. a corporation organized and existing under the General Corporation Law of the State of Delaware (the “Corporation”),
in accordance with the provisions of Section 103 thereof,

 

DOES
HEREBY CERTIFY:

 

Pursuant
to the authority conferred upon the Board of Directors by the Corporation’s Amended and Restated Certificate of Incorporation (the
“Certificate of Incorporation”), and Section 151(g) of the General Corporation Law of the State of Delaware, on October
13, 2022, the Board of Directors adopted the following resolution determining it desirable and in the best interests of the Corporation
and its stockholders for the Corporation to create a series of 3,000 shares of preferred stock designated as “Series A Junior Participating
Cumulative Preferred Stock”:

 

RESOLVED,
that pursuant to the authority vested in the Board of Directors of this Corporation, in accordance with the provisions of the Certificate
of Incorporation, a series of preferred stock, par value $0.001 per share, of the Corporation be and hereby is created, and that the
designation and number of shares thereof and the voting and other powers, preferences and relative, participating, optional or other
rights of the shares of such series and the qualifications, limitations and restrictions thereof are as follows:

 

Series
A Junior Participating Cumulative Preferred Stock

 

Section
1.   Designation and Amount. There shall be a series of preferred stock that shall be designated as “Series
A Junior Participating Cumulative Preferred Stock” (the “Series A Preferred Stock”), and the number of shares
initially constituting such series shall be 5,000; provided, however, that if more than a total of 5,000 shares of Series
A Preferred Stock shall be issuable upon the exercise of Rights (the “Rights”) issued pursuant to the Stockholder
Rights Agreement dated as of October 13, 2022, between the Corporation and Computershare Trust Company, N.A., as Rights Agent
(the “Rights Agreement”), the Board of Directors of the Corporation, pursuant to Section 151(g) of the General Corporation
Law of the State of Delaware, may direct by resolution or resolutions that a certificate be properly executed, acknowledged, filed and
recorded, in accordance with the provisions of Section 103 thereof, providing for the total number of shares of Series A Preferred Stock
authorized to be issued to be increased (to the extent that the Certificate of Incorporation then permits) to the largest number of whole
shares (rounded up to the nearest whole number) issuable upon exercise of such Rights.

 

Section
2.  Dividends and Distributions.

 

(A)
(i) Subject to the rights of the holders of any shares of any class or series of preferred stock (or any similar stock) ranking prior
and superior to the Series A Preferred Stock with respect to dividends, the holders of shares of Series A Preferred Stock, in preference
to the holders of shares of Common Stock and of any other class or series of stock ranking junior to the Series A Preferred Stock, shall
be entitled to receive, when, as and if declared by the Board of Directors out of funds legally available for the purpose, quarterly
dividends payable in cash on the first day of March, June, September and December in each year (each such date being referred to herein
as a “Quarterly Dividend Payment Date”), commencing on the first Quarterly Dividend Payment Date after the first issuance
of a share or fraction of a share of Series A Preferred Stock, in an amount per share (rounded to the nearest cent) equal to the greater
of (a) $1.00 or (b) subject to the provisions for adjustment hereinafter set forth, 10,000 times the aggregate per share amount of all
cash dividends, and 10,000 times the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions other
than a dividend payable in shares of Common Stock or a subdivision of the outstanding shares of Common Stock (by reclassification or
otherwise), declared on the Common Stock since the immediately preceding Quarterly Dividend Payment Date, or, with respect to the first
Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a share of Series A Preferred Stock. The multiple
of cash and non-cash dividends declared on the Common Stock to which holders of the Series A Preferred Stock are entitled, which shall
be 10,000 initially but which shall be adjusted from time to time as hereinafter provided, is hereinafter referred to as the “Dividend
Multiple.” In the event the Corporation shall at any time after October 13, 2022 (the “Rights Declaration Date”)
(i) declare or pay any dividend on Common Stock payable in shares of Common Stock, or (ii) effect a subdivision or combination or consolidation
of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock)
into a greater or lesser number of shares of Common Stock, then in each such case the Dividend Multiple thereafter applicable to the
determination of the amount of dividends which holders of shares of Series A Preferred Stock shall be entitled to receive shall be the
Dividend Multiple applicable immediately prior to such event multiplied by a fraction, the numerator of which is the number of shares
of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were
outstanding immediately prior to such event.

 

    	A-1

    	 

    

 

(ii)
Notwithstanding anything else contained in this paragraph (A), the Corporation shall, out of funds legally available for that purpose,
declare a dividend or distribution on the Series A Preferred Stock as provided in this paragraph (A) immediately after it declares a
dividend or distribution on the Common Stock (other than a dividend payable in shares of Common Stock); provided that, in the event no
dividend or distribution shall have been declared on the Common Stock during the period between any Quarterly Dividend Payment Date and
the next subsequent Quarterly Dividend Payment Date, a dividend of $1.00 per share on the Series A Preferred Stock shall nevertheless
be payable on such subsequent Quarterly Dividend Payment Date.

 

(B)
Dividends shall begin to accrue and be cumulative on outstanding shares of Series A Preferred Stock from the Quarterly Dividend Payment
Date next preceding the date of issue of such shares of Series A Preferred Stock, unless the date of issue of such shares is prior to
the record date for the first Quarterly Dividend Payment Date, in which case dividends on such shares shall begin to accrue from the
date of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a date after the record date for
the determination of holders of shares of Series A Preferred Stock entitled to receive a quarterly dividend and before such Quarterly
Dividend Payment Date, in either of which events such dividends shall begin to accrue and be cumulative from such Quarterly Dividend
Payment Date. Accrued but unpaid dividends shall not bear interest. Dividends paid on the shares of Series A Preferred Stock in an amount
less than the total amount of such dividends at the time accrued and payable on such shares shall be allocated pro rata on a share-by-share
basis among all such shares at the time outstanding. The Board of Directors may fix in accordance with applicable law a record date for
the determination of holders of shares of Series A Preferred Stock entitled to receive payment of a dividend or distribution declared
thereon, which record date shall be not more than such number of days prior to the date fixed for the payment thereof as may be allowed
by applicable law.

 

Section
3. Voting Rights. In addition to any other voting rights required by law, the holders of shares of Series A Preferred Stock shall
have the following voting rights:

 

(A)
Subject to the provision for adjustment hereinafter set forth, each share of Series A Preferred Stock shall entitle the holder thereof
to 10,000 votes on all matters submitted to a vote of the stockholders of the Corporation. The number of votes which a holder of a share
of Series A Preferred Stock is entitled to cast, which shall initially be 10,000 but which may be adjusted from time to time as hereinafter
provided, is hereinafter referred to as the “Vote Multiple.” In the event the Corporation shall at any time after
the Rights Declaration Date (i) declare or pay any dividend on Common Stock payable in shares of Common Stock, or (ii) effect a subdivision
or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend
in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the Vote Multiple thereafter
applicable to the determination of the number of votes per share to which holders of shares of Series A Preferred Stock shall be entitled
shall be the Vote Multiple immediately prior to such event multiplied by a fraction, the numerator of which is the number of shares of
Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were
outstanding immediately prior to such event.

 

    	A-2

    	 

    

 

(B)
Except as otherwise provided herein or by law, the holders of shares of Series A Preferred Stock and the holders of shares of Common
Stock and the holders of shares of any other capital stock of this Corporation having general voting rights, shall vote together as one
class on all matters submitted to a vote of stockholders of the Corporation.

 

(C)
(i)  Whenever, at any time or times, dividends payable on any shares of Series A Preferred Stock shall be in arrears in an amount
equal to at least six full quarterly dividends (whether or not declared and whether or not consecutive), the holders of record of the
outstanding shares of Series A Preferred Stock shall have the exclusive right, voting separately as a single class, to elect two directors
of the Corporation at a special meeting of stockholders of the Corporation or at the Corporation’s next annual meeting of stockholders,
and at each subsequent annual meeting of stockholders, as provided below.

 

(ii)
Upon the vesting of such right of the holders of shares of Series A Preferred Stock, the maximum authorized number of members of the
Board of Directors shall automatically be increased by two and the two vacancies so created shall be filled by vote of the holders of
the outstanding shares of Series A Preferred Stock as hereinafter set forth. A special meeting of the stockholders of the Corporation
then entitled to vote shall be called by the Chair of the Board of Directors or the President of the Corporation, if requested in writing
by the holders of record of not less than 5% of the shares of Series A Preferred Stock then outstanding. At such special meeting, or,
if no such special meeting shall have been called, then at the next annual meeting of stockholders of the Corporation, the holders of
the shares of Series A Preferred Stock shall elect, voting as above provided, two directors of the Corporation to fill the aforesaid
vacancies created by the automatic increase in the number of members of the Board of Directors. At any and all such meetings for such
election, the holders of a majority of the outstanding shares of Series A Preferred Stock shall be necessary to constitute a quorum for
such election, whether present in person or proxy, and such two directors shall be elected by the vote of at least a majority of the
shares of Series A Preferred Stock held by such stockholders present or represented at the meeting, the holders of Series A Preferred
Stock being entitled to cast a number of votes per share of Series A Preferred Stock as is specified in paragraph (A) of this Section
3. Each such additional director shall not be a member of a class of the Board of Directors of the Corporation (if any), but shall serve
until the next annual meeting of stockholders for the election of directors, or until his successor shall be elected and shall qualify,
or until his right to hold such office terminates pursuant to the provisions of this Section 3(C). Any director elected by holders of
shares of Series A Preferred Stock pursuant to this Section 3(C) may be removed at any annual or special meeting, by vote of a majority
of the stockholders voting as a class who elected such director, with or without cause. In case any vacancy shall occur among the directors
elected by the holders of shares of Series A Preferred Stock pursuant to this Section 3(C), such vacancy may be filled by the remaining
director so elected, or his successor then in office, and the director so elected to fill such vacancy shall serve until the next meeting
of stockholders for the election of directors.

 

(iii)
The right of the holders of shares of Series A Preferred Stock, voting separately as a class, to elect two members of the Board of Directors
of the Corporation as aforesaid shall continue until, and only until, such time as all arrears in dividends (whether or not declared)
on the Series A Preferred Stock shall have been paid or declared and set apart for payment, at which time such right shall terminate,
except as herein or by law expressly provided subject to revesting in the event of each and every subsequent default of the character
above-mentioned. Upon any termination of the right of the holders of the Series A Preferred Stock as a class to vote for directors as
herein provided, the term of office of all directors then in office elected by the holders of shares of Series A Preferred Stock pursuant
to this Section 3(C) shall terminate immediately. Whenever the term of office of the directors elected by the holders of shares of Series
A Preferred Stock pursuant to this Section 3(C) shall terminate and the special voting powers vested in the holders of the Series A Preferred
Stock pursuant to this Section 3(C) shall have expired, the maximum number of members of the Board of Directors of the Corporation shall
be such number as may be provided for in the By-Laws of the Corporation, irrespective of any increase made pursuant to the provisions
of this Section 3(C). The voting rights granted by this Section 3(C) shall be in addition to any other voting rights granted to the holders
of the Series A Preferred Stock in this Section 3.

 

(D)
Except as otherwise required by applicable law or as set forth herein, holders of Series A Preferred Stock shall have no special voting
rights and their consent shall not be required (except to the extent they are entitled to vote with holders of Common Stock as set forth
herein) for taking any corporate action.

 

    	A-3

    	 

    

 

Section
4. Certain Restrictions.

 

(A)
Whenever dividends or distributions payable on the Series A Preferred Stock as provided in Section 2 are in arrears, thereafter and until
all accrued and unpaid dividends and distributions, whether or not declared, on shares of Series A Preferred Stock outstanding shall
have been paid in full, the Corporation shall not:

 

(i)
 declare or pay dividends on, make any other distributions on, or redeem or purchase or otherwise acquire for consideration any
shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Preferred Stock;

 

(ii)
declare or pay dividends on or make any other distributions on any shares of stock ranking on a parity (either as to dividends or upon
liquidation, dissolution or winding up) with the Series A Preferred Stock, except dividends paid ratably on the Series A Preferred Stock
and all such parity stock on which dividends are payable or in arrears in proportion to the total amounts to which the holders of all
such shares are then entitled;

 

(iii)
except as permitted in subsection 4(A)(iv) below, redeem, purchase or otherwise acquire for consideration shares of any stock ranking
on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Series A Preferred Stock, provided that
the Corporation may at any time redeem, purchase or otherwise acquire shares of any such parity stock in exchange for shares of any stock
of the Corporation ranking junior (either as to dividends or upon dissolution, liquidation or winding up) to the Series A Preferred Stock;
or

 

(iv)
purchase or otherwise acquire for consideration any shares of Series A Preferred Stock, or any shares of any stock ranking on a parity
(either as to dividends or upon liquidation, dissolution or winding up) with the Series A Preferred Stock, except in accordance with
a purchase offer made in writing or by publication (as determined by the Board of Directors) to all holders of such shares upon such
terms as the Board of Directors, after consideration of the respective annual dividend rates and other relative rights and preferences
of the respective series and classes, shall determine in good faith will result in fair and equitable treatment among the respective
series or classes.

 

(B)
The Corporation shall not permit any subsidiary of the Corporation to purchase or otherwise acquire for consideration any shares of stock
of the Corporation unless the Corporation could, under subsection (A) of this Section 4, purchase or otherwise acquire such shares at
such time and in such manner.

 

Section
5. Reacquired Shares. Any shares of Series A Preferred Stock purchased or otherwise acquired by the Corporation in any manner
whatsoever shall be retired promptly after the acquisition thereof. All such shares shall upon their retirement become authorized but
unissued shares of preferred stock and may be reissued as part of a new series of preferred stock to be created by resolution or resolutions
of the Board of Directors, subject to the conditions and restrictions on issuance set forth herein.

 

Section
6. Liquidation, Dissolution or Winding Up. Upon any liquidation, dissolution or winding up of the Corporation (voluntary or otherwise),
no distribution shall be made (x) to the holders of shares of stock ranking junior (either as to dividends or upon liquidation, dissolution
or winding up) to the Series A Preferred Stock unless, prior thereto, the holders of shares of Series A Preferred Stock shall have received
an amount (the “Series A Liquidation Preference”) equal to accrued and unpaid dividends and distributions thereon,
whether or not declared, to the date of such payment, plus an amount equal to the greater of (1) $10,000.00 per share or (2) an aggregate
amount per share, subject to the provision for adjustment hereinafter set forth, equal to 10,000 times the aggregate amount of all cash
or other property to be distributed per share to holders of Common Stock upon such liquidation, dissolution or winding up of the Corporation,
or (y) to the holders of stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Series
A Preferred Stock, except distributions made ratably on the Series A Preferred Stock and all other such parity stock in proportion to
the total amounts to which the holders of all such shares are entitled upon such liquidation, dissolution or winding up. In the event
the Corporation shall at any time after the Rights Declaration Date (i) declare or pay any dividend on Common Stock payable in shares
of Common Stock, or (ii) effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification
or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then
in each such case the aggregate amount per share to which holders of shares of Series A Preferred Stock were entitled immediately prior
to such event under clause (x) of the preceding sentence shall be adjusted by multiplying such amount by a fraction, the numerator of
which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of
shares of Common Stock that were outstanding immediately prior to such event.

 

    	A-4

    	 

    

 

In
the event, however, that there are not sufficient assets available to permit payment in full of the Series A Liquidation Preference and
the liquidation preferences of all other classes and series of stock of the Corporation, if any, that rank on a parity with the Series
A Preferred Stock in respect thereof, then the assets available for such distribution shall be distributed ratably to the holders of
the Series A Preferred Stock and the holders of such parity shares in proportion to their respective liquidation preferences.

 

Neither
the consolidation of nor merging of the Corporation with or into any other corporation or corporations, nor the sale or other transfer
of all or substantially all of the assets of the Corporation, shall be deemed to be a liquidation, dissolution or winding up of the Corporation
within the meaning of this Section 6.

 

Section
7. Consolidation, Merger, etc. In case the Corporation shall enter into any consolidation, merger, combination or other transaction
in which the outstanding shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property,
then in any such case each share of Series A Preferred Stock shall at the same time be similarly exchanged or changed in an amount per
share (subject to the provision for adjustment hereinafter set forth) equal to 10,000 times the aggregate amount of stock, securities,
cash and/or any other property (payable in kind), as the case may be, into which or for which each share of Common Stock is changed or
exchanged, plus accrued and unpaid dividends, if any, payable with respect to the Series A Preferred Stock. In the event the Corporation
shall at any time after the Rights Declaration Date (i) declare or pay any dividend on Common Stock payable in shares of Common Stock,
or (ii) effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise
than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such
case the amount set forth in the preceding sentence with respect to the exchange or change of shares of Series A Preferred Stock shall
be adjusted by multiplying such amount by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately
after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such
event.

 

Section
8. Redemption. The shares of Series A Preferred Stock shall not be redeemable; provided, however, that the foregoing
shall not limit the ability of the Corporation to purchase or otherwise deal in such shares to the extent otherwise permitted hereby
and by law.

 

Section
9. Ranking. Unless otherwise expressly provided in the Certificate of Incorporation or a Certificate of Designations relating
to any other series of preferred stock of the Corporation, the Series A Preferred Stock shall rank junior to every other series of the
Corporation’s preferred stock previously or hereafter authorized, as to the payment of dividends and the distribution of assets
on liquidation, dissolution or winding up and shall rank senior to the Common Stock.

 

Section
10. Fractional Shares. Series A Preferred Stock may be issued in whole shares or in any fraction of a share that is one ten-thousandth
(1/10,000th) of a share or any integral multiple of such fraction, which shall entitle the holder, in proportion to such holder’s
fractional shares, to exercise voting rights, receive dividends, participate in distributions and to have the benefit of all other rights
of holders of Series A Preferred Stock. In lieu of fractional shares, the Corporation may elect to make a cash payment as provided in
the Rights Agreement for fractions of a share other than one ten-thousandth (1/10,000th) of a share or any integral multiple
thereof.

 

Section
11. Amendment. At any time any shares of Series A Preferred Stock are outstanding, the Certificate of Incorporation and the foregoing
Sections 1 through 10, inclusive, and this Section 11 of the Certificate of Designations shall not be amended in any manner, including
by merger, consolidation or otherwise, which would materially alter or change the powers, preferences or special rights of the Series
A Preferred Stock so as to affect them adversely without the affirmative vote of the holders of two-thirds or more of the outstanding
shares of Series A Preferred Stock, voting separately as a class.

 

    	A-5

    	 

    

 

Exhibit
B

FORM
OF RIGHT CERTIFICATE

 

Certificate
No. R-______ Rights

 

NOT
EXERCISABLE AFTER OCTOBER 13, 2023 OR EARLIER IF NOTICE OF REDEMPTION IS GIVEN. THE RIGHTS ARE SUBJECT TO REDEMPTION, AT THE OPTION
OF BIOFRONTERA INC., AT $0.0001 PER RIGHT, ON THE TERMS SET FORTH IN THE StockHOLDER RIGHTS AGREEMENT
BETWEEN BIOFRONTERA INC. AND Computershare Trust Company, N.A., AS RIGHTS AGENT,
DATED AS OF OCTOBER 13, 2022 (THE “RIGHTS AGREEMENT”). UNDER CERTAIN CIRCUMSTANCES SPECIFIED IN SECTION 7(e)
OF THE RIGHTS AGREEMENT, RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING PERSON OR AN ASSOCIATE OR AFFILIATE OF AN ACQUIRING PERSON OR ANY
OTHER PERSON WITH WHOM SUCH PERSON IS ACTING IN CONCERT (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) AND ANY SUBSEQUENT HOLDER
OF SUCH RIGHTS MAY BECOME NULL AND VOID.

 

Right
Certificate

 

BIOFRONTERA
INC.

 

This
certifies that ________________, or registered assigns, is the registered owner of the number of Rights set forth above, each of which
entitles the owner thereof, subject to the terms, provisions and conditions of the Stockholder Rights Agreement dated as of October 13,
2022 (the “Rights Agreement”) between Biofrontera Inc. (the “Company”) and Computershare Trust
Company, N.A., as Rights Agent (the “Rights Agent”), to purchase from the Company at any time after the Distribution
Date (as such term is defined in the Rights Agreement) and prior to the close of business on October 13, 2023 at the office or
offices of the Rights Agent designated for such purpose, or its successors as Rights Agent, one ten-thousandth of a fully paid, non-assessable
share of the Series A Junior Participating Cumulative Preferred Stock (the “Preferred Stock”) of the Company, at a
purchase price of $________ per one ten-thousandth of a share (the “Exercise Price”), upon presentation and surrender
of this Right Certificate with the Form of Election to Purchase and the related Certificate duly executed. The number of Rights evidenced
by this Right Certificate (and the number of shares which may be purchased upon exercise thereof) set forth above, and the Exercise Price
per share set forth above, are the number and Exercise Price as of _______________, based on the Preferred Stock as constituted
at such date.

 

Upon
the occurrence of a Section 11(a)(ii) Event (as such term is defined in the Rights Agreement), if the Rights evidenced by this Right
Certificate are beneficially owned by (i) an Acquiring Person or an Affiliate or Associate of any such Person or any other Person with
whom such Person is Acting in Concert (as such terms are defined in the Rights Agreement), (ii) a transferee of any such Acquiring Person
or Associate or Affiliate thereof or any other Person with whom such Person is Acting in Concert, or (iii) under certain circumstances
specified in the Rights Agreement, a transferee of a Person who, after such transfer, became an Acquiring Person or an Affiliate or Associate
of an Acquiring Person or any other Person with whom such Person is Acting in Concert, such Rights shall become null and void and no
holder hereof shall have any right with respect to such Rights from and after the occurrence of such Section 11(a)(ii) Event.

 

As
provided in the Rights Agreement, the Exercise Price and the number of shares of Preferred Stock or other securities which may be purchased
upon the exercise of the Rights evidenced by this Right Certificate are subject to modification and adjustment upon the happening of
certain events.

 

This
Right Certificate is subject to all of the terms, provisions and conditions of the Rights Agreement, which terms, provisions and conditions
are hereby incorporated herein by reference and made a part hereof and to which Rights Agreement reference is hereby made for a full
description of the rights, limitations of rights, obligations, duties and immunities hereunder of the Rights Agent, the Company and the
holders of the Right Certificates, which limitations of rights include the temporary suspension of the exercisability of such Rights
under the specific circumstances set forth in the Rights Agreement. Copies of the Rights Agreement are on file at the principal office
of the Company and the designated office of the Rights Agent and are also available upon written request to the Company or the Rights
Agent.

 

    	B-1

    	 

    

 

This
Right Certificate, with or without other Right Certificates, upon surrender at the office or offices of the Rights Agent designated for
such purpose, may be exchanged for another Right Certificate or Certificates of like tenor and date evidencing Rights entitling the holder
to purchase a like aggregate number of shares of Preferred Stock as the Rights evidenced by the Right Certificate or Certificates surrendered
shall have entitled such holder to purchase. If this Right Certificate shall be exercised in part, the holder shall be entitled to receive
upon surrender hereof another Right Certificate or Certificates for the number of whole Rights not exercised. If this Right Certificate
shall be exercised in whole or in part pursuant to Section 11(a)(ii) of the Rights Agreement, the holder shall be entitled to receive
this Right Certificate duly marked to indicate that such exercise has occurred as set forth in the Rights Agreement.

 

Under
certain circumstances, subject to the provisions of the Rights Agreement, the Board of Directors of the Company at its option may exchange
all or any part of the Rights evidenced by this Certificate for shares of the Company’s Common Stock or Preferred Stock at an exchange
ratio (subject to adjustment) specified in the Rights Agreement.

 

Subject
to the provisions of the Rights Agreement, the Rights evidenced by this Certificate may be redeemed by the Board of Directors of the
Company at its option at a redemption price of $0.0001 per Right (payable in cash, Common Stock or other consideration deemed appropriate
by the Board of Directors).

 

The
Company is not obligated to issue fractional shares of stock upon the exercise of any Right or Rights evidenced hereby (other than fractions
which are integral multiples of one ten-thousandth of a share of Preferred Stock, which may, at the election of the Company, be evidenced
by depositary receipts). If the Company elects not to issue such fractional shares, in lieu thereof a cash payment will be made, as provided
in the Rights Agreement.

 

No
holder of this Right Certificate, as such, shall be entitled to vote or receive dividends or be deemed for any purpose the holder of
shares of Preferred Stock, Common Stock or any other securities of the Company which may at any time be issuable on the exercise hereof,
nor shall anything contained in the Rights Agreement or herein be construed to confer upon the holder hereof, as such, any of the rights
of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any
meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting
stockholders (except as provided in the Rights Agreement), or to receive dividends or subscription rights, or otherwise, until the Right
or Rights evidenced by this Right Certificate shall have been exercised as provided in the Rights Agreement.

 

This
Right Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by an authorized signatory
of the Rights Agent.

 

WITNESS
the electronic signature of the proper officers of the Company as a document under corporate seal.

 

	Attested:
       BIOFRONTERA INC.	 	 
	 	 	 
	By:	  	 	By:	    
	[Secretary
    or Assistant Secretary]	 	Name:
	 	 	Title:
    [Chair, Vice Chair, President or Vice President]
	 	 	 
	Countersigned:	 	 
	Computershare
    Trust Company, N.A.	 	 
	 	 	 
	By:	                  	 	 
	Name:	 	 	 
	Title:	 	 	 

 

    	B-2

    	 

    

 

[Form
of Reverse Side of Right Certificate]

FORM
OF ASSIGNMENT

(To
be executed by the registered holder if such holder desires to transfer the Right Certificate.)

 

FOR
VALUE RECEIVED ___________________________ hereby sells, assigns and transfers unto ____________________________________ (Please print
name and address of transferee) ____________________________________ this Right Certificate, together with all right, title and interest
therein, and does hereby irrevocably constitute and appoint ___________________ Attorney, to transfer the within Right Certificate on
the books of the within-named Company, with full power of substitution.

 

Dated:
_________, __ ______________________________

Signature

 

Signature
Medallion Guaranteed: ___________________________________

 

Signatures
must be medallion guaranteed by an “eligible guarantor institution” as defined in Rule 17Ad-15 promulgated under the Securities
Exchange Act of 1934, as amended.

 

CERTIFICATE

 

The
undersigned hereby certifies by checking the appropriate boxes that:

 

(1)
the Rights evidenced by this Right Certificate ______ are ______ are not being transferred by or on behalf of a Person who is or was
an Acquiring Person or an Affiliate or Associate of any such Person or any other Person with whom such Person is Acting in Concert (as
such terms are defined in the Rights Agreement); and

 

(2)
after due inquiry and to the best knowledge of the undersigned, the undersigned ____ did ____ did not directly or indirectly acquire
the Rights evidenced by this Right Certificate from any Person who is, was or became an Acquiring Person or an Affiliate or Associate
of any such Person or any other Person with whom such Person is Acting in Concert.

 

Dated:
_________, ________________________________

Signature

 

NOTICE

 

The
signature to the foregoing Assignment and Certificate must correspond to the name as written upon the face of this Right Certificate
in every particular, without alteration or enlargement or any change whatsoever.

 

    	B-3

    	 

    

 

FORM
OF ELECTION TO PURCHASE

(To
be executed if holder desires to exercise the Right Certificate.)

 

To
BIOFRONTERA INC.:

 

The
undersigned hereby irrevocably elects to exercise _______ Rights represented by this Right Certificate to purchase the shares of Preferred
Stock issuable upon the exercise of the Rights (or such other securities of the Company or of any other person which may be issuable
upon the exercise of the Rights) and requests that certificates for such shares be issued in the name of:

 

Please
insert social security or other identifying taxpayer number: __________________

____________________________________________________________

____________________________________________________________

(Please
print name and address)

 

If
such number of Rights shall not be all the Rights evidenced by this Right Certificate or if the Rights are being exercised pursuant to
Section 11(a)(ii) of the Rights Agreement, a new Right Certificate for the balance of such Rights shall be registered in the name of
and delivered to:

 

Please
insert social security or other identifying taxpayer number: __________________

___________________________________________________________

___________________________________________________________

(Please
print name and address)

Dated:
_________, ________________________________ 

 

Signature

 

Signature
Medallion Guaranteed: ______________________________

 

    	B-4

    	 

    

 

CERTIFICATE

 

The
undersigned hereby certifies by checking the appropriate boxes that:

 

(1)
the Rights evidenced by this Right Certificate ____ are ____ are not being exercised by or on behalf of a Person who is or was an Acquiring
Person or an Affiliate or Associate of any such Person or any other Person with whom such Person is Acting in Concert (as such terms
are defined in the Rights Agreement); and

 

(2)
after due inquiry and to the best knowledge of the undersigned, the undersigned ____ did ____ did not directly or indirectly acquire
the Rights evidenced by this Right Certificate from any Person who is, was or became an Acquiring Person or an Affiliate or Associate
of any such Person or any other Person with whom such Person is Acting in Concert.

 

Dated:
_________, ________________________________

Signature

 

    	B-5

    	 

    

 

NOTICE

 

The
signature to the foregoing Election to Purchase and Certificate must correspond to the name as written upon the face of this Right Certificate
in every particular, without alteration or enlargement or any change whatsoever.

 

    	B-6

    	 

    

 

Exhibit
C

FORM
OF

SUMMARY
OF RIGHTS

SUMMARY
OF

STOCKHOLDER
RIGHTS AGREEMENT

OF

BIOFRONTERA
INC.

 

On
October 13, 2022, the Board of Directors of Biofrontera Inc. (the “Company”) adopted a stockholder rights plan,
as set forth in the Stockholder Rights Agreement, dated October 13, 2022 between the Company and Computershare Trust Company,
N.A., as Rights Agent (the “Rights Agreement”). The Rights Agreement is intended to protect the Company and its stockholders
from efforts to obtain control of the Company that the Board of Directors determines are not in the best interests of the Company and
its stockholders, and to enable all stockholders to realize the long-term value of their investment in the Company. The Rights Agreement
is not intended to interfere with any merger, tender or exchange offer or other business combination approved by the Board of Directors.

 

The
following description of the terms of the Rights Agreement does not purport to be complete and is qualified in its entirety by reference
to the Rights Agreement, which has been filed with the Securities and Exchange Commission as an exhibit to a Registration Statement on
Form 8-A dated October [__], 2022. A copy of the Rights Agreement is available free of charge from the Company.

 

Rights
Dividend: Pursuant to the terms of the Rights Agreement, the Board of Directors declared a dividend distribution of one Preferred
Stock Purchase Right (a “Right”) for each outstanding share of common stock, par value $0.001 per share, of the Company
(the “Common Stock”) to stockholders of record as of the close of business on October 24, 2022 (the “Record
Date”). In addition, one Right will automatically attach to each share of Common Stock issued between the Record Date and the
earlier of the Distribution Date (as defined below) and the expiration date of the Rights. Each Right entitles the registered holder
thereof to purchase from the Company a unit consisting of one ten-thousandth of a share (a “Unit”) of Series A Junior
Participating Cumulative Preferred Stock, par value $0.001 per share, of the Company (the “Preferred Stock”) at a
cash exercise price of $5.00 per Unit (the “Exercise Price”), subject to adjustment, under certain conditions
specified in the Rights Agreement and summarized below.

 

Distribution
Date: Initially, the Rights are not exercisable and are attached to and trade with all shares of Common Stock outstanding as of,
and issued subsequent to, the Record Date. The Rights will separate from the Common Stock and will become exercisable upon the earlier
of:

 

	 	●	the
    close of business on the tenth calendar day following the first public announcement that a person or group of affiliated or associated
    persons has become an “Acquiring Person” by acquiring beneficial ownership of 15% or more of the outstanding shares
    of Common Stock, other than as a result of repurchases of stock by the Company or certain inadvertent actions by a stockholder (the
    date of said announcement being referred to as the “Stock Acquisition Date”); or
	 	●	the
    close of business on the tenth business day (or such later day as the Board of Directors may determine) following the commencement
    of a tender offer or exchange offer that could result upon its consummation in a person or group becoming an Acquiring Person (the
    earlier of such dates being herein referred to as the “Distribution Date”).

 

For
purposes of the Rights Agreement, beneficial ownership is defined to include ownership of securities that are subject to a derivative
transaction and acquired derivative securities. Swaps dealers unassociated with any control intent or intent to evade the purposes of
the Rights Agreement are excepted from such imputed beneficial ownership.

 

Until
the Distribution Date (or earlier redemption, exchange or expiration of the Rights), (1) the Rights will be evidenced by the Common Stock
certificates (or, with respect to any uncertificated shares of Common Stock registered in book entry form (“Book Entry Shares”),
by notation in book entry) and will be transferred with and only with such shares of Common Stock, (2) new Common Stock certificates
or Book Entry Shares issued after the Record Date will contain a notation incorporating the Rights Agreement by reference, and (3) the
surrender for transfer of any certificates for Common Stock or Book Entry Shares will also constitute the transfer of the Rights associated
with the Common Stock represented thereby.

 

    	C-1

    	 

    

 

As
soon as practicable after the Distribution Date, one or more certificates evidencing Rights (the “Right Certificates”)
will be mailed to holders of record of Common Stock as of the close of business on the Distribution Date and, thereafter, the separate
Right Certificates alone will represent the Rights. Except as otherwise determined by the Board of Directors, only shares of Common Stock
or Series A Preferred Stock issued prior to the Distribution Date will be issued with Rights.

 

Subscription
and Merger Rights: In the event that a Stock Acquisition Date occurs, proper provision will be made so that each holder of a Right
(other than an Acquiring Person or its associates or affiliates or any other person with whom such person is acting in concert, whose
Rights shall become null and void) will thereafter have the right to receive upon exercise, in lieu of a number of shares of Preferred
Stock, that number of shares of Common Stock of the Company (or, in certain circumstances, including if there are insufficient shares
of Common Stock to permit the exercise in full of the Rights, Units of Preferred Stock, other securities, cash or property, or any combination
of the foregoing) having a market value of two times the Exercise Price of the Right (such right being referred to as the “Subscription
Right”). In the event that, at any time following the Stock Acquisition Date:

 

	 	●	the
    Company consolidates with, or merges with and into, any other person, and the Company is not the continuing or surviving corporation;

 

	 	●	any
    person consolidates with the Company, or merges with and into the Company and the Company is the continuing or surviving corporation
    of such merger and, in connection with such merger, all or part of the shares of Common Stock are changed into or exchanged for stock
    or other securities of any other person or cash or any other property; or
	 	 	 
	 	●	50%
    or more of the Company’s assets or earning power is sold, mortgaged or otherwise transferred, each holder of a Right (other
    than an Acquiring Person or its associates or affiliates or any other person with whom such person is acting in concert, whose Rights
    shall become null and void) will thereafter have the right to receive, upon exercise, common stock of the acquiring company having
    a market value equal to two times the Exercise Price of the Right (such right being referred to as the “Merger Right”).

 

The
holder of a Right will continue to have the Merger Right whether or not such holder has exercised the Subscription Right. Rights that
are or were beneficially owned by an Acquiring Person may (under certain circumstances specified in the Rights Agreement) become null
and void.

 

Until
a Right is exercised, the holder will have no rights as a stockholder of the Company (beyond those as an existing stockholder), including
the right to vote or to receive dividends. While the distribution of the Rights will not be taxable to stockholders or to the Company,
stockholders may, depending upon the circumstances, recognize taxable income in the event that the Rights become exercisable for shares
of Common Stock, other securities of the Company, other consideration or for common stock of an acquiring company.

 

Exchange
Feature: At any time after a person becomes an Acquiring Person, the Board of Directors may, at its option, exchange all or any part
of the then outstanding and exercisable Rights for shares of Common Stock at an exchange ratio specified in the Rights Agreement. Notwithstanding
the foregoing, the Board of Directors generally will not be empowered to effect such exchange at any time after any person becomes the
beneficial owner of 50% or more of the Common Stock of the Company.

 

    	C-2

    	 

    

 

Adjustments:
The Exercise Price payable, and the number of shares of Common Stock or other securities or property issuable, upon exercise of the
Rights are subject to adjustment from time to time to prevent dilution:

 

	 	●	in
    the event of a stock dividend on, or a subdivision, combination or reclassification of, the Preferred Stock;

 

	 	●	if
    holders of the Preferred Stock are granted certain rights or warrants to subscribe for Preferred Stock or convertible securities
    at less than the current market price of the Preferred Stock; or

 

	 	●	upon
    the distribution to holders of the Preferred Stock of evidences of indebtedness or assets (excluding regular quarterly cash dividends)
    or of subscription rights or warrants (other than those referred to above).

 

With
certain exceptions, no adjustment in the Exercise Price will be required until cumulative adjustments amount to at least 1% of the Exercise
Price. The Company is not obligated to issue fractional shares. If the Company elects not to issue fractional shares, in lieu thereof
an adjustment in cash will be made based on the fair market value of the Preferred Stock on the last trading date prior to the date of
exercise.

 

Redemption:
The Rights may be redeemed in whole, but not in part, at a price of $0.0001 per Right (payable in cash, Common Stock or other consideration
deemed appropriate by the Board of Directors) by the Board of Directors only until the earlier of (1) the time at which any person becomes
an Acquiring Person or (2) the expiration date of the Rights Agreement. Immediately upon the action of the Board of Directors ordering
redemption of the Rights, the Rights will terminate and thereafter the only right of the holders of Rights will be to receive the redemption
price.

 

Amendment:
The Rights Agreement may be amended by the Board of Directors in its sole discretion at any time prior to the time at which any person
becomes an Acquiring Person. After such time the Board of Directors may, subject to certain limitations set forth in the Rights Agreement,
amend the Rights Agreement only to cure any ambiguity, defect or inconsistency, to shorten or lengthen any time period, or to make changes
that do not adversely affect the interests of Rights holders (excluding the interests of an Acquiring Person or its associates or affiliates
or any other person with whom such person is acting in concert).

 

Expiration
Date: The Rights are not exercisable until the Distribution Date and will expire at the close of business on October 13, 2023;
provided that if the Company’s stockholders have not ratified the Rights Agreement by the close of business on the first day after
the Company’s 2023 annual meeting of stockholders (including any adjournments or postponement thereof), the Rights will expire
at such time, in each case, unless previously redeemed or exchanged by the Company.

 

    	C-3Exhibit 4.2

      

      
        
          

          

          
            

        

        

        

        EXETER AUTOMOBILE RECEIVABLES TRUST 2022-5

        Class A-1 3.718% Asset Backed Notes

          Class A-2 5.29% Asset Backed Notes

          Class A-3 5.43% Asset Backed Notes

          Class B 5.97% Asset Backed Notes

          Class C 6.51% Asset Backed Notes

          Class D 7.40% Asset Backed Notes

        Class E 10.45% Asset Backed Notes

        

          

          

        

        ---------------------------------

        FORM OF INDENTURE

        Dated as of September 18, 2022

        -----------------------------------

        EXETER HOLDINGS TRUST 2022-5

        Holding Trust

        

        

        CITIBANK, N.A.

          Indenture Trustee

        
          
            

          

          

        

        
          
            

        

        
        TABLE OF CONTENTS

        Page

        	
                ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE

                 

                

              	
                3

              
	
                Section 1.1

              	
                Definitions

              	
                3

              
	
                Section 1.2

              	
                Incorporation by Reference of Trust Indenture Act

              	
                12

              
	
                Section 1.3

                 

                

              	
                Rules of Construction

              	
                12

              
	
                ARTICLE II THE NOTES

                  

                

              	
                12

              
	
                Section 2.1

              	
                Form

              	
                12

              
	
                Section 2.2

              	
                Execution, Authentication and Delivery

              	
                13

              
	
                Section 2.3

              	
                Temporary Notes

              	
                13

              
	
                Section 2.4

              	
                Registration; Registration of Transfer and Exchange

              	
                14

              
	
                Section 2.5

              	
                Mutilated, Destroyed, Lost or Stolen Notes

              	
                17

              
	
                Section 2.6

              	
                Persons Deemed Owner

              	
                18

              
	
                Section 2.7

              	
                Payment of Principal and Interest; Defaulted Interest

              	
                18

              
	
                Section 2.8

              	
                Cancellation

              	
                19

              
	
                Section 2.9

              	
                Release of Collateral

              	
                20

              
	
                Section 2.10

              	
                Book-Entry Notes

              	
                20

              
	
                Section 2.11

              	
                Notices to Clearing Agency

              	
                22

              
	
                Section 2.12

                 

                

              	
                Definitive Notes

              	
                23

              
	
                ARTICLE III COVENANTS

                  

                

              	
                23

              
	
                Section 3.1

              	
                Payment of Principal and Interest

              	
                23

              
	
                Section 3.2

              	
                Maintenance of Office or Agency

              	
                23

              
	
                Section 3.3

              	
                Money for Payments to be Held in Trust

              	
                24

              
	
                Section 3.4

              	
                Existence

              	
                25

              
	
                Section 3.5

              	
                Protection of Trust Estate

              	
                25

              
	
                Section 3.6

              	
                Opinions as to Trust Estate

              	
                26

              
	
                Section 3.7

              	
                Performance of Obligations; Servicing of Receivables

              	
                26

              
	
                Section 3.8

              	
                Negative Covenants

              	
                27

              
	
                Section 3.9

              	
                Annual Statement as to Compliance

              	
                28

              
	
                Section 3.10

              	
                Issuer May Consolidate, Etc. Only on Certain Terms

              	
                28

              
	
                Section 3.11

              	
                Successor or Transferee

              	
                30

              
	
                Section 3.12

              	
                No Other Business

              	
                30

              
	
                Section 3.13

              	
                No Borrowing

              	
                30

              

        

        

        

        

        
          i

          
            

        

        

        

        	
                Section 3.14

              	
                Servicer’s Obligations

              	
                31

              
	
                Section 3.15

              	
                Guarantees, Loans, Advances and Other Liabilities

              	
                31

              
	
                Section 3.16

              	
                Capital Expenditures

              	
                31

              
	
                Section 3.17

              	
                Compliance with Laws

              	
                31

              
	
                Section 3.18

              	
                Restricted Payments

              	
                31

              
	
                Section 3.19

              	
                Notice of Events of Default

              	
                31

              
	
                Section 3.20

              	
                Further Instruments and Acts

              	
                31

              
	
                Section 3.21

              	
                Amendments of Sale and Servicing Agreement and Trust Agreement

              	
                31

              
	
                Section 3.22

                 

                

              	
                Income Tax Characterization

              	
                32

              
	
                ARTICLE IV SATISFACTION AND DISCHARGE

                 

                

              	
                32

              
	
                Section 4.1

              	
                Satisfaction and Discharge of Indenture

              	
                32

              
	
                Section 4.2

              	
                Application of Trust Money

              	
                33

              
	
                Section 4.3

                 

                

              	
                Repayment of Moneys Held by Note Paying Agent

              	
                34

              
	
                ARTICLE V REMEDIES

                 

                

              	
                34

              
	
                Section 5.1

              	
                Events of Default

              	
                34

              
	
                Section 5.2

              	
                Rights Upon Event of Default

              	
                35

              
	
                Section 5.3

              	
                Collection of Indebtedness and Suits for Enforcement by Indenture Trustee

              	
                36

              
	
                Section 5.4

              	
                Remedies

              	
                38

              
	
                Section 5.5

              	
                Optional Preservation of the Trust Estate

              	
                39

              
	
                Section 5.6

              	
                Priorities

              	
                40

              
	
                Section 5.7

              	
                Limitation of Suits

              	
                43

              
	
                Section 5.8

              	
                Unconditional Rights of Noteholders To Receive Principal and Interest

              	
                44

              
	
                Section 5.9

              	
                Restoration of Rights and Remedies

              	
                44

              
	
                Section 5.10

              	
                Rights and Remedies Cumulative

              	
                44

              
	
                Section 5.11

              	
                Delay or Omission Not a Waiver

              	
                44

              
	
                Section 5.12

              	
                Control by Noteholders

              	
                45

              
	
                Section 5.13

              	
                Waiver of Past Defaults

              	
                45

              
	
                Section 5.14

              	
                Undertaking for Costs

              	
                46

              
	
                Section 5.15

              	
                Waiver of Stay or Extension Laws

              	
                46

              
	
                Section 5.16

              	
                Action on Notes

              	
                46

              

        

        

        
          ii

          
            

        

        	
                Section 5.17

                 

                

              	
                Performance and Enforcement of Certain Obligations

              	
                46

              
	
                ARTICLE VI THE INDENTURE TRUSTEE

                 

                

              	
                47

              
	
                Section 6.1

              	
                Duties of Indenture Trustee

              	
                47

              
	
                Section 6.2

              	
                Rights of Indenture Trustee

              	
                49

              
	
                Section 6.3

              	
                Individual Rights of Indenture Trustee

              	
                51

              
	
                Section 6.4

              	
                Indenture Trustee’s Disclaimer

              	
                51

              
	
                Section 6.5

              	
                Notice of Defaults

              	
                52

              
	
                Section 6.6

              	
                Reports by Indenture Trustee to Holders

              	
                52

              
	
                Section 6.7

              	
                Compensation and Indemnity

              	
                52

              
	
                Section 6.8

              	
                Replacement of Indenture Trustee

              	
                53

              
	
                Section 6.9

              	
                Successor Indenture Trustee by Merger

              	
                54

              
	
                Section 6.10

              	
                Appointment of Co-Indenture Trustee or Separate Indenture Trustee

              	
                55

              
	
                Section 6.11

              	
                Eligibility; Disqualification

              	
                56

              
	
                Section 6.12

              	
                Preferential Collection of Claims Against Issuer

              	
                57

              
	
                Section 6.13

              	
                Appointment and Powers

              	
                57

              
	
                Section 6.14

              	
                Performance of Duties

              	
                58

              
	
                Section 6.15

              	
                Limitation on Liability

              	
                58

              
	
                Section 6.16

              	
                Reliance Upon Documents

              	
                58

              
	
                Section 6.17

              	
                Force Majeure

              	
                59

              
	
                Section 6.18

              	
                [Reserved]

              	
                59

              
	
                Section 6.19

              	
                Representations and Warranties of the Indenture Trustee and the Issuer and the Holding Trust

              	
                59

              
	
                Section 6.20

                 

                

              	
                Waiver of Setoffs

              	
                60

              
	
                ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS

                 

                

              	
                60

              
	
                Section 7.1

              	
                Issuer to Furnish to Indenture Trustee Names and Addresses of Noteholders

              	
                60

              
	
                Section 7.2

              	
                Preservation of Information; Communications to Noteholders

              	
                60

              
	
                Section 7.3

              	
                Reports by Issuer

              	
                62

              
	
                Section 7.4

                 

                

              	
                Reports by Indenture Trustee

              	
                63

              
	
                ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES

                 

                

              	
                63

              
	
                Section 8.1

              	
                Collection of Money

              	
                63

              
	
                Section 8.2

              	
                Release of Trust Estate

              	
                63

              

        

        

        
          iii

          
            

        

        	
                Section 8.3

                 

                

              	
                Opinion of Counsel

              	
                64

              
	
                ARTICLE IX SUPPLEMENTAL INDENTURES

                 

                

              	
                64

              
	
                Section 9.1

              	
                Supplemental Indentures Without Consent of Noteholders

              	
                64

              
	
                Section 9.2

              	
                Supplemental Indentures with Consent of Noteholders

              	
                66

              
	
                Section 9.3

              	
                Execution of Supplemental Indentures

              	
                68

              
	
                Section 9.4

              	
                Effect of Supplemental Indenture

              	
                68

              
	
                Section 9.5

              	
                Conformity With Trust Indenture Act

              	
                68

              
	
                Section 9.6

                 

                

              	
                Reference in Notes to Supplemental Indentures

              	
                68

              
	
                ARTICLE X REDEMPTION OF NOTES

                 

                

              	
                68

              
	
                Section 10.1

              	
                Redemption

              	
                68

              
	
                Section 10.2

              	
                Form of Redemption

              	
                69

              
	
                Section 10.3

                 

                

              	
                Notes Payable on Redemption Date

              	
                69

              
	
                ARTICLE XI MISCELLANEOUS

                 

                

              	
                70

              
	
                Section 11.1

              	
                Compliance Certificates and Opinions, etc

              	
                70

              
	
                Section 11.2

              	
                Form of Documents Delivered to Indenture Trustee

              	
                71

              
	
                Section 11.3

              	
                Acts of Noteholders

              	
                72

              
	
                Section 11.4

              	
                Notices, etc., to Indenture Trustee, Issuer and Rating Agencies

              	
                73

              
	
                Section 11.5

              	
                Notices to Noteholders; Waiver

              	
                73

              
	
                Section 11.6

              	
                Conflict with Trust Indenture Act

              	
                74

              
	
                Section 11.7

              	
                Patriot Act

              	
                74

              
	
                Section 11.8

              	
                Effect of Headings and Table of Contents

              	
                74

              
	
                Section 11.9

              	
                Successors and Assigns

              	
                74

              
	
                Section 11.10

              	
                Separability

              	
                74

              
	
                Section 11.11

              	
                Benefits of Indenture

              	
                74

              
	
                Section 11.12

              	
                Legal Holidays

              	
                75

              
	
                Section 11.13

              	
                GOVERNING LAW AND SUBMISSION TO JURISDICTION

              	
                75

              
	
                Section 11.14

              	
                WAIVER OF JURY TRIAL

              	
                75

              
	
                Section 11.15

              	
                Counterparts

              	
                75

              
	
                Section 11.16

              	
                Recording of Indenture

              	
                75

              
	
                Section 11.17

              	
                Trust Obligation

              	
                76

              
	
                Section 11.18

              	
                No Petition

              	
                76

              
	
                Section 11.19

              	
                Inspection

              	
                76

              
	
                Section 11.20

              	
                No Recourse

              	
                77

              

        

        

        
          iv

          
            

        

        EXHIBITS

        

        

        	

              	EXHIBIT A-1	
                Form of Class A-1 Note

              

        	

              	EXHIBIT A-2	
                Form of Class A-2 Note

              

        	

              	EXHIBIT A-3	
                Form of Class A-3 Note

              

        	

              	EXHIBIT B	
                Form of Class B Note

              

        	

              	EXHIBIT C	
                Form of Class C Note

              

        	

              	EXHIBIT D	
                Form of Class D Note

              

        	

              	EXHIBIT E-1	
                Form of Class E Note (QIB)

              

        	

              	EXHIBIT E-2	
                Form of Class E Note (Institutional Accredited Investor)

              

        	

              	EXHIBIT E-3	
                Form of Class E Note (Regulation S)

              

        	

              	EXHIBIT F-1	
                Form of Transfer Certificate for Transfers from Regulation S Global Note to Global Note

              

        	

              	EXHIBIT F-2	
                Form of Transfer Certificate for Transfers from Global Note to Regulation S Global Note

              

        

        

        SCHEDULES

         

        

        	

              	SCHEDULE A	
                Representations and Warranties of the Issuer and the Holding Trust

              

        

        

        
          v

          
            

        

        INDENTURE dated as of September 18, 2022, among EXETER AUTOMOBILE RECEIVABLES TRUST 2022-5, a Delaware statutory trust (the “Issuer”), EXETER HOLDINGS TRUST 2022-5, a Delaware statutory trust (the “Holding Trust”), and
          CITIBANK, N.A., a national banking association, as indenture trustee (the “Indenture Trustee”).

        Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the
          Issuer’s Class A-1 3.718% Asset Backed Notes (the “Class A-1 Notes”), Class A-2 5.29% Asset Backed Notes (the “Class A-2 Notes”), Class A-3 5.43% Asset Backed Notes (the “Class A-3 Notes”), the Class B 5.97% Asset Backed Notes (the “Class B Notes”), the Class C 6.51% Asset Backed Notes (the “Class C Notes”), the Class D 7.40%
          Asset Backed Notes (the “Class D Notes”) and the Class E 10.45% Asset Backed Notes (the “Class E Notes”
          and, together with the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class B Notes, the Class C Notes and the Class D Notes, the “Notes”).

        As security for the payment and performance by the Issuer of its obligations under this Indenture and the Notes, the Issuer
          and the Holding Trust have agreed to assign the Collateral (as defined below) as collateral to the Indenture Trustee for the benefit of the Indenture Trustee on behalf of the Noteholders.

        GRANTING CLAUSE

        The Issuer and the Holding Trust hereby Grant to the Indenture Trustee at the Closing Date, for the benefit of the Issuer
          Secured Parties, all of the Issuer’s and the Holding Trust’s right, title and interest in and to the following property, whether now 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 Issuer or the Holding Trust in the Financed Vehicles; (c) any proceeds with respect to the Receivables
          repurchased by a Dealer or Direct Lender, pursuant to a Dealer Agreement or Direct Lender Agreement, as applicable, as a result of a breach of representation or warranty in such Dealer Agreement or Direct Lender Agreement; (d) all rights under
          any Service Contracts on the related Financed Vehicles; (e) any 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; (f) the Trust Accounts and all funds on deposit from time to time in the Trust Accounts, and in all investments and proceeds thereof and all rights of the Issuer or the Holding Trust therein (including all
          income thereon); (g) any proceeds of the Receivables held in the Lockbox Account from time to time; (h) the Issuer’s and the Holding Trust’s rights and benefits, but none of its obligations or burdens, under the Purchase Agreement, including the
          delivery requirements, representations and warranties and the cure and repurchase obligations of Exeter under the Purchase Agreement; (i) all items contained in the Receivable Files and any and all other documents that Exeter keeps on file in
          accordance with its customary procedures relating to the Receivables, the Obligors or the Financed Vehicles; (j) the Issuer’s and the Holding Trust’s rights and benefits, but none of its obligations or burdens, under the Sale and Servicing
          Agreement (including all rights of the Seller under the Purchase Agreement assigned to the Issuer pursuant to the Sale and Servicing Agreement and contributed to the Holding Trust pursuant to the Contribution Agreement); (k) all of the Issuer’s
          and the Holding Trust’s (i) Accounts, (ii) Chattel Paper, (iii) Documents, (iv) Instruments and (v) General Intangibles (as such terms are defined in the UCC) relative to the property

        
          
            

        

        
        

        

        described in (a) through (j); (l) all proceeds and investments with respect to items (a) through (k); (m) the Holding Trust Certificate, and all
          distributions on or in respect of the Holding Trust Certificate and any other rights granted to the holder of the Holding Trust Certificate and (n) all present and future claims, demands, causes and choses of action in respect of any or all of
          the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion, voluntary or involuntary, into cash or other liquid property, all
          cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables,
          instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing (collectively, the “Collateral”).

        The foregoing Grant is made in trust to the Indenture Trustee, for the benefit of the Issuer Secured Parties.  The Indenture
          Trustee hereby acknowledges such Grant, accepts the trusts under this Indenture in accordance with the provisions of this Indenture and agrees to perform its duties required in this Indenture to the end that the interests of such parties,
          recognizing the priorities of their respective interests may be adequately and effectively protected.

        The Indenture Trustee shall maintain custody of the Holding Trust Certificate actually received by it in accordance with the
          terms of this Indenture and its internal policies and procedures relating the holding of similar property.  During the existence and continuance of an Event of Default, the prudent person standard of care shall not apply to the Indenture
          Trustee’s duties as custodian of the Holding Trust Certificate hereunder.  The Issuer shall deliver the Holding Trust Certificate to the Indenture Trustee on the Closing Date or such other date as agreed to by the Issuer and the Indenture
          Trustee.

        Each of the Issuer and the Holding Trust hereby authorizes the filing of a financing statement against the Issuer and the
          Holding Trust, respectively, describing the Collateral as constituting all assets whether now owned and existing or hereafter arising or acquired of the Issuer as debtor and the Holding Trust as debtor or similar language.

        
          2

          
            

        

        

        

        ARTICLE I

          

          Definitions and Incorporation by Reference

        Section 1.1      Definitions.  Except as otherwise specified herein, the following terms have the respective meanings set forth below for all purposes of this Indenture.

        “Act” has the meaning specified in Section
          11.3(a).

        “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 specified 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.  A Person shall not be deemed to be an
          Affiliate of any person solely because such other Person has the contractual right or obligation to manage such Person unless such other Person controls such Person through equity ownership or otherwise.

        “Authorized Officer” means, with respect to the
          Issuer and the Servicer, any officer or agent acting pursuant to a power of attorney of the Owner Trustee or the Servicer, as applicable, who is authorized to act for the Owner Trustee or the Servicer, as applicable, in matters relating to the
          Issuer and who is identified on the list of Authorized Officers delivered by each of the Owner Trustee and the Servicer to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter).

        “Basic Documents” means this Indenture, the
          Certificate of Trust, the Trust Agreement, the Holding Trust Agreement, the Purchase Agreement, the Sale and Servicing Agreement, the Contribution Agreement, the Custodian Agreement, the Lockbox Account Agreement, the Underwriting Agreement, the
          Asset Representations Review Agreement and other documents and certificates delivered in connection therewith.

        “Book Entry Notes” means a beneficial interest
          in the Notes, ownership and transfers of which shall be made through book entries by a Clearing Agency as described in Section 2.10.

        “Business Day” means any day other than a
          Saturday, a Sunday, legal holiday or other day on which commercial banking institutions located in Wilmington, Delaware, Irving, Texas, New York, New York, Jersey City, New Jersey 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.

        “Certificates” means trust certificates
          evidencing the beneficial interest of Certificateholders in the Issuer.

        “Certificateholders” means the Person in whose
          name a Certificate is registered on the Certificate Register.

        
          3

          
            

        

        

        

        “Certificate of Trust” means the certificate of
          trust of the Issuer substantially in the form of Exhibit B to the Trust Agreement.

        “Class A Notes” means, collectively, the Class
          A-1 Notes, the Class A-2 Notes and the Class A-3 Notes.

        “Class A-1 Interest Rate” means 3.718% per annum
          (computed on the basis of the actual number of days in the related Interest Period and a year assumed to consist of 360 days).

        “Class A-1 Notes” means the Class A-1 3.718%
          Asset Backed Notes, substantially in the form of Exhibit A-1.

        “Class A-2 Interest Rate” means 5.29% per annum
          (computed on the basis of a 360-day year consisting of twelve 30-day months).

        “Class A-2 Notes” means the Class A-2 5.29%
          Asset Backed Notes, substantially in the form of Exhibit A-2.

         “Class A-3 Interest Rate” means 5.43% per annum
          (computed on the basis of a 360-day year consisting of twelve 30-day months).

        “Class A-3 Notes” means the Class A-3 5.43%
          Asset Backed Notes, substantially in the form of Exhibit A-3.

         “Class B Interest Rate” means 5.97% per annum
          (computed on the basis of a 360-day year consisting of twelve 30-day months).

        “Class B Notes” means the Class B 5.97% Asset
          Backed Notes, substantially in the form of Exhibit B.

        “Class C Interest Rate” means 6.51% per annum
          (computed on the basis of a 360-day year consisting of twelve 30-day months).

        “Class C Notes” means the Class C 6.51% Asset
          Backed Notes, substantially in the form of Exhibit C.

        “Class D Interest Rate” means 7.40% per annum
          (computed on the basis of a 360-day year consisting of twelve 30-day months).

        “Class D Notes” means the Class D 7.40% Asset
          Backed Notes, substantially in the form of Exhibit D.

        “Class E Interest Rate” means 10.45% per annum
          (computed on the basis of a 360-day year consisting of twelve 30-day months).

        “Class E Notes” means the Class E 10.45% Asset
          Backed Notes, substantially in the form of Exhibit E-1, Exhibit E-2 or Exhibit E-3, as applicable.

        
          4

          
            

        

        

        

        “Clearing Agency” means an organization
          registered as a “clearing agency” pursuant to Section 17A of the Exchange Act.

        “Clearing Agency Participant” means a broker,
          dealer, bank, other financial institution or other Person for whom from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency.

        “Closing Date” means October 19, 2022.

        “Code” means the Internal Revenue Code of 1986,
          as amended from time to time, and Treasury Regulations promulgated thereunder.

        “Collateral” has the meaning specified in the
          Granting Clause of this Indenture.

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

        “Controlling Party” means the Indenture Trustee,
          acting on behalf of the Noteholders.

        “Corporate Trust Office” means the principal
          office of the Indenture Trustee, (i) solely with respect to the transfer, surrender, exchange or presentation of final payment of the Notes, 480 Washington Boulevard, 30th Floor, Jersey City, New Jersey 07310, Attention: Citibank Agency &
          Trust, EART 2022-5 and (ii) for all other purposes, the principal office of the Indenture Trustee at which at any particular time its corporate trust business shall be administered which office at date of the execution of this Indenture is
          located at 388 Greenwich Street, New York, New York 10013, Attention: Citibank Agency & Trust, EART 2022-5, or at such other address as the Indenture Trustee may designate from time to time by notice to the Noteholders, the Servicer and the
          Issuer, or the principal corporate trust office of any successor Indenture Trustee (the address of which the successor Indenture Trustee will notify the Noteholders and the Issuer).

        “Default” means any occurrence that is, or with
          notice or the lapse of time or both would become, an Event of Default.

        “Definitive Notes” has the meaning specified in
          Section 2.10.

        “Distribution Compliance Period” means the
          period from the Closing Date to the 40th day after the Closing Date.

        “Distribution Date” has the meaning specified in
          the Sale and Servicing Agreement.

        “ERISA” has the meaning specified in Section
          2.4.

        “Event of Default” has the meaning specified in
          Section 5.1.

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

        “Executive Officer” means, with respect to any
          corporation, the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, President, any Executive Vice President,

        
          5

          
            

        

        

        

        any Senior Vice President, any Vice President, the Secretary or the Treasurer of such corporation; and with respect to any partnership, any
          general partner thereof.

        “FATCA” means Sections 1471 through 1474 of the
          Code, any regulations or official interpretations thereof, any applicable agreement entered into pursuant to Section 1471(b)(1) of the Code, any applicable intergovernmental agreement and any non-U.S. law or regulation implementing the foregoing.

        “FATCA Withholding Tax” shall mean any deduction
          or withholding pursuant to FATCA.

        “Final Scheduled Distribution Date” means with
          respect to (i) the Class A-1 Notes, the October 2023 Distribution Date, (ii) the Class A-2 Notes, the January 2025 Distribution Date, (iii) the Class A-3 Notes, the April 2026 Distribution Date, (iv) the Class B Notes, the March 2027 Distribution
          Date, (v) the Class C Notes, the December 2027 Distribution Date, (vi) the Class D Notes, the February 2029 Distribution Date and (vii) the Class E Notes, the April 2030 Distribution Date.

        “Flow-Through Entity” means an entity treated
          for U.S. federal income tax purposes as a partnership, subchapter S corporation or grantor trust (or a disregarded entity the single owner of which is any of the foregoing), in each case as defined in the Code.

        “Force Majeure Event” shall mean any default or
          delay caused by acts of God or government, including wars or military action, terrorism or threat of terrorism, riots or civil unrest, pandemics, epidemics, fires, storms, earthquakes, floods, power outages or other disasters of nature, provided
          such default or delay could not have been prevented by the taking of commercially reasonable precautions such as the implementation and execution of disaster recovery plans.

         “Global Notes” has the meaning specified in
          Section 2.10.

        “Grant” means mortgage, pledge, bargain,
          warrant, alienate, remise, release, convey, assign, transfer, create, grant a lien upon and a security interest in and right of set-off against, deposit, set over and confirm pursuant to this Indenture.  A Grant of the Collateral or of any other
          agreement or instrument shall include all rights, powers and options (but none of the obligations) of the Granting party thereunder, including the immediate and continuing right to claim for, collect, receive and give receipt for principal and
          interest payments in respect of the Collateral and all other moneys payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring proceedings in the
          name of the Granting party or otherwise and generally to do and receive anything that the Granting party is or may be entitled to do or receive thereunder or with respect thereto.

        “Holder” or “Noteholder” means the Person in whose name a Note is registered on the Note Register.

        “Indebtedness” means, with respect to any Person
          at any time, (a) indebtedness or liability of such Person for borrowed money whether or not evidenced by bonds, debentures, notes or other instruments, or for the deferred purchase price of property or services (including trade

        
          6

          
            

        

        

        

        obligations); (b) obligations of such Person as lessee under leases which should have been or should be, in accordance with generally accepted
          accounting principles, recorded as capital leases; (c) current liabilities of such Person in respect of unfunded vested benefits under plans covered by Title IV of ERISA; (d) obligations issued for or liabilities incurred on the account of such
          Person; (e) obligations or liabilities of such Person arising under acceptance facilities; (f) obligations of such Person under any guarantees, endorsements (other than for collection or deposit in the ordinary course of business) and other
          contingent obligations to purchase, to provide funds for payment, to supply funds to invest in any Person or otherwise to assure a creditor against loss; (g) obligations of such Person secured by any lien on property or assets of such Person,
          whether or not the obligations have been assumed by such Person; or (h) obligations of such Person under any interest rate or currency exchange agreement.

        “Indenture” means this Indenture as amended and
          supplemented from time to time.

        “Indenture Trustee” means Citibank, N.A., a
          national banking association, not in its individual capacity but as indenture trustee under this Indenture, or any successor indenture trustee under this Indenture.

        “Independent” means, when used with respect to
          any specified Person, that the Person (a) is in fact independent of the Issuer, any other obligor upon the Notes, the Seller and any Affiliate of any of the foregoing Persons, (b) does not have any direct financial interest or any material
          indirect financial interest in the Issuer, any such other obligor, the Seller or any Affiliate of any of the foregoing Persons and (c) is not connected with the Issuer, any such other obligor, the Seller or any Affiliate of any of the foregoing
          Persons as an officer, employee, promoter, underwriter, trustee, partner, director or Person performing similar functions.

        “Independent Certificate” means a certificate or
          opinion to be delivered to the Indenture Trustee under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.1, prepared by an Independent appraiser or other expert appointed by an Issuer Order
          and approved by the Indenture Trustee in the exercise of reasonable care, and such opinion or certificate shall state that the signer has read the definition of “Independent” in this Indenture and that the signer is Independent within the meaning
          thereof.

        “Institutional Accredited Investor” means an
          “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act.

        “Interest Rate” means, with respect to the (i)
          Class A-1 Notes, the Class A-1 Interest Rate, (ii) Class A-2 Notes, the Class A-2 Interest Rate, (iii) Class A-3 Notes, the Class A-3 Interest Rate, (iv) Class B Notes, the Class B Interest Rate, (v) Class C Notes, the Class C Interest Rate, (vi)
          Class D Notes, the Class D Interest Rate and (vii) Class E Notes, the Class E Interest Rate.

        “Issuer” means the party named as such in this
          Indenture until a successor replaces it and, thereafter, means the successor and, for purposes of any provision contained herein and required by the TIA, each other obligor on the Notes.

        “Issuer Order” and “Issuer Request” means a written order or request signed in the name of the Issuer by any one of its Authorized Officers and delivered to the Indenture Trustee.

        
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        “Issuer Secured Parties” means the Indenture
          Trustee in respect of the Trustee Issuer Secured Obligations.

        “Majority Noteholders” means the Holders of
          Notes representing a majority of (i) the Class A Notes Outstanding (voting together as a Class) as long as any Class A Notes are Outstanding, and thereafter (ii) the Class B Notes Outstanding as long as any Class B Notes are Outstanding, and
          thereafter (iii) the Class C Notes Outstanding as long as any Class C Notes are Outstanding, and thereafter (iv) the Class D Notes Outstanding as long as any Class D Notes are Outstanding, and thereafter (v) the Class E Notes Outstanding as long
          as any Class E Notes are Outstanding.

        “Note” means a Class A-1 Note, a Class A-2 Note,
          a Class A-3 Note, a Class B Note, a Class C Note, a Class D Note or a Class E Note.

        “Note Owner” means, with respect to a Book-Entry
          Note, the person who is the owner of such Book-Entry Note, as reflected on the books of the Clearing Agency, or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an indirect
          participant, in each case in accordance with the rules of such Clearing Agency).

        “Note Paying Agent” means the Indenture Trustee
          or any other Person that meets the eligibility standards for the Indenture Trustee specified in Section 6.11 and is authorized by the Issuer to make the payments to and distributions from the Collection Account and the Note Distribution Account,
          including payment of principal of or interest on the Notes on behalf of the Issuer.  For so long as Citibank, N.A., is the Indenture Trustee, it shall also act as the Note Paying Agent.

        “Note Register” and “Note Registrar” have the respective meanings specified in Section 2.4.

        “Noteholder FATCA Information” has the meaning
          set forth in Section 3.22(c) hereof.

        “Noteholder Tax Identification Information” has
          the meaning set forth in Section 3.22(c) hereof.

        “Notice of Default” has the meaning set forth in
          Section 5.1 hereof.

        “Officer’s Certificate” means a certificate
          signed by any Authorized Officer of the Owner Trustee, under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.1 and TIA §314, and delivered to the Indenture Trustee.  Unless otherwise
          specified, any reference in this Indenture to an Officer’s Certificate shall be to an Officer’s Certificate of any Authorized Officer of the Issuer.

        “Opinion of Counsel” means one or more written
          opinions of counsel who may, except as otherwise expressly provided in this Indenture, be employees of or counsel to the Issuer and who shall be satisfactory to the Indenture Trustee, and which shall comply with any applicable

        
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        requirements of Section 11.1, and shall be in form and substance satisfactory to the Indenture Trustee.

        “Outstanding” means, as of the date of
          determination, all Notes theretofore authenticated and delivered under this Indenture except:

        (i)            Notes theretofore canceled by the Note Registrar or delivered to the Note Registrar for cancellation;

        (ii)            Notes or portions thereof in respect of which the amount of money necessary for full payment of such notes or such or portions thereof has been theretofore deposited with the Indenture
            Trustee or any Note Paying Agent in trust for the Noteholders (provided, however, that if such Notes are to be redeemed, notice of such redemption has
            been duly given pursuant to this Indenture or provision therefor, satisfactory to the Indenture Trustee); and

        (iii)            Notes in exchange for or in lieu of other Notes which have been authenticated and delivered pursuant to this Indenture unless proof satisfactory to the Indenture Trustee is presented that
            any such Notes are held by a bona fide purchaser;

        provided, however, that in determining whether the
          Holders of the requisite Outstanding Amount of the Notes have given any request, demand, authorization, direction, notice, consent or waiver hereunder or under any Basic Document, Notes owned by the Issuer, any other obligor upon the Notes, the
          Seller or any Affiliate of any of the foregoing Persons shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying upon any such request, demand, authorization,
          direction, notice, consent or waiver, only Notes that a Responsible Officer of the Indenture Trustee either has actual knowledge of such ownership or has received written notice thereof shall be so disregarded.  Notes so owned that have been
          pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Indenture Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Issuer, any other obligor upon
          the Notes, the Seller or any Affiliate of any of the foregoing Persons.

        “Outstanding Amount” means the aggregate
          principal amount of all Notes, or class of Notes, as applicable, Outstanding at the date of determination.

        “Permanent Regulation S Global Note” has the
          meaning specified in Section 2.10.

        “Plan” has the meaning specified in Section 2.4.

        “Predecessor Note” means, with respect to any
          particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 2.5 in lieu of a mutilated,
          lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note.

        “Proceeding” means any suit in equity, action at
          law or other judicial or administrative proceeding.

        
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        “Qualified Institutional Buyer” has the meaning
          specified in Rule 144A of the Securities Act.

        “Rating Agency” means each of Fitch and S&P
          so long as such Persons maintain a rating on the Notes; and if Fitch or S&P no longer maintains a rating on the Notes, such other nationally recognized statistical rating organization engaged by the Seller.

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

        “Record Date” means, with respect to a
          Distribution Date or Redemption Date, the close of business on the Business Day immediately preceding such Distribution Date or Redemption Date.

        “Redemption Date” means in the case of a
          redemption of the Notes pursuant to Section 10.1(a) or a payment to Noteholders pursuant to Section 10.1(b), the Distribution Date specified by the Servicer or the Issuer pursuant to Section 10.1(a) or 10.1(b) as applicable.

        “Redemption Price” means (a) in the case of a
          redemption of the Notes pursuant to Section 10.1(a), an amount equal to the unpaid principal amount of the then outstanding principal amount of each class of Notes being redeemed plus accrued and unpaid interest thereon to but excluding the
          Redemption Date, or (b) in the case of a payment made to Noteholders pursuant to Section 10.1(b), the amount on deposit in the Note Distribution Account, but not in excess of the amount specified in clause (a) above.

        “Regulation S” means Regulation S under the
          Securities Act.

        “Regulation S Global Notes” has the meaning
          specified in Section 2.10.

        “Responsible Officer” means, with respect to the
          Indenture Trustee, any officer within the Corporate Trust Office of the Indenture Trustee, including any Executive Vice President, Senior Vice President, Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary, or any
          other officer of the Indenture Trustee customarily performing functions similar to those performed by any of the above designated officers and having direct responsibility for the administration of this Indenture or any other Basic Document 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.

        “Rule 144A” means Rule 144A under the Securities
          Act.

        “Rule 144A Notes” means any Book-Entry Notes
          initially issued to Qualified Institutional Buyers or Institutional Accredited Investors.

        
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        “Sale and Servicing Agreement” means the Sale
          and Servicing Agreement, dated as of September 18, 2022, among the Issuer, the Holding Trust, the Seller, the Servicer, the Indenture Trustee and the Backup Servicer, as the same may be amended or supplemented from time to time.

        “Schedule of Representations” means the Schedule
          of Representations and Warranties attached hereto as Schedule A.

        “Securities Act” means the Securities Act of
          1933, as amended.

        “Similar Law” has the meaning specified in
          Section 2.4.

        “Similar Law Plan” has the meaning specified in
          Section 2.4.

        “STAMP” has the meaning specified in Section
          2.4.

        “State” means any one of the 50 states of the
          United States of America or the District of Columbia.

        “Tax Opinion” means, with respect to any action,
          an Opinion of Counsel to the effect that, for U.S. federal income tax purposes, (a) such action will not cause the Notes of any Outstanding Class of Notes that were characterized as debt at the time of their issuance to be characterized as other
          than debt, (b) such action will not cause the Issuer to be deemed to be an association (or publicly traded partnership) taxable as a corporation, (c) such action will not cause Issuer or Holding Trust to be treated as other than a “grantor trust”
          within the meaning of subtitle A, chapter 1, subchapter J, part I, subpart E of the Code and (d) except to the extent consented to by the applicable affected Noteholder(s), such action will not cause or constitute an event in which gain or loss
          would be recognized by any Noteholder.

        “Temporary Regulation S Global Note” has the
          meaning specified in Section 2.10.

        “Termination Date” means the date on which the
          Indenture Trustee shall have received payment and performance of all Trustee Issuer Secured Obligations.

        “Trust Estate” means all money, instruments,
          rights and other property that are subject or intended to be subject to the lien and security interest of this Indenture for the benefit of the Noteholders (including all property and interests Granted to the Indenture Trustee), including all
          proceeds thereof.

        “Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as amended and in force on the date hereof, unless otherwise specifically provided.

        “Trustee Issuer Secured Obligations” means all
          amounts and obligations which the Issuer may at any time owe to or on behalf of the Indenture Trustee for the benefit of the Noteholders under this Indenture, the Notes or any Basic Document.

        “UCC” means, unless the context otherwise
          requires, the Uniform Commercial Code, as in effect in the relevant jurisdiction, as amended from time to time.

        
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        Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Sale and
          Servicing Agreement or the Trust Agreement.

        Section 1.2      Incorporation by Reference of Trust Indenture Act.  Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part
          of this Indenture. The following TIA terms used in this Indenture have the following meanings:

        “Commission” means the Securities and Exchange
          Commission.

        “indenture securities” means the Notes.

        “indenture security holder” means a Noteholder.

        “indenture to be qualified” means this Indenture.

        “indenture trustee” or “institutional trustee” means the Indenture Trustee.

        “obligor” on the indenture securities means the
          Issuer.

        All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or
          defined by Commission rule have the meaning assigned to them by such definitions.

        Section 1.3      Rules of Construction.  Unless the context otherwise requires:

        i.            a term has the meaning assigned to it;

        ii.            an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles as in effect from time to time;

        iii.            “or” is not exclusive;

        iv.            “including” means including without limitation; and

        v.            words in the singular include the plural and words in the plural include the singular.

        ARTICLE II

          

          The Notes

        Section 2.1      Form.  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 the Class E Notes, in each case together
          with the Indenture Trustee’s certificate of authentication, shall be in substantially the forms set forth in Exhibits A-1, A-2, A-3, B, C, D, E-1, E-2 and E-3, as applicable, with such appropriate insertions, omissions, substitutions and other
          variations as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the

        
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        officers executing such Notes, as evidenced by their execution of the Notes. Any portion of the text of any Note may be set forth on the reverse
          thereof, with an appropriate reference thereto on the face of the Note.

        The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods
          (with or without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes.

        Each Note shall be dated the date of its authentication.  The terms of the Notes set forth in Exhibits A-1, A-2, A-3, B, C,
          D, E-1, E-2 and E-3 are part of the terms of this Indenture.

        Section 2.2      Execution, Authentication and Delivery.  The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers.  The signature of any such Authorized Officer
          on the Notes may be manual or facsimile.

        Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall
          bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes.

        The Indenture Trustee shall, upon receipt of the Issuer Order, authenticate and deliver Class A-1 Notes for original issue in
          an aggregate principal amount of $72,000,000, Class A-2 Notes for original issue in an aggregate principal amount of $127,530,000, Class A-3 Notes for original issue in an aggregate principal amount of $89,230,000, Class B Notes for original
          issue in an aggregate principal amount of $89,070,000, Class C Notes for original issue in an aggregate principal amount of $79,430,000, Class D Notes for original issue in an aggregate principal amount of $78,460,000 and Class E Notes for
          original issue in an aggregate principal amount of $63,990,000.  The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class B Notes, Class C Notes, Class D Notes and Class E Notes outstanding at any time may not exceed such amounts except as
          provided in Section 2.5.

        The Class A Notes, Class B Notes, Class C Notes and Class D Notes shall be issuable as registered Notes in the minimum
          denomination of $1,000 and in integral multiples of $1,000.  The Class E Notes shall be issuable as registered Notes in the minimum denomination of $854,000 and in integral multiples of $1,000.

        No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears
          on such Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual or facsimile signature of one of its authorized signatories, and such certificate upon any Note shall be
          conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder.

        Section 2.3      Temporary Notes.  Pending the preparation of Definitive Notes, the Issuer may execute, and upon receipt of an Issuer Order the Indenture Trustee shall authenticate and
          deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of which they are issued and with

        
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        such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their
          execution of such Notes.

        If temporary Notes are issued, the Issuer will cause Definitive Notes to be prepared without unreasonable delay.  After the
          preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as provided in Section 3.2, without charge to the
          Noteholder.  Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute and the Indenture Trustee shall authenticate and deliver in exchange therefor a like principal amount of Definitive Notes of authorized
          denominations.  Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes.

        Section
            2.4      Registration; Registration of Transfer and Exchange.  The Issuer shall cause to be kept a register (the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Notes and the registration of transfers of Notes.  The Indenture Trustee
          shall be “Note Registrar” for the purpose of registering Notes and transfers of Notes as herein provided.  Upon any resignation of any Note Registrar, the Issuer shall
          promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Note Registrar.

        If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the Issuer will give the Indenture
          Trustee and Owner Trustee prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register, and the Indenture Trustee shall have the right to inspect the Note Register at
          all reasonable times and to obtain copies thereof, and the Indenture Trustee shall have the right to conclusively rely upon a certificate executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and addresses of
          the Noteholders of the Notes and the principal amounts and number of such Notes.  For so long as Citibank, N.A. is the Indenture Trustee, it shall also act as the Note Registrar.

        The Note Registrar will furnish to the Owner Trustee as soon as practicable, and within two (2) Business Days after receipt
          by the Note Registrar of a written request therefor from the Owner Trustee, in such form as the Owner Trustee may reasonably require, a copy of the current Note Register.

        The Class E Notes have not been and will not be registered under the Securities Act or any state or other applicable
          securities laws and will not be listed on any exchange.  A Noteholder may only offer, sell or otherwise transfer, in whole or in part, a Class E Note to a Qualified Institutional Buyer, Institutional Accredited Investor or a non-U.S. Persons
          outside the United States pursuant to available exemptions from the registration requirements of the Securities Act and all other applicable securities laws.

        Subject to Sections 2.10 and 2.12 hereof, upon surrender for registration of transfer of any Note at the office or agency of
          the Issuer to be maintained as provided in Section 3.2, if the requirements of Section 8-401(1) of the UCC are met the Issuer shall execute and upon its request the Indenture Trustee shall authenticate and the Noteholder shall obtain from the
          Indenture

        
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        Trustee, in the name of the designated transferee or transferees, one or more new Notes, in any authorized denominations, of the same class and
          a like aggregate principal amount.

        At the option of the Noteholder, Notes may be exchanged for other Notes in any authorized denominations, of the same class
          and a like aggregate principal amount, upon surrender of the Notes to be exchanged at such office or agency.  Whenever any Notes are so surrendered for exchange, subject to Sections 2.10 and 2.12 hereof, if the requirements of Section 8-401(1) of
          the UCC are met the Issuer shall execute and upon its request the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, the Notes which the Noteholder making the exchange is entitled to receive.

        All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer,
          evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange.

        Every Note presented or surrendered for registration of transfer or exchange shall be (i) duly endorsed by, or be accompanied
          by a written instrument of transfer in the forms attached to Exhibits A-1, A-2, A-3, B, C, D, E-1, E-2 and E-3 duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an
          “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other
          documents as the Indenture Trustee may require.

        Notwithstanding the foregoing, in the case of any sale or other transfer of a Class A Note, Class B Note, Class C Note or
          Class D Note (or a beneficial interest therein), the purchaser or other transferee of such Note shall be required or deemed to represent and warrant to the Note Registrar that it is not and will not be, and is not acting on behalf of or investing
          the assets of, an entity that is or will be (a) 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 Title I of ERISA, (b) a “plan” (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, (c) an entity whose underlying assets are deemed to include assets of an employee benefit plan or a plan
          described in (a) or (b) above by reason of such employee benefit plan’s or plan’s investment in the entity (collectively, a “Plan”) or (d) an employee benefit plan, a
          plan or similar arrangement that is not a  Plan but is subject to federal, state, local or non-U.S. laws or regulations substantially similar to Section 406 of ERISA or Section 4975 of the Code (collectively, “Similar Law” and a “Similar Law Plan”) unless such purchaser’s or transferee’s acquisition, holding and disposition of a
          Class A Note, Class B Note, Class C Note or Class D Note (or a beneficial interest therein) will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or a non-exempt violation of
          any provision of any Similar Law.

        Notwithstanding the foregoing, in the case of any sale or other transfer of a Class E Note (or a beneficial interest in any
          such Note), the transferee of such Note shall be required or deemed to represent and warrant to the Note Registrar that it is not and will not be, and is not acting on behalf of or investing the assets of, an entity that is or will be a Plan or a
          Similar Law Plan.

        
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        Each holder of a Note (or a beneficial interest therein) shall provide the Issuer and the Indenture Trustee with the
          Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information.  In addition, each holder of such Note will be deemed to understand that the Issuer and the Indenture Trustee
          have the right to withhold interest payable with respect to the Note (without any corresponding gross-up) on any beneficial owner of an interest in a Note that fails to comply with the foregoing requirements and any other requirements under
          FATCA.

        The Issuer represents, warrants and covenants to the Indenture Trustee that, the Issuer will provide or will cause to be
          provided, upon request, (i) information to the extent necessary or required for the Indenture Trustee to determine whether payments made or to be made by the Issuer with respect to the Notes are payments of U.S. source income subject to U.S.
          federal withholding tax or (ii) such additional information to the extent necessary or required that it may have to assist the Indenture Trustee or the Note Paying Agent in making informational reports.  The Indenture Trustee shall withhold from
          any payments with respect to the Notes as required by applicable law.

        The transferee of any Class E Notes acknowledges that it is deemed to represent that, as a result of its own activities
          separate from those of the Issuer, it would not be required to treat income from the Class E Notes as effectively connected to a United States trade or business of a person that is not a U.S. person (within the meaning of Section 7701(a)(30)),
          and it further acknowledges that the Indenture provides that no holder of a Class E Note shall provide the Issuer with either an IRS Form W-8ECI (or successor form) or an IRS Form W-8IMY (or successor form) to which an IRS Form W-8ECI (or
          successor form) is attached (either directly or as part of another form attached to such IRS Form W-8IMY).

        No portion of the Class E Notes or any interest therein may be transferred, directly or indirectly, to any Person which would
          provide an IRS Form W‐8ECI or IRS Form W‐8IMY with an attached IRS Form W‐8ECI in response to the withholding requirements of the Code.

        Each holder of a Class E Note (or a beneficial interest in any
            such Note), by acceptance of such Note or such interest in such Note, acknowledges that it is deemed to represent (A) either (I) is not and will not become for U.S. federal income tax purposes a Flow-Through Entity or (II) if it is or becomes a
            Flow-Through Entity, then (x) none of the direct or indirect beneficial owners of any of the interests in such Flow-Through Entity has or ever will have more than 50% of the value of its interest in such Flow-Through Entity attributable to the
            interest of such Flow-Through Entity in the Class E Notes and any equity interests in the Issuer, and (y) it is not and will not be a principal purpose of the arrangement involving the investment of such Flow-Through Entity in any Class E Note to permit any
            partnership to satisfy the 100 partner limitation of section 1.7704-1(h)(1)(ii) of the Treasury Regulations necessary for such partnership not to be classified as a publicly traded partnership under the Code, (B) it will not sell, assign,
            transfer, pledge or otherwise convey any participating interest in any Note or any financial instrument or contract the value of which is determined by reference in whole or in part to any Note, (C) it is not acquiring and will not sell,
            transfer, assign, participate, pledge or otherwise dispose of any Class E Note (or interest therein) if such acquisition, sale, transfer, assignment, participation, pledge or disposition is through, or would cause any Class E Note (or interest therein) to be marketed on or through an “established securities market” within the meaning of Section 7704(b) of the Code,

        
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        including, without limitation, an interdealer quotation system that regularly disseminates firm buy or sell quotations and (D) it does not and
          will not beneficially own any Class E Note (or any beneficial interest therein) in an amount that is less than the minimum denomination for such Class E Note.  To the extent a holder of a Class E Note (or a beneficial interest therein) is unable
          to make each of the representations contained in the foregoing clauses (A), (B), (C) and (D), such holder acknowledges that it is deemed to agree to provide an opinion of nationally recognized U.S. tax counsel reasonably acceptable to the Issuer
          that its acquisition of a Class E Note (or any beneficial interest therein) will not cause the Issuer to be treated as a publicly traded partnership taxable as a corporation.  Any transfer of a Class E Note (or any beneficial interest therein)
          that does not comply with the foregoing requirements will be deemed null and void ab initio.

        No holder of a Class E Note shall acquire, sell, transfer, assign, participate, pledge, or dispose of any Class E Note or
          interest therein, if such acquisition, sale, transfer, assignment, participation, pledge or disposition is through, or would cause any Class E Note or interest therein, to be marketed on or through, an “established securities market” within the
          meaning of Section 7704(b)(1) of the Code, including, without limitation, an over-the-counter market or an interdealer quotation system that regularly disseminates firm buy or sell quotations.

        No service charge shall be made to a Noteholder for any registration of transfer or exchange of Notes, but the Note Registrar
          may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than exchanges pursuant to Section 2.3 or 9.6 not involving any
          transfer.

        Prior to any Notes (other than the Class E Notes) which are retained on the Closing Date by the Sponsor or an entity that is
          deemed to be an affiliate of the Sponsor for U.S. federal income tax purposes being sold, pledged or transferred, the Sponsor and the Indenture Trustee shall have received an Opinion of Counsel that such Notes will be characterized as
          indebtedness for U.S. federal income tax purposes. Prior to any Class E Notes which are retained on the Closing Date by the Sponsor or an entity that is deemed to be an affiliate of the Sponsor for U.S. federal income tax purposes being sold,
          pledged, or transferred, the Sponsor and the Indenture Trustee shall have received an Opinion of Counsel that such Class E Notes should be characterized as indebtedness for U.S. federal income tax purposes.

        The preceding provisions of this section notwithstanding, the Issuer shall not be required to make and the Note Registrar
          shall not register transfers or exchanges of Notes selected for redemption or of any Note for a period of 15 days preceding the due date for any payment with respect to the Note.

        Section 2.5      Mutilated, Destroyed, Lost or Stolen Notes.  If (i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its
          satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee such security, surety bond, or indemnity as may be required by it to hold the Issuer and the Indenture Trustee harmless, then, in the
          absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a bona fide purchaser, and provided that the requirements of Section 8-405 of the UCC are met, the Issuer shall execute and upon its
          request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such

        
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        mutilated, destroyed, lost or stolen Note, a replacement Note; provided, however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven days shall be due and payable, or shall have been called for redemption, instead of issuing a
          replacement Note, the Issuer may direct the Indenture Trustee, in writing, to pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date, without surrender thereof.  If, after the delivery of such replacement Note
          or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a bona fide purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer and
          the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any
          assignee of such Person, except a bona fide purchaser, and shall be entitled to recover upon the security, surety bond or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture
          Trustee in connection therewith.

        Upon the issuance of any replacement Note under this Section, the Issuer may require the payment by the Holder of such Note
          of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Indenture Trustee) connected therewith.

        Every replacement Note issued pursuant to this Section in replacement of any mutilated, destroyed, lost or stolen Note shall
          constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally
          and proportionately with any and all other Notes duly issued hereunder.

        The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with
          respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes.

        Section 2.6      Persons Deemed Owner.  Prior to due presentment for registration of transfer of any Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
          Trustee may treat the Person in whose name any Note is registered (as of the Record Date) as the owner of such Note for the purpose of receiving payments of principal of and interest, if any on such Note and for all other purposes whatsoever,
          whether or not such Note be overdue, and none of the Issuer, the Indenture Trustee nor any agent of the Issuer or the Indenture Trustee shall be affected by notice to the contrary.

        Section 2.7      Payment of Principal and Interest; Defaulted Interest.

        (a)            The Notes shall accrue interest as provided in the forms of the Class A-1 Note, the Class A-2 Note, the Class A-3 Note, the Class B Note, the Class C Note, the Class D Note and the Class
            E Note set forth in Exhibits A-1, A-2, A-3, B, C, D, E-1, E-2 and E-3, as applicable, and such interest shall be due and payable on each Distribution Date, as specified therein.  Any installment of interest or principal, if any, payable on any
            Note which is punctually paid or duly provided for by the Issuer on the applicable Distribution Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record

        
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        Date, by wire transfer in immediately available funds to the account of such Noteholder at a bank or other depository institution having
          appropriate wire transfer facilities, provided that the Noteholder has furnished the Note Paying Agent with wire instructions no later than seven (7) days prior to the related Distribution Date (which may be standing instructions), except that,
          unless Definitive Notes have been issued, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payment will be made by wire transfer in immediately
          available funds to the account designated by such nominee and except for the final installment of principal payable with respect to such Note on a Distribution Date or on the Final Scheduled Distribution Date (and except for the Redemption Price
          for any Note called for redemption pursuant to Section 10.1(a)) which shall be payable as provided below.

        (b)            The principal of each Note shall be payable in installments on each Distribution Date as provided in the forms of the Class A-1 Note, the Class A-2 Note, the Class A-3 Note, the Class B
            Note, the Class C Note, the Class D Note and the Class E Note, set forth in Exhibits A-1, A-2, A-3, B, C, D, E-1, E-2 and E-3, as applicable.  Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and
            payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or the Majority Noteholders have declared the Notes to be immediately due and payable in the manner
            provided in Section 5.2.  All principal payments on each class of Notes shall be made pro rata to the Noteholders of such class entitled thereto.  Upon written notice from the Issuer, the Indenture Trustee shall notify the Person in whose name
            a Note is registered at the close of business on the Record Date preceding the Distribution Date on which the Issuer expects that the final installment of principal of and interest on such Note will be paid.  Such notice shall be mailed or
            transmitted by facsimile prior to such final Distribution Date and shall specify that such final installment will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and
            surrendered for payment of such installment.  Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.2.

        (c)            If the Issuer defaults in a payment of interest on the Notes, and such default is waived by the Controlling Party, acting at the direction of the Majority Noteholders, the Issuer shall
            pay defaulted interest (plus interest on such defaulted interest to the extent lawful) at the applicable Interest Rate in any lawful manner.  The Issuer may pay such defaulted interest to the Persons who are Noteholders on the immediately
            following Distribution Date, and, if such amount is not paid on such following Distribution Date, then on a subsequent special record date, which date shall be at least five Business Days prior to the payment date.  The Issuer shall fix or
            cause to be fixed any such special record date and payment date, and, at least 15 days before any such special record date, the Issuer shall mail to each Noteholder and the Indenture Trustee a notice that states the special record date, the
            payment date and the amount of defaulted interest to be paid.

        Section 2.8      Cancellation.  All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Indenture Trustee, be
          delivered to the Indenture Trustee and shall be promptly canceled by the Indenture Trustee.  The Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer
          may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly canceled by the Indenture

        
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        Trustee.  No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section, except as expressly
          permitted by this Indenture.  All canceled Notes may be held or disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the time unless the Issuer shall timely direct by an Issuer Order
          that they be destroyed or returned to it; provided that such Issuer Order is timely and the Notes have not been previously disposed of by the Indenture Trustee.

        Section 2.9      Release of Collateral.  The Indenture Trustee shall, on the earlier of (i) the Termination Date or (ii) the Redemption Date (if the Notes are redeemed in full on such date),
          release any remaining portion of the Trust Estate from the lien created by this Indenture and deposit in the Collection Account any funds then on deposit in any other Trust Account.

        Section 2.10      Book-Entry Notes.  The Class A Notes, Class B Notes, Class C Notes, Class D Notes and Class E Notes, upon original issuance, will be issued in the form of typewritten Notes
          representing the Book-Entry Notes, to be delivered to The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Issuer.  The Rule 144A Notes sold to Persons who are Qualified Institutional Buyers or Institutional
          Accredited Investors will be issued in the form of restricted global notes (each, a “Global Note”).  The Class E Notes sold to Persons who are not U.S. Persons in
          offshore transactions in reliance on Regulation S of the Securities Act will each be issued initially in the form of a Temporary Regulation S Global Note (the “Temporary Regulation
              S Global Note”) and a Permanent Regulation S Global Note (the “Permanent Regulation S Global Note” and, collectively, with the Temporary Regulation S
          Global Note the “Regulation S Global Notes”) for each class of Notes.  Before the last day of the Distribution Compliance Period, beneficial interests in the Regulation
          S Global Notes will be represented by a Temporary Regulation S Global Note, and on and after the Distribution Compliance Period, beneficial interests in the Regulation S Global Notes will be represented by a Permanent Regulation S Global Note. 
          Such Notes shall initially be registered on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no such Note Owner will receive a Definitive Note representing such Note Owner’s interest in such Note,
          except as provided in Section 2.12.  Unless and until definitive, fully registered Notes (the “Definitive Notes”) have been issued to Note Owners pursuant to Section
          2.12:

        (i)            the provisions of this Section shall be in full force and effect;

        (ii)            the Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Indenture (including the payment of principal of and interest on
            the Notes and the giving of instructions or directions hereunder) as the sole Holder of the Notes, and shall have no obligation to the Note Owners;

        (iii)            to the extent that the provisions of this Section conflict with any other provisions of this Indenture, the provisions of this Section shall control;

        (iv)            the rights of Note Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between such Note Owners and the Clearing
            Agency and/or the Clearing Agency Participants.  Unless and until Definitive Notes are issued pursuant to Section 2.12, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and

        
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        transmit payments of principal of and interest on the Notes to such Clearing Agency Participants;

        (v)            whenever this Indenture requires or permits actions to be taken based upon instructions or directions of Noteholders evidencing a specified percentage of the Outstanding Amount of the
            Notes, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from Note Owners and/or Clearing Agency Participants owning or representing, respectively, such required
            percentage of the beneficial interest in the Notes and has delivered such instructions to the Indenture Trustee;

        (vi)            Note Owners may receive copies of any reports sent to Noteholders pursuant to this Indenture, upon written request, together with a certification that they are Note Owners and payment of
            reproduction and postage expenses associated with the distribution of such reports, from the Indenture Trustee at the Corporate Trust Office; and

        (vii)            notwithstanding any provision to the contrary herein, so long as a Regulation S Global Note remains outstanding and is held by or on behalf of the Clearing Agency, transfers of a
            Regulation S Global Note, in whole or in part, shall only be made in accordance with this Section 2.10.

        (A)            Subject to clauses (B) through (D) of this Section 2.10(vii), transfers of a Regulation S Global Note shall be limited to transfers of such Regulation S Global Note in whole, but not in
            part, to a nominee of the Clearing Agency or to a successor of the Clearing Agency or such successor’s nominee.

        (B)            Regulation S Global Note to Global Note.  A holder of a beneficial interest in a Temporary Regulation S Global
            Note may not transfer any of its interest in such Temporary Regulation S Global Note to a Person who wishes to take delivery thereof in the form of a Global Note until the expiration of the Distribution Compliance Period.  After the expiration
            of the Distribution Compliance Period, Regulation S Global Notes will be represented by a Permanent Regulation S Global Note.  If a holder of a beneficial interest in a Permanent Regulation S Global Note wishes to transfer all or a part of its
            interest in such Permanent Regulation S Global Note to a Person who wishes to take delivery thereof in the form of a Global Note, such holder may, subject to the terms hereof and the rules and procedures of the Clearing Agency, exchange or
            cause the exchange of such interest for an equivalent beneficial interest in a Global Note of the same Class.  Upon receipt by the Note Registrar of (A) instructions from the Clearing Agency directing the Note Registrar to cause such Global
            Note to be increased by an amount equal to such beneficial interest in such Permanent Regulation S Global Note but not less than the minimum denomination applicable to the Class E Notes, (B) a certificate substantially in the form of Exhibit
            F-1 hereto given by the prospective transferee of such beneficial interest and stating, among other things, that such transferee acquiring such beneficial interest in a Global Note is a Qualified Institutional Buyer, is obtaining such
            beneficial interest in a transaction pursuant to Rule 144A and in accordance with any applicable securities

        
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        laws of any state of the United States or any other applicable jurisdiction, and (C) a certificate substantially in the form
          of Exhibit F-1 hereto given by the prospective transferor of such beneficial interest, then the Note Registrar will instruct the Clearing Agency to reduce the aggregate principal amount of such Permanent Regulation S Global Note by the aggregate
          principal amount of the beneficial interest in such Permanent Regulation S Global Note to be transferred, increase the aggregate principal amount of the Global Note specified in such instructions by an aggregate principal amount equal to such
          reduction in such aggregate principal amount of the Permanent Regulation S Global Note and make the corresponding adjustments to the applicable participants’ accounts.

        (C)            Global Note to Regulation S Global Note.  If a holder of a beneficial interest in a Global Note wishes to
            transfer all or a part of its interest in such Global Note to a Person who wishes to take delivery thereof in the form of a Regulation S Global Note, such holder may, subject to the terms hereof and the rules and procedures of the Clearing
            Agency exchange or cause the exchange of such interest for an equivalent beneficial interest in a Regulation S Global Note of the same Class.  Upon receipt by the Note Registrar of (A) instructions from the Clearing Agency directing the Note
            Registrar to cause the aggregate principal amount of such Regulation S Global Note to be increased by an amount equal to such beneficial interest in such Global Note but not less than the minimum denomination applicable to the Class E Notes to
            be exchanged, and (B) a certificate substantially in the form of Exhibit F-2 hereto given by the prospective transferee of such beneficial interest and stating, among
            other things, that such transferee acquiring such beneficial interest in a Regulation S Global Note is a Regulation S non-U.S. Person located outside the United States and such transfer is being made pursuant to Regulation S of the Securities
            Act, then the Note Registrar will instruct the Clearing Agency to reduce the aggregate principal amount of such Global Note by the aggregate principal amount of the interest in such Global Note to be transferred, increase the aggregate
            principal amount of the Regulation S Global Note specified in such instructions by an aggregate principal amount equal to such reduction in the aggregate principal amount of the Global Note and make the corresponding adjustments to the
            applicable participants’ accounts.

        (D)            Other Exchanges.  In the event that a Global Note or Regulation S Global Note is exchanged for one or more
            Definitive Notes pursuant to Section 2.12, such Notes may be exchanged for one another only in accordance with such procedures as are substantially consistent with the provisions above (including certification requirements intended to ensure
            that such transfers comply with Rule 144A or are to Regulation S non-U.S. Persons and otherwise comply with Regulation S, as the case may be) and as may be from time to time adopted by the Issuer and the Indenture Trustee.

        Section 2.11      Notices to Clearing Agency.  Whenever a notice or other communication to the Noteholders is required under this Indenture, unless and until Definitive Notes shall have been
          issued to Note Owners pursuant to Section 2.12, the Indenture Trustee shall

        
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        give all such notices and communications specified herein to be given to the Noteholders to the Clearing Agency, and shall have no obligation to
          the Note Owners.

        Section 2.12      Definitive Notes.  If (i) Exeter advises the Indenture Trustee in writing that the Clearing Agency is no longer willing, qualified or able to properly discharge its
          responsibilities with respect to the Notes, and Exeter is unable to locate a qualified successor or (ii) after the occurrence of an Event of Default, the Majority Noteholders advise the Indenture Trustee through the Clearing Agency in writing
          that the continuation of a book-entry system through the Clearing Agency is no longer in the best interests of the Note Owners, then the Clearing Agency shall notify all Note Owners and the Indenture Trustee of the occurrence of any such event
          and of the availability of Definitive Notes to Note Owners requesting the same.  Upon surrender to the Indenture Trustee of the typewritten Note or Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration
          instructions, the Issuer shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency.  Additionally, any Noteholder who is not eligible to hold such Notes through the
          Clearing Agency may instruct the Indenture Trustee to issue a Definitive Note in accordance with Section 2.4 hereof.  None of the Issuer, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions
          and may conclusively rely on, and shall be fully protected in relying on, such instructions.  Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the Holders of the Definitive Notes as Noteholders.  The Issuer represents
          that any indebtedness issued hereunder is excluded from the definition of “covered security” under Treasury Regulation 1.6045-1(a)(15) because such indebtedness is subject to Internal Revenue Code section 1272(a)(6).  Temporary Regulation S
          Global Notes may not be issued as Definitive Notes.

        ARTICLE III

          

          Covenants

        Section 3.1      Payment of Principal and Interest.  The Issuer will duly and punctually pay the principal of and interest on the Notes in accordance with the terms of the Notes and this
          Indenture.  Without limiting the foregoing, the Issuer will cause to be distributed all amounts on deposit in the Note Distribution Account on a Distribution Date deposited therein pursuant to the Sale and Servicing Agreement (i) for the benefit
          of the Class A-1 Notes, to the Class A-1 Noteholders, (ii) for the benefit of the Class A-2 Notes, to the Class A-2 Noteholders, (iii) for the benefit of the Class A-3 Notes, to the Class A-3 Noteholders, (iv) for the benefit of the Class B
          Notes, to the Class B Noteholders, (v) for the benefit of the Class C Notes, to the Class C Noteholders, (vi) for the benefit of the Class D Notes, to the Class D Noteholders and (vii) for the benefit of the Class E Notes, to the Class E
          Noteholders.  Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Issuer to such Noteholder for all purposes of this Indenture.

        Section 3.2      Maintenance of Office or Agency.  The Issuer will maintain in Jersey City, New Jersey, an office or agency where Notes may be surrendered for registration of transfer or
          exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served.  The Issuer hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes.  The Issuer will
          give prompt written notice to the

        
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        Indenture Trustee of the location, and of any change in the location, of any such office or agency.  If at any time the Issuer shall fail to
          maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuer hereby appoints the Indenture
          Trustee as its agent to receive all such surrenders, notices and demands.

        Section 3.3      Money for Payments to be Held in Trust.  On or before each Distribution Date and Redemption Date, the Issuer shall deposit or cause to be deposited in the Note Distribution
          Account from the Collection Account an aggregate sum sufficient to pay the amounts then becoming due under the Notes, such sum to be held in trust for the benefit of the Persons entitled thereto and (unless the Note Paying Agent is the Indenture
          Trustee) shall promptly notify the Indenture Trustee of its action or failure so to act.

        The Issuer will cause each Note Paying Agent other than the Indenture Trustee to execute and deliver to the Indenture Trustee
          an instrument in which such Note Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Note Paying Agent, it hereby so agrees), subject to the provisions of this Section, that such Note Paying Agent will:

        (i)            hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or
            otherwise disposed of as herein provided and pay such sums to such Persons as herein provided;

        (ii)            give the Indenture Trustee notice of any default by the Issuer (or any other obligor upon the Notes) of which it has actual knowledge in the making of any payment required to be made with
            respect to the Notes;

        (iii)            at any time during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Note
            Paying Agent;

        (iv)            immediately resign as a Note Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of Notes if at any time it ceases to meet the standards
            required to be met by a Note Paying Agent at the time of its appointment; and

        (v)            comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any applicable withholding taxes imposed thereon and with respect to
            any applicable reporting requirements in connection therewith.

        The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other
          purpose, by Issuer Order direct any Note Paying Agent to pay to the Indenture Trustee all sums held in trust by such Note Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon which the sums were held by
          such Note Paying Agent; and upon such a payment by any Note Paying Agent to the Indenture Trustee, such Note Paying Agent shall be released from all further liability with respect to such money.

        
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        Subject to applicable laws with respect to the escheat of funds, any money held by the Indenture Trustee or any Note Paying
          Agent in trust for the payment of any amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust and be paid to the Issuer on Issuer Request and shall
          be deposited by the Indenture Trustee in the Collection Account; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof (but only to the extent of the amounts so paid to the
          Issuer), and all liability of the Indenture Trustee or such Note Paying Agent with respect to such trust money shall thereupon cease; provided, however,
          that the Indenture Trustee or such Note Paying Agent, before being required to make any such repayment, shall at the expense of the Issuer cause to be published once, in a newspaper published in the English language, customarily published on each
          Business Day and of general circulation in New York, New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of
          such money then remaining will be repaid to the Issuer. The Indenture Trustee shall also adopt and employ, at the expense of the Issuer, any other reasonable means of notification of such repayment (including, but not limited to, mailing notice
          of such repayment to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in moneys due and payable but not claimed is determinable from the records of the Indenture Trustee or of any
          Note Paying Agent, at the last address of record for each such Holder).

        Section 3.4      Existence.  Except as otherwise permitted by the provisions of Section 3.10, each of the Issuer and the Holding Trust will keep in full effect its existence, rights and
          franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuer or Holding Trust hereunder is or becomes, organized under the laws of any other state or of the United States of America, in which
          case each of the Issuer and the Holding Trust will keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) 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 Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate.

        Section 3.5      Protection of Trust Estate.  Each of the Issuer and the Holding Trust intends the security interest Granted pursuant to this Indenture in favor of the Issuer Secured Parties
          to be prior to all other liens in respect of the Trust Estate, and the Issuer and the Holding Trust shall take all actions necessary to obtain and maintain, in favor of the Indenture Trustee, for the benefit of the Issuer Secured Parties, a first
          lien on and a first priority, perfected security interest in the Trust Estate.  The Issuer and the Holding Trust will from time to time prepare (or shall cause to be prepared), execute and deliver all such supplements and amendments hereto and
          instruments of further assurance and other instruments and authorize all such financing statements or continuation statements, and will take such other action necessary or advisable to:

        (i)            Grant more effectively all or any portion of the Trust Estate;

        (ii)            maintain or preserve the lien and security interest (and the priority thereof) in favor of the Indenture Trustee for the benefit of the Issuer Secured Parties created by this Indenture or
            carry out more effectively the purposes hereof;

        
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        (iii)            perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture;

        (iv)            enforce any of the Collateral;

        (v)            preserve and defend title to the Trust Estate and the rights of the Indenture Trustee in such Trust Estate against the claims of all persons and parties; and

        (vi)            pay all taxes or assessments levied or assessed upon the Trust Estate when due.

        Each of the Issuer and the Holding Trust hereby designates the Indenture Trustee its agent and attorney-in-fact to authorize any financing
          statement or continuation statement or execute any other instrument required to be executed or authorized to accomplish the foregoing; provided, however, that the Indenture Trustee shall not be obligated to execute or authorize such instruments
          except upon the written direction of the initial Servicer, the Issuer or the Holding Trust.

        Section 3.6      Opinions as to Trust Estate.

        (a)            On the Closing Date, the Issuer shall furnish to the Indenture Trustee and the Backup Servicer an Opinion of Counsel either stating that, in the opinion of such counsel, such action has
            been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto, and any other requisite documents, and with respect to the filing of any financing statements and continuation statements, as are
            necessary to perfect and make effective the first priority lien and security interest in favor of the Indenture Trustee, for the benefit of the Issuer Secured Parties, created by this Indenture and reciting the details of such action, or
            stating that, in the opinion of such counsel, no such action is necessary to make such lien and perfected security interest effective.

        (b)            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, the Issuer shall furnish to the
            Indenture Trustee and the Backup Servicer an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling of this Indenture, any indentures
            supplemental hereto and any other requisite documents and with respect to the filing of any financing statements and continuation statements as are necessary to maintain the lien and security interest created by this Indenture and reciting the
            details of such action or stating that in the opinion of such counsel no such action is necessary to maintain such lien and security interest.  Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this
            Indenture, any indentures supplemental hereto and any other requisite documents and the filing of any financing statements and continuation statements that will, in the opinion of such counsel, be required to maintain the lien and security
            interest of this Indenture until March 31 in the following calendar year.

        Section 3.7      Performance of Obligations; Servicing of Receivables.

        (a)            The Issuer and the Holding Trust will not take any action and will use its best efforts not to permit any action to be taken by others that would release any Person from any of such
            Person’s material covenants or obligations under any instrument or agreement included in

        
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        the Trust Estate or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or
          effectiveness of, any such instrument or agreement, except as ordered by any bankruptcy or other court or as expressly provided in this Indenture, the Basic Documents or such other instrument or agreement.

        (b)            The Issuer and the Holding Trust may contract with other Persons to assist it in performing its duties under this Indenture, and any performance of such duties by a Person identified to
            the Indenture Trustee in an Officer’s Certificate of the Issuer or the Holding Trust shall be deemed to be actions taken by the Issuer or the Holding Trust, as applicable.  Initially, the Issuer and the Holding Trust have contracted with the
            Servicer to assist the Issuer and the Holding Trust in performing its duties under this Indenture.

        (c)            The Issuer and the Holding Trust will punctually perform and observe all of its obligations and agreements contained in this Indenture, the Basic Documents and in the instruments and
            agreements included in the Trust Estate, including, but not limited to, preparing (or causing to prepared) and filing (or causing to be filed) all UCC financing statements and continuation statements required to be filed by the terms of this
            Indenture and the Sale and Servicing Agreement in accordance with and within the time periods provided for herein and therein.  Except as otherwise expressly provided therein, the Issuer and the Holding Trust shall not waive, amend, modify,
            supplement or terminate any Basic Document or any provision thereof without the consent of the Indenture Trustee or the Majority Noteholders.

        (d)            If a responsible officer of the Owner Trustee shall have actual knowledge of the occurrence of a Servicer Termination Event under the Sale and Servicing Agreement, the Issuer shall
            promptly notify the Indenture Trustee and the Rating Agencies thereof in accordance with Section 11.4, and shall specify in such notice the action, if any, the Issuer is taking in respect of such default.  If a Servicer Termination Event shall
            arise from the failure of the Servicer to perform any of its duties or obligations under the Sale and Servicing Agreement with respect to the Receivables, the Issuer shall take all reasonable steps available to it to remedy such failure.

        (e)            Each of the Issuer and the Holding Trust agrees that it will not waive timely performance or observance by the Servicer, Exeter or the Seller of their respective duties under the Basic
            Documents if the effect thereof would adversely affect the Holders of the Notes.

        Section 3.8      Negative Covenants.  So long as any Notes are Outstanding, the Issuer and the Holding Trust shall not:

        (i)            except as expressly permitted by this Indenture or the Basic Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer or the Holding
            Trust, including those included in the Trust Estate, unless directed to do so by the Controlling Party;

        (ii)            claim any credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other than amounts properly withheld from such payments under the Code) or
            assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any part of the Trust Estate; or

        
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        (iii)            (A) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien in favor of the Indenture Trustee created by this Indenture to be amended, hypothecated,
            subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly permitted hereby, (B) permit any lien, charge, excise,
            claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Trust Estate or any part thereof or any interest therein or the proceeds thereof
            (other than tax liens, mechanics’ liens and other liens that arise by operation of law, in each case on a Financed Vehicle and arising solely as a result of an action or omission of the related Obligor), (C) permit the lien of this Indenture
            not to constitute a valid first priority (other than with respect to any such tax, mechanics’ or other lien) security interest in the Trust Estate or (D) except as otherwise expressly provided therein, amend, modify or fail to comply with the
            provisions of the Basic Documents without the prior written consent of the Controlling Party.

        Section 3.9      Annual Statement as to Compliance.  The Issuer will deliver to the Indenture Trustee, within 120 days after the end of each fiscal year of the Issuer (commencing with the
          fiscal year ended December 31, 2022) and otherwise in compliance with the requirements of TIA §314(a)(4), an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that

        (i)            a review of the activities of the Issuer during such year and of performance under this Indenture has been made under such Authorized Officer’s supervision; and

        (ii)            to the best of such Authorized Officer’s knowledge, based on such review, the Issuer has complied with all conditions and covenants under this Indenture and the other Basic Documents
            throughout such year, or, if there has been a default in the compliance of any such condition or covenant, specifying each such default known to such Authorized Officer and the nature and status thereof.

        Section 3.10      Issuer May Consolidate, Etc. Only on Certain Terms.

        (a)            The Issuer shall not consolidate or merge with or into any other Person, unless:

        (i)            the Person (if other than the Issuer) formed by or surviving such consolidation or merger shall be a Person organized and existing under the laws of the United States of America or any
            state and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Controlling Party, in form satisfactory to the Controlling Party, the due and punctual payment of the principal of and interest on all Notes
            and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein;

        (ii)            immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

        
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        (iii)            the Rating Agency Condition shall have been satisfied with respect to such transaction;

        (iv)            the Issuer shall have received a Tax Opinion;

        (v)            any action as is necessary to maintain the lien and security interest created by this Indenture shall have been taken;

        (vi)            the Issuer shall have delivered to the Indenture Trustee an Officers’ Certificate and an Opinion of Counsel each stating that such consolidation or merger and such supplemental indenture
            comply with this Article III and that all conditions precedent herein provided for relating to such transaction have been complied with (including any filing required by the Exchange Act); and

        (vii)            the Issuer or the Person (if other than the Issuer) formed by or surviving such consolidation or merger has a net worth, immediately after such consolidation or merger, that is (a)
            greater than zero and (b) not less than the net worth of the Issuer immediately prior to giving effect to such consolidation or merger.

        (b)            The Issuer shall not convey or transfer all or substantially all of its properties or assets, including those included in the Trust Estate, to any Person, unless

        (i)            the Person that acquires by conveyance or transfer the properties and assets of the Issuer the conveyance or transfer of which is hereby restricted shall (A) be a United States citizen or
            a Person organized and existing under the laws of the United States of America or any state, (B) expressly assume, by an indenture supplemental hereto, executed and delivered to the Controlling Party, in form satisfactory to the Controlling
            Party, the due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture and each of the Basic Documents on the part of the Issuer to be performed or
            observed, all as provided herein, (C) expressly agree by means of such supplemental indenture that all right, title and interest so conveyed or transferred shall be subject and subordinate to the rights of Holders of the Notes, (D) unless
            otherwise provided in such supplemental indenture, expressly agree to indemnify, defend and hold harmless the Issuer against and from any loss, liability or expense arising under or related to this Indenture and the Notes and (E) expressly
            agree by means of such supplemental indenture that such Person (or if a group of persons, then one specified Person) shall prepare (or cause to be prepared) and make all filings with the Commission (and any other appropriate Person) required by
            the Exchange Act in connection with the Notes;

        (ii)            immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

        
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        (iii)            the Rating Agency Condition shall have been satisfied with respect to such transaction;

        (iv)            the Issuer shall have received a Tax Opinion;

        (v)            any action as is necessary to maintain the lien and security interest created by this Indenture shall have been taken;

        (vi)            the Issuer shall have delivered to the Indenture Trustee an Officers’ Certificate and an Opinion of Counsel each stating that such conveyance or transfer and such supplemental indenture
            comply with this Article III and that all conditions precedent herein provided for relating to such transaction have been complied with (including any filing required by the Exchange Act); and

        (vii)            the Issuer or the Person (if other than the Issuer) formed by or surviving such conveyance or transfer has a net worth, immediately after such conveyance or transfer, that is (a) greater
            than zero and (b) not less than the net worth of the Issuer immediately prior to giving effect to such conveyance or transfer.

        Section 3.11      Successor or Transferee.

        (a)            Upon any consolidation or merger of the Issuer in accordance with Section 3.10(a), the Person formed by or surviving such consolidation or merger (if other than the Issuer) shall succeed
            to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such Person had been named as the Issuer herein.

        (b)            Upon a conveyance or transfer of all the assets and properties of the Issuer pursuant to Section 3.10(b), Exeter Automobile Receivables Trust 2022-5 will be released from every covenant
            and agreement of this Indenture to be observed or performed on the part of the Issuer with respect to the Notes immediately upon the delivery of written notice to the Indenture Trustee stating that Exeter Automobile Receivables Trust 2022-5 is
            to be so released.

        Section 3.12      No Other Business.  The Issuer and the Holding Trust shall not engage in any business other than financing, purchasing, owning, selling and managing the Collateral in the
          manner contemplated by this Indenture and the Basic Documents and activities incidental thereto.

        Section 3.13      No Borrowing.  The Issuer shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any Indebtedness except for (i) the Notes and
          (ii) any other Indebtedness permitted by or arising under the Basic Documents.  The proceeds of the Notes shall be used exclusively to fund the Issuer’s purchase of the Receivables and the other assets specified in the Sale and Servicing
          Agreement (and the subsequent transfer of the Receivables and such other assets to the Holding Trust pursuant to the Contribution Agreement), to fund the Reserve Account and to pay the Issuer’s organizational, transactional and start-up expenses.

        
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        Section 3.14      Servicer’s Obligations.  The Issuer shall cause the Servicer to comply with Sections 4.9, 4.10 and 4.11 of the Sale and Servicing Agreement.

        Section 3.15      Guarantees, Loans, Advances and Other Liabilities.  Except as contemplated by the Sale and Servicing Agreement, the Contribution Agreement or this Indenture, the Issuer
          shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or
          otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or
          any other interest in, or make any capital contribution to, any other Person.

        Section 3.16      Capital Expenditures.  The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty).

        Section 3.17      Compliance with Laws.  The Issuer shall comply with the requirements of all applicable laws, the non-compliance with which would, individually or in the aggregate,
          materially and adversely affect the ability of the Issuer to perform its obligations under the Notes, this Indenture or any Basic Document.

        Section 3.18      Restricted Payments.  The Issuer shall not, directly or indirectly, (i) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash,
          property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or equity interest or security in or of the Issuer or to the Servicer, (ii) redeem,
          purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise segregate any amounts for any such purpose; provided, however, that the Issuer may make, or cause to be made, distributions to the Servicer, the Owner Trustee, the Indenture Trustee and the Certificateholders as permitted by, and to the extent funds are
          available for such purpose under, the Sale and Servicing Agreement or Trust Agreement. The Issuer will not, directly or indirectly, make payments to or distributions from the Collection Account except in accordance with this Indenture and the
          Basic Documents.

        Section 3.19      Notice of Events of Default.  Upon a responsible officer of the Owner Trustee having actual knowledge thereof, the Issuer agrees to give the Indenture Trustee and the Rating
          Agencies prompt written notice of each Event of Default hereunder and each default on the part of the Servicer or the Seller of its obligations under the Sale and Servicing Agreement.

        Section 3.20      Further Instruments and Acts.  Upon request of the Indenture Trustee, the Issuer will execute and deliver such further instruments and do such further acts as may be
          reasonably necessary or proper to carry out more effectively the purpose of this Indenture.

        Section 3.21      Amendments of Sale and Servicing Agreement and Trust Agreement.  The Issuer shall not agree to any amendment to Section 12.1 of the Sale and Servicing Agreement or Section
          10.1 of the Trust Agreement to eliminate the requirements thereunder that the Indenture Trustee or the Holders of the Notes consent to amendments thereto as provided therein.

        
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        Section 3.22      Income Tax Characterization.

        (a)            The Issuer has entered into this Indenture, and the Notes will be issued, with the intention that, for all purposes including U.S. federal income, state and local income, single business
            and franchise and any other income taxes, the Notes (other than Notes, if any, retained by the Issuer or a Person that is considered the same Person as the Issuer for U.S. federal income tax purposes), as indebtedness and hereby instructs the
            Indenture Trustee, and each Noteholder (and owner of an interest therein) shall be deemed, by virtue of acquisition of an interest in such Note, to have agreed, to treat the Notes as indebtedness for all applicable tax reporting purposes,
            unless otherwise determined by a final, non-contested determination of an applicable authority.

        (b)            The Issuer covenants to the Indenture Trustee that should it become aware that any Noteholder is subject to FATCA Withholding Tax, upon receipt of information that is not made available
            to the Indenture Trustee at substantially the same time, the Issuer will promptly provide such information to the Indenture Trustee.

        (c)            To the extent required by applicable law, all Noteholders shall deliver to the Indenture Trustee, the Note Paying Agent, and the Issuer prior to the first Distribution Date and at any
            time or times required by applicable law, (i) a correct, complete and properly executed IRS Form W-9, IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8ECI (except with respect to Class E Notes), IRS Form W-8IMY (except with respect to Class E
            Notes without any IRS Forms W-8ECI attached) or IRS Form W-8EXP (with appropriate attachments to these forms), or any successor form, as applicable (“Noteholder Tax
                Identification Information”) and (ii) any documentation that is required under FATCA or is otherwise necessary (in the sole determination of the Issuer, the Indenture Trustee, the Note Paying Agent or other agent of the Issuer,
            as applicable) to enable the Issuer, the Indenture Trustee, the Note Paying Agent, and any other agent of the Issuer to comply with their obligations under FATCA and to determine that such Noteholder (or holder of any beneficial interest in a
            Note) has complied with its obligations under FATCA, or to determine the amount to deduct and withhold from a payment (“Noteholder FATCA Information”).

        ARTICLE IV

          

          Satisfaction and Discharge

        Section 4.1      Satisfaction and Discharge of Indenture.  This Indenture shall cease to be of further effect with respect to the Notes except as to (i) rights of registration of transfer
          and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments of principal thereof and interest thereon, (iv) Sections 3.3, 3.4, 3.5, 3.8, 3.10, 3.12, 3.13, 3.20, 3.21 and 3.22, (v)
          the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section 6.7 and the obligations of the Indenture Trustee under Section 4.2) and (vi) the rights of Noteholders as
          beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging
          satisfaction and discharge of this Indenture with respect to the Notes, when

        
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        (A)            either

        (1)            all Notes theretofore authenticated and delivered (other than (i) Notes that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.5 and (ii)
            Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 3.3) have been delivered to the
            Indenture Trustee for cancellation; or

        (2)            all Notes not theretofore delivered to the Indenture Trustee for cancellation

        (i)            have become due and payable,

        (ii)            will become due and payable at their respective Final Scheduled Distribution Dates within one year, or

        (iii)            are to be called for redemption within one year under arrangements satisfactory to the Indenture Trustee for the giving of notice of redemption by the Indenture Trustee in the name, and
            at the expense, of the Issuer,

        and the Issuer, in the case of (i), (ii) or (iii) above, has irrevocably deposited or caused to be irrevocably deposited with
          the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge
          the entire indebtedness on such Notes not theretofore delivered to the Indenture Trustee for cancellation when due to the Final Scheduled Distribution Date or Redemption Date (if Notes shall have been called for redemption pursuant to Section
          10.1(a)) as the case may be;

        (B)            the Issuer has paid or caused to be paid all Trustee Issuer Secured Obligations and any other sums payable hereunder by the Issuer; and

        (C)            the Issuer has delivered to the Indenture Trustee an Officer’s Certificate, an Opinion of Counsel and, if required by the TIA, an Independent Certificate from a firm of certified public
            accountants, each meeting the applicable requirements of Section 11.1(a) and each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.

        Section 4.2      Application of Trust Money.  All moneys deposited with the Indenture Trustee pursuant to Section 4.1 hereof shall be held in trust and applied by it, in accordance with the
          provisions of the Notes, this Indenture and the other Basic Documents, to the payment, either directly or through any Note Paying Agent, as the Indenture Trustee may determine, to the Holders of the particular Notes for the payment or redemption
          of which such moneys have been deposited with the Indenture Trustee, of all sums due and to become due thereon

        
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        for principal and interest; but such moneys need not be segregated from other funds except to the extent required herein or in the Sale and
          Servicing Agreement or required by law.

        Section 4.3      Repayment of Moneys Held by Note Paying Agent.  In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all moneys then held by any
          Note Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and applied according to Section 3.3 and thereupon
          such Note Paying Agent shall be released from all further liability with respect to such moneys.

        ARTICLE V

          

          Remedies

        Section 5.1      Events of Default.  “Event of Default,” wherever used herein, means any one of the following
          events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
          administrative or governmental body):

        (i)            default in the payment of any interest when it becomes due and payable on (i) any Class A Notes, (ii) if no Class A Notes are outstanding, the Class B Notes, (iii) if no Class A Notes or
            Class B Notes are outstanding, the Class C Notes, (iv) if no Class A Notes, Class B Notes or Class C Notes are outstanding, the Class D Notes or (v) if no Class A Notes, Class B Notes, Class C Notes or Class D Notes are outstanding, the Class E
            Notes, and such default, in each case, shall continue for a period of five (5) days; or

        (ii)            default in the payment of the Outstanding Amount of any Note on the applicable Final Scheduled Distribution Date; or

        (iii)            default in the observance or performance of any covenant or agreement of the Issuer made in this Indenture (other than a covenant or agreement, a default in the observance or performance
            of which is elsewhere in this Section specifically dealt with), which default materially and adversely affects the rights of the Noteholders, and which default shall continue unremedied for a period of forty-five (45) days (or for such longer
            period, not in excess of ninety (90) days, as may be reasonably necessary to remedy such default; provided that such default is capable of remedy within ninety (90) days or less and the Servicer on behalf of the Owner Trustee delivers an
            Officer’s Certificate to the Indenture Trustee to the effect that such default is capable of remedy within ninety (90) days or less and that the Issuer has commenced, or will promptly commence and diligently pursue, all reasonable efforts to
            remedy such default) after there shall have been given, by registered or certified mail, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Holders of at least 25% of the Outstanding Amount of the Notes, a
            written notice specifying such default and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

        (iv)            any representation or warranty of the Issuer made in this Indenture, in any Basic Document or in any certificate or any other writing delivered pursuant hereto or in

        
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        connection herewith proving to have been incorrect as of the time when the same shall have been made, which failure
          materially and adversely affects the rights of the Noteholders, and which failure shall continue unremedied for a period of forty-five (45) days (or for such longer period, not in excess of ninety (90) days, as may be reasonably necessary to
          remedy such failure; provided that such failure is capable of remedy within ninety (90) days or less and the Servicer on behalf of the Owner Trustee delivers an Officer’s Certificate to the Indenture Trustee to the effect that such failure is
          capable of remedy within ninety (90) days or less and that the Issuer has commenced, or will promptly commence and diligently pursue, all reasonable efforts to remedy such failure) after there shall have been given, by registered or certified
          mail, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Holders of at least 25% of the Outstanding Amount of the Notes, a written notice specifying such incorrect representation or warranty and requiring it
          to be remedied and stating that such notice is a “Notice of Default” hereunder; or

        (v)            the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of the Issuer or any substantial part of the Trust Estate 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 of the Issuer or for any substantial
            part of the Trust Estate, or ordering the winding-up or liquidation of the Issuer’s affairs, and such decree or order shall remain unstayed and in effect for a period of sixty (60) consecutive days; or

        (vi)            the commencement by the Issuer 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 the
            Issuer to the entry of an order for relief in an involuntary case under any such law, or the consent by the Issuer to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official
            of the Issuer or for any substantial part of the Trust Estate, or the making by the Issuer of any general assignment for the benefit of creditors, or the failure by the Issuer generally to pay its debts as such debts become due, or the taking
            of action by the Issuer in furtherance of any of the foregoing;

        provided, however, that if any delay or failure of performance referred to in clause (i), (ii), (iii) or (iv) above shall
          have been caused by a Force Majeure Event, (a) the initial grace period referred to in such clauses (i), (iii) or (iv) above shall be extended for an additional sixty (60) calendar days and (b) a grace period of sixty (60) calendar days shall be
          given for any delay or failure of performance referred to in clause (ii) above.

        The Issuer shall deliver to the Indenture Trustee, within five days after the occurrence thereof, written notice in the form
          of an Officer’s Certificate of any event which with the giving of notice and the lapse of time would become an Event of Default under clause (iii) or (iv) above, its status and what action the Issuer is taking or proposes to take with respect
          thereto.

        Section 5.2      Rights Upon Event of Default.

        
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        (a)            If an Event of Default shall have occurred and be continuing, the Indenture Trustee shall, if so requested in writing by the Majority Noteholders, declare by written notice to the Issuer
            that the Notes become, whereupon they shall become, immediately due and payable at par, together with accrued interest thereon.

        (b)            At any time after such declaration of acceleration of maturity has been made and before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as
            hereinafter in this Article V provided, the Majority Noteholders, by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration and its consequences if:

        (i)            the Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay:

        (A)            all payments of principal of and interest on all Notes and all other amounts that would then be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration
            had not occurred; and

        (B)            all sums paid or advanced by the Indenture Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel; and

        (C)            all other outstanding fees and expenses of the Issuer; and

        (ii)            all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have been cured or waived as provided in Section 5.13.

        No such rescission shall affect any subsequent default or impair any right consequent thereto.

        Section 5.3      Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.

        (a)            The Issuer covenants that if (i) default is made in the payment of any interest on any Note when the same becomes due and payable, and such default continues for a period of five days, or
            (ii) default is made in the payment of the principal of or any installment of the principal of any Note when the same becomes due and payable, the Issuer will pay to the Indenture Trustee, for the benefit of the Holders of the Notes, the whole
            amount then due and payable on such Notes for principal and interest, with interest upon the overdue principal, and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at the
            applicable Interest Rate and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and
            its agents and counsel.

        (b)            Each Issuer Secured Party hereby irrevocably and unconditionally appoints the Controlling Party as the true and lawful attorney-in-fact of such Issuer Secured Party for so long as such
            Issuer Secured Party is not the Controlling Party, with full power of substitution, to 

        
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        execute, acknowledge and deliver any notice, document, certificate, paper, pleading or instrument and to do in the name
            of the Controlling Party as well as in the name, place and stead of such Issuer Secured Party such acts, things and deeds for or on behalf of and in the name of such Issuer Secured Party under this Indenture (including specifically under
            Section 5.4) and under the Basic Documents which such Issuer Secured Party could or might do or which may be necessary, desirable or convenient in such Controlling Party’s sole discretion to effect the purposes contemplated hereunder and under
            the Basic Documents and, without limitation, following the occurrence of an Event of Default, exercise full right, power and authority to take, or defer from taking, any and all acts with respect to the administration, maintenance or
            disposition of the Trust Estate.

        (c)            If an Event of Default occurs and is continuing, the Indenture Trustee shall, at the direction of the Majority Noteholders, proceed to protect and enforce its rights and the rights of the
            Noteholders by such appropriate Proceedings as the Indenture Trustee or the Indenture Trustee at the direction of such Majority Noteholders shall deem most effective to protect and enforce any such rights, whether for the specific enforcement
            of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law.

        (d)            Notwithstanding anything to the contrary contained in this Indenture (including, without limitation, Sections 5.4(a), 5.12, 5.13 and 5.17), if the Issuer fails to perform its obligations
            under Section 10.1(b) hereof when and as due, the Indenture Trustee shall, at the written direction of the Majority Noteholders, proceed to protect and enforce its rights and the rights of the Noteholders by such appropriate Proceedings as the
            Indenture Trustee or the Majority Noteholders, shall deem most effective to protect and enforce any such rights, whether for specific performance of any covenant or agreement in this Indenture or in aid of the exercise of any power granted
            herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law.

        (e)            In case there shall be pending, relative to the Issuer or any other obligor upon the Notes or any Person having or claiming an ownership interest in the Trust Estate, proceedings under
            Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official
            shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other comparable Proceedings relative to the Issuer or other obligor upon the Notes, or to the creditors or
            property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Indenture
            Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such proceedings or otherwise:

        (i)            to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes and to file such other papers or documents as may be necessary
            or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and for

        
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        reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor
          Indenture Trustee, except as a result of negligence, bad faith or willful misconduct) and of the Noteholders allowed in such Proceedings;

        (ii)            unless prohibited by applicable law and regulations, to vote on behalf of the Noteholders in any election of a trustee, a standby trustee or person performing similar functions in any
            such Proceedings;

        (iii)            to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Noteholders and of
            the Indenture Trustee on their behalf; and

        (iv)            to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee or the Noteholders allowed in any
            Proceedings relative to the Issuer, its creditors and its property;

        and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such
          Noteholders to make payments to the Indenture Trustee, and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover
          reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each
          predecessor Indenture Trustee except as a result of negligence or bad faith.

        (f)            Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of
            reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such Proceeding except, as aforesaid,
            to vote for the election of a trustee in bankruptcy or similar person.

        (g)            All rights of action and of asserting claims under this Indenture or under any of the Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the
            production thereof in any trial or other proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject
            to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Holders of the Notes.

        (h)            In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving the interpretation of any provision of this Indenture), the Indenture Trustee shall be held to
            represent all the Holders of the Notes, and it shall not be necessary to make any Noteholder a party to any such proceedings.

        Section 5.4      Remedies.

        
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        (a)            If an Event of Default shall have occurred and be continuing, the Indenture Trustee shall, at the direction of the Majority Noteholders, do one or more of the following (subject to
            Section 5.5):

        (i)            institute Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes or under this Indenture with respect thereto, whether
            by declaration or otherwise, enforce any judgment obtained, and collect from the Issuer and any other obligor upon such moneys adjudged due;

        (ii)            institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Trust Estate;

        (iii)            exercise any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Holders of the
            Notes; and

        (iv)            sell the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law; provided, however, that, the Indenture Trustee may not sell or otherwise liquidate the Trust Estate following an Event of Default unless:

        (I)            such Event of Default is of the type described in Section 5.1(i) or (ii), or

        (II)            either

        (x)            the Holders of 100% of the Outstanding Amount of the Notes consent thereto, or

        (y)            the proceeds of such sale or liquidation distributable to the Noteholders are sufficient to discharge in full all amounts then due and unpaid upon such Notes for principal and interest,
            or

        (z)            the Indenture Trustee determines that the Trust Estate will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as they would have become
            due if the Notes had not been declared due and payable, and the Indenture Trustee provides prior written notice to the Issuer (who shall deliver such notice to the Rating Agencies) and obtains the consent of Holders of 66-2/3% of the
            Outstanding Amount of the Notes.

        In determining such sufficiency or insufficiency with respect to clauses (y) and (z), the Indenture Trustee may, but need
          not, obtain and conclusively rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose.

        Section 5.5      Optional Preservation of the Trust Estate.  If the Notes have been declared to be due and payable under Section 5.2 following an Event of Default and such

        
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        declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, maintain possession of the Trust
          Estate.  It is the desire of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes, and the Indenture Trustee shall take such desire into account when
          determining whether or not to maintain possession of the Trust Estate.  In determining whether to maintain possession of the Trust Estate, the Indenture Trustee may, but need not, obtain and conclusively rely upon an opinion of an Independent
          investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose.

        Section 5.6      Priorities.

        (a)            Following (1) the occurrence of an Event of Default pursuant to Sections 5.1(i), 5.1(ii), 5.1(v) or 5.1(vi) of this Indenture or (2) the receipt of Insolvency Proceeds pursuant to Section
            10.1(b) of the Sale and Servicing Agreement, the Available Funds, plus any amounts on deposit in the Reserve Account, including any money or property collected pursuant to Section 5.4 of this Indenture and any such Insolvency Proceeds, shall be
            applied by the Indenture Trustee on the related Distribution Date in the following order of priority:

        (i)            amounts due and owing and required to be distributed to the Servicer (provided there is no Servicer Termination Event), the Owner Trustee, the Asset Representations Reviewer, the
            Custodian, the Indenture Trustee, the Lockbox Bank and the Backup Servicer (including the Backup Servicer in its capacity as the successor Servicer if so appointed), respectively, pursuant to clauses (i) and (ii) of Section 5.7(a) of the Sale
            and Servicing Agreement and not previously distributed, ratably and without preference or priority of any kind and without regard to any caps set forth in clauses (i) and (ii) of Section 5.7(a) of the Sale and Servicing Agreement;

        (ii)            to the Class A Noteholders, pro rata, based upon the aggregate amount of interest due to each Class of the Class A Notes, for amounts due and unpaid on each such Class of Class A Notes in
            respect of interest (including any premium), according to the amounts due and payable on each such Class of Class A Notes in respect of interest (including any premium);

        (iii)            first, to the Holders of the Class A-1 Notes, for amounts due and unpaid on the Class A-1 Notes in respect of principal, until the Outstanding Amount of the Class A-1 Notes is reduced to
            zero, and second, to the Holders of the Class A-2 Notes and the Class A-3 Notes, pro rata (based on the Outstanding Amount of each such Class) for amounts due and unpaid on the Class A-2 Notes and Class A-3 Notes in respect of principal, until
            the Outstanding Amount of the Class A-2 Notes and Class A-3 Notes is reduced to zero;

        (iv)            to the Class B Noteholders for amounts due and unpaid on the Class B Notes in respect of interest (including any premium), according to the amounts due and payable on the Class B Notes in
            respect of interest (including any premium);

        (v)            to Holders of the Class B Notes for amounts due and unpaid on the Class B Notes in respect of principal, according to the amounts due and payable on the Class B

        
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        Notes in respect of principal, until the Outstanding Amount of the Class B Notes is reduced to zero;

        (vi)            to the Class C Noteholders for amounts due and unpaid on the Class C Notes in respect of interest (including any premium), according to the amounts due and payable on the Class C Notes in
            respect of interest (including any premium);

        (vii)            to Holders of the Class C Notes for amounts due and unpaid on the Class C Notes in respect of principal, according to the amounts due and payable on the Class C Notes in respect of
            principal, until the Outstanding Amount of the Class C Notes is reduced to zero;

        (viii)            to the Class D Noteholders for amounts due and unpaid on the Class D Notes in respect of interest (including any premium), according to the amounts due and payable on the Class D Notes in
            respect of interest (including any premium);

        (ix)            to Holders of the Class D Notes for amounts due and unpaid on the Class D Notes in respect of principal, according to the amounts due and payable on the Class D Notes in respect of
            principal, until the Outstanding Amount of the Class D Notes is reduced to zero;

        (x)            to the Class E Noteholders for amounts due and unpaid on the Class E Notes in respect of interest (including any premium), according to the amounts due and payable on the Class E Notes in
            respect of interest (including any premium);

        (xi)            to Holders of the Class E Notes for amounts due and unpaid on the Class E Notes in respect of principal, according to the amounts due and payable on the Class E Notes in respect of
            principal, until the Outstanding Amount of the Class E Notes is reduced to zero; and

        (xii)            to the Certificate Distribution Account for distribution to the Certificateholders in accordance with the Trust Agreement.

        (b)            Following the occurrence of an Event of Default pursuant to Sections 5.1(iii) or (iv) of this Indenture, the Available Funds, plus any amounts on deposit in the Reserve Account, including
            any money or property collected pursuant to Section 5.4 of this Indenture, shall be applied by the Indenture Trustee on the related Distribution Date in the following order of priority:

        (i)            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 related Collection
            Period 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;

        
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        (ii)          
          to each of the Indenture Trustee, the Backup Servicer (including the Backup Servicer in its capacity as the successor Servicer if so appointed), the Custodian, the Asset
            Representations Reviewer, the Lockbox Bank 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 Exeter)
            ratably and without preference or priority of any kind and without regard to any caps set forth in clauses (i) and (ii) of Section 5.7(a) of the Sale and Servicing Agreement;

        (iii)         
          to the Class A Noteholders, pro rata based on the amounts distributable pursuant to this clause to each Class of the Class A Notes, the Noteholders’ Interest Distributable
            Amount for the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes for such Distribution Date;

        (iv)          
          for distribution as provided in Section 5.7(b) of the Sale and Servicing Agreement, the Class A Principal Parity Amount;

        (v)            for distribution as provided in Section 5.7(b) of the Sale and Servicing Agreement, any Matured Principal Shortfall on account of the Class A Notes;

        (vi)          
          to the Class B Noteholders, the Noteholders’ Interest Distributable Amount for the Class B Notes for such Distribution Date;

        (vii)         
          for distribution as provided in Section 5.7(b) of the Sale and Servicing Agreement, the Class B Principal Parity Amount;

        (viii)       
          for distribution as provided in Section 5.7(b) of the Sale and Servicing Agreement, any Matured Principal Shortfall on account of the Class B Notes;

        (ix)            to the Class C Noteholders, the Noteholders’ Interest Distributable Amount for the Class C Notes for such Distribution Date;

        (x)            for distribution as provided in Section 5.7(b) of the Sale and Servicing Agreement, the Class C Principal Parity Amount;

        (xi)          
          for distribution as provided in Section 5.7(b) of the Sale and Servicing Agreement, any Matured Principal Shortfall on account of the Class C Notes;

        (xii)         
          to the Class D Noteholders, the Noteholders’ Interest Distributable Amount for the Class D Notes for such Distribution Date;

        (xiii)       
          for distribution as provided in Section 5.7(b) of the Sale and Servicing Agreement, the Class D Principal Parity Amount;

        (xiv)       
          for distribution as provided in Section 5.7(b) of the Sale and Servicing Agreement, any Matured Principal Shortfall on account of the Class D Notes;

        (xv)            to the Class E Noteholders, the Noteholders’ Interest Distributable Amount for the Class E Notes for such Distribution Date;

        
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        (xvi)        
          for distribution as provided in Section 5.7(b) of the Sale and Servicing Agreement, the Class E Principal Parity Amount;

        (xvii)       
          for distribution as provided in Section 5.7(b) of the Sale and Servicing Agreement, any Matured Principal Shortfall on account of the Class E Notes;

        (xviii)      
          to the Reserve Account, the Reserve Account Deposit Amount for such Distribution Date;

        (xix)            (1) first, 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,
            (2) second, to the Class A-2 Noteholders and the Class A-3 Noteholders, pro rata, in reduction of the remaining principal balance of the Class A-2 Notes and the Class A-3 Notes, until the outstanding principal balance of each such Class has
            been reduced to zero, (3) third, 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, (4) fourth, 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, (5) fifth, 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 and (6) sixth, 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;

        (xx)            to the Certificate Distribution Account for distribution to the Certificateholders in accordance with the Trust Agreement, the aggregate amount remaining in the Collection Account.

        (c)            The Indenture Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this Section 5.6.  At least 15 days before such record date the Issuer shall mail
            to each Noteholder and the Indenture Trustee a notice that states the record date, the payment date and the amount to be paid.

        (d)            Notwithstanding Sections 5.6(a) and Section 5.6(b), the Indenture Trustee shall, in the same order and priority described in such Sections and in accordance with the written directions of
            Exeter Finance LLC, distribute to Exeter Finance LLC any amounts otherwise payable to the Lockbox Bank pursuant to such Sections, to the extent that Exeter Finance LLC shall have certified to the Indenture Trustee that such amounts were
            withdrawn directly by the Lockbox Bank from funds on deposit in a bank account of Exeter Finance LLC.

        Section 5.7      Limitation of Suits.  No Holder of any Note shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment
          of a receiver or trustee, or for any other remedy hereunder, unless:

        (i)            such Holder has previously given written notice to the Indenture Trustee of a continuing Event of Default;

        
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        (ii)            the Holders of not less than 25% of the Outstanding Amount of the Notes have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default
            in its own name as Indenture Trustee hereunder;

        (iii)            such Holder or Holders have offered to the Indenture Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in complying with such
            request;

        (iv)            the Indenture Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings; and

        (v)            no direction inconsistent with such written request has been given to the Indenture Trustee during such 60-day period by the Majority Noteholders;

        it being understood and intended that no one or more Noteholders shall have any right in any manner whatever by virtue of, or by availing of,
          any provision of this Indenture to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any right under this Indenture, except in the manner
          herein provided.

        Section 5.8      Unconditional Rights of Noteholders To Receive Principal and Interest.  Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right,
          which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture (or, in the case of redemption, on or after
          the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder.

        Section 5.9      Restoration of Rights and Remedies.  If the Controlling Party or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such
          proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every such case the Issuer, the Indenture Trustee and the Noteholders shall, subject to any
          determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been
          instituted.

        Section 5.10      Rights and Remedies Cumulative.  No right or remedy herein conferred upon or reserved to the Controlling Party or to the Noteholders is intended to be exclusive of any other
          right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion or
          employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

        Section 5.11      Delay or Omission Not a Waiver.  No delay or omission of the  Indenture Trustee, the Controlling Party or any Holder of any Note to exercise any right or remedy accruing
          upon any Default or Event of Default shall impair any such right or remedy or constitute

        
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        a waiver of any such Default or Event of Default or an acquiescence therein.  Every right and remedy given by this Article V or by law to the
          Indenture Trustee, the Controlling Party or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee, the Controlling Party or by the Noteholders, as the case may be.

        Section 5.12      Control by Noteholders.  The Majority Noteholders shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the
          Controlling Party or the Indenture Trustee, as applicable, with respect to the Notes or exercising any trust or power conferred on the Controlling Party or the Indenture Trustee, as applicable; provided that

        (i)            such direction shall not be in conflict with any rule of law or with this Indenture;

        (ii)            subject to the express terms of Section 5.4, any direction to the Indenture Trustee to sell or liquidate the Trust Estate shall be by the Noteholders representing not less than 100% of
            the Outstanding Amount of the Notes;

        (iii)       
          if the conditions set forth in Section 5.5 have been satisfied and the Indenture Trustee elects to retain the Trust Estate pursuant to such Section, then any direction to the
            Indenture Trustee by Noteholders representing less than 100% of the Outstanding Amount of the Notes to sell or liquidate the Trust Estate shall be of no force and effect; and

        (iv)            the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction;

        provided, however, that, subject to Article VI, the
          Indenture Trustee need not take any action that it determines might involve it in liability, financial or otherwise, without receiving indemnity satisfactory to it, or might materially adversely affect the rights of any Noteholders not consenting
          to such action.

        Section 5.13      Waiver of Past Defaults.  Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.4, the Majority Noteholders may waive any past
          Default or Event of Default and its consequences except a Default (a) in payment of principal of or interest on any of the Notes or (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of the
          Holder of each Note.  In the case of any such waiver, the Issuer, the Indenture Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent
          or other Default or impair any right consequent thereto.

        Upon any such waiver, such Default shall cease to exist and be deemed to have been cured and not to have occurred, and any
          Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right
          consequent thereto.

        
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        Section 5.14      Undertaking for Costs.  All parties to this Indenture agree, and each Holder of any Note by such Holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion
          require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such suit
          of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs and expenses, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the
          merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder, or group of
          Noteholders, in each case holding in the aggregate more than 10% of the Outstanding Amount of the Notes or (c) any suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the
          respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date).

        Section 5.15      Waiver of Stay or Extension Laws.  The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead or in any manner
          whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it
          may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but will suffer and permit the
          execution of every such power as though no such law had been enacted.

        Section 5.16      Action on Notes.  The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or
          application of any other relief under or with respect to this Indenture.  Neither the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture
          Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the Issuer.

        Section 5.17      Performance and Enforcement of Certain Obligations.

        (a)            Promptly following a request from the Indenture Trustee to do so, the Issuer agrees to take all such lawful action as the Indenture Trustee may request to compel or secure the performance
            and observance by the Seller and the Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Sale and Servicing Agreement in accordance with the terms thereof, and to exercise any and all rights,
            remedies, powers and privileges lawfully available to the Issuer under or in connection with the Sale and Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default on
            the part of the Seller or the Servicer thereunder and the institution of legal or administrative actions or Proceedings to compel or secure performance by the Seller or the Servicer of each of their obligations under the Sale and Servicing
            Agreement.

        (b)            If an Event of Default has occurred and is continuing, the Controlling Party may, and, at the written direction of the Holders of 66-2/3% of the Outstanding Amount of the

        
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        Notes shall, subject to Article VI, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the
          Servicer under or in connection with the Sale and Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Servicer of each of their obligations to the Issuer
          thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Sale and Servicing Agreement, and any right of the Issuer to take such action shall be suspended.

        ARTICLE VI

          

          The Indenture Trustee

        Section 6.1      Duties of Indenture Trustee.

        (a)            If an Event of Default has occurred and is continuing, and a Responsible Officer of the Indenture Trustee has actual knowledge or received written notice of such Event of Default, the
            Indenture Trustee shall exercise the rights and powers vested in it by this Indenture and the Basic Documents to which it is a party and use the same degree of care and skill in its exercise as a prudent person would exercise or use under the
            circumstances in the conduct of such person’s own affairs.

        (b)            Except during the continuance of an Event of Default as to which a Responsible Officer of the Indenture Trustee has actual knowledge or received written notice of such Event of Default:

        (i)            the Indenture Trustee undertakes to perform such duties and only such duties as are expressly and specifically set forth in this Indenture and no implied covenants or obligations shall be
            read into this Indenture against the Indenture Trustee; and

        (ii)            in the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon
            certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture; however, the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform on their face
            to the requirements of this Indenture.

        (c)            The Indenture Trustee may not be relieved from liability for its own negligence, willful misconduct or bad faith, except that:

        (i)            this paragraph does not limit the effect of paragraph (b) of this Section;

        (ii)            the Indenture Trustee shall not be liable for any action taken or error of judgment made in good faith by a Responsible Officer unless it is proved that the Indenture Trustee was
            negligent in ascertaining the pertinent facts; and

        
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        (iii)            the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 5.12.

        (d)            The Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may agree in writing with the Issuer.

        (e)            Money held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms of this Indenture or the Sale and Servicing
            Agreement.

        (f)            No provision of this Indenture shall require the Indenture Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder
            or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or indemnity reasonably satisfactory to it against such risk or liability is not reasonably assured to it.

        (g)            Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this Section
            6.1 and to the provisions of the TIA.

        (h)            The Indenture Trustee shall, and hereby agrees that it will, perform all of the obligations and duties required of it under the Sale and Servicing Agreement.

        (i)            Without limiting the generality of this Section 6.1, the Indenture Trustee shall have no duty (i) to see to any recording, filing or depositing of this Indenture or any agreement referred
            to herein or any financing statement evidencing a security interest in the Financed Vehicles, or to see to the maintenance of any such recording or filing or depositing or to any recording, refiling or redepositing of any thereof, (ii) to see
            to any insurance of the Financed Vehicles or Obligors or to effect or maintain any such insurance, (iii) to see to the payment or discharge of any tax, assessment or other governmental charge or any Lien or encumbrance of any kind owing with
            respect to, assessed or levied against any part of the Issuer, (iv) to confirm or verify the contents of any reports or certificates delivered to the Indenture Trustee pursuant to this Indenture or the Sale and Servicing Agreement believed by
            the Indenture Trustee to be genuine and to have been signed or presented by the proper party or parties, (v) to monitor the status of any lien hereunder or the performance of the collateral or (vi) to inspect the Financed Vehicles at any time
            or ascertain or inquire as to the performance of observance of any of the Issuer’s, the Seller’s or the Servicer’s representations, warranties or covenants or the Servicer’s duties and obligations as Servicer and as custodian of the Receivable
            Files under the Sale and Servicing Agreement.

        (j)            In no event shall Citibank, N.A., 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, the
            Trust Agreement or the Holding Trust Agreement.

        (k)            The Indenture Trustee shall not be charged with actual knowledge of any Event of Default unless a Responsible Officer of the Indenture Trustee has actual knowledge or received written
            notice of such Event of Default in accordance with the provisions of this Indenture.

        
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        Section 6.2      Rights of Indenture Trustee.

        (a)            The Indenture Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper person.  The Indenture Trustee is not
            responsible for any document provided to it, and it need not investigate or re-calculate, evaluate, verify or independently determine the accuracy of any report, certificate, information, statement, representation or warranty or any fact or
            matter stated in such document and may conclusively rely as to the truth of the statements and the correctness of the opinions expressed therein.

        (b)           Before the Indenture Trustee acts or refrains from acting, other than in the fulfillment of the specific duties and obligations required to be performed by it in connection with an asset
            representations review pursuant to Section 7.2(f), a repurchase of Receivables pursuant to Section 3.2(a) of the Sale and Servicing Agreement or dispute resolution pursuant to Section 3.4 of the Sale and Servicing Agreement, it may require an
            Officer’s Certificate or an Opinion of Counsel, the costs of which (including the Indenture Trustee’s reasonable attorney’s fees and expenses) shall be paid by the party requesting that the Indenture Trustee act or refrain from acting.  The
            Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s Certificate or Opinion of Counsel unless the Indenture Trustee was negligent in such reliance.

        (c)            The Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents (including affiliates) or attorneys or a
            custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, Exeter Finance LLC or any other party to the Basic Documents, or any other such agent,
            attorney, custodian or nominee appointed with due care by it hereunder.

        (d)            The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, however, that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith.

        (e)          The Indenture Trustee may consult with counsel, and the advice or opinion of counsel (written or oral) with respect to legal matters relating to this Indenture and the Notes shall be full
            and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

        (f)            The Indenture Trustee shall be under no obligation to institute, conduct or defend any litigation under this Indenture or in relation to this Indenture, at the request, order or direction
            of any of the Noteholders, pursuant to the provisions of this Indenture, unless such Noteholders shall have offered to the Indenture Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities that
            may be incurred therein or thereby; provided, however, that the Indenture Trustee shall, upon the occurrence of an Event of Default (that has not been
            cured), exercise the rights and powers vested in it by this Indenture with reasonable care and skill.

        
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        (g)            The Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any claims of breach of representations and warranties, resolution, certificate,
            statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by the Noteholders evidencing not less than 25% of the Outstanding Amount thereof; provided, however, that if the payment within a reasonable time to the Indenture Trustee of the costs, expenses or liabilities likely to be incurred by it in
            the making of such investigation is, in the opinion of the Indenture Trustee, not reasonably assured to the Indenture Trustee by the security afforded to it by the terms of this Indenture or the Sale and Servicing Agreement, the Indenture
            Trustee may require an indemnity reasonably satisfactory to it against such cost, expense or liability as a condition to so proceeding with such investigation; the reasonable expense of every such examination shall be paid by the Person making
            such request, or, if paid by the Indenture Trustee, shall be reimbursed by the Person making such request upon demand.

        (h)            The Indenture Trustee shall not be liable for any losses on investments except for losses resulting from the failure of the Indenture Trustee to make an investment in accordance with
            instructions given in accordance hereunder.  If the Indenture Trustee acts as the Note Paying Agent or Note Registrar, the rights and protections afforded to the Indenture Trustee shall be afforded to the Note Paying Agent and Note Registrar.

        (i)            Anything in this Indenture to the contrary notwithstanding, in no event shall the Indenture Trustee 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 Indenture Trustee has been advised of the likelihood of such loss or damage and regardless of the
            form of action.

        (j)            The Indenture Trustee shall not be charged with knowledge of any event or information, including any Default or Event of Default, unless a Responsible Officer of the Indenture Trustee has
            actual knowledge or receives written notice of such event or information. Absent actual knowledge or receipt of written notice in accordance with this Section, the Indenture Trustee may conclusively assume that no such event has occurred. The
            Indenture Trustee shall have no obligation to inquire into, or investigate as to, the occurrence of any such event (including any Default or Event of Default). For purposes of determining the Indenture Trustee’s responsibility and liability
            hereunder, whenever reference is made in this Indenture to any event (including, but not limited to, an Event of Default), such reference shall be construed to refer only to such event of which the Indenture Trustee has received notice or has
            actual knowledge as described in this Section.  The Indenture Trustee’s receipt of delivery of any reports or other information publicly available does not constitute actual or constructive knowledge or notice to the Indenture Trustee unless
            the Indenture Trustee has an obligation to review its content. Knowledge of the Indenture Trustee shall not be attributed or imputed to Citibank, N.A.’s other roles in the transaction, and knowledge of the Backup Servicer (including the Backup
            Servicer in its capacity as the successor Servicer if so appointed) shall not be attributed or imputed to the Indenture Trustee (in each case, other than instances where such roles are performed by the same group or division within Citibank,
            N.A., or otherwise include common Responsible Officers) or any affiliate, line of business or other division of Citibank, N.A. (and vice versa).

        
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        (k)            To the extent the Indenture Trustee is requested by a party or Noteholder to act outside of its contractual obligations set forth under the terms of the Basic Documents, the Indenture
            Trustee may require indemnity satisfactory to it from the instructing party or Noteholder against the costs, expenses, and liabilities that may be incurred related to such request.

        (l)            The Indenture Trustee shall have no responsibility for the enforceability of the Note or the recitals contained in the Basic Documents.

        (m)            Except as otherwise expressly set forth in the Basic Documents, the Indenture Trustee shall not be held responsible for the acts or omissions of the Seller, Servicer, Issuer, Backup
            Servicer, 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 to the contrary. The Indenture Trustee shall not be responsible or
            liable for any misconduct or negligence on the part of, or for the monitoring or supervision of, Exeter or any of its Affiliates or any other party to any of the Basic Documents.

        (n)            No discretionary, permissive right, nor privilege of the Indenture Trustee shall be deemed or construed as a duty or obligation.

        (o)            Notwithstanding anything to the contrary in this Indenture or any other Basic Document, the Indenture Trustee shall not be required to take any action that is not in accordance with
            applicable laws.

        (p)            For the avoidance of doubt, none of the Indenture Trustee, the Owner Trustees or the Backup Servicer shall be responsible for determining whether any breach of a representation or
            warranty or document defect constitutes a breach or defect or the materiality of any such breach or defect.

        (q)            The rights, benefits, protections, immunities and indemnities afforded the Indenture Trustee hereunder shall extend to the Indenture Trustee (in any of its capacities) under any other
            Basic Document or related agreement as though set forth therein in their entirety mutatis mutandis.

        Section 6.3      Individual Rights of Indenture Trustee.  The Indenture Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with
          the Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee.  Any Note Paying Agent, Note Registrar, co-registrar or co-Note Paying Agent may do the same with like rights.  However, the Indenture Trustee must
          comply with Sections 6.11 and 6.12.

        Section 6.4      Indenture Trustee’s Disclaimer.  The Indenture Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture, the Trust
          Estate or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes, and it shall not be responsible for any statement of the Issuer in this Indenture or in any document issued in connection with the sale of the
          Notes or in the Notes other than the Indenture Trustee’s certificate of authentication.

        
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        Section 6.5      Notice of Defaults.  If an Event of Default occurs and is continuing and if it is either known by, or written notice of the existence thereof has been delivered to, a Responsible Officer of the
          Indenture Trustee, the Indenture Trustee shall mail to each Noteholder notice of the Default within 30 days after such knowledge or notice occurs.  Except in the case of a Default in payment of principal of or interest on any Note (including
          payments pursuant to the mandatory redemption provisions of such Note), the Indenture Trustee may withhold the notice to the Noteholder if and so long as it in good faith determines that withholding the notice is in the interests of Noteholders.

        Section 6.6      Reports by Indenture Trustee to Holders.  At the end of each calendar year, the Indenture Trustee shall make available to each person who at any time during the calendar
          year was a Noteholder a statement as to the aggregate amounts of interest and principal paid to the Noteholder to the extent required by the Code and any other information as may be reasonably required to enable such Holder to prepare its federal
          and state income tax returns.  The Indenture Trustee will make documents or information which it is required to provide available to the Noteholders, and the Indenture Trustee will post at https://sf.citidirect.com information regarding principal
          and interest due and paid on the Notes. The Indenture Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above Holders and the Indenture
          Trustee shall provide timely and adequate notification to all the above Holders regarding any such changes.

        Section 6.7      Compensation and Indemnity.

        (a)            Pursuant to Section 5.7(a) and Section 8.3 of the Sale and Servicing Agreement, the Issuer shall pay, to the Indenture Trustee and the Backup Servicer (subject to any applicable caps)
            from time to time compensation for its services.  The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust.  The Issuer shall reimburse, the Indenture Trustee and the Backup Servicer
            (subject to any applicable caps) for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services.  Such expenses shall include the reasonable compensation and
            expenses, disbursements and advances of the Indenture Trustee’s and the Backup Servicer’s agents, counsel, accountants and experts.  The Issuer shall indemnify the Indenture Trustee, the Backup Servicer (including the Backup Servicer in its
            capacity as the successor Servicer if so appointed), and their respective officers, directors, employees and agents against any and all losses, liabilities or expenses (including reasonable fees and expenses of outside counsel, which shall
            include any reasonable fees and expenses of outside counsel incurred in connection with (i) any enforcement of the indemnification obligation hereunder or (ii) the successful defense, in whole or in part, of any claim that the Indenture Trustee
            or Backup Servicer (including the Backup Servicer in its capacity as the successor Servicer if so appointed) breached its standard of care) incurred by each of them in connection with the acceptance or the administration of the trusts hereunder
            and the performance of its duties hereunder and under the Basic Documents.  The Indenture Trustee or the Backup Servicer (including the Backup Servicer in its capacity as the successor Servicer if so appointed) shall notify the Issuer and the
            Servicer promptly of any claim for which it may seek indemnity.  Failure by the Indenture Trustee or the Backup Servicer (including the Backup Servicer in its capacity as the successor Servicer if so appointed) to so notify the Issuer and the
            Servicer shall not relieve the Issuer of its obligations hereunder or the Servicer of its obligations under Article XI of the Sale and Servicing Agreement.

        
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        The Issuer shall defend, or shall cause the Servicer to defend, the claim, and the Indenture Trustee or the Backup Servicer (including the
          Backup Servicer in its capacity as the successor Servicer if so appointed) may have separate counsel and the Issuer shall pay, or cause the Servicer to pay, the fees and expenses of such counsel.  Neither the Issuer nor the Servicer need to
          reimburse any expense or indemnify against any loss, liability or expense incurred by the Indenture Trustee or the Backup Servicer (including the Backup Servicer in its capacity as the successor Servicer if so appointed) through the Indenture
          Trustee’s or the Backup Servicer’s (including the Backup Servicer in its capacity as the successor Servicer if so appointed) own willful misconduct, gross negligence or bad faith.

        (b)            The Issuer’s and the Servicer’s obligations to the Indenture Trustee or the Backup Servicer (including the Backup Servicer in its capacity as the successor Servicer if so appointed)
            pursuant to this Section shall survive the discharge or assignment of this Indenture or the earlier resignation or removal of the Indenture Trustee or the Backup Servicer (including the Backup Servicer in its capacity as the successor Servicer
            if so appointed).  When the Indenture Trustee or the Backup Servicer (including the Backup Servicer in its capacity as the successor Servicer if so appointed) incurs expenses after the occurrence of an Event of Default specified in Section
            5.1(v) or (vi) with respect to the Issuer, 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. 
            Notwithstanding anything else set forth in this Indenture or the Basic Documents, the Indenture Trustee agrees that the obligations of the Issuer (but not the Servicer) to the Indenture Trustee hereunder and under the Basic Documents shall be
            recourse to the Trust Estate only and specifically shall not be recourse to the assets of any Certificateholder or Noteholder.  In addition, the Indenture Trustee agrees that its recourse (for its own account or the account of the Backup
            Servicer (including the Backup Servicer in its capacity as the successor Servicer if so appointed)) to the Issuer and the Trust Estate shall be limited to the right to receive the distributions referred to in Section 5.7(a) of the Sale and
            Servicing Agreement or Section 5.6 of this Indenture, as applicable.

        Section 6.8      Replacement of Indenture Trustee.  The Indenture Trustee may resign at any time by so notifying the Issuer.  The Issuer may and shall, remove the Indenture Trustee for the
          following “causes”:

        (i)            the Indenture Trustee fails to comply with Section 6.11;

        (ii)            a court of competent jurisdiction in the premises in respect of the Indenture Trustee in an involuntary case or proceeding under federal or State banking or bankruptcy laws, as now or
            hereafter constituted, or any other applicable federal or State bankruptcy, insolvency or other similar law, shall have entered a decree or order granting relief or appointing a receiver, liquidator, assignee, custodian, trustee, conservator,
            sequestrator (or similar official) for the Indenture Trustee or for any substantial part of the Indenture Trustee’s property, or ordering the winding-up or liquidation of the Indenture Trustee’s affairs;

        (iii)            an involuntary case under the federal bankruptcy laws, as now or hereafter in effect, or another present or future federal or State bankruptcy, insolvency or similar law

        
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        is commenced with respect to the Indenture Trustee and such case is not dismissed within 60 days;

        (iv)            the Indenture Trustee commences a voluntary case under any federal or state banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or State
            bankruptcy, insolvency or other similar law, or consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or other similar official) for the Indenture Trustee or for
            any substantial part of the Indenture Trustee’s property, or makes any assignment for the benefit of creditors or fails generally to pay its debts as such debts become due or takes any action in furtherance of any of the foregoing; or

        (v)            the Indenture Trustee otherwise becomes incapable of acting.

        If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of Indenture Trustee for any reason (the
          Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee.

        A successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee and to
          the Issuer.  Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee shall have all the rights, powers and duties of the retiring Indenture Trustee under this Indenture
          subject to satisfaction of the Rating Agency Condition.  The successor Indenture Trustee shall mail a notice of its succession to the Noteholders.  The retiring Indenture Trustee shall promptly transfer all property held by it as Indenture
          Trustee to the successor Indenture Trustee.

        If a successor Indenture Trustee does not take office within 60 days after the retiring Indenture Trustee resigns or is
          removed, the retiring Indenture Trustee, the Issuer or the Majority Noteholders may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee; all fees, costs and expenses (including attorneys’ fees and
          expenses) incurred by the Indenture Trustee in connection with such petition will be paid by the Issuer pursuant to Section 5.7(a) of the Sale and Servicing Agreement or Section 5.6 of this Indenture, as applicable.

        If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition any court of competent jurisdiction
          for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee.

        Any resignation or removal of the Indenture Trustee and appointment of a successor Indenture Trustee pursuant to any of the
          provisions of this Section shall not become effective until acceptance of appointment by the successor Indenture Trustee pursuant to Section 6.8 and payment of all fees and expenses owed to the outgoing Indenture Trustee.

        Notwithstanding the replacement of the Indenture Trustee pursuant to this Section, the Issuer’s and the Servicer’s
          obligations under Section 6.7 shall continue for the benefit of the retiring Indenture Trustee.

        Section 6.9      Successor Indenture Trustee by Merger.  The Indenture Trustee may merge with any other corporation or banking association.  If the Indenture Trustee consolidates

        
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        with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking
          association, the resulting, surviving or transferee corporation or banking association, without any further act shall be the successor Indenture Trustee.  The Indenture Trustee shall provide prior written notice of any such transaction to the
          Issuer (who shall deliver such notice to the Rating Agencies).

        In case at the time such successor or successors by merger, conversion or consolidation to the Indenture Trustee shall
          succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor indenture trustee, and
          deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of
          the successor to the Indenture Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Indenture Trustee shall have.

        Section 6.10      Appointment of Co-Indenture Trustee or Separate Indenture Trustee.

        (a)            Notwithstanding any other provisions of this Indenture, at any time, for the purpose of (i) meeting any legal requirement of any jurisdiction in which any part of the Trust Estate may at
            the time be located  (ii) engaging in enforcement actions or (iii) handling a potential conflict of interest on behalf of the Indenture Trustee, the Indenture Trustee shall have the power and may execute and deliver all instruments to appoint
            one or more Persons to act as a co-indenture trustee or co-indenture trustees, or separate indenture trustee or separate indenture trustees, of all or any part of the Trust Estate, and to vest in such Person or Persons, in such capacity and for
            the benefit of the Noteholders, such title to the Trust Estate, or any part hereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or
            desirable.  No co-indenture trustee or separate indenture trustee hereunder shall be required to meet the terms of eligibility as a successor indenture trustee under Section 6.11 and no notice to Noteholders of the appointment of any
            co-indenture trustee or separate indenture trustee shall be required under Section 6.8 hereof.

        (b)            Every separate indenture trustee and co-indenture 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 Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such
            separate indenture trustee or co-indenture trustee jointly (it being understood that such separate indenture trustee or co-indenture trustee is not authorized to act separately without the Indenture 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 Indenture 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

        
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        Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate indenture
          trustee or co-indenture trustee, but solely at the direction of the Indenture Trustee;

        (ii)            no indenture trustee (including any separate trustee or co-trustee) hereunder shall be personally liable by reason of any act or omission or the appointment of any other indenture trustee
            (including any separate trustee or co-trustee) hereunder, including acts or omissions of predecessor or successor indenture trustees; and

        (iii)            the Indenture Trustee may at any time accept the resignation of or remove any separate indenture trustee or co-indenture trustee.

        (c)            Any notice, request or other writing given to the Indenture Trustee shall be deemed to have been given to each of the then separate indenture trustees and co-indenture trustees, as
            effectively as if given to each of them.  Every instrument appointing any separate indenture trustee or co-indenture trustee shall refer to this Indenture and the conditions of this Article VI.  Each separate indenture trustee and co-indenture
            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 Indenture Trustee or separately, as may be provided therein, subject to all
            the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee.  Every such instrument shall be filed with the
            Indenture Trustee.

        (d)            Any separate indenture trustee or co-indenture trustee may at any time constitute an attorney-in-fact of the Indenture Trustee with full power and authority, to the extent not prohibited
            by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name.  If any separate indenture trustee or co-indenture trustee shall die, dissolve, become insolvent, become incapable of acting, resign or be
            removed, all of its estates, properties, rights, remedies and trusts shall invest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor indenture trustee.

        (e)            Any and all amounts relating to the fees and expenses of the co-indenture trustee or separate indenture trustee will be borne by the Trust Estate.

        Section 6.11      Eligibility; Disqualification.  The Indenture Trustee shall at all times satisfy the requirements of TIA § 310(a).  The Indenture Trustee shall have a combined capital and
          surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and it shall have a long-term debt rating of BBB, or an equivalent rating, or better by the Rating Agencies.  The Indenture Trustee shall comply
          with TIA § 310(b), including the optional provision permitted by the second sentence of TIA § 310(b)(9); provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other
          securities of the Issuer are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met.

        
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        Within 90 days after ascertaining the occurrence of an Event of Default which shall not have been cured or waived, unless
          authorized by the Commission, the Indenture Trustee shall resign with respect to the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and/or the Class E Notes in accordance with Section 6.8 of this Indenture, and the Issuer
          shall appoint a successor Indenture Trustee for each of such Classes, as applicable, so that there will be separate Indenture Trustees for the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes.  In the event the Indenture Trustee fails to comply with the terms of the preceding sentence, the Indenture Trustee shall comply with clauses (ii) and (iii) of TIA § 310(b).

        In the case of the appointment hereunder of a successor Indenture Trustee with respect to any Class of Notes pursuant to this
          Section 6.11, the Issuer, the retiring Indenture Trustee and the successor Indenture Trustee with respect to such Class of Notes shall execute and deliver an indenture supplemental hereto wherein each successor Indenture Trustee shall accept such
          appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, the successor Indenture Trustee all the rights, powers, trusts and duties of the retiring Indenture Trustee
          with respect to the Notes of the Class to which the appointment of such successor Indenture Trustee relates, (ii) if the retiring Indenture Trustee is not retiring with respect to all Classes of Notes, shall contain such provisions as shall be
          deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Indenture Trustee with respect to the Notes of each Class as to which the retiring Indenture Trustee is not retiring shall continue to be
          vested in the Indenture Trustee and (iii) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Indenture Trustee, it being
          understood that nothing herein or in such supplemental indenture shall constitute such Indenture Trustees co‐indenture trustees of the same trust and that each such Indenture Trustee shall be an indenture trustee of a trust or trusts hereunder
          separate and apart from any trust or trusts hereunder administered by any other such Indenture Trustee; and upon the removal of the retiring Indenture Trustee shall become effective to the extent provided herein.

        Section 6.12      Preferential Collection of Claims Against Issuer.  The Indenture Trustee shall comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). An
          Indenture Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated.

        Section 6.13      Appointment and Powers.  Subject to the terms and conditions hereof, each of the Issuer and the Holding Trust hereby appoints Citibank, N.A., as the Indenture Trustee with
          respect to the Collateral, and Citibank, N.A. hereby accepts such appointment and agrees to act as Indenture Trustee with respect to the Collateral for the Issuer Secured Parties, to maintain custody and possession of such Collateral (except as
          otherwise provided hereunder, under the Sale and Servicing Agreement or under the Custodian Agreement) and to perform the other duties of the Indenture Trustee in accordance with the provisions of this Indenture and the other Basic Documents. 
          Each Issuer Secured Party hereby authorizes the Indenture Trustee to take such action on its behalf, and to exercise such rights, remedies, powers and privileges hereunder, and as are specifically authorized to be exercised by the Indenture
          Trustee by the terms hereof, together with such actions, rights, remedies, powers and privileges as are reasonably incidental thereto, including, but not limited to, the execution of any powers of attorney.

        
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        Section 6.14      Performance of Duties.  The Indenture Trustee shall have no duties or responsibilities except those expressly set forth in this Indenture and the other Basic Documents to which the Indenture
          Trustee is a party or as directed by the Controlling Party in accordance with this Indenture.  The Indenture Trustee shall not be required to take any discretionary actions hereunder, other than to fulfill the specific duties and obligations
          required to be performed by it in connection with an asset representations review pursuant to Section 7.2(f), a repurchase of Receivables pursuant to Section 3.2(a) of the Sale and Servicing Agreement or dispute resolution pursuant to Section 3.4
          of the Sale and Servicing Agreement, except upon the receipt of written direction and with security and indemnity reasonably satisfactory to the Indenture Trustee.  The Indenture Trustee shall, and hereby agrees that it will, subject to this
          Article, perform all of the duties and obligations required of it under the Sale and Servicing Agreement.

        Section 6.15      Limitation on Liability.  Neither the Indenture Trustee nor any of its directors, officers or employees shall be liable for any action taken or omitted to be taken by it or
          them hereunder, or in connection herewith, except that the Indenture Trustee shall be liable for its gross negligence, bad faith or willful misconduct; nor shall the Indenture Trustee be responsible for the validity, effectiveness, value,
          sufficiency or enforceability against the Issuer and the Holding Trust of this Indenture or any of the Collateral (or any part thereof).  Notwithstanding any term or provision of this Indenture, the Indenture Trustee shall incur no liability to
          the Issuer, the Holding Trust or the Issuer Secured Parties for any action taken or omitted by the Indenture Trustee in connection with the Collateral, except for the gross negligence, bad faith or willful misconduct on the part of the Indenture
          Trustee, and, further, shall incur no liability to the Issuer Secured Parties except for gross negligence, bad faith or willful misconduct in carrying out its duties to the Issuer Secured Parties. The Indenture Trustee shall be protected and
          shall incur no liability to any such party in relying upon the accuracy, acting in reliance upon the contents, and assuming the genuineness of any notice, demand, certificate, signature, instrument or other document reasonably believed by the
          Indenture Trustee to be genuine and to have been duly executed by the appropriate signatory, and (absent actual knowledge to the contrary by a Responsible Officer of the Indenture Trustee) the Indenture Trustee shall not be required to make any
          independent investigation with respect thereto.  The Indenture Trustee shall at all times be free independently to establish to its reasonable satisfaction, but shall have no duty to independently verify, the existence or nonexistence of facts
          that are a condition to the exercise or enforcement of any right or remedy hereunder or under any of the Basic Documents.  The Indenture Trustee may consult with counsel, and shall not be liable for any action taken or omitted to be taken by it
          hereunder in good faith and in accordance with the advice of such counsel.  The Indenture Trustee shall not be under any obligation to exercise any of the remedial rights or powers vested in it by this Indenture or risk its own funds or otherwise
          incur financial liability in the performance of any of its duties hereunder unless it shall have received security or indemnity reasonably satisfactory to the Indenture Trustee against the costs, expenses and liabilities which might be incurred
          by it.  This Section 6.15 shall survive the termination, assignment, resignation or removal of the Indenture Trustee in accordance with the terms of this Indenture.

        Section 6.16      Reliance Upon Documents.  In the absence of negligence, bad faith or willful misconduct on its part, the Indenture Trustee shall be entitled to conclusively rely on any
          communication, instrument, paper or other document reasonably believed by it to be genuine and correct and to have been signed or sent by the proper Person or Persons and shall have no liability

        
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        in acting, or omitting to act, where such action or omission to act is in reasonable reliance upon any statement or opinion contained in any
          such document or instrument.

        Section 6.17      Force Majeure. Any delays in or failure by the Indenture Trustee in the performance of any obligations hereunder shall be excused if and to the extent caused by any Force
          Majeure Event.

        Section 6.18      [Reserved].

        Section 6.19      Representations and Warranties of the Indenture Trustee and the Issuer and the Holding Trust.

        (a)            The Indenture Trustee represents and warrants to the Issuer, the Holding Trust and each Issuer Secured Party as follows:

        (i)            Due Organization.  The Indenture Trustee is a national banking association and is duly authorized and licensed
            under applicable law to conduct its business as presently conducted.

        (ii)            Corporate Power.  The Indenture Trustee has all requisite right, power and authority to execute and deliver
            this Indenture and to perform all of its duties as Indenture Trustee hereunder.

        (iii)            Due Authorization.  The execution and delivery by the Indenture Trustee of this Indenture and the other Basic
            Documents to which it is a party, and the performance by the Indenture Trustee of its duties hereunder and thereunder, have been duly authorized by all necessary corporate proceedings and no further approvals or filings, including any
            governmental approvals, are required for the valid execution and delivery by the Indenture Trustee, or the performance by the Indenture Trustee, of this Indenture and such other Basic Documents.

        (iv)            Valid and Binding Indenture.  The Indenture Trustee has duly executed and delivered this Indenture and each
            other Basic Document to which it is a party, and each of this Indenture and each such other Basic Document constitutes the legal, valid and binding obligation of the Indenture Trustee, enforceable against the Indenture Trustee in accordance
            with its terms, except as (i) such enforceability may be limited by bankruptcy, insolvency, reorganization and similar laws relating to or affecting the enforcement of creditors’ rights generally and (ii) the availability of equitable remedies
            may be limited by equitable principles of general applicability.

        (v)            No Conflicts.  The execution and delivery of each Basic Document to which it is a party by the Indenture
            Trustee and

        
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        the performance by the Indenture Trustee of its obligations thereunder, in its capacity as Indenture Trustee or otherwise,
          do not conflict with or result in any violation of (i) any law or regulation of the United States of America governing the banking or trust powers of the Indenture Trustee or (ii) the articles of incorporation and by-laws of the Indenture
          Trustee.

        (vi)            No Actions.  To the best of the Indenture Trustee’s knowledge, there are no actions, proceedings or
            investigations known to the Indenture Trustee, either pending or threatened in writing, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality which would, if adversely determined, affect in
            any material respect the consummation, validity or enforceability against the Indenture Trustee, in its capacity as Indenture Trustee or otherwise, of any Basic Document.

        (b)            Each of the Issuer and the Holding Trust represents and warrants that the representations and warranties set forth on the attached Schedule of Representations with respect to the
            Receivables as of the date hereof, and as of the Closing Date, are true and correct.  Such representations and warranties speak as of the execution and delivery of this Indenture and as of the Closing Date, but shall survive the pledge of the
            Receivables to the Indenture Trustee and shall not be waived.

        Section 6.20      Waiver of Setoffs.  The Indenture Trustee hereby expressly waives any and all rights of setoff that the Indenture Trustee may otherwise at any time have under applicable law
          with respect to any Trust Account and agrees that amounts in the Trust Accounts shall at all times be held and applied solely in accordance with the provisions hereof and the Sale and Servicing Agreement.

        ARTICLE VII

          

          Noteholders’ Lists and Reports

        Section 7.1      Issuer to Furnish to Indenture Trustee Names and Addresses of Noteholders.  The Issuer will furnish or cause to be furnished to the Indenture Trustee (a) not more than five
          days after the earlier of (i) each Record Date and (ii) three months after the last Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Holders as of such Record Date, (b) at such
          other times as the Indenture Trustee may request in writing, within 30 days after receipt by the Issuer of any such request, a list of similar form and content as of a date not more than 10 days prior to the time such list is furnished; provided, however, that so long as the Indenture Trustee is the Note Registrar, no such list shall be required to be furnished.

        Section 7.2      Preservation of Information; Communications to Noteholders.

        
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        (a)            The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders contained in the most recent list furnished to the
            Indenture Trustee as provided in Section 7.1 and the names and addresses of Holders received by the Indenture Trustee in its capacity as Note Registrar.  The Indenture Trustee may destroy any list furnished to it as provided in such Section 7.1
            upon receipt of a new list so furnished.

        (b)            Noteholders may communicate pursuant to TIA § 312(b) with other Noteholders with respect to their rights under this Indenture or under the Notes.

        (c)            The Issuer, the Indenture Trustee and the Note Registrar shall have the protection of TIA § 312(c).

        (d)            A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) may communicate with the Indenture Trustee and provide
            written notices and make written requests and written demands and give written directions to the Indenture Trustee through the procedures of the Clearing Agency and by notice to the Indenture Trustee. Any Note Owner must provide a written
            certification stating that the Note Owner is a beneficial owner of a Note, together with supporting documentation such as a trade confirmation, an account statement, a letter from a broker or dealer verifying ownership or another similar
            document evidencing ownership of a Note. The Indenture Trustee will not be required to take action in response to requests, demands or directions of a Noteholder or a Note Owner, other than to fulfill the specific duties and obligations
            required to be performed by it in connection with an asset representations review pursuant to Section 7.2(f), a repurchase of Receivables pursuant to Section 3.2(a) of the Sale and Servicing Agreement, or dispute resolution pursuant to Section
            3.4 of the Sale and Servicing Agreement, unless the Noteholder or Note Owner has offered reasonable security or indemnity reasonably satisfactory to the Indenture Trustee to protect it against the costs and expenses that it may incur in
            complying with the request, demand or direction.

        (e)            A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) that wishes to communicate with other Noteholders or
            Note Owners, as applicable, about a possible exercise of rights under this Indenture or the other Basic Documents may send a request to the Issuer or the Servicer, on behalf of the Issuer, to include information regarding the communication in a
            Form 10-D to be filed by the Issuer with the Commission. Each request must include (i) the name of the requesting Noteholder or Note Owner, (ii) the method by which other Noteholders or Note Owners, as applicable, may contact the requesting
            Noteholder or Note Owner and (iii) in the case of a Note Owner, a certification from that Person that it is a Note Owner, together with at least one form of documentation evidencing its ownership of a Note, including a trade confirmation,
            account statement, letter from a broker or dealer or similar document. A Noteholder or Note Owner, as applicable, that delivers a request under this Section 7.2(e) will be deemed to have certified to the Issuer and the Servicer that its request
            to communicate with other Noteholders or Note Owners, as applicable, relates solely to a possible exercise of rights under this Indenture or the other Basic Documents, and will not be used for other purposes. The Issuer will promptly deliver
            any such request to the Servicer. On receipt of a request, the Servicer will include, or will cause the Depositor (at the Servicer’s expense) to include, in the Form 10-D filed by the Issuer with the Commission for the Collection Period in
            which the request was received (A) a statement that the

        
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        Issuer has received a request from a Noteholder or Note Owner, as applicable, that is interested in communicating with other Noteholders or Note
          Owners, as applicable, about a possible exercise of rights under this Indenture or the other Basic Documents, (B) the name of the requesting Noteholder or Note Owner, (C) the date the request was received and (D) a description of the method by
          which the other Noteholders or Note Owners, as applicable, may contact the requesting Noteholder or Note Owner.

        (f)            If a Delinquency Trigger occurs, a Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) may make a written
            demand on the Indenture Trustee to cause a vote of the Noteholders or Note Owners, as applicable, about whether to direct the Asset Representations Reviewer to conduct an Asset Review of the Asset Review Receivables under the Asset
            Representations Review Agreement. In the case of a Note Owner, each written demand must be accompanied by a certification from that Person that it is a Note Owner, together with at least one form of documentation evidencing its ownership of a
            Note, including a trade confirmation, account statement, letter from a broker or dealer or similar document.  If Noteholders and Note Owners, as applicable, of at least 5% of the aggregate principal amount of the Notes (excluding the
            Outstanding Amount of any Notes that are held by the Sponsor or any of its Affiliates) demand a vote within 90 days of the filing of the Form 10-D reporting the occurrence of the Delinquency Trigger, the Indenture Trustee will promptly request
            such a vote of the Noteholders through the Clearing Agency, which vote will remain open until the 150th day after the filing of the related Form 10-D. If (i) a voting quorum of Noteholders holding at least 5% of the aggregate principal amount
            of the Notes (excluding the Outstanding Amount of any Notes that are held by the Sponsor or any of its Affiliates) participate in the related vote and (ii) Noteholders of a majority of the principal amount of Notes (excluding the Outstanding
            Amount of any Notes that are held by the Sponsor or any of its Affiliates) voted agree to an Asset Review, then the Indenture Trustee will send an Asset Review Notice to the Asset Representations Reviewer and the Servicer under the Asset
            Representations Review Agreement directing the Asset Representations Reviewer to conduct the Asset Review.

        Section 7.3      Reports by Issuer.

        (a)            The Issuer shall:

        (i)            file with the Indenture Trustee, within 15 days after the Issuer is required to file the same with the Commission, copies of the annual reports and of the information, documents and other
            reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Issuer may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange
            Act;

        (ii)            file with the Indenture Trustee and the Commission in accordance with rules and regulations prescribed from time to time by the Commission such additional information, documents and
            reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and

        
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        (iii)            supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders described in TIA § 313(c)) such summaries of any information, documents and reports
            required to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section 7.3(a) as may be required by rules and regulations prescribed from time to time by the Commission.

        (b)            Unless the Issuer otherwise determines, the fiscal year of the Issuer shall end on December 31 of each year.

        (c)            Delivery of such reports, information and documents to the Indenture Trustee is for informational purposes only and the Indenture Trustee’s receipt of such shall not constitute
            constructive or actual notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the Indenture Trustee is entitled to rely
            exclusively on Officer’s Certificates).

        Section 7.4      Reports by Indenture Trustee.  If required by TIA § 313(a), within 60 days after each May 31, beginning with May 31, 2023, the Indenture Trustee shall mail to each
          Noteholder if required by TIA § 313(c) a brief report dated as of such date that complies with TIA § 313(a). The Indenture Trustee also shall comply with TIA § 313(b).

        A copy of each report at the time of its mailing to Noteholders shall be filed by the Indenture Trustee with the Commission
          and each stock exchange, if any, on which the Notes are listed. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange.

        ARTICLE VIII

          

          Accounts, Disbursements and Releases

        Section 8.1      Collection of Money.  Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and
          without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture and the Sale and Servicing Agreement.  The Indenture Trustee
          shall apply all such money received by it as provided in this Indenture and the Sale and Servicing Agreement.  Except as otherwise expressly provided in this Indenture or in the Sale and Servicing Agreement, if any default occurs in the making of
          any payment or performance under any agreement or instrument that is part of the Trust Estate, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of
          appropriate proceedings.  Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in Article V.

        Section 8.2      Release of Trust Estate.

        (a)            Subject to the payment of its fees and expenses and other amounts pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute
            instruments to release property from the lien of this Indenture, in a manner and under

        
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        circumstances that are not inconsistent with the provisions of this Indenture.  No party relying upon an instrument executed by the Indenture
          Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moneys.

        (b)            The Indenture Trustee shall, at such time as there are no Notes outstanding and all sums due to it pursuant to Section 6.7 have been paid, release any remaining portion of the Trust
            Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts.

        Section 8.3      Opinion of Counsel.  The Indenture Trustee shall receive at least seven days’ notice when requested by the Issuer to take any action pursuant to Section 8.2(a), accompanied
          by copies of any instruments involved, and the Indenture Trustee shall also require as a condition to such action, an Opinion of Counsel in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action,
          outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of such action have been complied with.  Counsel rendering any such opinion may rely, without independent investigation, on the accuracy
          and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action.

        ARTICLE IX

          

          Supplemental Indentures

        Section 9.1      Supplemental Indentures Without Consent of Noteholders.

        (a)            Without the consent of the Holders of any Notes and with prior notice to the Rating Agencies by the Issuer, as evidenced to the Indenture Trustee, the parties hereto, when authorized by
            an Issuer Order, at any time and from time to time, may enter into one or more indentures supplemental hereto (which shall conform to the provisions of the TIA as in force at the date of the execution thereof), in form satisfactory to the
            Indenture Trustee, for any of the following purposes:

        (i)            to correct or amplify the description of any property at any time subject to the lien of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property
            subject or required to be subjected to the lien of this Indenture, or to subject to the lien of this Indenture additional property;

        (ii)            to evidence the succession, in compliance with the applicable provisions hereof, of another person to the Issuer, and the assumption by any such successor of the covenants of the Issuer
            herein and in the Notes contained;

        (iii)            to add to the covenants of the Issuer, for the benefit of the Holders of the Notes, or to surrender any right or power herein conferred upon the Issuer;

        
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        (iv)            to convey, transfer, assign, mortgage or pledge any property to or with the Indenture Trustee;

        (v)            (A) to cure any ambiguity or to conform this Indenture or any supplemental indenture to the Prospectus; provided, however, that the Owner Trustee and the Indenture Trustee will be entitled to receive
              and conclusively rely upon an Opinion of Counsel stating with respect to any such supplemental indenture, that (i) such supplemental indenture is authorized or permitted by the terms of this Indenture, (ii) the conditions precedent to
              entering into such supplemental indenture have been satisfied and (iii) the execution and delivery of such supplemental indenture will not cause the Issuer or Holding Trust to be characterized for U.S. federal income tax purposes as an
              association or a publicly traded partnership taxable as a corporation and will not adversely affect the tax treatment as debt of the Notes that were characterized as debt
              at the time of issuance or (B) to correct or supplement any provision herein or in any supplemental indenture, to comply with any changes to the Code, or to make any other
              provisions with respect to matters or questions arising under this Indenture or any supplemental indenture which shall not be inconsistent with the provisions of this Indenture; provided, however, (i)(x) that such action shall not, as evidenced by an Opinion of Counsel delivered to the Owner Trustee and the Indenture
              Trustee, adversely affect in any material respects the interests of any Noteholder or (y) the Rating Agency Condition shall have been satisfied with respect to such supplemental indenture and the Issuer shall have notified the Indenture
              Trustee in writing that the Rating Agency Condition has been satisfied with respect to such supplemental indenture and (ii) the Owner Trustee and the Indenture Trustee will be entitled to receive and conclusively rely upon an Opinion of
              Counsel described in the proviso in clause (A) above;

        (vi)            to evidence and provide for the acceptance of the appointment hereunder by a successor indenture trustee with respect to the Notes and to add to or change any of the provisions of this
            Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one indenture trustee, pursuant to the requirements of Article VI; or

        (vii)            to modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of this Indenture under the TIA or under any applicable
            federal statute hereafter enacted, and to add to this Indenture such other provisions as may be expressly required by the TIA.

        
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        The Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any
          further appropriate agreements and stipulations that may be therein contained.  The Indenture Trustee’s reasonable costs and expenses related to any such supplement shall be paid by the Issuer pursuant to Section 5.7(a) of the Sale and Servicing
          Agreement or Section 5.6 of this Indenture, as applicable.

        (b)            The parties hereto, when authorized by an Issuer Order, may, also without the consent of any of the Holders of the Notes but with prior notice to the Rating Agencies by the Issuer, as
            evidenced to the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any
            manner the rights of the Holders of the Notes under this Indenture; provided, however, to the extent not otherwise permitted by Section 9.1(a), that as
            evidenced by an Opinion of Counsel stating, (i) such action shall not adversely affect in any material respect the interests of any Noteholder, (ii) such supplemental indenture is authorized or permitted by the terms of this Indenture and (iii)
            all conditions precedent to entering into such supplemental indenture have been satisfied.

        Section 9.2      Supplemental Indentures with Consent of Noteholders.  The parties hereto, when authorized by an Issuer Order, also may, with prior notice to the Rating Agencies by the
          Issuer, and with the consent of the Majority Noteholders, by Act of such Holders delivered to the parties hereto, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or
          eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided, however,
          that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby:

        (i)            change the date of payment of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the interest rate thereon or the Redemption Price with
            respect thereto, change the provision of this Indenture relating to the application of collections on, or the proceeds of the sale of, the Trust Estate to payment of principal of or interest on the Notes, or change any place of payment where,
            or the coin or currency in which, any Note or the interest thereon is payable;

        (ii)        
          impair the right to institute suit for the enforcement of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article V, to
            the payment of any such amount due on the Notes on or after the respective due dates thereof (or, in the case of redemption, on or after the Redemption Date);

        (iii)       
          reduce the percentage of the Outstanding Amount of the Notes, the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders
            of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture;

        (iv)          
          modify or alter the provisions of the proviso to the definition of the term “Outstanding” or the term “Majority Noteholders”;

        
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        (v)            reduce the percentage of the Outstanding Amount of the Notes required to direct the Indenture Trustee to direct the Issuer to sell or liquidate the Trust Estate pursuant to Section 5.4;

        (vi)          
          modify any provision of this Section except to increase any percentage specified herein or to provide that certain additional provisions of this Indenture or the Basic
            Documents cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby;

        (vii)        
          modify any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any payment of interest or principal due on any Note on any
            Distribution Date (including the calculation of any of the individual components of such calculation) or to affect the rights of the Noteholders to the benefit of any provisions for the mandatory redemption of the Notes contained herein; or

        (viii)      
          permit the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Trust Estate or, except as otherwise permitted
            or contemplated herein or in any of the Basic Documents, terminate the lien of this Indenture on any property at any time subject hereto or deprive the Holder of any Note of the security provided by the lien of this Indenture.

        The Indenture Trustee may rely on an Opinion of Counsel of external counsel to the Issuer as to whether or not any Notes
          would be affected by any supplemental indenture and any such determination shall be conclusive upon the Holders of all Notes, whether theretofore or thereafter authenticated and delivered hereunder.  The Indenture Trustee’s reasonable costs and
          expenses related to any supplemental indenture shall be paid by the Issuer pursuant to Section 5.7(a) of the Sale and Servicing Agreement or Section 5.6 of this Indenture, as applicable.

        It shall not be necessary for any Act of Noteholders under this Section to approve the particular form of any proposed
          supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof.

        Promptly after the execution by the parties hereto of any supplemental indenture pursuant to this Section, the Indenture
          Trustee shall mail to the Holders of the Notes to which such amendment or supplemental indenture relates a notice setting forth in general terms the substance of such supplemental indenture.  Any failure of the Indenture Trustee to mail such
          notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

        Notwithstanding the foregoing, no supplemental indenture pursuant to this Section 9.2 shall be permitted unless the parties
          hereto have received an Opinion of Counsel stating that (i) such supplemental indenture is authorized or permitted by the terms of this Indenture, (ii) the conditions precedent to entering into such supplemental indenture have been satisfied and
          (iii) the execution and delivery of such supplemental indenture will not cause the Issuer or Holding Trust to be characterized for U.S. federal income tax purposes as an association or a publicly traded partnership taxable as a corporation and will not adversely affect the tax treatment as debt of the Notes that were characterized as debt at the time of issuance.

        
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        Section 9.3      Execution of Supplemental Indentures.  In executing, or permitting the additional trusts created by, any supplemental indenture permitted by this Article IX or the amendments or modifications
          thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive and shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or
          permitted by this Indenture.  The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or
          otherwise.

        Section 9.4      Effect of Supplemental Indenture.  Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified
          and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuer and the
          Holders of the Notes shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be
          part of the terms and conditions of this Indenture for any and all purposes.

        Section 9.5      Conformity With Trust Indenture Act.  Every amendment of this Indenture and every supplemental indenture executed pursuant to this Article IX shall conform to the
          requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act.

        Section 9.6      Reference in Notes to Supplemental Indentures.  Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article IX may, and if
          required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture.  If the Issuer or the Indenture Trustee shall so determine, new Notes so modified as
          to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes.

        ARTICLE X

          

          Redemption of Notes

        Section 10.1      Redemption.

        (a)            The Notes shall be redeemed in whole, but not in part, on any Distribution Date on which the Servicer or Seller exercises its option to purchase the Trust Estate pursuant to Section
            10.1(a) of the Sale and Servicing Agreement, for a purchase price equal to the Redemption Price; provided, however, that no such redemption may be
            effected unless the Issuer has available funds sufficient to pay the Redemption Price on such Distribution Date.  The Servicer or the Issuer shall furnish the Rating Agencies notice of such redemption.  If the Notes are to be redeemed pursuant
            to this Section 10.1(a), the Servicer or the Issuer shall furnish notice of such election to the Indenture Trustee not later than 10 days prior to the Redemption Date and the Issuer shall deposit with the Indenture Trustee in the Collection
            Account the amount required to be so

        
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        deposited pursuant to Section 10.1(a) of the Sale and Servicing Agreement, whereupon all outstanding Notes shall be due and payable on the
          Redemption Date subject to the furnishing of a notice complying with Section 10.2 to each Holder of Notes.

        (b)            In the event that the assets of the Issuer are distributed pursuant to Section 8.1 of the Trust Agreement, all amounts on deposit in the Note Distribution Account shall be paid to the
            Noteholders up to the Outstanding Amount of the Notes and all accrued and unpaid interest thereon.  If amounts are to be paid to Noteholders pursuant to this Section 10.1(b), the Servicer or the Issuer shall, to the extent practicable, furnish
            notice of such event to the Indenture Trustee not later than 45 days prior to the Redemption Date whereupon all such amounts shall be payable on the Redemption Date.

        Section 10.2      Form of Redemption.  (a)  Notice of redemption under Section 10.1(a) shall be given by the Indenture Trustee by facsimile or by first-class mail, postage prepaid, or, if the
          Notes are Book Entry Notes, by email to the Clearing Agency, and such notice shall be transmitted or mailed prior to the applicable Redemption Date to each Holder of Notes, as of the close of business on the Record Date preceding the applicable
          Redemption Date, at such Holder’s address or email address appearing in the Note Register.

        All notices of redemption shall state:

        (i)            the Redemption Date;

        (ii)            the Redemption Price;

        (iii)        
          that the Record Date otherwise applicable to such Redemption Date is not applicable and that payments shall be made only upon presentation and surrender of such Notes and the
            place where such Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of the Issuer to be maintained as provided in Section 3.2); and

        (iv)         
          that interest on the Notes shall cease to accrue on the Redemption Date.

        (b)            Notice of redemption of the Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuer.  Failure to give notice of redemption, or any defect therein, to
            any Holder of any Note shall not impair or affect the validity of the redemption of any other Note.

        (c)            Prior notice of redemption under Section 10.1(b) is not required to be given to the Noteholders.

        Section 10.3      Notes Payable on Redemption Date.  The Notes to be redeemed shall, following notice of redemption, as required by Section 10.2 (in the case of redemption pursuant to Section
          10.1(a)), on the Redemption Date become due and payable at the Redemption Price and (unless the Issuer shall default in the payment of the Redemption Price) no interest shall accrue on the Redemption Price for any period after the date to which
          accrued interest is calculated for purposes of calculating the Redemption Price.

        
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        ARTICLE XI

          

          Miscellaneous

        Section 11.1      Compliance Certificates and Opinions, etc.

        (a)            Upon any application or request by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture, the Issuer shall furnish to the Indenture Trustee (1) an
            Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, (2) an Opinion of Counsel stating that in the opinion of such counsel all such
            conditions precedent, if any, have been complied with and (3) (if required by the TIA) an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this Section, except that, in the case of any
            such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished.

        Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall
          include:

        (i)            a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto;

        (ii)            a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

        (iii)            a statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion
            as to whether or not such covenant or condition has been complied with; and

        (iv)            a statement as to whether, in the opinion of each such signatory such condition or covenant has been complied with.

        (b)            (i)            Prior to the
            deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any
            obligation imposed in Section 11.1(a) or elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of
            such deposit) to the Issuer of the Collateral or other property or securities to be so deposited.

        (ii)            Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause
            (i) above, the Issuer shall also deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the fair value to the Issuer of the securities to be so deposited and of all other such securities made the basis of any
            such withdrawal or release since the commencement of the then-current fiscal year of the Issuer, as set forth

        
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        in the certificates delivered pursuant to clause (i) above and this clause (ii), is 10% or more of the Outstanding Amount of
          the Notes, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value thereof to the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than 1% percent of the
          Outstanding Amount of the Notes.

        (iii)            Other than with respect to the release of any Purchased Receivables or Liquidated Receivables, whenever any property or securities are to be released from the lien of this Indenture, the
            Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such release) of the property or securities proposed
            to be released and stating that in the opinion of such person the proposed release will not impair the security under this Indenture in contravention of the provisions hereof.

        (iv)            Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause
            (iii) above, the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the fair value of the property or securities and of all other property other than Purchased Receivables and Liquidated
            Receivables, or securities released from the lien of this Indenture since the commencement of the then current calendar year, as set forth in the certificates required by clause (iii) above and this clause (iv), equals 10% or more of the
            Outstanding Amount of the Notes, but such certificate need not be furnished in the case of any release of property or securities if the fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than 1
            percent of the then Outstanding Amount of the Notes.

        (v)            Notwithstanding Section 2.9 or any other provision of this Section, the Issuer may (or may cause the Holding Trust to) (A) collect, liquidate, sell or otherwise dispose of Receivables as
            and to the extent permitted or required by the Basic Documents and (B) make cash payments out of the Trust Accounts as and to the extent permitted or required by the Basic Documents.

        Section 11.2      Form of Documents Delivered to Indenture Trustee.  In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it
          is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some
          matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

        Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon
          a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his or her
          certificate or opinion is based are erroneous.  Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or
          officers of the Servicer, the Seller or the Issuer, stating that the information with

        
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        respect to such factual matters is in the possession of the Servicer, the Seller or the Issuer, unless such counsel knows, or in the exercise of
          reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous.

        Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements,
          opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.

        Whenever in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is
          provided that the Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of
          such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have such application granted
          or to the sufficiency of such certificate or report.  The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as
          provided in Article VI.

        Section 11.3      Acts of Noteholders.

        (a)            Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by
            one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise expressly provided such action shall become effective when such instrument or
            instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuer.  Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments.  Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient
            for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section.  In the event the Indenture Trustee shall receive conflicting or
            inconsistent requests and indemnity from two or more groups of Noteholders, each representing less than a majority of the Outstanding Amount of the Notes or the Majority Noteholders, the Indenture Trustee in its sole discretion may determine
            what action, if any, shall be taken, notwithstanding any other provisions of this Indenture.

        (b)            The fact and date of the execution by any person of any such instrument or writing may be proved in any customary manner of the Indenture Trustee.

        (c)            The ownership of Notes shall be proved by the Note Register.

        (d)            Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes shall bind the Holder of every Note issued upon the registration thereof
            or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note.

        
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        Section 11.4      Notices, etc., to Indenture Trustee, Issuer and Rating Agencies.  Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or
          permitted by this Indenture to be made upon, given or furnished to or filed with:

        (a)            The Indenture Trustee by any Noteholder or by the Issuer shall be sufficient for every purpose hereunder if personally delivered, delivered by overnight courier or mailed certified mail,
            return receipt requested and shall be deemed to have been duly given upon receipt to the Indenture Trustee at its Corporate Trust Office, or

        (b)            The Issuer by the Indenture Trustee or by any Noteholder shall be sufficient for every purpose hereunder if personally delivered, delivered by overnight courier or mailed certified mail,
            return receipt requested and shall deemed to have been duly given upon receipt to the Issuer addressed to: Exeter Automobile Receivables Trust 2022-5, in care of Wilmington Trust Company, Rodney Square North, 1100 North Market Street,
            Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration, with a copy to Exeter Automobile Receivables Trust 2022-5, c/o Exeter Finance LLC, 2101 W. John Carpenter Freeway, Irving, Texas 75063, Attention: Chief Financial
            Officer, and a copy to Exeter Automobile Receivables Trust 2022-5, c/o Exeter Finance LLC, 2101 W. John Carpenter Freeway, Irving, Texas 75063, Attention: Chief Legal Officer, or at any other address previously furnished in writing to the
            Indenture Trustee by Issuer.  The Issuer shall promptly transmit any notice received by it from the Noteholders to the Indenture Trustee.

        (c)            Notices required to be given to the Rating Agencies shall be provided by the Issuer in writing, personally delivered, electronically delivered, delivered by overnight courier or mailed
            certified mail, return receipt requested to (i) in the case of S&P, via electronic delivery to Servicer_reports@sandp.com; for any information not available in electronic format, hard copies should be sent to the following address:  55
            Water Street, 41st floor, New York, New York 10041-0003, Attention: ABS Surveillance Group or (ii) in the case of Fitch, at the following address: Fitch Ratings, Inc., 33 Whitehall Street, New York, New York 10004; or as to each of the
            foregoing, at such other address as shall be designated by written notice to the other parties.

        Section 11.5      Notices to Noteholders; Waiver.  Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein
          expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at his address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date,
          prescribed for the giving of such notice.  In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such
          notice with respect to other Noteholders, and any notice that is mailed in the manner here in provided shall conclusively be presumed to have been duly given.

        Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to
          receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice.  Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the
          validity of any action taken in reliance upon such a waiver.

        
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        In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar activity, it
          shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be
          deemed to be a sufficient giving of such notice.

        Where this Indenture provides for notice to the Rating Agencies, failure to give such notice shall not affect any other
          rights or obligations created hereunder, and shall not under any circumstance constitute a Default or Event of Default.

        Section 11.6      Conflict with Trust Indenture Act.  If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture by
          any of the provisions of the Trust Indenture Act, such required provision shall control.

        The provisions of TIA §§ 310 through 317 that impose duties on any person (including the provisions automatically deemed
          included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein.

        Section 11.7      Patriot Act.  The parties hereto acknowledge that in accordance with the Customer Identification Program (CIP) requirements under the U.S.A. Patriot Act and its implementing
          regulations, the Indenture Trustee, in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens
          an account with the Indenture Trustee. Each party hereby agrees that it shall provide the Indenture Trustee with such information as the Indenture Trustee may reasonably request that will help the Indenture Trustee to identify and verify each
          party’s identity, including without limitation each party’s name, physical address, tax identification number, organizational documents, certificate of good standing, license to do business, or other pertinent identifying information.

        Section 11.8      Effect of Headings and Table of Contents.  The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction
          hereof.

        Section 11.9      Successors and Assigns.  All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not.  All
          agreements of the Indenture Trustee in this Indenture shall bind its successors.

        Section 11.10      Separability.  In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the
          remaining provisions shall not in any way be affected or impaired thereby.

        Section 11.11      Benefits of Indenture.  Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto and their successors
          hereunder, the Noteholders, and any other party secured hereunder, and any other person with an Ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture.

        
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        Section 11.12      Legal Holidays.  In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be
          made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and no interest shall accrue for the period from and after any such nominal date.

        Section 11.13      GOVERNING LAW AND SUBMISSION TO JURISDICTION.  THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND THIS INDENTURE AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY
          TO THIS INDENTURE 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 NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL COURT LOCATED WITHIN THE STATE OF NEW YORK.

        Section 11.14      WAIVER OF JURY TRIAL. THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS INDENTURE OR ANY OTHER DOCUMENT OR INSTRUMENT EXECUTED
          IN CONNECTION HEREWITH OR THEREWITH.

        Section 11.15      Counterparts.  This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall
          together constitute but one and the same instrument. This Indenture shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf of the party by means of: (i) an original manual
          signature; (ii) a faxed, scanned, or photocopied manual signature; or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions
          Act, and/or any other relevant electronic signatures law, including any relevant provisions of the Uniform Commercial Code (collectively, “Signature Law”), in each case to the extent applicable. Each faxed, scanned, or photocopied manual
          signature, or other electronic signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no
          liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This
          Indenture may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute one and the same instrument.  For the avoidance of doubt, original manual signatures shall
          be used for execution or indorsement of writings and authentication of Notes when required under the UCC or other Signature Law due to the character or intended character of the writings.

        Section 11.16      Recording of Indenture.  If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Issuer and at its
          expense accompanied by an Opinion of Counsel to the effect that such recording is necessary either for the protection of the Noteholders or any other person secured hereunder or for the enforcement of any right or remedy granted to the Indenture
          Trustee under this Indenture.

        
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        Section 11.17      Trust Obligation.  No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Holding Trust, the Seller, the Servicer,  the Backup Servicer, the Owner
          Trustee or the Indenture Trustee on the Notes or under this Indenture, any other Basic Document or any certificate or other writing delivered in connection herewith or therewith, against (i) the Seller, the Servicer, the Backup Servicer, the
          Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or the Holding Trust or (iii) any partner, owner, beneficiary, agent, officer, director, manager, employee or agent of the
          Seller, the Servicer, the Backup Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Holding Trust, the Seller, the Servicer, the Backup Servicer, the Owner
          Trustee, the Indenture Trustee or of any successor or assign of the Seller, the Servicer, the Backup Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being
          understood that the Indenture Trustee, the Backup Servicer (including the Backup Servicer in its capacity as the successor Servicer if so appointed) and the Owner Trustee have no such obligations in their individual capacity) and except that any
          such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. For all
          purposes of this Indenture, in the performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of the Trust Agreement.

        Section 11.18      No Petition.  The Indenture Trustee, by entering into this Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree that they will not at any time
          institute against the Seller, or the Issuer, or join in any institution against the Seller, or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any U.S. federal or State
          bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture or any of the Basic Documents.

        Section 11.19      Inspection. The Issuer agrees that, on reasonable prior notice, it will permit any representative of the Indenture Trustee, during the Issuer’s normal business hours, to
          examine all the books of account, records, reports, and other papers of the Issuer, to make copies and extracts therefrom, to cause such books to be audited by independent certified public accountants, and to discuss the Issuer’s affairs,
          finances and accounts with the Issuer’s officers, employees, and independent certified public accountants, all at such reasonable times and as often as may be reasonably requested.  Notwithstanding anything herein to the contrary, the foregoing
          shall not be construed to prohibit (i) disclosure of any and all information that is or becomes publicly known, (ii) disclosure of any and all information (A) if required to do so by any applicable statute, law, rule or regulation, (B) to any
          government agency or regulatory body having or claiming authority to regulate or oversee any respects of the Indenture Trustee’s business or that of its affiliates, (C) pursuant to any subpoena, civil investigative demand or similar demand or
          request of any court, regulatory authority, arbitrator or arbitration to which the Indenture Trustee or an affiliate or an officer, director, employer or shareholder thereof is a party, (D) in any preliminary or final offering circular,
          registration statement or contract or other document pertaining to the transactions contemplated by this Indenture approved in advance by the Servicer or the Issuer or (E) to any independent or internal auditor, agent, employee or attorney of the
          Indenture Trustee having a need to know the same, provided that the Indenture Trustee advises

        
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        such recipient of the confidential nature of the information being disclosed, or (iii) any other disclosure authorized by the Servicer or the
          Issuer.

        Section 11.20      No Recourse.

        (i)            It is expressly understood and agreed by the parties hereto that (a) this Indenture is executed and delivered by Wilmington Trust Company, 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, covenants, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal
            representations, undertakings and agreements by Wilmington Trust Company 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 Wilmington Trust Company,
            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)
            Wilmington Trust Company has made no investigation as to the accuracy or completeness of any representations or warranties made by the Issuer or any other Person in this Indenture and (e) under no circumstances shall Wilmington Trust Company 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, duty, representation, warranty or covenant made or undertaken by the Issuer under this Indenture or any
            other related documents.

        (ii)            It is expressly understood and agreed by the parties hereto that (a) this Indenture is executed and delivered by Wilmington Trust Company, not individually or personally but solely as
            trustee of the Holding Trust, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, covenants, undertakings and agreements herein made on the part of the Holding Trust is made and intended not
            as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose of binding only the Holding Trust, (c) nothing herein contained shall be construed as creating any liability on
            Wilmington Trust Company, 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) Wilmington Trust Company has made no investigation as to the accuracy or completeness of any representations or warranties made by the Holding Trust or any other Person in this Indenture and (e) under no circumstances
            shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Holding Trust or be liable for the breach or failure of any obligation, duty, representation, warranty or covenant made or undertaken by
            the Holding Trust under this Indenture or any other related documents.

        

        

        [SIGNATURE PAGE FOLLOWS]

        
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        IN WITNESS WHEREOF, the Issuer, the Holding Trust and the Indenture Trustee have caused this Indenture to be duly executed by
          their respective officers, hereunto duly authorized, all as of the day and year first above written.

        EXETER AUTOMOBILE RECEIVABLES TRUST 2022-5, as Issuer

        

        

        	

              	By:	
                WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee

              

        

        

        

        

        By:  

        Name:

        Title:

        

        

        

        

        EXETER HOLDINGS TRUST 2022-5, as Holding Trust

        

        

        	

              	By:	
                WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee

              

        

        

        

        

        By:  

        Name:

        Title:

        

        

        

        

        CITIBANK, N.A., not in its individual capacity but solely as Indenture Trustee

        

        

        

        

        By:  

        Name:

        Title:

      

      

      

      

      

      

      

      
        
          

      

      

      EXHIBIT A-1

    

    
      INITIAL PRINCIPAL AMOUNT $[_______]

      REGISTERED

      No. RB A-1-1

      SEE REVERSE FOR CERTAIN DEFINITIONS

      CUSIP NO.:  [_______]

      

      

      EACH PURCHASER OR TRANSFEREE OF THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT AND WILL NOT BE, AND IS
        NOT ACTING ON BEHALF OF OR INVESTING THE ASSETS OF, DURING ANY TIME IT HOLDS ANY DIRECT OR INDIRECT INTEREST IN SUCH NOTE, (A) 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 TITLE I OF ERISA, (B) 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, (C) AN ENTITY WHOSE UNDERLYING
        ASSETS ARE DEEMED TO INCLUDE ASSETS OF AN EMPLOYEE BENEFIT PLAN OR A PLAN DESCRIBED IN (A) OR (B) ABOVE BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY (COLLECTIVELY, A “PLAN”) OR (D) AN EMPLOYEE BENEFIT PLAN, A
        PLAN OR OTHER SIMILAR ARRANGEMENT THAT IS NOT A PLAN BUT IS SUBJECT TO FEDERAL, STATE, LOCAL OR NON-U.S. LAWS OR REGULATIONS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (COLLECTIVELY, “SIMILAR LAW” AND A “SIMILAR

          LAW PLAN”), UNLESS SUCH PURCHASER’S OR TRANSFEREE’S ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
        4975 OF THE CODE, OR A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW.

      EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY FEDERAL OR
        STATE COURT IN THE STATE OF NEW YORK IN ANY ACTION, SUIT OR PROCEEDING BROUGHT AGAINST IT AND RELATED TO OR IN CONNECTION WITH THE INDENTURE OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREBY AND CONSENTS TO THE PLACING OF VENUE IN NEW YORK COUNTY OR
        OTHER COUNTY PERMITTED BY LAW. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), HEREBY WAIVES AND AGREES NOT TO ASSERT BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE, IN ANY SUCH
        SUIT, ACTION OR PROCEEDING ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH COURTS, THAT THE SUIT, ACTION OR PROCEEDING

      
        
          

      

      IS BROUGHT IN AN INCONVENIENT FORUM, THAT THE VENUE OF THE SUIT, ACTION OR PROCEEDING IS IMPROPER, OR THE INDENTURE MAY NOT BE LITIGATED IN OR BY SUCH COURTS. TO
        THE EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), AGREES NOT TO SEEK AND HEREBY WAIVES THE RIGHT TO ANY REVIEW OF THE JUDGMENT OF ANY SUCH COURT BY ANY COURT OF ANY OTHER NATION OR
        JURISDICTION WHICH MAY BE CALLED UPON TO GRANT AN ENFORCEMENT OF SUCH JUDGMENT. EXCEPT AS PROHIBITED BY LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
        RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THE INDENTURE.

      EACH HOLDER OF A NOTE OR AN INTEREST HEREIN, BY ACCEPTANCE OF SUCH NOTE OR SUCH INTEREST IN SUCH NOTE, SHALL PROVIDE THE ISSUER AND THE
        INDENTURE TRUSTEE WITH SUCH NOTEHOLDER TAX IDENTIFICATION INFORMATION AND, TO THE EXTENT ANY WITHHOLDING TAX UNDER SECTIONS 1471 THROUGH 1474 OF THE CODE (“FATCA”) IS APPLICABLE, SUCH NOTEHOLDER FATCA INFORMATION AS REQUIRED UNDER THE
        INDENTURE.  IN ADDITION, EACH HOLDER OF A NOTE WILL BE DEEMED TO UNDERSTAND THAT THE ISSUER AND THE INDENTURE TRUSTEE HAVE THE RIGHT TO WITHHOLD INTEREST PAYABLE WITH RESPECT TO THE NOTE (WITHOUT ANY CORRESPONDING GROSS-UP) ON ANY BENEFICIAL OWNER
        OF AN INTEREST IN A NOTE THAT FAILS TO COMPLY WITH THE FOREGOING REQUIREMENTS AND ANY OTHER REQUIREMENTS UNDER FATCA.

      UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
        ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
        & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
        AN INTEREST HEREIN.

      THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY
        TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

      

      

      
        A-1-2

        
          

      

      EXETER AUTOMOBILE RECEIVABLES TRUST 2022-5

      CLASS A-1 [__]% ASSET BACKED NOTE

      Exeter Automobile Receivables Trust 2022-5, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to
        as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of [_______] DOLLARS payable on each Distribution Date [in an amount equal to the result obtained by multiplying (i) a
        fraction the numerator of which is the outstanding principal amount of this note immediately prior to such Distribution Date and the denominator of which is the outstanding principal amount of all Class A-1 Notes immediately prior to such
        Distribution Date by (ii) the aggregate amount, if any, payable from the Note Distribution Account and Collection Account in respect of principal on the Class A-1 Notes pursuant to the Indenture]; provided,
          however, that the entire unpaid principal amount of this Note shall be due and payable on the October 2023 Distribution Date (the “Final Scheduled Distribution Date”).  The Issuer will pay interest on this Note at the rate per annum shown
        above on each Distribution Date until the principal of this Note is paid or made available for payment.  Interest on this Note will accrue for each Distribution Date from and including the most recent Distribution Date on which interest has been
        paid to but excluding such Distribution Date or, if no interest has yet been paid, from October 19, 2022.  Interest will be computed on the basis of the actual number of days in the related Interest Period and a year assumed to consist of 360
        days.  Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

      The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is
        legal tender for payment of public and private debts.  All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

      Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set
        forth on the face of this Note.

      Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this
        Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

      
        A-1-3

        
          

      

      IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer as of the date set
        forth below.

      EXETER AUTOMOBILE RECEIVABLES TRUST 2022-5

      By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement

      By:                                                                                                  

      Name:

      Title:

      

      

      

      

      

      

      INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

      This is one of the Notes designated above and referred to in the within-mentioned Indenture.

      	Date:  October 19, 2022	
              CITIBANK, N.A., not in its individual capacity but solely as Indenture Trustee

            

      By:                                                                                                

      Authorized Signer

      
        A-1-4

        
          

      

      [REVERSE OF NOTE]

      This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-1 [__]% Asset Backed Notes (herein called the “Class

          A-1 Notes”), all issued under an Indenture dated as of September 18, 2022 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, Exeter Holdings Trust 2022-5 (the “Holding Trust”) and
        Citibank, N.A., as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of
        the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.  The Notes are subject to all terms of the Indenture.  All terms used in this Note that are defined in the Indenture, as
        supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

      The Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes (together, the “Notes”) are and will be equally
        and ratably secured by the collateral pledged as security therefor as provided in the Indenture.

      Principal of the Class A-1 Notes will be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date”
        means the fifteenth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing November 15, 2022.  If Exeter is no longer acting as Servicer, the distribution date may be a different day of the
        month. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date.

      As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution
        Date and the Redemption Date, if any, pursuant to the Indenture.  As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any.  Notwithstanding the foregoing, the entire unpaid
        principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes to be immediately due and payable in the manner provided in
        the Indenture.  All principal payments on the Class A-1 Notes shall be made pro rata to the Class A-1 Noteholders entitled thereto.

      Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent
        not in full payment of this Note, shall be made to the Person whose name appears as the Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes
        registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee.  Any
        reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of
        transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a
        Distribution Date, then the 

      
        A-1-5

        
          

      

    

     Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by notice mailed prior to such Distribution Date and the amount then due and
      payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in Jersey City, New Jersey.
      

      

      The Issuer shall pay interest on overdue installments of interest at the Class A-1 Interest Rate to the extent lawful.

      As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note
        Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
        Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include
        membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
        with the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated
        transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
        connection with any such registration of transfer or exchange.

      Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i)
        that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Holding Trust, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
        connection therewith, against (a) the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or the Holding Trust or (c) any partner, owner, beneficiary,
        agent, officer, director, manager or employee of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Holding Trust, the Seller, the Servicer, the
        Owner Trustee or the Indenture Trustee or of any successor or assign of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that
        the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
        for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than a Certificateholder, or an Affiliate of a
        Certificateholder, as indebtedness for purposes of U.S. federal income, state and local income and franchise and any other income taxes.

      
        A-1-6

        
          

      

      Prior to the due presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the
        Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue,
        and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

      The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of
        the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders.  The Indenture also contains provisions permitting the Noteholders representing specified percentages
        of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or
        waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof
        or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.  The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders
        of the Notes issued thereunder.

      The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

      The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee
        and the Noteholders under the Indenture.

      The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

      This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law
        provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

      No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which
        is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.

      Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington Trust
        Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, managers, employees or successors or assigns shall be personally liable for, nor
        shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications made by the Issuer in this Note or the Indenture, it being
        expressly understood

      
        A-1-7

        
          

      

      that said covenants, obligations and indemnifications have been made by the Issuer and not by the foregoing Persons.  The Holder of this Note by the acceptance
        hereof agrees that except as expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim
        therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings
        contained in the Indenture or in this Note.

      
        A-1-8

        
          

      

      ASSIGNMENT

      Social Security or taxpayer I.D. or other
        identifying number of assignee

      

      

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

      ________________________________

             (name and address of assignee)

      

      

      the within Note and all rights thereunder, and
        hereby irrevocably constitutes and appoints,

      attorney, to transfer said Note on the books
        kept for registration thereof, with full power

      of substitution in the premises.

      

      

      Dated                                                                        1    ______________________________

                                                     Signature Guaranteed:

                                                                                                                                                                          

      

      ___________________________________      
        ________________________________

      

      

      

      

      

      

        

      
      

      1  NOTE:  The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without
        alteration, enlargement or any change whatsoever.

      
        A-1-9

        
          

      

      EXHIBIT A-2

      INITIAL PRINCIPAL AMOUNT $[_______]

      REGISTERED

      No. RB A-2-1

      SEE REVERSE FOR CERTAIN DEFINITIONS

      CUSIP NO.:  [_______]

      

      

      EACH PURCHASER OR TRANSFEREE OF THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT AND WILL NOT BE, AND IS
        NOT ACTING ON BEHALF OF OR INVESTING THE ASSETS OF, DURING ANY TIME IT HOLDS ANY DIRECT OR INDIRECT INTEREST IN SUCH NOTE, (A) 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 TITLE I OF ERISA, (B) 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, (C) AN ENTITY WHOSE UNDERLYING
        ASSETS ARE DEEMED TO INCLUDE ASSETS OF AN EMPLOYEE BENEFIT PLAN OR A PLAN DESCRIBED IN (A) OR (B) ABOVE BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY (COLLECTIVELY, A “PLAN”) OR (D) AN EMPLOYEE BENEFIT PLAN, A
        PLAN OR OTHER SIMILAR ARRANGEMENT THAT IS NOT A PLAN BUT IS SUBJECT TO FEDERAL, STATE, LOCAL OR NON-U.S. LAWS OR REGULATIONS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (COLLECTIVELY, “SIMILAR LAW” AND A “SIMILAR

          LAW PLAN”), UNLESS SUCH PURCHASER’S OR TRANSFEREE’S ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
        4975 OF THE CODE, OR A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW.

      EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY FEDERAL OR
        STATE COURT IN THE STATE OF NEW YORK IN ANY ACTION, SUIT OR PROCEEDING BROUGHT AGAINST IT AND RELATED TO OR IN CONNECTION WITH THE INDENTURE OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREBY AND CONSENTS TO THE PLACING OF VENUE IN NEW YORK COUNTY OR
        OTHER COUNTY PERMITTED BY LAW. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), HEREBY WAIVES AND AGREES NOT TO ASSERT BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE, IN ANY SUCH
        SUIT, ACTION OR PROCEEDING ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH COURTS, THAT THE SUIT, ACTION OR PROCEEDING

      
        A-1-10

        
          

      

      IS BROUGHT IN AN INCONVENIENT FORUM, THAT THE VENUE OF THE SUIT, ACTION OR PROCEEDING IS IMPROPER, OR THE INDENTURE MAY NOT BE LITIGATED IN OR BY SUCH COURTS. TO
        THE EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), AGREES NOT TO SEEK AND HEREBY WAIVES THE RIGHT TO ANY REVIEW OF THE JUDGMENT OF ANY SUCH COURT BY ANY COURT OF ANY OTHER NATION OR
        JURISDICTION WHICH MAY BE CALLED UPON TO GRANT AN ENFORCEMENT OF SUCH JUDGMENT. EXCEPT AS PROHIBITED BY LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
        RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THE INDENTURE.

      EACH HOLDER OF A NOTE OR AN INTEREST HEREIN, BY ACCEPTANCE OF SUCH NOTE OR SUCH INTEREST IN SUCH NOTE, SHALL PROVIDE THE ISSUER AND THE
        INDENTURE TRUSTEE WITH SUCH NOTEHOLDER TAX IDENTIFICATION INFORMATION AND, TO THE EXTENT ANY WITHHOLDING TAX UNDER SECTIONS 1471 THROUGH 1474 OF THE CODE (“FATCA”) IS APPLICABLE, SUCH NOTEHOLDER FATCA INFORMATION AS REQUIRED UNDER THE
        INDENTURE.  IN ADDITION, EACH HOLDER OF A NOTE WILL BE DEEMED TO UNDERSTAND THAT THE ISSUER AND THE INDENTURE TRUSTEE HAVE THE RIGHT TO WITHHOLD INTEREST PAYABLE WITH RESPECT TO THE NOTE (WITHOUT ANY CORRESPONDING GROSS-UP) ON ANY BENEFICIAL OWNER
        OF AN INTEREST IN A NOTE THAT FAILS TO COMPLY WITH THE FOREGOING REQUIREMENTS AND ANY OTHER REQUIREMENTS UNDER FATCA.

      UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
        ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
        & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
        AN INTEREST HEREIN.

      THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY
        TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

      

      

      
        A-1-11

        
          

      

      EXETER AUTOMOBILE RECEIVABLES TRUST 2022-5

      CLASS A-2 [__]% ASSET BACKED NOTE

      Exeter Automobile Receivables Trust 2022-5, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to
        as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of [_______] DOLLARS payable on each Distribution Date [in an amount equal to the result obtained by multiplying (i) a
        fraction the numerator of which is the outstanding principal amount of this note immediately prior to such Distribution Date and the denominator of which is the outstanding principal amount of all Class A-2 Notes immediately prior to such
        Distribution Date by (ii) the aggregate amount, if any, payable from the Note Distribution Account and Collection Account in respect of principal on the Class A-2 Notes pursuant to the Indenture]; provided,
          however, that the entire unpaid principal amount of this Note shall be due and payable on the January 2025 Distribution Date (the “Final Scheduled Distribution Date”).  The Issuer will pay interest on this Note at the rate per annum shown
        above on each Distribution Date until the principal of this Note is paid or made available for payment.  Interest on this Note will accrue for each Distribution Date from and including the 15th day of each calendar month to but excluding the 15th
        day of the succeeding calendar month or, if no interest has yet been paid, from October 19, 2022.  Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.  Such principal of and interest on this Note shall be
        paid in the manner specified on the reverse hereof.

      The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is
        legal tender for payment of public and private debts.  All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

      Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set
        forth on the face of this Note.

      Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this
        Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

      
        A-1-12

        
          

      

      IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer as of the date set
        forth below.

      EXETER AUTOMOBILE RECEIVABLES TRUST 2022-5

      By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement

      By:                                                                                                  

      Name:

      Title:

      

      

      

      

      

      

      INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

      This is one of the Notes designated above and referred to in the within-mentioned Indenture.

      	Date:  October 19, 2022	
              CITIBANK, N.A., not in its individual capacity but solely as Indenture Trustee

            

      By:                                                                                                

      Authorized Signer

      
        A-1-13

        
          

      

      [REVERSE OF NOTE]

      This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-2 [__]% Asset Backed Notes (herein called the “Class

          A-2 Notes”), all issued under an Indenture dated as of September 18, 2022 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, Exeter Holdings Trust 2022-5 (the “Holding Trust”) and
        Citibank, N.A., as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of
        the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.  The Notes are subject to all terms of the Indenture.  All terms used in this Note that are defined in the Indenture, as
        supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

      The Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes (together, the “Notes”) are and will be equally
        and ratably secured by the collateral pledged as security therefor as provided in the Indenture.

      Principal of the Class A-2 Notes will be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date”
        means the fifteenth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing November 15, 2022.  If Exeter is no longer acting as Servicer, the distribution date may be a different day of the
        month.  The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date.

      As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution
        Date and the Redemption Date, if any, pursuant to the Indenture.  As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any.  Notwithstanding the foregoing, the entire unpaid
        principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes to be immediately due and payable in the manner provided in
        the Indenture.  All principal payments on the Class A-2 Notes shall be made pro rata to the Class A-2 Noteholders entitled thereto.

      Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent
        not in full payment of this Note, shall be made to the Person whose name appears as the Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes
        registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee.  Any
        reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of
        transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a
        Distribution Date, then the

      
        A-1-14

        
          

      

      Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution
        Date by notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the
        Indenture Trustee’s agent appointed for such purposes located in Jersey City, New Jersey.

      The Issuer shall pay interest on overdue installments of interest at the Class A-2 Interest Rate to the extent lawful.

      As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note
        Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
        Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include
        membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
        with the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated
        transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
        connection with any such registration of transfer or exchange.

      Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i)
        that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Holding Trust, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
        connection therewith, against (a) the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or the Holding Trust or (c) any partner, owner, beneficiary,
        agent, officer, director, manager or employee of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Holding Trust, the Seller, the Servicer, the
        Owner Trustee or the Indenture Trustee or of any successor or assign of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that
        the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
        for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than a Certificateholder, or an Affiliate of a
        Certificateholder, as indebtedness for purposes of U.S. federal income, state and local income and franchise and any other income taxes.

      Prior to the due presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the
        Indenture Trustee may treat the Person in

      
        A-1-15

        
          

      

      whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all
        purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

      The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of
        the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders.  The Indenture also contains provisions permitting the Noteholders representing specified percentages
        of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or
        waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof
        or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.  The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders
        of the Notes issued thereunder.

      The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

      The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee
        and the Noteholders under the Indenture.

      The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

      This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law
        provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

      No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which
        is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.

      Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington Trust
        Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, managers, employees or successors or assigns shall be personally liable for, nor
        shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications made by the Issuer in this Note or the Indenture, it being
        expressly understood that said covenants, obligations and indemnifications have been made by the Issuer and not by the foregoing Persons.  The Holder of this Note by the acceptance hereof agrees that except as

      
        A-1-16

        
          

      

      expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of
        the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any
        and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

      
        A-1-17

        
          

      

      ASSIGNMENT

      Social Security or taxpayer I.D. or other
        identifying number of assignee

      

      

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

      ________________________________

             (name and address of assignee)

      

      

      the within Note and all rights thereunder, and
        hereby irrevocably constitutes and appoints,

      attorney, to transfer said Note on the books
        kept for registration thereof, with full power

      of substitution in the premises.

      

      

      Dated                                                                        1    ______________________________

                                                     Signature Guaranteed:

                                                                                                                                                                          

      

      ___________________________________      
        ________________________________

      

      

      

      

      

      

        

      
      

      1  NOTE:  The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without
        alteration, enlargement or any change whatsoever.

      
        A-1-18

        
          

      

      EXHIBIT A-3

      INITIAL PRINCIPAL AMOUNT $[_______]

      REGISTERED

      No. RB A-3-1

      SEE REVERSE FOR CERTAIN DEFINITIONS

      CUSIP NO.:  [_______]

      

      

      EACH PURCHASER OR TRANSFEREE OF THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT AND WILL NOT BE, AND IS
        NOT ACTING ON BEHALF OF OR INVESTING THE ASSETS OF, DURING ANY TIME IT HOLDS ANY DIRECT OR INDIRECT INTEREST IN SUCH NOTE, (A) 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 TITLE I OF ERISA, (B) 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, (C) AN ENTITY WHOSE UNDERLYING
        ASSETS ARE DEEMED TO INCLUDE ASSETS OF AN EMPLOYEE BENEFIT PLAN OR A PLAN DESCRIBED IN (A) OR (B) ABOVE BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY (COLLECTIVELY, A “PLAN”) OR (D) AN EMPLOYEE BENEFIT PLAN, A
        PLAN OR OTHER SIMILAR ARRANGEMENT THAT IS NOT A PLAN BUT IS SUBJECT TO FEDERAL, STATE, LOCAL OR NON-U.S. LAWS OR REGULATIONS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (COLLECTIVELY, “SIMILAR LAW” AND A “SIMILAR

          LAW PLAN”), UNLESS SUCH PURCHASER’S OR TRANSFEREE’S ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
        4975 OF THE CODE, OR A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW.

      EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY FEDERAL OR
        STATE COURT IN THE STATE OF NEW YORK IN ANY ACTION, SUIT OR PROCEEDING BROUGHT AGAINST IT AND RELATED TO OR IN CONNECTION WITH THE INDENTURE OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREBY AND CONSENTS TO THE PLACING OF VENUE IN NEW YORK COUNTY OR
        OTHER COUNTY PERMITTED BY LAW. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), HEREBY WAIVES AND AGREES NOT TO ASSERT BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE, IN ANY SUCH
        SUIT, ACTION OR PROCEEDING ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH COURTS, THAT THE SUIT, ACTION OR PROCEEDING

      
        A-1-19

        
          

      

      IS BROUGHT IN AN INCONVENIENT FORUM, THAT THE VENUE OF THE SUIT, ACTION OR PROCEEDING IS IMPROPER, OR THE INDENTURE MAY NOT BE LITIGATED IN OR BY SUCH COURTS. TO
        THE EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), AGREES NOT TO SEEK AND HEREBY WAIVES THE RIGHT TO ANY REVIEW OF THE JUDGMENT OF ANY SUCH COURT BY ANY COURT OF ANY OTHER NATION OR
        JURISDICTION WHICH MAY BE CALLED UPON TO GRANT AN ENFORCEMENT OF SUCH JUDGMENT. EXCEPT AS PROHIBITED BY LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
        RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THE INDENTURE.

      EACH HOLDER OF A NOTE OR AN INTEREST HEREIN, BY ACCEPTANCE OF SUCH NOTE OR SUCH INTEREST IN SUCH NOTE, SHALL PROVIDE THE ISSUER AND THE
        INDENTURE TRUSTEE WITH SUCH NOTEHOLDER TAX IDENTIFICATION INFORMATION AND, TO THE EXTENT ANY WITHHOLDING TAX UNDER SECTIONS 1471 THROUGH 1474 OF THE CODE (“FATCA”) IS APPLICABLE, SUCH NOTEHOLDER FATCA INFORMATION AS REQUIRED UNDER THE
        INDENTURE.  IN ADDITION, EACH HOLDER OF A NOTE WILL BE DEEMED TO UNDERSTAND THAT THE ISSUER AND THE INDENTURE TRUSTEE HAVE THE RIGHT TO WITHHOLD INTEREST PAYABLE WITH RESPECT TO THE NOTE (WITHOUT ANY CORRESPONDING GROSS-UP) ON ANY BENEFICIAL OWNER
        OF AN INTEREST IN A NOTE THAT FAILS TO COMPLY WITH THE FOREGOING REQUIREMENTS AND ANY OTHER REQUIREMENTS UNDER FATCA.

      UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
        ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
        & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
        AN INTEREST HEREIN.

      THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY
        TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

      

      

      
        A-1-20

        
          

      

      EXETER AUTOMOBILE RECEIVABLES TRUST 2022-5

      CLASS A-3 [__]% ASSET BACKED NOTE

      Exeter Automobile Receivables Trust 2022-5, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to
        as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of [_______] DOLLARS payable on each Distribution Date [in an amount equal to the result obtained by multiplying (i) a
        fraction the numerator of which is the outstanding principal amount of this note immediately prior to such Distribution Date and the denominator of which is the outstanding principal amount of all Class A-3 Notes immediately prior to such
        Distribution Date by (ii) the aggregate amount, if any, payable from the Note Distribution Account and Collection Account in respect of principal on the Class A-3 Notes pursuant to the Indenture]; provided,
          however, that the entire unpaid principal amount of this Note shall be due and payable on the April 2026 Distribution Date (the “Final Scheduled Distribution Date”).  The Issuer will pay interest on this Note at the rate per annum shown
        above on each Distribution Date until the principal of this Note is paid or made available for payment.  Interest on this Note will accrue for each Distribution Date from and including the 15th day of each calendar month to but excluding the 15th
        day of the succeeding calendar month or, if no interest has yet been paid, from October 19, 2022.  Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.  Such principal of and interest on this Note shall be
        paid in the manner specified on the reverse hereof.

      The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is
        legal tender for payment of public and private debts.  All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

      Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set
        forth on the face of this Note.

      Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this
        Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

      
        A-1-21

        
          

      

      IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer as of the date set
        forth below.

      EXETER AUTOMOBILE RECEIVABLES TRUST 2022-5

      By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement

      By:                                                                                                  

      Name:

      Title:

      

      

      

      

      

      

      INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

      This is one of the Notes designated above and referred to in the within-mentioned Indenture.

      	Date:  October 19, 2022	
              CITIBANK, N.A., not in its individual capacity but solely as Indenture Trustee

            

      By:                                                                                                

      Authorized Signer

      
        A-1-22

        
          

      

      [REVERSE OF NOTE]

      This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-3 [__]% Asset Backed Notes (herein called the “Class

          A-3 Notes”), all issued under an Indenture dated as of September 18, 2022 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, Exeter Holdings Trust 2022-5 (the “Holding Trust”) and
        Citibank, N.A., as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of
        the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.  The Notes are subject to all terms of the Indenture.  All terms used in this Note that are defined in the Indenture, as
        supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

      The Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes (together, the “Notes”) are and will be equally
        and ratably secured by the collateral pledged as security therefor as provided in the Indenture.

      Principal of the Class A-3 Notes will be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date”
        means the fifteenth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing November 15, 2022.  If Exeter is no longer acting as Servicer, the distribution date may be a different day of the
        month.  The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date.

      As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution
        Date and the Redemption Date, if any, pursuant to the Indenture.  As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any.  Notwithstanding the foregoing, the entire unpaid
        principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes to be immediately due and payable in the manner provided in
        the Indenture.  All principal payments on the Class A-3 Notes shall be made pro rata to the Class A-3 Noteholders entitled thereto.

      Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent
        not in full payment of this Note, shall be made to the Person whose name appears as the Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes
        registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee.  Any
        reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of
        transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a
        Distribution Date, then the

      
        A-1-23

        
          

      

      Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution
        Date by notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the
        Indenture Trustee’s agent appointed for such purposes located in Jersey City, New Jersey.

      The Issuer shall pay interest on overdue installments of interest at the Class A-3 Interest Rate to the extent lawful.

      As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note
        Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
        Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include
        membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
        with the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated
        transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
        connection with any such registration of transfer or exchange.

      Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i)
        that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Holding Trust, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
        connection therewith, against (a) the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or the Holding Trust or (c) any partner, owner, beneficiary,
        agent, officer, director, manager or employee of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Holding Trust, the Seller, the Servicer, the
        Owner Trustee or the Indenture Trustee or of any successor or assign of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that
        the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
        for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than a Certificateholder, or an Affiliate of a
        Certificateholder, as indebtedness for purposes of U.S. federal income, state and local income and franchise and any other income taxes.

      Prior to the due presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the
        Indenture Trustee may treat the Person in

      
        A-1-24

        
          

      

      whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all
        purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

      The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of
        the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders.  The Indenture also contains provisions permitting the Noteholders representing specified percentages
        of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or
        waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof
        or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.  The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders
        of the Notes issued thereunder.

      The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

      The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee
        and the Noteholders under the Indenture.

      The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

      This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law
        provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

      No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which
        is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.

      Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington Trust
        Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, managers, employees or successors or assigns shall be personally liable for, nor
        shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications made by the Issuer in this Note or the Indenture, it being
        expressly understood that said covenants, obligations and indemnifications have been made by the Issuer and not by the foregoing Persons.  The Holder of this Note by the acceptance hereof agrees that except as

      
        A-1-25

        
          

      

      expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of
        the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any
        and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

      
        A-1-26

        
          

      

      ASSIGNMENT

      Social Security or taxpayer I.D. or other
        identifying number of assignee

      

      

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

      ________________________________

             (name and address of assignee)

      

      

      the within Note and all rights thereunder, and
        hereby irrevocably constitutes and appoints,

      attorney, to transfer said Note on the books
        kept for registration thereof, with full power

      of substitution in the premises.

      

      

      Dated                                                                        1    ______________________________

                                                     Signature Guaranteed:

                                                                                                                                                                          

      

      ___________________________________      
        ________________________________

      

      

      

      

      

      

        

      
      

      1  NOTE:  The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without
        alteration, enlargement or any change whatsoever.

      
        A-1-27

        
          

      

      EXHIBIT B

      INITIAL PRINCIPAL AMOUNT $[_______]

      REGISTERED

      No. RB B-1

      SEE REVERSE FOR CERTAIN DEFINITIONS

      CUSIP NO.: [_______]

      EACH PURCHASER OR TRANSFEREE OF THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT AND WILL NOT BE, AND IS
        NOT ACTING ON BEHALF OF OR INVESTING THE ASSETS OF, DURING ANY TIME IT HOLDS ANY DIRECT OR INDIRECT INTEREST IN SUCH NOTE, (A) 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 TITLE I OF ERISA, (B) 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, (C) AN ENTITY WHOSE UNDERLYING
        ASSETS ARE DEEMED TO INCLUDE ASSETS OF AN EMPLOYEE BENEFIT PLAN OR A PLAN DESCRIBED IN (A) OR (B) ABOVE BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY (COLLECTIVELY, A “PLAN”) OR (D) AN EMPLOYEE BENEFIT PLAN, A
        PLAN OR OTHER SIMILAR ARRANGEMENT THAT IS NOT A PLAN BUT IS SUBJECT TO FEDERAL, STATE, LOCAL OR NON-U.S. LAWS OR REGULATIONS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (COLLECTIVELY, “SIMILAR LAW” AND A “SIMILAR

          LAW PLAN”), UNLESS SUCH PURCHASER’S OR TRANSFEREE’S ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
        4975 OF THE CODE, OR A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW.

      EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY FEDERAL OR
        STATE COURT IN THE STATE OF NEW YORK IN ANY ACTION, SUIT OR PROCEEDING BROUGHT AGAINST IT AND RELATED TO OR IN CONNECTION WITH THE INDENTURE OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREBY AND CONSENTS TO THE PLACING OF VENUE IN NEW YORK COUNTY OR
        OTHER COUNTY PERMITTED BY LAW. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), HEREBY WAIVES AND AGREES NOT TO ASSERT BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE, IN ANY SUCH
        SUIT, ACTION OR PROCEEDING ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH COURTS, THAT THE SUIT, ACTION OR PROCEEDING

      
        
          

      

      IS BROUGHT IN AN INCONVENIENT FORUM, THAT THE VENUE OF THE SUIT, ACTION OR PROCEEDING IS IMPROPER, OR THE INDENTURE MAY NOT BE LITIGATED IN OR BY SUCH COURTS. TO
        THE EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), AGREES NOT TO SEEK AND HEREBY WAIVES THE RIGHT TO ANY REVIEW OF THE JUDGMENT OF ANY SUCH COURT BY ANY COURT OF ANY OTHER NATION OR
        JURISDICTION WHICH MAY BE CALLED UPON TO GRANT AN ENFORCEMENT OF SUCH JUDGMENT. EXCEPT AS PROHIBITED BY LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
        RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THE INDENTURE.

      EACH HOLDER OF A NOTE OR AN INTEREST HEREIN, BY ACCEPTANCE OF SUCH NOTE OR SUCH INTEREST IN SUCH NOTE, SHALL PROVIDE THE ISSUER AND THE
        INDENTURE TRUSTEE WITH SUCH NOTEHOLDER TAX IDENTIFICATION INFORMATION AND, TO THE EXTENT ANY WITHHOLDING TAX UNDER SECTIONS 1471 THROUGH 1474 OF THE CODE (“FATCA”) IS APPLICABLE, SUCH NOTEHOLDER FATCA INFORMATION AS REQUIRED UNDER THE
        INDENTURE.  IN ADDITION, EACH HOLDER OF A NOTE WILL BE DEEMED TO UNDERSTAND THAT THE ISSUER AND THE INDENTURE TRUSTEE HAVE THE RIGHT TO WITHHOLD INTEREST PAYABLE WITH RESPECT TO THE NOTE (WITHOUT ANY CORRESPONDING GROSS-UP) ON ANY BENEFICIAL OWNER
        OF AN INTEREST IN A NOTE THAT FAILS TO COMPLY WITH THE FOREGOING REQUIREMENTS AND ANY OTHER REQUIREMENTS UNDER FATCA.

      UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
        ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
        & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
        AN INTEREST HEREIN.

      THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY
        TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

      
        B-1-2

        
          

      

      EXETER AUTOMOBILE RECEIVABLES TRUST 2022-5

      CLASS B [__]% ASSET BACKED NOTE

      Exeter Automobile Receivables Trust 2022-5, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to
        as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of [_______] DOLLARS payable on each Distribution Date [in an amount equal to the result obtained by multiplying (i) a
        fraction the numerator of which is the outstanding principal amount of this note immediately prior to such Distribution Date and the denominator of which is the outstanding principal amount of all Class B Notes immediately prior to such
        Distribution Date by (ii) the aggregate amount, if any, payable from the Note Distribution Account and Collection Account in respect of principal on the Class B Notes pursuant to the Indenture]; provided, however,
        that the entire unpaid principal amount of this Note shall be due and payable on the March 2027 Distribution Date (the “Final Scheduled Distribution Date”).  The Issuer will pay interest on this Note at the rate per annum shown above on each
        Distribution Date until the principal of this Note is paid or made available for payment.  Interest on this Note will accrue for each Distribution Date from and including the 15th day of each calendar month to but excluding the 15th day of the
        succeeding calendar month or, if no interest has yet been paid, from October 19, 2022.  Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.  Such principal of and interest on this Note shall be paid in the
        manner specified on the reverse hereof.

      The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is
        legal tender for payment of public and private debts.  All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

      Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set
        forth on the face of this Note.

      Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this
        Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

      
        B-1-3

        
          

      

      IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer as of the date set
        forth below.

      EXETER AUTOMOBILE RECEIVABLES TRUST 2022-5

      By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement

      By:                                                                                                  

      Name:

      Title:

      

      

      

      

      

      

      INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

      This is one of the Notes designated above and referred to in the within-mentioned Indenture.

      	Date:  October 19, 2022	
              CITIBANK, N.A., not in its individual capacity but solely as Indenture Trustee

            

      By:                                                                                                  

      Authorized Signer

      
        B-1-4

        
          

      

      [REVERSE OF NOTE]

      This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class B [__]% Asset Backed Notes (herein called the “Class

          B Notes”), all issued under an Indenture dated as of September 18, 2022 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, Exeter Holdings Trust 2022-5 (the “Holding Trust”) and
        Citibank, N.A., as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of
        the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.  The Notes are subject to all terms of the Indenture.  All terms used in this Note that are defined in the Indenture, as
        supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

      The Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes (together, the “Notes”) are and will be equally
        and ratably secured by the collateral pledged as security therefor as provided in the Indenture.

      Principal of the Class B Notes will be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date”
        means the fifteenth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing November 15, 2022.  If Exeter is no longer acting as Servicer, the distribution date may be a different day of the
        month.  The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date.

      As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution
        Date and the Redemption Date, if any, pursuant to the Indenture.  As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any.  Notwithstanding the foregoing, the entire unpaid
        principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes to be immediately due and payable in the manner provided in
        the Indenture.  All principal payments on the Class B Notes shall be made pro rata to the Class B Noteholders entitled thereto.

      Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent
        not in full payment of this Note, shall be made to the Person whose name appears as the Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes
        registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee.  Any
        reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of
        transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a
        Distribution Date, then the

      
        B-1-5

        
          

      

      Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution
        Date by notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the
        Indenture Trustee’s agent appointed for such purposes located in Jersey City, New Jersey.

      The Issuer shall pay interest on overdue installments of interest at the Class B Interest Rate to the extent lawful.

      As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note
        Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
        Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include
        membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
        with the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated
        transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
        connection with any such registration of transfer or exchange.

      Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i)
        that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Holding Trust, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
        connection therewith, against (a) the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or the Holding Trust or (c) any partner, owner, beneficiary,
        agent, officer, director, manager or employee of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Holding Trust, the Seller, the Servicer, the
        Owner Trustee or the Indenture Trustee or of any successor or assign of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that
        the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
        for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than a Certificateholder, or an Affiliate of a
        Certificateholder, as indebtedness for purposes of U.S. federal income, state and local income and franchise and any other income taxes.

      Prior to the due presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the
        Indenture Trustee may treat the Person in

      
        B-1-6

        
          

      

      whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all
        purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

      The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of
        the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders.  The Indenture also contains provisions permitting the Noteholders representing specified percentages
        of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or
        waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof
        or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.  The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders
        of the Notes issued thereunder.

      The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

      The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee
        and the Noteholders under the Indenture.

      The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

      This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law
        provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

      No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which
        is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.

      Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington Trust
        Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, managers, employees or successors or assigns shall be personally liable for, nor
        shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications made by the Issuer in this Note or the Indenture, it being
        expressly understood that said covenants, obligations and indemnifications have been made by the Issuer and not by the foregoing Persons.  The Holder of this Note by the acceptance hereof agrees that except as

      
        B-1-7

        
          

      

      expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of
        the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any
        and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

      
        B-1-8

        
          

      

      ASSIGNMENT

      Social Security or taxpayer I.D. or other
        identifying number of assignee

      

      

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

      ________________________________

             (name and address of assignee)

      

      

      the within Note and all rights thereunder, and
        hereby irrevocably constitutes and appoints,

      attorney, to transfer said Note on the books
        kept for registration thereof, with full power

      of substitution in the premises.

      

      

      Dated                                                                        1    ______________________________

                                                     Signature Guaranteed:

                                                                                                                                                                          

      

      ___________________________________      
        ________________________________

      

      

      

      

      

      

        

      
      

      1  NOTE:  The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without
        alteration, enlargement or any change whatsoever.

      
        B-1-9

        
          

      

      EXHIBIT C

      INITIAL PRINCIPAL AMOUNT $[_______]

      REGISTERED

      No. RB C-1

      SEE REVERSE FOR CERTAIN DEFINITIONS

      CUSIP NO.:  [_______]

      EACH PURCHASER OR TRANSFEREE OF THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT AND WILL NOT BE, AND IS
        NOT ACTING ON BEHALF OF OR INVESTING THE ASSETS OF, DURING ANY TIME IT HOLDS ANY DIRECT OR INDIRECT INTEREST IN SUCH NOTE, (A) 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 TITLE I OF ERISA, (B) 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, (C) AN ENTITY WHOSE UNDERLYING
        ASSETS ARE DEEMED TO INCLUDE ASSETS OF AN EMPLOYEE BENEFIT PLAN OR A PLAN DESCRIBED IN (A) OR (B) ABOVE BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY (COLLECTIVELY, A “PLAN”) OR (D) AN EMPLOYEE BENEFIT PLAN, A
        PLAN OR OTHER SIMILAR ARRANGEMENT THAT IS NOT A PLAN BUT IS SUBJECT TO FEDERAL, STATE, LOCAL OR NON-U.S. LAWS OR REGULATIONS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (COLLECTIVELY, “SIMILAR LAW” AND A “SIMILAR

          LAW PLAN”), UNLESS SUCH PURCHASER’S OR TRANSFEREE’S ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
        4975 OF THE CODE, OR A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW.

      EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY FEDERAL OR
        STATE COURT IN THE STATE OF NEW YORK IN ANY ACTION, SUIT OR PROCEEDING BROUGHT AGAINST IT AND RELATED TO OR IN CONNECTION WITH THE INDENTURE OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREBY AND CONSENTS TO THE PLACING OF VENUE IN NEW YORK COUNTY OR
        OTHER COUNTY PERMITTED BY LAW. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), HEREBY WAIVES AND AGREES NOT TO ASSERT BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE, IN ANY SUCH
        SUIT, ACTION OR PROCEEDING ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH COURTS, THAT THE SUIT, ACTION OR PROCEEDING

      
        
          

      

      IS BROUGHT IN AN INCONVENIENT FORUM, THAT THE VENUE OF THE SUIT, ACTION OR PROCEEDING IS IMPROPER, OR THE INDENTURE MAY NOT BE LITIGATED IN OR BY SUCH COURTS. TO
        THE EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), AGREES NOT TO SEEK AND HEREBY WAIVES THE RIGHT TO ANY REVIEW OF THE JUDGMENT OF ANY SUCH COURT BY ANY COURT OF ANY OTHER NATION OR
        JURISDICTION WHICH MAY BE CALLED UPON TO GRANT AN ENFORCEMENT OF SUCH JUDGMENT. EXCEPT AS PROHIBITED BY LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
        RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THE INDENTURE.

      EACH HOLDER OF A NOTE OR AN INTEREST HEREIN, BY ACCEPTANCE OF SUCH NOTE OR SUCH INTEREST IN SUCH NOTE, SHALL PROVIDE THE ISSUER AND THE
        INDENTURE TRUSTEE WITH SUCH NOTEHOLDER TAX IDENTIFICATION INFORMATION AND, TO THE EXTENT ANY WITHHOLDING TAX UNDER SECTIONS 1471 THROUGH 1474 OF THE CODE (“FATCA”) IS APPLICABLE, SUCH NOTEHOLDER FATCA INFORMATION AS REQUIRED UNDER THE
        INDENTURE.  IN ADDITION, EACH HOLDER OF A NOTE WILL BE DEEMED TO UNDERSTAND THAT THE ISSUER AND THE INDENTURE TRUSTEE HAVE THE RIGHT TO WITHHOLD INTEREST PAYABLE WITH RESPECT TO THE NOTE (WITHOUT ANY CORRESPONDING GROSS-UP) ON ANY BENEFICIAL OWNER
        OF AN INTEREST IN A NOTE THAT FAILS TO COMPLY WITH THE FOREGOING REQUIREMENTS AND ANY OTHER REQUIREMENTS UNDER FATCA.

      UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
        ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
        & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
        AN INTEREST HEREIN.

      THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY
        TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

      
        C-1-2

        
          

      

      EXETER AUTOMOBILE RECEIVABLES TRUST 2022-5

      CLASS C [__]% ASSET BACKED NOTE

      Exeter Automobile Receivables Trust 2022-5, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to
        as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of [_______] DOLLARS payable on each Distribution Date [in an amount equal to the result obtained by multiplying (i) a
        fraction the numerator of which is the outstanding principal amount of this note immediately prior to such Distribution Date and the denominator of which is the outstanding principal amount of all Class C Notes by (ii) the aggregate amount, if any,
        payable from the Note Distribution Account and Collection Account in respect of principal on the Class C Notes pursuant to the Indenture]; provided, however, that the entire unpaid principal amount of this
        Note shall be due and payable on the December 2027 Distribution Date (the “Final Scheduled Distribution Date”).  The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note
        is paid or made available for payment.  Interest on this Note will accrue for each Distribution Date from and including the 15th day of each calendar month to but excluding the 15th day of the succeeding calendar month or, if no interest has yet
        been paid, from October 19, 2022.  Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.  Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

      The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is
        legal tender for payment of public and private debts.  All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

      Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set
        forth on the face of this Note.

      Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this
        Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

      
        C-1-3

        
          

      

      IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer as of the date set
        forth below.

      EXETER AUTOMOBILE RECEIVABLES TRUST 2022-5

      By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement

      By:                                                                                                  

      Name:

      Title:

      

      

      

      

      

      

      INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

      This is one of the Notes designated above and referred to in the within-mentioned Indenture.

      	Date:  October 19, 2022	
              CITIBANK, N.A., not in its individual capacity but solely as Indenture Trustee

            

      By:                                                                                                  

      Authorized Signer

      
        C-1-4

        
          

      

      [REVERSE OF NOTE]

      This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class C [__]% Asset Backed Notes (herein called the “Class

          C Notes”), all issued under an Indenture dated as of September 18, 2022 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, Exeter Holdings Trust 2022-5 (the “Holding Trust”) and
        Citibank, N.A., as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of
        the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.  The Notes are subject to all terms of the Indenture.  All terms used in this Note that are defined in the Indenture, as
        supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

      The Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes (together, the “Notes”) are and will be equally
        and ratably secured by the collateral pledged as security therefor as provided in the Indenture.

      Principal of the Class C Notes will be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date”
        means the fifteenth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing November 15, 2022.  If Exeter is no longer acting as Servicer, the distribution date may be a different day of the
        month.  The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date.

      As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution
        Date and the Redemption Date, if any, pursuant to the Indenture.  As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any.  Notwithstanding the foregoing, the entire unpaid
        principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes to be immediately due and payable in the manner provided in
        the Indenture.  All principal payments on the Class C Notes shall be made pro rata to the Class C Noteholders entitled thereto.

      Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent
        not in full payment of this Note, shall be made to the Person whose name appears as the Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes
        registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee.  Any
        reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of
        transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a
        Distribution Date, then the

      
        C-1-5

        
          

      

      Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution
        Date by notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the
        Indenture Trustee’s agent appointed for such purposes located in Jersey City, New Jersey.

      The Issuer shall pay interest on overdue installments of interest at the Class C Interest Rate to the extent lawful.

      As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note
        Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
        Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include
        membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
        with the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated
        transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
        connection with any such registration of transfer or exchange.

      Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i)
        that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Holding Trust, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
        connection therewith, against (a) the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or the Holding Trust or (c) any partner, owner, beneficiary,
        agent, officer, director, manager or employee of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Holding Trust, the Seller, the Servicer, the
        Owner Trustee or the Indenture Trustee or of any successor or assign of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that
        the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
        for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than a Certificateholder, or an Affiliate of a
        Certificateholder, as indebtedness for purposes of U.S. federal income, state and local income and franchise and any other income taxes.

      Prior to the due presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the
        Indenture Trustee may treat the Person in

      
        C-1-6

        
          

      

      whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all
        purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

      The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of
        the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders.  The Indenture also contains provisions permitting the Noteholders representing specified percentages
        of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or
        waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof
        or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.  The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders
        of the Notes issued thereunder.

      The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

      The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee
        and the Noteholders under the Indenture.

      The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

      This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law
        provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

      No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which
        is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.

      Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington Trust
        Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, managers, employees or successors or assigns shall be personally liable for, nor
        shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications made by the Issuer in this Note or the Indenture, it being
        expressly understood that said covenants, obligations and indemnifications have been made by the Issuer and not by the foregoing Persons.  The Holder of this Note by the acceptance hereof agrees that except as

      
        C-1-7

        
          

      

      expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of
        the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any
        and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

      
        C-1-8

        
          

      

      ASSIGNMENT

      Social Security or taxpayer I.D. or other
        identifying number of assignee

      

      

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

      ________________________________

             (name and address of assignee)

      

      

      the within Note and all rights thereunder, and
        hereby irrevocably constitutes and appoints,

      attorney, to transfer said Note on the books
        kept for registration thereof, with full power

      of substitution in the premises.

      

      

      Dated                                                                        1    ______________________________

                                                     Signature Guaranteed:

                                                                                                                                                                          

      

      ___________________________________      
        ________________________________

      

      

      

      

      

      

        

      
      

      1  NOTE:  The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without
        alteration, enlargement or any change whatsoever.

      
        C-1-9

        
          

      

      EXHIBIT D

      INITIAL PRINCIPAL AMOUNT $[_______]

      REGISTERED

      No. RB D-1

      SEE REVERSE FOR CERTAIN DEFINITIONS

      CUSIP NO.:  [_______]

      EACH PURCHASER OR TRANSFEREE OF THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT AND WILL NOT BE, AND IS
        NOT ACTING ON BEHALF OF OR INVESTING THE ASSETS OF, DURING ANY TIME IT HOLDS ANY DIRECT OR INDIRECT INTEREST IN SUCH NOTE, (A) 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 TITLE I OF ERISA, (B) 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, (C) AN ENTITY WHOSE UNDERLYING
        ASSETS ARE DEEMED TO INCLUDE ASSETS OF AN EMPLOYEE BENEFIT PLAN OR A PLAN DESCRIBED IN (A) OR (B) ABOVE BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY (COLLECTIVELY, A “PLAN”) OR (D) AN EMPLOYEE BENEFIT PLAN, A
        PLAN OR OTHER SIMILAR ARRANGEMENT THAT IS NOT A PLAN BUT IS SUBJECT TO FEDERAL, STATE, LOCAL OR NON-U.S. LAWS OR REGULATIONS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (COLLECTIVELY, “SIMILAR LAW” AND A “SIMILAR

          LAW PLAN”), UNLESS SUCH PURCHASER’S OR TRANSFEREE’S ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
        4975 OF THE CODE, OR A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW.

      EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY FEDERAL OR
        STATE COURT IN THE STATE OF NEW YORK IN ANY ACTION, SUIT OR PROCEEDING BROUGHT AGAINST IT AND RELATED TO OR IN CONNECTION WITH THE INDENTURE OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREBY AND CONSENTS TO THE PLACING OF VENUE IN NEW YORK COUNTY OR
        OTHER COUNTY PERMITTED BY LAW. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), HEREBY WAIVES AND AGREES NOT TO ASSERT BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE, IN ANY SUCH
        SUIT, ACTION OR PROCEEDING ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH COURTS, THAT THE SUIT, ACTION OR PROCEEDING

      
        
          

      

      IS BROUGHT IN AN INCONVENIENT FORUM, THAT THE VENUE OF THE SUIT, ACTION OR PROCEEDING IS IMPROPER, OR THE INDENTURE MAY NOT BE LITIGATED IN OR BY SUCH COURTS. TO
        THE EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), AGREES NOT TO SEEK AND HEREBY WAIVES THE RIGHT TO ANY REVIEW OF THE JUDGMENT OF ANY SUCH COURT BY ANY COURT OF ANY OTHER NATION OR
        JURISDICTION WHICH MAY BE CALLED UPON TO GRANT AN ENFORCEMENT OF SUCH JUDGMENT. EXCEPT AS PROHIBITED BY LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
        RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THE INDENTURE.

      EACH HOLDER OF A NOTE OR AN INTEREST HEREIN, BY ACCEPTANCE OF SUCH NOTE OR SUCH INTEREST IN SUCH NOTE, SHALL PROVIDE THE ISSUER AND THE
        INDENTURE TRUSTEE WITH SUCH NOTEHOLDER TAX IDENTIFICATION INFORMATION AND, TO THE EXTENT ANY WITHHOLDING TAX UNDER SECTIONS 1471 THROUGH 1474 OF THE CODE (“FATCA”) IS APPLICABLE, SUCH NOTEHOLDER FATCA INFORMATION AS REQUIRED UNDER THE
        INDENTURE.  IN ADDITION, EACH HOLDER OF A NOTE WILL BE DEEMED TO UNDERSTAND THAT THE ISSUER AND THE INDENTURE TRUSTEE HAVE THE RIGHT TO WITHHOLD INTEREST PAYABLE WITH RESPECT TO THE NOTE (WITHOUT ANY CORRESPONDING GROSS-UP) ON ANY BENEFICIAL OWNER
        OF AN INTEREST IN A NOTE THAT FAILS TO COMPLY WITH THE FOREGOING REQUIREMENTS AND ANY OTHER REQUIREMENTS UNDER FATCA.

      UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
        ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
        & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
        AN INTEREST HEREIN.

      THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY
        TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

      
        D-1-2

        
          

      

      EXETER AUTOMOBILE RECEIVABLES TRUST 2022-5

      CLASS D [__]% ASSET BACKED NOTE

      Exeter Automobile Receivables Trust 2022-5, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to
        as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of  [_______] DOLLARS payable on each Distribution Date [in an amount equal to the result obtained by multiplying (i) a
        fraction the numerator of which is the outstanding principal amount of this note immediately prior to such Distribution Date and the denominator of which is the outstanding principal amount of all Class D Notes by (ii) the aggregate amount, if any,
        payable from the Note Distribution Account and Collection Account in respect of principal on the Class D Notes pursuant to the Indenture]; provided, however, that the entire unpaid principal amount of this
        Note shall be due and payable on the February 2029 Distribution Date (the “Final Scheduled Distribution Date”).  The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note
        is paid or made available for payment.  Interest on this Note will accrue for each Distribution Date from and including the 15th day of each calendar month to but excluding the 15th day of the succeeding calendar month or, if no interest has yet
        been paid, from October 19, 2022.  Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.  Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

      The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is
        legal tender for payment of public and private debts.  All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

      Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set
        forth on the face of this Note.

      Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this
        Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

      
        D-1-3

        
          

      

      IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer as of the date set
        forth below.

      EXETER AUTOMOBILE RECEIVABLES TRUST 2022-5

      By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement

      By:                                                                                                  

      Name:

      Title:

      

      

      

      

      

      

      INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

      This is one of the Notes designated above and referred to in the within-mentioned Indenture.

      	Date:  October 19, 2022	
              CITIBANK, N.A., not in its individual capacity but solely as Indenture Trustee

            

      By:                                                                                                  

      Authorized Signer

      
        D-1-4

        
          

      

      [REVERSE OF NOTE]

      This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class D [__]% Asset Backed Notes (herein called the “Class

          D Notes”), all issued under an Indenture dated as of September 18, 2022 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, Exeter Holdings Trust 2022-5 (the “Holding Trust”) and
        Citibank, N.A., as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of
        the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.  The Notes are subject to all terms of the Indenture.  All terms used in this Note that are defined in the Indenture, as
        supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

      The Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes (together, the “Notes”) are and will be equally
        and ratably secured by the collateral pledged as security therefor as provided in the Indenture.

      Principal of the Class D Notes will be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date”
        means the fifteenth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing November 15, 2022.  If Exeter is no longer acting as Servicer, the distribution date may be a different day of the
        month.  The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date.

      As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution
        Date and the Redemption Date, if any, pursuant to the Indenture.  As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any.  Notwithstanding the foregoing, the entire unpaid
        principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes to be immediately due and payable in the manner provided in
        the Indenture.  All principal payments on the Class D Notes shall be made pro rata to the Class D Noteholders entitled thereto.

      Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent
        not in full payment of this Note, shall be made to the Person whose name appears as the Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes
        registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee.  Any
        reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of
        transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a
        Distribution Date, then the

      
        D-1-5

        
          

      

      Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution
        Date by notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the
        Indenture Trustee’s agent appointed for such purposes located in Jersey City, New Jersey.

      The Issuer shall pay interest on overdue installments of interest at the Class D Interest Rate to the extent lawful.

      As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note
        Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
        Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include
        membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
        with the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated
        transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
        connection with any such registration of transfer or exchange.

      Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i)
        that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Holding Trust, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
        connection therewith, against (a) the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or the Holding Trust or (c) any partner, owner, beneficiary,
        agent, officer, director, manager or employee of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Holding Trust, the Seller, the Servicer, the
        Owner Trustee or the Indenture Trustee or of any successor or assign of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that
        the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
        for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than a Certificateholder, or an Affiliate of a
        Certificateholder, as indebtedness for purposes of U.S. federal income, state and local income and franchise and any other income taxes.

      Prior to the due presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the
        Indenture Trustee may treat the Person in

      
        D-1-6

        
          

      

      whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all
        purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

      The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of
        the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders.  The Indenture also contains provisions permitting the Noteholders representing specified percentages
        of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or
        waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof
        or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.  The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders
        of the Notes issued thereunder.

      The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

      The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee
        and the Noteholders under the Indenture.

      The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

      This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law
        provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

      No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which
        is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.

      Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington Trust
        Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, managers, employees or successors or assigns shall be personally liable for, nor
        shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications made by the Issuer in this Note or the Indenture, it being
        expressly understood that said covenants, obligations and indemnifications have been made by the Issuer and not by the foregoing Persons.  The Holder of this Note by the acceptance hereof agrees that except as

      
        D-1-7

        
          

      

      expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of
        the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any
        and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

      
        D-1-8

        
          

      

      ASSIGNMENT

      Social Security or taxpayer I.D. or other
        identifying number of assignee

      

      

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

      ________________________________

             (name and address of assignee)

      

      

      the within Note and all rights thereunder, and
        hereby irrevocably constitutes and appoints,

      attorney, to transfer said Note on the books
        kept for registration thereof, with full power

      of substitution in the premises.

      

      

      Dated                                                                        1    ______________________________

                                                     Signature Guaranteed:

                                                                                                                                                                          

      

      ___________________________________      
        ________________________________

      

      

      

      

      

      

        

      
      

      1  NOTE:  The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without
        alteration, enlargement or any change whatsoever.

      
        D-1-9

        
          

      

      EXHIBIT E-1

      INITIAL PRINCIPAL AMOUNT $[_______]

      REGISTERED UP TO $[_______]

      No. RB E-1-1

      SEE REVERSE FOR CERTAIN DEFINITIONS

      144A CUSIP NO.:  [_______]

      THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES
        OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS.  BY ITS ACCEPTANCE OF THIS NOTE THE HOLDER OF THIS NOTE IS DEEMED TO, OR IN THE CASE OF AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR
        (7) IN REGULATION D UNDER THE SECURITIES ACT (AN “INSTITUTIONAL ACCREDITED INVESTOR”) SHALL, REPRESENT TO EFCAR, LLC (THE “SELLER”) AND THE OWNER TRUSTEE THAT IT (I) IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A UNDER THE
        SECURITIES ACT (A “QIB”) AND IS ACQUIRING SUCH NOTE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QIBS) TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON
        RULE 144A, (II) IS A NON-U.S. PERSON OUTSIDE THE UNITED STATES PURSUANT TO REGULATION S UNDER THE SECURITIES ACT, (III) IS AN INSTITUTIONAL ACCREDITED INVESTOR AND IS ACQUIRING SUCH NOTE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS
        A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE INSTITUTIONAL ACCREDITED INVESTORS) OR (IV) IN CONNECTION WITH SALES OTHER THAN THE INITIAL SALE OF THIS NOTE BY AN INITIAL PURCHASER, IS OTHERWISE ACQUIRING THIS NOTE IN A TRANSACTION EXEMPT
        FROM THE SECURITIES ACT.

      NO SALE, PLEDGE OR OTHER TRANSFER OF THIS NOTE MAY BE MADE BY ANY PERSON UNLESS (I) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO THE SELLER OR
        AN AFFILIATE OF THE SELLER, (II) SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A QIB
        ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QIBS) TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (III) SUCH SALE,
        PLEDGE OR OTHER TRANSFER IS MADE TO A NON-U.S. PERSON UNDER REGULATION S UNDER THE SECURITIES ACT OR (IV) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSFER EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN WHICH

      
        
          

      

      CASE (A) THE NOTE REGISTRAR SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE NOTE REGISTRAR AND THE SELLER IN
        WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE NOTE REGISTRAR AND THE SELLER, AND (B) THE NOTE REGISTRAR SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE
        EXPENSE OF THE SELLER OR THE NOTE REGISTRAR) SATISFACTORY TO THE SELLER AND THE NOTE REGISTRAR TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES ACT OR THE APPLICABLE STATE SECURITIES LAWS. ANY ATTEMPTED TRANSFER IN CONTRAVENTION OF
        THE IMMEDIATELY PRECEDING RESTRICTIONS WILL BE VOID AB INITIO AND THE PURPORTED TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THE NOTES FOR ALL PURPOSES.

      EACH PURCHASER OR TRANSFEREE OF THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT AND WILL NOT BE, AND IS
        NOT ACTING ON BEHALF OF OR INVESTING THE ASSETS OF AN ENTITY THAT IS OR WILL BE, DURING ANY TIME IT HOLDS ANY DIRECT OR INDIRECT INTEREST IN SUCH NOTE, (A) 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 TITLE I OF ERISA, (B) 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, (C) AN ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO INCLUDE ASSETS OF AN EMPLOYEE BENEFIT PLAN OR PLAN DESCRIBED IN (A) OR (B) ABOVE BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY (COLLECTIVELY, A “PLAN”)
        OR (D) AN EMPLOYEE BENEFIT PLAN, A PLAN OR OTHER SIMILAR ARRANGEMENT THAT IS NOT A PLAN BUT IS SUBJECT TO FEDERAL, STATE, LOCAL OR NON-U.S. LAWS OR REGULATIONS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE.

      EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY FEDERAL OR
        STATE COURT IN THE STATE OF NEW YORK IN ANY ACTION, SUIT OR PROCEEDING BROUGHT AGAINST IT AND RELATED TO OR IN CONNECTION WITH THE INDENTURE OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREBY AND CONSENTS TO THE PLACING OF VENUE IN NEW YORK COUNTY OR
        OTHER COUNTY PERMITTED BY LAW. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), HEREBY WAIVES AND AGREES NOT TO ASSERT BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE, IN ANY SUCH
        SUIT, ACTION OR PROCEEDING ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH COURTS, THAT THE SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM, THAT THE VENUE OF THE SUIT, ACTION OR PROCEEDING IS IMPROPER, OR THE
        INDENTURE MAY NOT BE LITIGATED IN OR BY SUCH COURTS. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR

      
        E-1-2

        
          

      

      INTEREST HEREIN), AGREES NOT TO SEEK AND HEREBY WAIVES THE RIGHT TO ANY REVIEW OF THE JUDGMENT OF ANY SUCH COURT BY ANY COURT OF ANY OTHER NATION OR JURISDICTION
        WHICH MAY BE CALLED UPON TO GRANT AN ENFORCEMENT OF SUCH JUDGMENT. EXCEPT AS PROHIBITED BY LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
        LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THE INDENTURE.

      EACH HOLDER OF THIS NOTE OR AN INTEREST HEREIN, BY ACCEPTANCE OF THIS NOTE OR SUCH INTEREST IN THIS NOTE, SHALL PROVIDE THE ISSUER AND THE
        INDENTURE TRUSTEE WITH SUCH NOTEHOLDER TAX IDENTIFICATION INFORMATION AND, TO THE EXTENT ANY WITHHOLDING TAX UNDER SECTIONS 1471 THROUGH 1474 OF THE CODE (“FATCA”) IS APPLICABLE, SUCH NOTEHOLDER FATCA INFORMATION AS REQUIRED UNDER THE
        INDENTURE.  IN ADDITION, EACH HOLDER OF THIS NOTE WILL BE DEEMED TO UNDERSTAND THAT THE ISSUER AND THE INDENTURE TRUSTEE HAVE THE RIGHT TO WITHHOLD INTEREST PAYABLE WITH RESPECT TO THIS NOTE (WITHOUT ANY CORRESPONDING GROSS-UP) ON ANY BENEFICIAL
        OWNER OF AN INTEREST IN THIS NOTE THAT FAILS TO COMPLY WITH THE FOREGOING REQUIREMENTS AND ANY OTHER REQUIREMENTS UNDER FATCA.

      UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
        ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
        & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
        AN INTEREST HEREIN.

      THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY
        TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

      THE FAILURE TO PROVIDE THE ISSUER AND THE INDENTURE TRUSTEE WITH THE APPLICABLE U.S. FEDERAL INCOME TAX CERTIFICATIONS (GENERALLY, AN INTERNAL
        REVENUE SERVICE (“IRS”) FORM W-9 (OR SUCCESSOR FORM) IN THE CASE OF A PERSON THAT IS A “UNITED STATES PERSON” WITHIN THE MEANING OF SECTION 7701(A)(30) OF THE CODE, OR AN APPROPRIATE IRS FORM W-8 (OR SUCCESSOR FORM) OTHER THAN AN IRS FORM W-8ECI OR
        IRS FORM W-8IMY WITH AN IRS FORM W-8ECI ATTACHED IN THE CASE OF A PERSON THAT IS NOT A UNITED STATES PERSON MAY RESULT IN THE IMPOSITION OF U.S. FEDERAL

      
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      WITHHOLDING OR BACK-UP WITHHOLDING UPON PAYMENTS TO THE HOLDER IN RESPECT OF THIS NOTE.

      NO PORTION OF THIS NOTE OR ANY INTEREST HEREIN MAY BE TRANSFERRED, DIRECTLY OR INDIRECTLY, TO ANY PERSON THAT WOULD PROVIDE AN IRS FORM W-8ECI
        OR IRS FORM W‐8IMY WITH AN ATTACHED IRS FORM W-8ECI IN RESPONSE TO THE WITHHOLDING REQUIREMENTS OF SECTION 3.22 OF THE INDENTURE.

      THE HOLDER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE REPRESENTED THAT AS A RESULT OF SUCH HOLDER’S OWN ACTIVITIES SEPARATE FROM
        THOSE OF THE ISSUER SUCH HOLDER IS NOT REQUIRED TO TREAT INCOME FROM THIS NOTE AS EFFECTIVELY CONNECTED TO A UNITED STATES TRADE OR BUSINESS OF A PERSON THAT IS NOT A UNITED STATES PERSON AND NO HOLDER SHALL PROVIDE THE ISSUER WITH EITHER AN IRS
        FORM W‐8ECI (OR SUCCESSOR FORM) OR AN IRS FORM W‐8IMY (OR SUCCESSOR FORM) TO WHICH AN IRS FORM W‐8ECI (OR SUCCESSOR FORM) IS ATTACHED (EITHER DIRECTLY OR AS PART OF ANOTHER FORM ATTACHED TO SUCH IRS FORM W‐8IMY).

      THE HOLDER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE REPRESENTED TO THE INDENTURE TRUSTEE, NOTE REGISTRAR, AND ANY OF THEIR
        RESPECTIVE SUCCESSORS AND ASSIGNS, THAT: (A) EITHER (I) IT IS NOT AND WILL NOT BECOME FOR U.S. FEDERAL INCOME TAX PURPOSES A PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR TRUST (OR A DISREGARDED ENTITY THE SINGLE OWNER OF WHICH IS ANY OF THE
        FOREGOING) (EACH SUCH ENTITY, A “FLOW-THROUGH ENTITY”) OR (II) IF IT IS OR BECOMES A FLOW-THROUGH ENTITY, THEN (X) NONE OF THE DIRECT OR INDIRECT BENEFICIAL OWNERS OF ANY OF THE INTERESTS IN SUCH FLOW-THROUGH ENTITY HAS OR EVER WILL HAVE MORE THAN
        50% OF THE VALUE OF ITS INTEREST IN SUCH FLOW-THROUGH ENTITY ATTRIBUTABLE TO THE INTEREST OF SUCH FLOW-THROUGH ENTITY IN THE CLASS E NOTES AND ANY EQUITY INTERESTS IN THE ISSUER AND (Y) IT IS NOT AND WILL NOT BE A PRINCIPAL PURPOSE OF THE
        ARRANGEMENT INVOLVING THE INVESTMENT OF SUCH FLOW-THROUGH ENTITY IN ANY CLASS E NOTE TO PERMIT ANY PARTNERSHIP TO SATISFY THE 100 PARTNER LIMITATION OF SECTION 1.7704-1(H)(1)(II) OF THE TREASURY REGULATIONS NECESSARY FOR SUCH PARTNERSHIP NOT TO BE
        CLASSIFIED AS A PUBLICLY TRADED PARTNERSHIP UNDER THE CODE, (B) IT WILL NOT SELL, ASSIGN, TRANSFER, PLEDGE OR OTHERWISE CONVEY ANY PARTICIPATING INTEREST IN ANY NOTE OR ANY FINANCIAL INSTRUMENT OR CONTRACT THE VALUE OF WHICH IS DETERMINED BY
        REFERENCE IN WHOLE OR IN PART TO ANY NOTE, (C) IT IS NOT ACQUIRING AND WILL NOT SELL, TRANSFER, ASSIGN, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF ANY CLASS E NOTE (OR INTEREST THEREIN) IF SUCH ACQUISITION, SALE, TRANSFER, ASSIGNMENT,
        PARTICIPATION, PLEDGE OR DISPOSITION IS THROUGH, OR WOULD CAUSE ANY CLASS E NOTE (OR INTEREST THEREIN) TO BE MARKETED ON OR THROUGH AN “ESTABLISHED SECURITIES MARKET” WITHIN THE MEANING OF SECTION 7704(B)

      
        E-1-4

        
          

      

      OF THE CODE, INCLUDING, WITHOUT LIMITATION, AN INTERDEALER QUOTATION SYSTEM THAT REGULARLY DISSEMINATES FIRM BUY OR SELL QUOTATIONS AND (D) IT DOES NOT AND WILL
        NOT BENEFICIALLY OWN ANY CLASS E NOTE (OR ANY BENEFICIAL INTEREST THEREIN) IN AN AMOUNT THAT IS LESS THAN THE MINIMUM DENOMINATION FOR SUCH NOTE.  TO THE EXTENT THE HOLDER OF THIS NOTE OR ANY INTEREST HEREIN IS UNABLE TO MAKE EACH OF THE
        REPRESENTATIONS CONTAINED IN THE FOREGOING CLAUSES (A), (B), (C) AND (D), SUCH HOLDER WILL BE DEEMED TO HAVE AGREED TO PROVIDE AN OPINION OF NATIONALLY RECOGNIZED U.S. TAX COUNSEL THAT ITS ACQUISITION OF THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN
        WILL NOT CAUSE THE ISSUER TO BE TREATED AS A PUBLICLY TRADED PARTNERSHIP TAXABLE AS A CORPORATION.  ANY TRANSFER OF A CLASS E NOTE (OR ANY BENEFICIAL INTEREST THEREIN) THAT DOES NOT COMPLY WITH THE FOREGOING REQUIREMENTS WILL BE DEEMED NULL AND
        VOID AB INITIO.

      

      

      

      

      
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      EXETER AUTOMOBILE RECEIVABLES TRUST 2022-5

      CLASS E [__]% ASSET BACKED NOTE

      Exeter Automobile Receivables Trust 2022-5, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to
        as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of UP TO [_______] DOLLARS payable on each Distribution Date in an amount equal to the result obtained by multiplying
        (i) a fraction the numerator of which is the outstanding principal amount of this note immediately prior to such Distribution Date and the denominator of which is the outstanding principal amount of all Class E Notes by (ii) the aggregate amount,
        if any, payable from the Note Distribution Account and Collection Account in respect of principal on the Class E Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount
        of this Note shall be due and payable on the April 2030 Distribution Date (the “Final Scheduled Distribution Date”).  The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this
        Note is paid or made available for payment.  Interest on this Note will accrue for each Distribution Date from and including the 15th day of each calendar month to but excluding the 15th day of the succeeding calendar month or, if no interest has
        yet been paid, from October 19, 2022.  Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.  Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

      The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is
        legal tender for payment of public and private debts.  All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

      Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set
        forth on the face of this Note.

      Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this
        Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

      
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      IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer as of the date set
        forth below.

      EXETER AUTOMOBILE RECEIVABLES TRUST 2022-5

      By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement

      By:                                                                                                  

      Name:

      Title:

      

      

      

      

      

      

      INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

      This is one of the Notes designated above and referred to in the within-mentioned Indenture.

      	Date:  October 19, 2022	
              CITIBANK, N.A., not in its individual capacity but solely as Indenture Trustee

            

      By:                                                                                                  

      Authorized Signer

      
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      [REVERSE OF NOTE]

      This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class E [__]% Asset Backed Notes (herein called the “Class

          E Notes”), all issued under an Indenture dated as of September 18, 2022 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, Exeter Holdings Trust 2022-5 (the “Holding Trust”) and
        Citibank, N.A., as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of
        the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.  The Notes are subject to all terms of the Indenture.  All terms used in this Note that are defined in the Indenture, as
        supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

      The Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes (together, the “Notes”) are and will be equally
        and ratably secured by the collateral pledged as security therefor as provided in the Indenture.

      Principal of the Class E Notes will be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date”
        means the fifteenth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing November 15, 2022.  If Exeter is no longer acting as Servicer, the distribution date may be a different day of the
        month.  The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date.

      As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution
        Date and the Redemption Date, if any, pursuant to the Indenture.  As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any.  Notwithstanding the foregoing, the entire unpaid
        principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes to be immediately due and payable in the manner provided in
        the Indenture.  All principal payments on the Class E Notes shall be made pro rata to the Class E Noteholders entitled thereto.

      Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent
        not in full payment of this Note, shall be made to the Person whose name appears as the Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes
        registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee.  Any
        reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of
        transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a
        Distribution Date, then the

      
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      Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution
        Date by notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the
        Indenture Trustee’s agent appointed for such purposes located in Jersey City, New Jersey.

      The Issuer shall pay interest on overdue installments of interest at the Class E Interest Rate to the extent lawful.

      As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note
        Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
        Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include
        membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
        with the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated
        transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
        connection with any such registration of transfer or exchange.

      Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i)
        that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Holding Trust, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
        connection therewith, against (a) the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or the Holding Trust or (c) any partner, owner, beneficiary,
        agent, officer, director, manager or employee of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Holding Trust, the Seller, the Servicer, the
        Owner Trustee or the Indenture Trustee or of any successor or assign of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that
        the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
        for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than a Certificateholder, or an Affiliate of a
        Certificateholder, as indebtedness for purposes of U.S. federal income, state and local income and franchise and any other income taxes.

      Prior to the due presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the
        Indenture Trustee may treat the Person in

      
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      whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all
        purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

      The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of
        the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders.  The Indenture also contains provisions permitting the Noteholders representing specified percentages
        of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or
        waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof
        or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.  The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders
        of the Notes issued thereunder.

      The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

      The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee
        and the Noteholders under the Indenture.

      The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

      This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law
        provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

      No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which
        is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.

      Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington Trust
        Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, managers, employees or successors or assigns shall be personally liable for, nor
        shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications made by the Issuer in this Note or the Indenture, it being
        expressly understood that said covenants, obligations and indemnifications have been made by the Issuer and not by the foregoing Persons.  The Holder of this Note by the acceptance hereof agrees that except as

      
        E-1-10

        
          

      

      expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of
        the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any
        and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

      
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      ASSIGNMENT

      Social Security or taxpayer I.D. or other
        identifying number of assignee

      

      

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

      ________________________________

             (name and address of assignee)

      

      

      the within Note and all rights thereunder, and
        hereby irrevocably constitutes and appoints,

      attorney, to transfer said Note on the books
        kept for registration thereof, with full power

      of substitution in the premises.

      

      

      Dated                                                                        1    ______________________________

                                                     Signature Guaranteed:

                                                                                                                                                                          

      

      ___________________________________      
        ________________________________

      

      

      

      

      

      

        

      
      

      1  NOTE:  The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without
        alteration, enlargement or any change whatsoever.

      
        E-1-12

        
          

      

      EXHIBIT E-2

      REGISTERED $0

      No. RB E-2-1

      SEE REVERSE FOR CERTAIN DEFINITIONS

      INSTITUTIONAL ACCREDITED INVESTOR CUSIP NO.: [_______]

      THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES
        OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS.  BY ITS ACCEPTANCE OF THIS NOTE THE HOLDER OF THIS NOTE IS DEEMED TO, OR IN THE CASE OF AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR
        (7) IN REGULATION D UNDER THE SECURITIES ACT (AN “INSTITUTIONAL ACCREDITED INVESTOR”) SHALL, REPRESENT TO EFCAR, LLC (THE “SELLER”) AND THE OWNER TRUSTEE THAT IT (I) IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A UNDER THE
        SECURITIES ACT (A “QIB”) AND IS ACQUIRING SUCH NOTE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QIBS) TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON
        RULE 144A, (II) IS A NON-U.S. PERSON OUTSIDE THE UNITED STATES PURSUANT TO REGULATION S UNDER THE SECURITIES ACT, (III) IS AN INSTITUTIONAL ACCREDITED INVESTOR AND IS ACQUIRING SUCH NOTE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS
        A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE INSTITUTIONAL ACCREDITED INVESTORS) OR (IV) IN CONNECTION WITH SALES OTHER THAN THE INITIAL SALE OF THIS NOTE BY AN INITIAL PURCHASER, IS OTHERWISE ACQUIRING THIS NOTE IN A TRANSACTION EXEMPT
        FROM THE SECURITIES ACT.

      NO SALE, PLEDGE OR OTHER TRANSFER OF THIS NOTE MAY BE MADE BY ANY PERSON UNLESS (I) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO THE SELLER OR
        AN AFFILIATE OF THE SELLER, (II) SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A QIB
        ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QIBS) TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (III) SUCH SALE,
        PLEDGE OR OTHER TRANSFER IS MADE TO A NON-U.S. PERSON UNDER REGULATION S UNDER THE SECURITIES ACT OR (IV) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSFER EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN WHICH
        CASE (A) THE NOTE REGISTRAR SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE NOTE

      
        
          

      

      REGISTRAR AND THE SELLER IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE NOTE REGISTRAR AND
        THE SELLER, AND (B) THE NOTE REGISTRAR SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE SELLER OR THE NOTE REGISTRAR) SATISFACTORY TO THE SELLER AND THE NOTE REGISTRAR TO THE EFFECT THAT SUCH TRANSFER WILL NOT
        VIOLATE THE SECURITIES ACT OR THE APPLICABLE STATE SECURITIES LAWS. ANY ATTEMPTED TRANSFER IN CONTRAVENTION OF THE IMMEDIATELY PRECEDING RESTRICTIONS WILL BE VOID AB INITIO AND THE PURPORTED TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF
        THE NOTES FOR ALL PURPOSES.

      EACH PURCHASER OR TRANSFEREE OF THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT AND WILL NOT BE, AND IS
        NOT ACTING ON BEHALF OF OR INVESTING THE ASSETS OF AN ENTITY THAT IS OR WILL BE, DURING ANY TIME IT HOLDS ANY DIRECT OR INDIRECT INTEREST IN SUCH NOTE, (A) 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 TITLE I OF ERISA, (B) 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, (C) AN ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO INCLUDE ASSETS OF AN EMPLOYEE BENEFIT PLAN OR PLAN DESCRIBED IN (A) OR (B) ABOVE BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY (COLLECTIVELY, A “PLAN”)
        OR (D) AN EMPLOYEE BENEFIT PLAN, A PLAN OR OTHER SIMILAR ARRANGEMENT THAT IS NOT A PLAN BUT IS SUBJECT TO FEDERAL, STATE, LOCAL OR NON-U.S. LAWS OR REGULATIONS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE.

      EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY FEDERAL OR
        STATE COURT IN THE STATE OF NEW YORK IN ANY ACTION, SUIT OR PROCEEDING BROUGHT AGAINST IT AND RELATED TO OR IN CONNECTION WITH THE INDENTURE OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREBY AND CONSENTS TO THE PLACING OF VENUE IN NEW YORK COUNTY OR
        OTHER COUNTY PERMITTED BY LAW. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), HEREBY WAIVES AND AGREES NOT TO ASSERT BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE, IN ANY SUCH
        SUIT, ACTION OR PROCEEDING ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH COURTS, THAT THE SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM, THAT THE VENUE OF THE SUIT, ACTION OR PROCEEDING IS IMPROPER, OR THE
        INDENTURE MAY NOT BE LITIGATED IN OR BY SUCH COURTS. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), AGREES NOT TO SEEK AND HEREBY WAIVES THE RIGHT TO ANY REVIEW OF THE
        JUDGMENT OF ANY SUCH COURT BY ANY COURT OF ANY

      
        E-2-2

        
          

      

      OTHER NATION OR JURISDICTION WHICH MAY BE CALLED UPON TO GRANT AN ENFORCEMENT OF SUCH JUDGMENT. EXCEPT AS PROHIBITED BY LAW, EACH NOTEHOLDER OR NOTE OWNER, BY
        ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THE INDENTURE.

      EACH HOLDER OF THIS NOTE OR AN INTEREST HEREIN, BY ACCEPTANCE OF THIS NOTE OR SUCH INTEREST IN THIS NOTE, SHALL PROVIDE THE ISSUER AND THE
        INDENTURE TRUSTEE WITH SUCH NOTEHOLDER TAX IDENTIFICATION INFORMATION AND, TO THE EXTENT ANY WITHHOLDING TAX UNDER SECTIONS 1471 THROUGH 1474 OF THE CODE (“FATCA”) IS APPLICABLE, SUCH NOTEHOLDER FATCA INFORMATION AS REQUIRED UNDER THE
        INDENTURE.  IN ADDITION, EACH HOLDER OF THIS NOTE WILL BE DEEMED TO UNDERSTAND THAT THE ISSUER AND THE INDENTURE TRUSTEE HAVE THE RIGHT TO WITHHOLD INTEREST PAYABLE WITH RESPECT TO THIS NOTE (WITHOUT ANY CORRESPONDING GROSS-UP) ON ANY BENEFICIAL
        OWNER OF AN INTEREST IN THIS NOTE THAT FAILS TO COMPLY WITH THE FOREGOING REQUIREMENTS AND ANY OTHER REQUIREMENTS UNDER FATCA.

      UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
        ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
        & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
        AN INTEREST HEREIN.

      THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY
        TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

      THE FAILURE TO PROVIDE THE ISSUER AND THE INDENTURE TRUSTEE WITH THE APPLICABLE U.S. FEDERAL INCOME TAX CERTIFICATIONS (GENERALLY, AN INTERNAL
        REVENUE SERVICE (“IRS”) FORM W-9 (OR SUCCESSOR FORM) IN THE CASE OF A PERSON THAT IS A “UNITED STATES PERSON” WITHIN THE MEANING OF SECTION 7701(A)(30) OF THE CODE, OR AN APPROPRIATE IRS FORM W-8 (OR SUCCESSOR FORM) OTHER THAN AN IRS FORM W-8ECI OR
        IRS FORM W-8IMY WITH AN IRS FORM W-8ECI ATTACHED IN THE CASE OF A PERSON THAT IS NOT A UNITED STATES PERSON MAY RESULT IN THE IMPOSITION OF U.S. FEDERAL WITHHOLDING OR BACK-UP WITHHOLDING UPON PAYMENTS TO THE HOLDER IN RESPECT OF THIS NOTE.

      
        E-2-3

        
          

      

      NO PORTION OF THIS NOTE OR ANY INTEREST HEREIN MAY BE TRANSFERRED, DIRECTLY OR INDIRECTLY, TO ANY PERSON THAT WOULD PROVIDE AN IRS FORM W-8ECI
        OR IRS FORM W‐8IMY WITH AN ATTACHED IRS FORM W-8ECI IN RESPONSE TO THE WITHHOLDING REQUIREMENTS OF SECTION 3.22 OF THE INDENTURE.

      THE HOLDER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE REPRESENTED THAT AS A RESULT OF SUCH HOLDER’S OWN ACTIVITIES SEPARATE FROM
        THOSE OF THE ISSUER SUCH HOLDER IS NOT REQUIRED TO TREAT INCOME FROM THIS NOTE AS EFFECTIVELY CONNECTED TO A UNITED STATES TRADE OR BUSINESS OF A PERSON THAT IS NOT A UNITED STATES PERSON AND NO HOLDER SHALL PROVIDE THE ISSUER WITH EITHER AN IRS
        FORM W‐8ECI (OR SUCCESSOR FORM) OR AN IRS FORM W‐8IMY (OR SUCCESSOR FORM) TO WHICH AN IRS FORM W‐8ECI (OR SUCCESSOR FORM) IS ATTACHED (EITHER DIRECTLY OR AS PART OF ANOTHER FORM ATTACHED TO SUCH IRS FORM W‐8IMY).

      THE HOLDER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE REPRESENTED TO THE INDENTURE TRUSTEE, NOTE REGISTRAR, AND ANY OF THEIR
        RESPECTIVE SUCCESSORS AND ASSIGNS, THAT: (A) EITHER (I) IT IS NOT AND WILL NOT BECOME FOR U.S. FEDERAL INCOME TAX PURPOSES A PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR TRUST (OR A DISREGARDED ENTITY THE SINGLE OWNER OF WHICH IS ANY OF THE
        FOREGOING) (EACH SUCH ENTITY, A “FLOW-THROUGH ENTITY”) OR (II) IF IT IS OR BECOMES A FLOW-THROUGH ENTITY, THEN (X) NONE OF THE DIRECT OR INDIRECT BENEFICIAL OWNERS OF ANY OF THE INTERESTS IN SUCH FLOW-THROUGH ENTITY HAS OR EVER WILL HAVE MORE THAN
        50% OF THE VALUE OF ITS INTEREST IN SUCH FLOW-THROUGH ENTITY ATTRIBUTABLE TO THE INTEREST OF SUCH FLOW-THROUGH ENTITY IN THE CLASS E NOTES AND ANY EQUITY INTERESTS IN THE ISSUER AND (Y) IT IS NOT AND WILL NOT BE A PRINCIPAL PURPOSE OF THE
        ARRANGEMENT INVOLVING THE INVESTMENT OF SUCH FLOW-THROUGH ENTITY IN ANY CLASS E NOTE TO PERMIT ANY PARTNERSHIP TO SATISFY THE 100 PARTNER LIMITATION OF SECTION 1.7704-1(H)(1)(II) OF THE TREASURY REGULATIONS NECESSARY FOR SUCH PARTNERSHIP NOT TO BE
        CLASSIFIED AS A PUBLICLY TRADED PARTNERSHIP UNDER THE CODE, (B) IT WILL NOT SELL, ASSIGN, TRANSFER, PLEDGE OR OTHERWISE CONVEY ANY PARTICIPATING INTEREST IN ANY NOTE OR ANY FINANCIAL INSTRUMENT OR CONTRACT THE VALUE OF WHICH IS DETERMINED BY
        REFERENCE IN WHOLE OR IN PART TO ANY NOTE, (C) IT IS NOT ACQUIRING AND WILL NOT SELL, TRANSFER, ASSIGN, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF ANY CLASS E NOTE (OR INTEREST THEREIN) IF SUCH ACQUISITION, SALE, TRANSFER, ASSIGNMENT,
        PARTICIPATION, PLEDGE OR DISPOSITION IS THROUGH, OR WOULD CAUSE ANY CLASS E NOTE (OR INTEREST THEREIN) TO BE MARKETED ON OR THROUGH AN “ESTABLISHED SECURITIES MARKET” WITHIN THE MEANING OF SECTION 7704(B) OF THE CODE, INCLUDING, WITHOUT LIMITATION,
        AN INTERDEALER QUOTATION SYSTEM THAT REGULARLY DISSEMINATES FIRM BUY OR SELL QUOTATIONS AND (D) IT DOES NOT AND WILL NOT BENEFICIALLY OWN ANY CLASS E NOTE (OR ANY

      
        E-2-4

        
          

      

      BENEFICIAL INTEREST THEREIN) IN AN AMOUNT THAT IS LESS THAN THE MINIMUM DENOMINATION FOR SUCH NOTE.  TO THE EXTENT THE HOLDER OF THIS NOTE OR ANY INTEREST HEREIN
        IS UNABLE TO MAKE EACH OF THE REPRESENTATIONS CONTAINED IN THE FOREGOING CLAUSES (A), (B), (C) AND (D), SUCH HOLDER WILL BE DEEMED TO HAVE AGREED TO PROVIDE AN OPINION OF NATIONALLY RECOGNIZED U.S. TAX COUNSEL THAT ITS ACQUISITION OF THIS NOTE OR
        ANY BENEFICIAL INTEREST HEREIN WILL NOT CAUSE THE ISSUER TO BE TREATED AS A PUBLICLY TRADED PARTNERSHIP TAXABLE AS A CORPORATION.  ANY TRANSFER OF A CLASS E NOTE (OR ANY BENEFICIAL INTEREST THEREIN) THAT DOES NOT COMPLY WITH THE FOREGOING
        REQUIREMENTS WILL BE DEEMED NULL AND VOID AB INITIO.

      

      

      
        E-2-5

        
          

      

      EXETER AUTOMOBILE RECEIVABLES TRUST 2022-5

      CLASS E [__]% ASSET BACKED NOTE

      Exeter Automobile Receivables Trust 2022-5, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to
        as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of ZERO DOLLARS payable on each Distribution Date in an amount equal to the result obtained by multiplying (i) a
        fraction the numerator of which is the outstanding principal amount of this note immediately prior to such Distribution Date and the denominator of which is the outstanding principal amount of all Class E Notes by (ii) the aggregate amount, if any,
        payable from the Note Distribution Account and Collection Account in respect of principal on the Class E Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this
        Note shall be due and payable on the April 2030 Distribution Date (the “Final Scheduled Distribution Date”).  The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is
        paid or made available for payment.  Interest on this Note will accrue for each Distribution Date from and including the 15th day of each calendar month to but excluding the 15th day of the succeeding calendar month or, if no interest has yet been
        paid, from October 19, 2022.  Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.  Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

      The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is
        legal tender for payment of public and private debts.  All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

      Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set
        forth on the face of this Note.

      Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this
        Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

      
        E-2-6

        
          

      

      IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer as of the date set
        forth below.

      EXETER AUTOMOBILE RECEIVABLES TRUST 2022-5

      By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement

      By:                                                                                                  

      Name:

      Title:

      

      

      

      

      

      

      INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

      This is one of the Notes designated above and referred to in the within-mentioned Indenture.

      	Date:  October 19, 2022	
              CITIBANK, N.A., not in its individual capacity but solely as Indenture Trustee

            

      By:                                                                                                  

      Authorized Signer

      
        E-2-7

        
          

      

      [REVERSE OF NOTE]

      This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class E [__]% Asset Backed Notes (herein called the “Class

          E Notes”), all issued under an Indenture dated as of September 18, 2022 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, Exeter Holdings Trust 2022-5 (the “Holding Trust”) and
        Citibank, N.A., as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of
        the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.  The Notes are subject to all terms of the Indenture.  All terms used in this Note that are defined in the Indenture, as
        supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

      The Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes (together, the “Notes”) are and will be equally
        and ratably secured by the collateral pledged as security therefor as provided in the Indenture.

      Principal of the Class E Notes will be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date”
        means the fifteenth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing November 15, 2022.  If Exeter is no longer acting as Servicer, the distribution date may be a different day of the
        month.  The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date.

      As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution
        Date and the Redemption Date, if any, pursuant to the Indenture.  As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any.  Notwithstanding the foregoing, the entire unpaid
        principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes to be immediately due and payable in the manner provided in
        the Indenture.  All principal payments on the Class E Notes shall be made pro rata to the Class E Noteholders entitled thereto.

      Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent
        not in full payment of this Note, shall be made to the Person whose name appears as the Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes
        registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee.  Any
        reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of
        transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a
        Distribution Date, then the

      
        E-2-8

        
          

      

      Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution
        Date by notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the
        Indenture Trustee’s agent appointed for such purposes located in Jersey City, New Jersey.

      The Issuer shall pay interest on overdue installments of interest at the Class E Interest Rate to the extent lawful.

      As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note
        Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
        Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include
        membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
        with the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated
        transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
        connection with any such registration of transfer or exchange.

      Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i)
        that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Holding Trust, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
        connection therewith, against (a) the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or the Holding Trust or (c) any partner, owner, beneficiary,
        agent, officer, director, manager or employee of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Holding Trust, the Seller, the Servicer, the
        Owner Trustee or the Indenture Trustee or of any successor or assign of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that
        the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
        for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than a Certificateholder, or an Affiliate of a
        Certificateholder, as indebtedness for purposes of U.S. federal income, state and local income and franchise and any other income taxes.

      Prior to the due presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the
        Indenture Trustee may treat the Person in

      
        E-2-9

        
          

      

      whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all
        purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

      The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of
        the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders.  The Indenture also contains provisions permitting the Noteholders representing specified percentages
        of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or
        waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof
        or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.  The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders
        of the Notes issued thereunder.

      The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

      The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee
        and the Noteholders under the Indenture.

      The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

      This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law
        provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

      No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which
        is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.

      Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington Trust
        Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, managers, employees or successors or assigns shall be personally liable for, nor
        shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications made by the Issuer in this Note or the Indenture, it being
        expressly understood that said covenants, obligations and indemnifications have been made by the Issuer and not by the foregoing Persons.  The Holder of this Note by the acceptance hereof agrees that except as

      
        E-2-10

        
          

      

      expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of
        the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any
        and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

      
        E-2-11

        
          

      

      ASSIGNMENT

      Social Security or taxpayer I.D. or other
        identifying number of assignee

      

      

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

      ________________________________

             (name and address of assignee)

      

      

      the within Note and all rights thereunder, and
        hereby irrevocably constitutes and appoints,

      attorney, to transfer said Note on the books
        kept for registration thereof, with full power

      of substitution in the premises.

      

      

      Dated                                                                        1    ______________________________

                                                     Signature Guaranteed:

                                                                                                                                                                          

      

      ___________________________________      
        ________________________________

      

      

      

      

      

      

        

      
      

      1  NOTE:  The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without
        alteration, enlargement or any change whatsoever.

      
        E-2-12

        
          

      

      EXHIBIT E-3

      INITIAL PRINCIPAL AMOUNT $0

      REGISTERED UP TO $[_______]

      No. RB E-3-1

      SEE REVERSE FOR CERTAIN DEFINITIONS

      REGULATION S CUSIP NO.:  [_______]

       [FOR TEMPORARY REGULATION S NOTES ONLY: THIS REGULATION S GLOBAL NOTE IS A TEMPORARY REGULATION S GLOBAL NOTE FOR PURPOSES OF REGULATION
        S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).  NEITHER THIS TEMPORARY REGULATION S GLOBAL NOTE NOR ANY INTEREST IN THIS TEMPORARY REGULATION S GLOBAL NOTE MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS
        PERMITTED UNDER THE INDENTURE REFERRED TO BELOW.]

      THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES
        OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS.  BY ITS ACCEPTANCE OF THIS NOTE THE HOLDER OF THIS NOTE IS DEEMED TO, OR IN THE CASE OF AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR
        (7) IN REGULATION D UNDER THE SECURITIES ACT (AN “INSTITUTIONAL ACCREDITED INVESTOR”) SHALL, REPRESENT TO EFCAR, LLC (THE “SELLER”) AND THE OWNER TRUSTEE THAT IT (I) IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A UNDER THE
        SECURITIES ACT (A “QIB”) AND IS ACQUIRING SUCH NOTE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QIBS) TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON
        RULE 144A, (II) IS A NON-U.S. PERSON OUTSIDE THE UNITED STATES PURSUANT TO REGULATION S UNDER THE SECURITIES ACT, (III) IS AN INSTITUTIONAL ACCREDITED INVESTOR AND IS ACQUIRING SUCH NOTE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS
        A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE INSTITUTIONAL ACCREDITED INVESTORS) OR (IV) IN CONNECTION WITH SALES OTHER THAN THE INITIAL SALE OF THIS NOTE BY AN INITIAL PURCHASER, IS OTHERWISE ACQUIRING THIS NOTE IN A TRANSACTION EXEMPT
        FROM THE SECURITIES ACT.

      NO SALE, PLEDGE OR OTHER TRANSFER OF THIS NOTE MAY BE MADE BY ANY PERSON UNLESS (I) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO THE SELLER OR
        AN AFFILIATE OF THE SELLER, (II) SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A QIB
        ACTING FOR

      
        E-3-1

        
          

      

      ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QIBS) TO WHOM NOTICE IS GIVEN THAT THE SALE,
        PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (III) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A NON-U.S. PERSON UNDER REGULATION S UNDER THE SECURITIES ACT OR (IV) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A
        TRANSFER EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN WHICH CASE (A) THE NOTE REGISTRAR SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE NOTE REGISTRAR AND THE SELLER IN WRITING
        THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE NOTE REGISTRAR AND THE SELLER, AND (B) THE NOTE REGISTRAR SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF
        THE SELLER OR THE NOTE REGISTRAR) SATISFACTORY TO THE SELLER AND THE NOTE REGISTRAR TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES ACT OR THE APPLICABLE STATE SECURITIES LAWS. ANY ATTEMPTED TRANSFER IN CONTRAVENTION OF THE
        IMMEDIATELY PRECEDING RESTRICTIONS WILL BE VOID AB INITIO AND THE PURPORTED TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THE NOTES FOR ALL PURPOSES.

      THIS NOTE, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF THE COMMENCEMENT OF THE OFFERING OF THE NOTES AND THE CLOSING OF THE OFFERING OF
        THE NOTES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A “U.S. PERSON” (AS DEFINED IN REGULATION S PROMULGATED UNDER THE ACT) EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT OR
        PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT, IN EACH CASE IN ACCORDANCE WITH ANY UNITED STATES STATE SECURITIES OR “BLUE SKY” LAWS OR ANY SECURITIES LAWS OF ANY OTHER JURISDICTION.

      EACH PURCHASER OR TRANSFEREE OF THIS NOTE (OR A BENEFICIAL INTEREST HEREIN) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT AND WILL NOT BE, AND IS
        NOT ACTING ON BEHALF OF OR INVESTING THE ASSETS OF AN ENTITY THAT IS OR WILL BE, DURING ANY TIME IT HOLDS ANY DIRECT OR INDIRECT INTEREST IN SUCH NOTE, (A) 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 TITLE I OF ERISA, (B) 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, (C) AN ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO INCLUDE ASSETS OF AN EMPLOYEE BENEFIT PLAN OR PLAN DESCRIBED IN (A) OR (B) ABOVE BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY (COLLECTIVELY, A “PLAN”)
        OR (D) AN EMPLOYEE BENEFIT PLAN, A PLAN OR OTHER SIMILAR ARRANGEMENT THAT IS NOT A PLAN BUT IS SUBJECT TO FEDERAL, STATE, LOCAL OR NON-U.S. LAWS OR REGULATIONS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE.

      
        E-3-2

        
          

      

      EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN) HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY FEDERAL OR
        STATE COURT IN THE STATE OF NEW YORK IN ANY ACTION, SUIT OR PROCEEDING BROUGHT AGAINST IT AND RELATED TO OR IN CONNECTION WITH THE INDENTURE OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREBY AND CONSENTS TO THE PLACING OF VENUE IN NEW YORK COUNTY OR
        OTHER COUNTY PERMITTED BY LAW. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), HEREBY WAIVES AND AGREES NOT TO ASSERT BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE, IN ANY SUCH
        SUIT, ACTION OR PROCEEDING ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH COURTS, THAT THE SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM, THAT THE VENUE OF THE SUIT, ACTION OR PROCEEDING IS IMPROPER, OR THE
        INDENTURE MAY NOT BE LITIGATED IN OR BY SUCH COURTS. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN), AGREES NOT TO SEEK AND HEREBY WAIVES THE RIGHT TO ANY REVIEW OF THE
        JUDGMENT OF ANY SUCH COURT BY ANY COURT OF ANY OTHER NATION OR JURISDICTION WHICH MAY BE CALLED UPON TO GRANT AN ENFORCEMENT OF SUCH JUDGMENT. EXCEPT AS PROHIBITED BY LAW, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR INTEREST HEREIN)
        HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THE INDENTURE.

      EACH HOLDER OF THIS NOTE OR AN INTEREST HEREIN, BY ACCEPTANCE OF THIS NOTE OR SUCH INTEREST IN THIS NOTE, SHALL PROVIDE THE ISSUER AND THE
        INDENTURE TRUSTEE WITH SUCH NOTEHOLDER TAX IDENTIFICATION INFORMATION AND, TO THE EXTENT ANY WITHHOLDING TAX UNDER SECTIONS 1471 THROUGH 1474 OF THE CODE (“FATCA”) IS APPLICABLE, SUCH NOTEHOLDER FATCA INFORMATION AS REQUIRED UNDER THE
        INDENTURE.  IN ADDITION, EACH HOLDER OF THIS NOTE WILL BE DEEMED TO UNDERSTAND THAT THE ISSUER AND THE INDENTURE TRUSTEE HAVE THE RIGHT TO WITHHOLD INTEREST PAYABLE WITH RESPECT TO THIS NOTE (WITHOUT ANY CORRESPONDING GROSS-UP) ON ANY BENEFICIAL
        OWNER OF AN INTEREST IN THIS NOTE THAT FAILS TO COMPLY WITH THE FOREGOING REQUIREMENTS AND ANY OTHER REQUIREMENTS UNDER FATCA.

      UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
        ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
        & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR

      
        E-3-3

        
          

      

      VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

      THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY
        TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

      THE FAILURE TO PROVIDE THE ISSUER AND THE INDENTURE TRUSTEE WITH THE APPLICABLE U.S. FEDERAL INCOME TAX CERTIFICATIONS (GENERALLY, AN INTERNAL
        REVENUE SERVICE (“IRS”) FORM W-9 (OR SUCCESSOR FORM) IN THE CASE OF A PERSON THAT IS A “UNITED STATES PERSON” WITHIN THE MEANING OF SECTION 7701(A)(30) OF THE CODE, OR AN APPROPRIATE IRS FORM W-8 (OR SUCCESSOR FORM) OTHER THAN AN IRS FORM W-8ECI OR
        IRS FORM W-8IMY WITH AN IRS FORM W-8ECI ATTACHED IN THE CASE OF A PERSON THAT IS NOT A UNITED STATES PERSON MAY RESULT IN THE IMPOSITION OF U.S. FEDERAL WITHHOLDING OR BACK-UP WITHHOLDING UPON PAYMENTS TO THE HOLDER IN RESPECT OF THIS NOTE.

      NO PORTION OF THIS NOTE OR ANY INTEREST HEREIN MAY BE TRANSFERRED, DIRECTLY OR INDIRECTLY, TO ANY PERSON THAT WOULD PROVIDE AN IRS FORM W-8ECI
        OR IRS FORM W‐8IMY WITH AN ATTACHED IRS FORM W-8ECI IN RESPONSE TO THE WITHHOLDING REQUIREMENTS OF SECTION 3.22 OF THE INDENTURE.

      THE HOLDER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE REPRESENTED THAT AS A RESULT OF SUCH HOLDER’S OWN ACTIVITIES SEPARATE FROM
        THOSE OF THE ISSUER SUCH HOLDER IS NOT REQUIRED TO TREAT INCOME FROM THIS NOTE AS EFFECTIVELY CONNECTED TO A UNITED STATES TRADE OR BUSINESS OF A PERSON THAT IS NOT A UNITED STATES PERSON AND NO HOLDER SHALL PROVIDE THE ISSUER WITH EITHER AN IRS
        FORM W‐8ECI (OR SUCCESSOR FORM) OR AN IRS FORM W‐8IMY (OR SUCCESSOR FORM) TO WHICH AN IRS FORM W‐8ECI (OR SUCCESSOR FORM) IS ATTACHED (EITHER DIRECTLY OR AS PART OF ANOTHER FORM ATTACHED TO SUCH IRS FORM W‐8IMY).

      THE HOLDER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE REPRESENTED TO THE INDENTURE TRUSTEE, NOTE REGISTRAR, AND ANY OF THEIR
        RESPECTIVE SUCCESSORS AND ASSIGNS, THAT: (A) EITHER (I) IT IS NOT AND WILL NOT BECOME FOR U.S. FEDERAL INCOME TAX PURPOSES A PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR TRUST (OR A DISREGARDED ENTITY THE SINGLE OWNER OF WHICH IS ANY OF THE
        FOREGOING) (EACH SUCH ENTITY, A “FLOW-THROUGH ENTITY”) OR (II) IF IT IS OR BECOMES A FLOW-THROUGH ENTITY, THEN (X) (1) NONE OF THE DIRECT OR INDIRECT BENEFICIAL OWNERS OF ANY OF THE INTERESTS IN SUCH FLOW-THROUGH ENTITY HAS OR EVER WILL HAVE MORE
        THAN 50% OF THE VALUE OF ITS INTEREST IN SUCH FLOW-THROUGH ENTITY ATTRIBUTABLE TO THE INTEREST

      
        E-3-4

        
          

      

      OF SUCH FLOW-THROUGH ENTITY IN THE CLASS E NOTES AND ANY EQUITY INTERESTS IN THE ISSUER OR (2) SOLELY IN THE CASE OF EFCAR, LLC ACQUIRING CLASS E NOTES FOR THE
        PURPOSES OF THE U.S. RISK RETENTION RULES, THERE WILL BE NO MORE THAN FIVE (5) OWNERS OF SUCH FLOW-THROUGH ENTITY (AS DETERMINED FOR PURPOSES OF SECTION 1-7704-1(H) OF THE TREASURY REGULATIONS) AND EACH SUCH OWNER EITHER IS NOT AND WILL NOT BECOME
        A FLOW-THROUGH ENTITY OR SATISFIES THE PRECEDING CLAUSE (1) AND (Y) IT IS NOT AND WILL NOT BE A PRINCIPAL PURPOSE OF THE ARRANGEMENT INVOLVING THE INVESTMENT OF SUCH FLOW-THROUGH ENTITY IN ANY CLASS E NOTE TO PERMIT ANY PARTNERSHIP TO SATISFY THE
        100 PARTNER LIMITATION OF SECTION 1.7704-1(H)(1)(II) OF THE TREASURY REGULATIONS NECESSARY FOR SUCH PARTNERSHIP NOT TO BE CLASSIFIED AS A PUBLICLY TRADED PARTNERSHIP UNDER THE CODE, (B) IT WILL NOT SELL, ASSIGN, TRANSFER, PLEDGE OR OTHERWISE CONVEY
        ANY PARTICIPATING INTEREST IN ANY NOTE OR ANY FINANCIAL INSTRUMENT OR CONTRACT THE VALUE OF WHICH IS DETERMINED BY REFERENCE IN WHOLE OR IN PART TO ANY NOTE, (C) IT IS NOT ACQUIRING AND WILL NOT SELL, TRANSFER, ASSIGN, PARTICIPATE, PLEDGE OR
        OTHERWISE DISPOSE OF ANY CLASS E NOTE (OR INTEREST THEREIN) IF SUCH ACQUISITION, SALE, TRANSFER, ASSIGNMENT, PARTICIPATION, PLEDGE OR DISPOSITION IS THROUGH, OR WOULD CAUSE ANY CLASS E NOTE (OR INTEREST THEREIN) TO BE MARKETED ON OR THROUGH AN
        “ESTABLISHED SECURITIES MARKET” WITHIN THE MEANING OF SECTION 7704(B) OF THE CODE, INCLUDING, WITHOUT LIMITATION, AN INTERDEALER QUOTATION SYSTEM THAT REGULARLY DISSEMINATES FIRM BUY OR SELL QUOTATIONS AND (D) IT DOES NOT AND WILL NOT BENEFICIALLY
        OWN ANY CLASS E NOTE (OR ANY BENEFICIAL INTEREST THEREIN) IN AN AMOUNT THAT IS LESS THAN THE MINIMUM DENOMINATION FOR SUCH NOTE.  TO THE EXTENT THE HOLDER OF THIS NOTE OR ANY INTEREST HEREIN IS UNABLE TO MAKE EACH OF THE REPRESENTATIONS CONTAINED
        IN THE FOREGOING CLAUSES (A), (B), (C) AND (D), SUCH HOLDER WILL BE DEEMED TO HAVE AGREED TO PROVIDE AN OPINION OF NATIONALLY RECOGNIZED U.S. TAX COUNSEL THAT ITS ACQUISITION OF THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN WILL NOT CAUSE THE ISSUER
        TO BE TREATED AS A PUBLICLY TRADED PARTNERSHIP TAXABLE AS A CORPORATION.  ANY TRANSFER OF A CLASS E NOTE (OR ANY BENEFICIAL INTEREST THEREIN) THAT DOES NOT COMPLY WITH THE FOREGOING REQUIREMENTS WILL BE DEEMED NULL AND VOID AB INITIO.

      

      

      

      

      
        E-3-5

        
          

      

      EXETER AUTOMOBILE RECEIVABLES TRUST 2022-5

      CLASS E [__]% ASSET BACKED NOTE

      Exeter Automobile Receivables Trust 2022-5, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to
        as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of UP TO [_______] DOLLARS payable on each Distribution Date in an amount equal to the result obtained by multiplying
        (i) a fraction the numerator of which is the outstanding principal amount of this note immediately prior to such Distribution Date and the denominator of which is the outstanding principal amount of all Class E Notes by (ii) the aggregate amount,
        if any, payable from the Note Distribution Account and Collection Account in respect of principal on the Class E Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount
        of this Note shall be due and payable on the April 2030 Distribution Date (the “Final Scheduled Distribution Date”).  The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this
        Note is paid or made available for payment.  Interest on this Note will accrue for each Distribution Date from and including the 15th day of each calendar month to but excluding the 15th day of the succeeding calendar month or, if no interest has
        yet been paid, from October 19, 2022.  Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.  Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

      The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is
        legal tender for payment of public and private debts.  All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

      Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set
        forth on the face of this Note.

      Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this
        Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

      
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      IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer as of the date set
        forth below.

      EXETER AUTOMOBILE RECEIVABLES TRUST 2022-5

      By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement

      By:                                                                                                  

      Name:

      Title:

      

      

      

      

      

      

      INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

      This is one of the Notes designated above and referred to in the within-mentioned Indenture.

      	Date:  October 19, 2022	
              CITIBANK, N.A., not in its individual capacity but solely as Indenture Trustee

            

      By:                                                                                                  

      Authorized Signer

      
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      [REVERSE OF NOTE]

      This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class E [__]% Asset Backed Notes (herein called the “Class

          E Notes”), all issued under an Indenture dated as of September 18, 2022 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, Exeter Holdings Trust 2022-5 (the “Holding Trust”) and
        Citibank, N.A., as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of
        the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.  The Notes are subject to all terms of the Indenture.  All terms used in this Note that are defined in the Indenture, as
        supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

      The Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes (together, the “Notes”) are and will be equally
        and ratably secured by the collateral pledged as security therefor as provided in the Indenture.

      Principal of the Class E Notes will be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date”
        means the fifteenth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing November 15, 2022.  If Exeter is no longer acting as Servicer, the distribution date may be a different day of the
        month.  The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date.

      As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution
        Date and the Redemption Date, if any, pursuant to the Indenture.  As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any.  Notwithstanding the foregoing, the entire unpaid
        principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes to be immediately due and payable in the manner provided in
        the Indenture.  All principal payments on the Class E Notes shall be made pro rata to the Class E Noteholders entitled thereto.

      Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent
        not in full payment of this Note, shall be made to the Person whose name appears as the Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes
        registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee.  Any
        reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of
        transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a
        Distribution Date, then the

      
        E-3-8

        
          

      

      Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution
        Date by notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the
        Indenture Trustee’s agent appointed for such purposes located in Jersey City, New Jersey.

      The Issuer shall pay interest on overdue installments of interest at the Class E Interest Rate to the extent lawful.

      As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note
        Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
        Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include
        membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
        with the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated
        transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
        connection with any such registration of transfer or exchange.

      Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i)
        that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Holding Trust, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
        connection therewith, against (a) the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or the Holding Trust or (c) any partner, owner, beneficiary,
        agent, officer, director, manager or employee of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Holding Trust, the Seller, the Servicer, the
        Owner Trustee or the Indenture Trustee or of any successor or assign of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that
        the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
        for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than a Certificateholder, or an Affiliate of a
        Certificateholder, as indebtedness for purposes of U.S. federal income, state and local income and franchise and any other income taxes.

      Prior to the due presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the
        Indenture Trustee may treat the Person in

      
        E-3-9

        
          

      

      whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all
        purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

      The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of
        the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders.  The Indenture also contains provisions permitting the Noteholders representing specified percentages
        of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or
        waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof
        or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.  The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders
        of the Notes issued thereunder.

      The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

      The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee
        and the Noteholders under the Indenture.

      The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

      This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law
        provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

      No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which
        is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.

      Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington Trust
        Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, managers, employees or successors or assigns shall be personally liable for, nor
        shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications made by the Issuer in this Note or the Indenture, it being
        expressly understood that said covenants, obligations and indemnifications have been made by the Issuer and not by the foregoing Persons.  The Holder of this Note by the acceptance hereof agrees that except as

      
        E-3-10

        
          

      

      expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of
        the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any
        and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

      
        E-3-11

        
          

      

      ASSIGNMENT

      Social Security or taxpayer I.D. or other
        identifying number of assignee

      

      

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

      ________________________________

             (name and address of assignee)

      

      

      the within Note and all rights thereunder, and
        hereby irrevocably constitutes and appoints,

      attorney, to transfer said Note on the books
        kept for registration thereof, with full power

      of substitution in the premises.

      

      

      Dated                                                                        1    ______________________________

                                                     Signature Guaranteed:

                                                                                                                                                                          

      

      ___________________________________      
        ________________________________

      

      

      

      

      

      

        

      
      

      1  NOTE:  The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without
        alteration, enlargement or any change whatsoever.

      
        E-3-12

        
          

      

      EXHIBIT F-1

      FORM OF TRANSFER CERTIFICATE FOR TRANSFERS FROM REGULATION S GLOBAL NOTE TO GLOBAL NOTE

      (Transfer pursuant to §2.10 of the Indenture)

      Citibank, N.A., as Indenture Trustee

      480 Washington Boulevard, 30th Floor

      Jersey City, New Jersey 07310

      Attention: Citibank Agency & Trust, EART 2022-5

      

      

      Reference is hereby made to the Indenture, dated as of September 18, 2022 (the “Indenture”), among EXETER AUTOMOBILE RECEIVABLES TRUST
        2022-5, a Delaware statutory trust (the “Issuer”), EXETER HOLDINGS TRUST 2022-5, a Delaware statutory trust, and CITIBANK, N.A., a national banking association, as indenture trustee (the “Indenture Trustee”).  Capitalized terms used
        but not defined herein are used as defined in the Indenture and if not in the Indenture then such terms shall have the meanings assigned to them in Regulation S (“Regulation S”) or Rule 144A (“Rule 144A”) under the United States
        Securities Act of 1933, as amended (the “Securities Act”).

      This letter relates to U.S. $[_____] aggregate principal amount of the Class E Notes which are held in the form of Regulation S Global Note
        (CUSIP No. [_____]) with The Depositary Trust Company in the name of [name of Transferor] (the “Transferor”) and is intended to facilitate the transfer of Class E Notes in exchange for an equivalent beneficial interest in a Global Note in
        the name of [name of Transferee] (the “Transferee”).

      In connection with such request, (i) the Transferor and the Transferee both hereby certify that such transfer has been effected in accordance
        with the transfer restrictions set forth in the Indenture, and (ii) (A) the Transferee does hereby represent, warrant and agree for the benefit of the Issuer that statements (i) through (vii) below are all true, and (B) the Transferor does hereby
        certify that it reasonably believes that the following statements (i) through (vii) concerning the Transferee are all true:

      	i.	
              The Transferee is a qualified institutional buyer within the meaning of Rule 144A under the Securities Act;

            

      	ii.	
              The Transferee is acquiring the Class E Notes for its own account or for an account that is a qualified institutional buyer within the meaning of Rule 144A under the Securities Act.  The Transferee
                and each such account is acquiring not less than the minimum denomination of the Class E Notes;

            

      	iii.	
              The Transferee (and each such account) is not formed for the purpose of acquiring the Class E Notes;

            

      	iv.	
              The Transferee will notify future transferees of these transfer restrictions;

            

      	v.	
              The Transferee is obtaining the Class E Notes in a transaction pursuant to Rule 144A; and

            

      
        F-1-1

        
          

      

      	vi.	
              The Transferee is obtaining the Class E Notes in accordance with any applicable securities laws of any state of the United States or any other applicable jurisdiction.

            

      	vii.	
              The Transferee is either (check one):

            

      	

            	•	
              “United States person” within the meaning of Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended (the “Code”), other than a foreign branch of a United States person
                acting as a qualified intermediary, and a properly completed and signed Internal Revenue Service (“IRS”) Form W-9 (or applicable successor form) is attached hereto; or

            

      	

            	•	
              is not a “United States person” within the meaning of Section 7701(a)(30) of the Code or is a foreign branch of a United States person acting as a qualified intermediary, and a properly
                completed and signed IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8IMY (without any IRS Forms W-8ECI attached) or IRS Form W-8EXP (with appropriate attachments to these forms), as applicable (or applicable successor form), is attached
                hereto.

            

      [THIS SPACE INTENTIONALLY LEFT BLANK]

      
        F-1-2

        
          

      

      You and the Issuer are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any
        administrative or legal Proceedings or official inquiry with respect to the matters covered hereby.

      [Name of Transferee]

      By: _____________________________

      Name:

        Title:

      [Name of Transferor]

      By: _____________________________

      Name:

        Title:

      
        F-1-3

        
          

      

      EXHIBIT F-2

      FORM OF TRANSFER CERTIFICATE FOR TRANSFERS FROM GLOBAL NOTE TO REGULATION S GLOBAL NOTE

      (Transfer pursuant to §2.10 of the Indenture)

      Citibank, N.A., as Indenture Trustee

      480 Washington Boulevard, 30th Floor

      Jersey City, New Jersey 07310

      Attention: Citibank Agency & Trust, EART 2022-5

      

      

      Reference is hereby made to the Indenture, dated as of September 18, 2022 (the “Indenture”), among EXETER AUTOMOBILE RECEIVABLES TRUST 2022-5, a Delaware
        statutory trust (the “Issuer”), EXETER HOLDINGS TRUST 2022-5, a Delaware statutory trust, and CITIBANK, N.A., a national banking association, as indenture trustee (the “Indenture Trustee”).  Capitalized terms used but not defined
        herein are used as defined in the Indenture and if not in the Indenture then such terms shall have the meanings assigned to them in Regulation S (“Regulation S”) or Rule 144A (“Rule 144A”) under the United States Securities Act of
        1933, as amended (the “Securities Act”).

      This letter relates to U.S. $[_____] aggregate principal amount of the Class E Notes which are held in the form of a Global Note (CUSIP No. [_____]) with The
        Depositary Trust Company in the name of [name of Transferor] (the “Transferor”) and is intended to facilitate the transfer of Class E Notes in exchange for an equivalent beneficial interest in a Regulation S Global Note in the name of [name
        of Transferee] (the “Transferee”).

      In connection with such request the Transferee does hereby certify represent, warrant and agree for the benefit of the Issuer and the Indenture Trustee that (1) at
        the time the buy order was originated, the Transferee was outside the United States, (2) the Transferee is a Regulation S Non-U.S. Person, (3) the transfer from Transferor to Transferee is being made pursuant to Regulation S and (4) the transfer is
        being effected in accordance with the transfer restrictions set forth in the Indenture.

      The Transferee hereby certifies that it is either (check one):

      	

            	•	
              a “United States person” within the meaning of Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended (the “Code”), other than a foreign branch of a United States person acting
                as a qualified intermediary, and a properly completed and signed Internal Revenue Service (“IRS”) Form W-9 (or applicable successor form) is attached hereto; or

            

      	

            	•	
              is not a “United States person” within the meaning of Section 7701(a)(30) of the Code or is a foreign branch of a United States person acting as a qualified intermediary, and a properly
                completed and signed IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8IMY (without any IRS Forms W-8ECI attached) or IRS Form W-8EXP (with appropriate attachments to these forms), as applicable (or

            

      
        F-2-1

        
          

      

      applicable successor form), is attached hereto.

      [THIS SPACE INTENTIONALLY LEFT BLANK]

      
        F-2-2

        
          

      

      You and the Issuer are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any
        administrative or legal Proceedings or official inquiry with respect to the matters covered hereby.

      [Name of Transferee]

      By: _____________________________

      Name:

        Title:

      [Name of Transferor]

      By: _____________________________

      Name:

        Title:

      

      

      

      

      

      

      
        F-2-3

        
          

      

      SCHEDULE A

        

        

        REPRESENTATIONS AND WARRANTIES

      OF THE ISSUER AND THE HOLDING TRUST

      Representations and Warranties Regarding the Receivables:

      1.  Security Interest in Financed Vehicle.  This Indenture creates a valid and continuing Security Interest (as defined in the applicable UCC) in the Receivables in favor of the Indenture Trustee, which Security Interest is prior to
          all other Liens, and is enforceable as such as against creditors of and purchasers from the Holding Trust.  The Holding Trust owns and has good and marketable title to the Receivables free and clear of any Lien (other than the Lien in favor of
          the Indenture Trustee), claim or encumbrance of any Person.

      2.  Perfection of Security Interest.  Each Receivable is secured by a first priority validly perfected security interest in the related Financed Vehicle in favor of the Indenture Trustee, for the benefit of the Issuer Secured Party or
          all necessary actions with respect to such Receivable have been taken or will be taken to perfect a first priority security interest in the related Financed Vehicle in favor of the Indenture Trustee, for the benefit of the Issuer Secured Party.

      3.  All Filings Made.  The Issuer and the Holding Trust have caused or will have caused, within ten days after the Closing Date, the filing of all appropriate financing statements in the proper filing office in the State of Delaware
          under applicable law in order to perfect the security interest in the Receivables granted to the Indenture Trustee hereunder.  All financing statements filed or to be filed against the Issuer or the Holding Trust in favor of the Indenture Trustee
          in connection herewith describing the Receivables contain a statement to the following effect: “A purchase of or a security interest in any collateral described in this financing statement will violate the rights of the Indenture Trustee.”

      4.  No Impairment.  Other than the security
          interest granted to the Indenture Trustee pursuant to this Indenture, the Holding Trust has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables. Each of the Holding Trust and the Issuer has
          not authorized the filing of and is not aware of any financing statements against the Issuer or the Holding Trust that include a description of collateral covering the Receivables other than any financing statement relating to the security
          interest granted to the Indenture Trustee hereunder or that has been terminated. The Issuer and the Holding Trust are not aware of any judgment, ERISA or tax lien filings against it.

      5.  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 and Delaware.

      6.  Good Title.  The Holding Trust owns and has
          good and marketable title to the Receivables, free and clear of any Lien (other than the Lien in favor of the Indenture Trustee).

      7.  Possession of Original Copy.  The Custodian,
          on behalf of the Holding Trust, has in its possession or “control” (within the meaning of Section 9-105 of the applicable UCC) the original contract (or, with respect to “electronic chattel paper”, the authoritative copy) that constitutes or
          evidences the Receivable.

      
        Sch. A-1

        
          

      

      8.  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 Custodian 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) and (b) has been communicated to and
          is maintained by or on behalf of the Custodian, solely for the benefit of the Indenture Trustee.

      9.  Not an Authoritative Copy.  With respect to
          Contracts that are “electronic chattel paper”, each copy of the authoritative copy and any copy of a copy are readily identifiable as copies that are not the authoritative copy.

      10.  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 Custodian and (b) all revisions of the authoritative copy of each such Contract must be readily identifiable as an authorized or unauthorized revision.

      11.  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
          Custodian.

    

    Sch. A-2

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