Document:

EX-10.1

 EXHIBIT 10.1 

PURCHASE AGREEMENT 

between 
 EFCAR, LLC

 Purchaser 
 and

 EXETER FINANCE CORP. 

Seller 
 Dated as of
            , 20     

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I. DEFINITIONS	  	 	1	  
			
	 SECTION 1.1
	 	 General
	  	 	1	  
	 SECTION 1.2
	 	 Specific Terms
	  	 	1	  
	 SECTION 1.3
	 	 Usage of Terms
	  	 	3	  
	 SECTION 1.4
	 	 [Reserved]
	  	 	3	  
	 SECTION 1.5
	 	 No Recourse
	  	 	3	  
	 SECTION 1.6
	 	 Action by or Consent of Noteholders and Certificateholder
	  	 	3	  
		
	 ARTICLE II. CONVEYANCE OF THE RECEIVABLES AND THE OTHER CONVEYED
PROPERTY
	  	 	4	  
			
	 SECTION 2.1
	 	 Conveyance of the [Initial] Receivables and the [Initial] Other Conveyed Property
	  	 	4	  
	 SECTION 2.2
	 	 [Conveyance of the Subsequent Receivables and the Subsequent Other Conveyed Property]
	  	 	5	  
		
	 ARTICLE III. REPRESENTATIONS AND WARRANTIES
	  	 	5	  
			
	 SECTION 3.1
	 	 Representations and Warranties of Seller
	  	 	5	  
	 SECTION 3.2
	 	 Representations and Warranties of Purchaser
	  	 	8	  
		
	 ARTICLE IV. COVENANTS OF SELLER
	  	 	10	  
			
	 SECTION 4.1
	 	 Protection of Title of Purchaser
	  	 	10	  
	 SECTION 4.2
	 	 Other Liens or Interests
	  	 	12	  
	 SECTION 4.3
	 	 Costs and Expenses
	  	 	12	  
	 SECTION 4.4
	 	 Indemnification
	  	 	12	  
		
	 ARTICLE V. REPURCHASES
	  	 	14	  
			
	 SECTION 5.1
	 	 Repurchase of Receivables upon Breach
	  	 	14	  
	 SECTION 5.2
	 	 Reassignment of Purchased Receivables
	  	 	15	  
	 SECTION 5.3
	 	 Waivers
	  	 	15	  
		
	 ARTICLE VI. MISCELLANEOUS
	  	 	15	  
			
	 SECTION 6.1
	 	 Liability of Seller
	  	 	15	  
	 SECTION 6.2
	 	 Merger or Consolidation of Seller or Purchaser
	  	 	15	  
	 SECTION 6.3
	 	 Limitation on Liability of Seller and Others
	  	 	16	  
	 SECTION 6.4
	 	 Seller May Own Notes or the Certificate
	  	 	16	  
	 SECTION 6.5
	 	 Amendment
	  	 	16	  
	 SECTION 6.6
	 	 Notices
	  	 	17	  
	 SECTION 6.7
	 	 Merger and Integration
	  	 	17	  
	 SECTION 6.8
	 	 Severability of Provisions
	  	 	18	  
	 SECTION 6.9
	 	 Intention of the Parties
	  	 	18	  
	 SECTION 6.10
	 	 Governing Law
	  	 	19	  
	 SECTION 6.11
	 	 Waiver of Jury Trial
	  	 	19	  
	 SECTION 6.12
	 	 Counterparts
	  	 	19	  
	 SECTION 6.13
	 	 Conveyance of the Receivables and the Other Conveyed Property to the Issuer
	  	 	19	  
	 SECTION 6.14
	 	 Nonpetition Covenant
	  	 	20	  

  
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 SCHEDULES 
 Schedule
A — Schedule of [Initial] Receivables 
 Schedule B-1 — Representations and Warranties of the Seller as to the Receivables 

Schedule B-2 — Representations and Warranties of the Seller as to the Pool of Receivables 

[EXHIBITS] 
 [Exhibit A — Form of Subsequent Purchase
Agreement] 

  
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 PURCHASE AGREEMENT 

THIS PURCHASE AGREEMENT, dated as of             ,
20    , executed between EFCAR, LLC, a Delaware limited liability company, as purchaser (“Purchaser”) and Exeter Finance Corp., a Texas corporation, as Seller (“Seller”). 

W I T N E S S E T H : 

WHEREAS, Purchaser has agreed to purchase from the Seller, and the Seller, pursuant to this Agreement, is transferring to Purchaser the
[Initial] Receivables and [Initial] Other Conveyed Property [and with respect to the Subsequent Receivables will transfer on the related Subsequent Transfer Date the Subsequent Receivables and Subsequent Other Conveyed Property]. 

NOW, THEREFORE, in consideration of the premises and the mutual agreements hereinafter contained, and for other good and valuable
consideration, the receipt of which is acknowledged, Purchaser and the Seller, intending to be legally bound, hereby agree as follows: 

ARTICLE I. 
 DEFINITIONS

 SECTION 1.1 General. The specific terms defined in this Article include the plural as well as the singular. The words
“herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision, and Article, Section, Schedule and Exhibit
references, unless otherwise specified, refer to Articles and Sections of and Schedules and Exhibits to this Agreement. Capitalized terms used herein without definition shall have the respective meanings assigned to such terms in the Sale and
Servicing Agreement, dated as of             , 20     (the “Sale and Servicing Agreement”), by and among EFCAR, LLC, as Seller, Exeter
Finance Corp., in its individual capacity and as Servicer, Exeter Automobile Receivables Trust 20    -    , as Issuer, and [Indenture Trustee], as Indenture Trustee. 

SECTION 1.2 Specific Terms. Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires,
shall have the following meanings: 
 “Agreement” means this Purchase Agreement and all amendments hereof and supplements
hereto. 
 “Closing Date” means             ,
20    . 
 “Indenture Trustee” means [Indenture Trustee], as indenture trustee and any successor
indenture trustee appointed and acting pursuant to the Indenture. 

 “[Initial] Other Conveyed Property” means all property conveyed by the Seller to
the Purchaser pursuant to this Agreement and by the Purchaser to the Issuer pursuant to Sections 2.1(a)(2) through (8) of this Agreement. 

“[Initial] Receivables” means the Receivables listed on the Schedule of [Initial] Receivables attached hereto. 

“Issuer” means Exeter Automobile Receivables Trust 20    -    . 

[“Other Conveyed Property” means the Initial Other Conveyed Property and the Subsequent Other Conveyed Property.] 

“Owner Trustee” means [Owner Trustee], as Owner Trustee appointed and acting pursuant to the Trust Agreement. 

“Purchase Agreement Collateral” has the meaning specified in Section 6.9. 

[“Receivables” means the Initial Receivables and the Subsequent Receivables.] 

“Related Documents” means the Notes, the Certificate, the Custodian Agreement, the Sale and Servicing Agreement, the
Indenture, the Asset Representations Reviewer Agreement, the Trust Agreement, [the Lockbox Agreement,] [the Hedge Agreement,] the Underwriting Agreement[, the Note Purchase Agreement] [and, with respect to the Subsequent Receivables, each Subsequent
Purchase Agreement and each Subsequent Transfer Agreement]. The Related Documents to be executed by any party are referred to herein as “such party’s Related Documents,” “its Related Documents” or by a similar
expression. 
 “Repurchase Event” means the occurrence of a breach of any of the Seller’s representations and
warranties in Section 3.1(a) or any other event which requires the repurchase of a Receivable by the Seller, under the Sale and Servicing Agreement. 

“Sale and Servicing Agreement” has the meaning specified in Section 1.1. 

“Schedule of [Initial] Receivables” means the schedule of [Initial] Receivables sold and transferred pursuant to this
Agreement which is attached hereto as Schedule A. 
 [“Subsequent Cutoff Date” means the date specified in the related
Subsequent Transfer Agreement, provided, however that such date shall be on or before the Subsequent Transfer Date.] 
 [“Subsequent
Other Conveyed Property” means all property conveyed by the Seller to the Purchaser pursuant to Sections 3(b) through (h) of the related Subsequent Purchase Agreement other than the Subsequent Receivables.] 

[“Subsequent Purchase Agreement” means an agreement by and between the Seller and the Purchaser pursuant to which the
Purchaser will acquire Subsequent Receivables, substantially in the form of Exhibit A hereunder.] 

  
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 [“Subsequent Receivables” means Receivables transferred to the Purchaser
pursuant to Section 2.2 and the related Subsequent Purchase Agreement, which shall be listed on Schedule A to the related Subsequent Purchase Agreement.] 

[“Subsequent Transfer Agreement” means an agreement among the Issuer, the Seller and the Servicer, substantially in the form
of Exhibit A to the Sale and Servicing Agreement.] 
 [“Subsequent Transfer Date” means, with respect to Subsequent
Receivables, any date, occurring not more frequently than once a month, during the Funding Period on which Subsequent Receivables are to be transferred to the Purchaser pursuant to this Agreement, and a Subsequent Purchase Agreement is executed and
delivered.] 
 SECTION 1.3 Usage of Terms. With respect to all terms used in this Agreement, the singular includes the plural and the
plural the singular; words importing any gender include the other gender; references to “writing” include printing, typing, lithography, and other means of reproducing words in a visible form; references to agreements and other contractual
instruments include all subsequent amendments thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Agreement or the Sale and Servicing Agreement; references to Persons include their permitted
successors and assigns; and the terms “include” or “including” mean “include without limitation” or “including without limitation.” 

SECTION 1.4 [Reserved]. 

SECTION 1.5 No Recourse. Without limiting the obligations of Seller hereunder, no recourse may be taken, directly or indirectly, under
this Agreement or any certificate or other writing delivered in connection herewith or therewith, against any stockholder, officer or director, as such, of Seller, or of any predecessor or successor of Seller. 

SECTION 1.6 Action by or Consent of Noteholders and Certificateholder. Whenever any provision of this Agreement refers to action to be
taken, or consented to, by the Noteholders or the Certificateholder, such provision shall be deemed to refer to the Noteholders or the Certificateholder, as the case may be, of record as of the Record Date immediately preceding the date on which
such action is to be taken, or consent given, by Noteholders or the Certificateholder. Solely for the purposes of any action to be taken, or consented to, by Noteholders or the Certificateholder, any Note or the Certificate registered in the name of
the Seller or any Affiliate thereof shall be deemed not to be outstanding; provided, however, that, solely for the purpose of determining whether the Indenture Trustee is entitled to rely upon any such action or consent, only Notes or the
Certificate which the Owner Trustee or the Indenture Trustee, respectively, knows to be so owned shall be so disregarded. 

  
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 ARTICLE II. 

CONVEYANCE OF THE RECEIVABLES 

AND THE OTHER CONVEYED PROPERTY 

SECTION 2.1 Conveyance of the [Initial] Receivables and the [Initial] Other Conveyed Property. 

(a) Subject to the terms and conditions of this Agreement, Seller hereby sells, transfers, assigns, and otherwise conveys to
Purchaser without recourse (but without limitation of its obligations in this Agreement), and Purchaser hereby purchases, all right, title and interest of Seller in and to the following described property (collectively, the “Receivables and
the Other Conveyed Property”): 
 (1) the [Initial] Receivables and all moneys received thereon after the
[Initial] Cutoff Date; 
 (2) the security interests in the Financed Vehicles granted by Obligors pursuant to the
[Initial] Receivables and any other interest of the Seller in such Financed Vehicles; 
 (3) any proceeds and the right
to receive proceeds with respect to the [Initial] Receivables from claims on any physical damage, credit life or disability insurance policies covering Financed Vehicles or Obligors and any proceeds from repossession or the liquidation of the
[Initial] Receivables; 
 (4) any proceeds from any [Initial] Receivable repurchased by a Dealer pursuant to a Dealer
Agreement [or repurchased by an Originator pursuant to an Originator Agreement] as a result of a breach of representation or warranty in the related Dealer Agreement [or in the related Originator Agreement, as applicable]; 

(5) all rights under any Service Contracts on the related Financed Vehicles; 

(6) the related Receivable Files; 

(7) all of the Seller’s (i) Accounts, (ii) Chattel Paper, (iii) Documents, (iv) Instruments and
(v) General Intangibles (as such terms are defined in the UCC) relating to the property described in (1) through (6); and 

(8) all proceeds and investments with respect to items (1) through (7). 

It is the intention of Seller and Purchaser that the transfer and assignment contemplated by this Agreement shall constitute a sale of the
[Initial] Receivables and the [Initial] Other Conveyed Property from Seller to Purchaser, conveying good title thereto free and clear of any Liens, and the beneficial interest in and title to the [Initial] Receivables and the [Initial] Other
Conveyed Property shall not be part of Seller’s estate in the event of the filing of a bankruptcy petition by or against Seller under any bankruptcy or similar law. 

  
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 (b) Simultaneously with the conveyance of the [Initial] Receivables and the
[Initial] Other Conveyed Property to Purchaser, Purchaser has paid or caused to be paid to or upon the order of Seller an amount equal to the book value of the [Initial] Receivables sold by Seller, as set forth on the books and records of Seller, by
wire transfer of immediately available funds and the remainder as a contribution to the capital of the Purchaser (a wholly-owned subsidiary of Seller). 

SECTION 2.2 [Conveyance of the Subsequent Receivables and the Subsequent Other Conveyed Property]. 

(a) [On each Subsequent Transfer Date and simultaneously with the execution and delivery of the related Subsequent Purchase
Agreement, the Seller shall sell, transfer, assign, and otherwise convey to Purchaser without recourse (but without limitation of its obligations in this Agreement), and Purchaser shall purchase, all right, title and interest of Seller in and to the
Subsequent Receivables and the Subsequent Other Conveyed Property. It is the intention of Seller and Purchaser that the transfer and assignment contemplated by such Subsequent Purchase Agreement shall constitute a sale of the Subsequent Receivables
and the Subsequent Other Conveyed Property from Seller to Purchaser, conveying good title thereto free and clear of any liens, and the beneficial interest in and title to the Subsequent Receivables and the Subsequent Other Conveyed Property shall
not be part of Seller’s estate in the event of the filing of a bankruptcy petition by or against Seller under any bankruptcy or similar law.] 

(b) [Simultaneously with the conveyance of the Subsequent Receivables and the Subsequent Other Conveyed Property to Purchaser,
Purchaser shall pay or cause to be paid to or upon the order of Seller the amount set forth in the related Subsequent Purchase Agreement.] 

ARTICLE III. 

REPRESENTATIONS AND WARRANTIES 

SECTION 3.1 Representations and Warranties of Seller. Seller makes the following representations and warranties as of the date hereof
and as of the Closing Date [and any Subsequent Transfer Date, as the case may be,] on which Purchaser relies in purchasing the Receivables and the Other Conveyed Property and in transferring the Receivables and the Other Conveyed Property to the
Issuer under the Sale and Servicing Agreement [and any Subsequent Transfer Agreement] and. Such representations are made as of the execution and delivery of this Agreement [and as of the execution and delivery of any Subsequent Purchase Agreement],
but shall survive the sale, transfer and assignment of the Receivables and the Other Conveyed Property hereunder [and under any Subsequent Purchase Agreement], the sale, transfer and assignment thereof by Purchaser to the Issuer under the Sale and
Servicing Agreement [and any Subsequent Transfer Agreement], and the pledge thereof by 

  
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the Issuer to the Indenture Trustee under the Indenture. Seller and Purchaser agree that Purchaser will assign to Issuer all Purchaser’s rights under this Agreement [and under any Subsequent
Purchase Agreement] and that the Indenture Trustee will thereafter be entitled to enforce this Agreement [and any Subsequent Purchase Agreement] against Seller in the Indenture Trustee’s own name on behalf of the Noteholders. 

(a) Representations regarding the Receivables. The representations and warranties set forth on Schedule B-1 with respect
to the [Initial] Receivables as of the date hereof, and as of the Closing Date [and with respect to the Subsequent Receivables as of the related Subsequent Transfer Date], are true and correct. 

(b) Representations regarding the Pool of Receivables. The representations and warranties set forth on Schedule B-2 with
respect to the pool of Receivables as of the date hereof, and as of the Closing Date [and as of the related Subsequent Transfer Date], are true and correct. 

(c) No Fraud or Misrepresentation. To the best of the Seller’s knowledge, each Receivable that was originated by a
Dealer [or an Originator] was sold by the Dealer [or the Originator, as applicable] to the Seller and by the Seller to the Purchaser without any fraud or misrepresentation on the part of such Dealer[, such Originator] or the Seller, respectively.

 (d) Lawful Assignment. No Receivable was originated in, or is subject to the laws of, any jurisdiction the laws of
which would make unlawful, void or voidable the sale, transfer and assignment of such Receivable under this Agreement or pursuant to transfers of the Notes. 

(e) No Impairment. The Seller has not done anything to convey any right to any Person that would result in such Person
having a right to payments due under the Receivables or otherwise to impair the rights of the Purchaser, the Issuer, the Indenture Trustee and the Noteholders in any Receivable or the proceeds thereof. Other than the security interest granted to the
Purchaser pursuant to this Agreement and except any other security interests that have been fully released and discharged as of the Closing Date, the Seller has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any
of the Receivables. The Seller has not authorized the filing of and is not aware of any financing statements against the Seller that include a description of collateral covering the Receivables other than any financing statement relating to the
security interest granted to the Purchaser hereunder or that has been terminated. The Seller is not aware of any judgment, ERISA or tax lien filings against it; and 

(f) No Funds Advanced. No funds had been advanced by the Seller or anyone acting on behalf of the Seller in order to
cause any Receivable to qualify under the representation and warranty set forth as clause [21(E)] of Schedule B-1. 
 (g)
Organization and Good Standing. Seller has been duly organized and is validly existing as a corporation in good standing under the laws of the State of Texas, with power and authority to own its properties and to conduct its business as such

  
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properties are currently owned and such business is currently conducted, and had at all relevant times, and now has, power, authority and legal right to acquire, own and sell the Receivables and
the Other Conveyed Property to be transferred to Purchaser. 
 (h) Due Qualification. Seller is duly qualified to do
business as a foreign corporation, is in good standing, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its property or the conduct of its business requires such qualification. 

(i) Power and Authority. Seller has the power and authority to execute and deliver this Agreement and its Related
Documents and to carry out its terms and their terms, respectively; Seller has full power and authority to sell and assign the Receivables and the Other Conveyed Property to be sold and assigned to and deposited with Purchaser hereunder and has duly
authorized such sale and assignment to Purchaser by all necessary corporate action; and the execution, delivery and performance of this Agreement and Seller’s Related Documents have been duly authorized by Seller by all necessary corporate
action. 
 (j) No Consent Required. Seller is not required to obtain the consent of any other Person, or any consent,
license, approval or authorization or registration or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery or performance of this Agreement and the Related Documents, except for such as have been
obtained, effected or made. 
 (k) Valid Sale; Binding Obligations. This Agreement and Seller’s Related Documents
have been duly executed and delivered, shall effect a valid sale, transfer and assignment of the Receivables and the Other Conveyed Property to the Purchaser, enforceable against Seller and creditors of and purchasers from Seller; and this Agreement
and Seller’s Related Documents constitute legal, valid and binding obligations of Seller enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization or other similar
laws affecting the enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

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

  
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 (m) No Proceedings. There are no proceedings or investigations pending or,
to Seller’s knowledge, threatened against Seller, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over Seller or its properties (i) asserting the invalidity of
this Agreement or any of the Related Documents, (ii) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the Related Documents, (iii) seeking any
determination or ruling that might materially and adversely affect the performance by Seller of its obligations under, or the validity or enforceability of, this Agreement or any of the Related Documents or (iv) seeking to affect adversely the
federal income tax or other federal, state or local tax attributes of, or seeking to impose any excise, franchise, transfer or similar tax upon, the transfer and acquisition of the Receivables and the Other Conveyed Property hereunder or under the
Sale and Servicing Agreement. 
 (n) Solvency. The Seller is not insolvent, nor will the Seller be made insolvent by
the transfer of the Receivables, nor does the Seller anticipate any pending insolvency. 
 (o) True Sale. The
Receivables are being transferred with the intention of removing them from Seller’s estate pursuant to Section 541 of the Bankruptcy Code, as the same may be amended from time to time. 

(p) Chief Executive Office and Principal Place of Business. The chief executive office and principal place of business
of Seller is located at [222 West Las Colinas Boulevard, Suite 1800, Irving, Texas 75039]. 
 SECTION 3.2 Representations and Warranties
of Purchaser. Purchaser makes the following representations and warranties as of the date hereof and as of the Closing Date, on which Seller relies in selling, assigning, transferring and conveying the Receivables and the Other Conveyed Property
to Purchaser hereunder [and under any Subsequent Purchase Agreement]. Such representations are made as of the execution and delivery of this Agreement [and under any Subsequent Purchase Agreement], but shall survive the sale, transfer and assignment
of the Receivables and the Other Conveyed Property hereunder [and under any Subsequent Purchase Agreement], the sale, transfer and assignment thereof by Purchaser to the Issuer under the Sale and Servicing Agreement, and the pledge thereof by the
Issuer to the Indenture Trustee under the Indenture. 
 (a) Organization and Good Standing. Purchaser has been duly
organized and is validly existing and in good standing as a limited liability company under the laws of the State of Delaware, with the power and authority to own its properties and to conduct its business as such properties are currently owned and
such business is currently conducted, and had at all relevant times, and has, full power, authority and legal right to acquire and own the Receivables and the Other Conveyed Property, and to transfer the Receivables and the Other Conveyed Property
to the Issuer pursuant to the Sale and Servicing Agreement. 

  
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 (b) Due Qualification. Purchaser is duly qualified to do business as a
foreign limited liability company, is in good standing, and has obtained all necessary licenses and approvals in all jurisdictions where the failure to do so would materially and adversely affect Purchaser’s ability to acquire the Receivables
or the Other Conveyed Property, and to transfer the Receivables and the Other Conveyed Property to the Issuer pursuant to the Sale and Servicing Agreement, or the validity or enforceability of the Receivables and the Other Conveyed Property or to
perform Purchaser’s obligations hereunder and under the Purchaser’s Related Documents. 
 (c) Power and
Authority. Purchaser has the power, authority and legal right to execute and deliver this Agreement and to carry out the terms hereof and to acquire the Receivables and the Other Conveyed Property hereunder; and the execution, delivery and
performance of this Agreement and all of the documents required pursuant hereto have been duly authorized by Purchaser by all necessary corporate action. 

(d) No Consent Required. Purchaser is not required to obtain the consent of any other Person, or any consent, license,
approval or authorization or registration or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery or performance of this Agreement and the Related Documents, except for such as have been obtained,
effected or made. 
 (e) Binding Obligation. This Agreement constitutes a legal, valid and binding obligation of
Purchaser, enforceable against Purchaser in accordance with its terms, subject, as to enforceability, to applicable bankruptcy, insolvency, reorganization, conservatorship, receivership, liquidation and other similar laws and to general equitable
principles. 
 (f) No Violation. The execution, delivery and performance by Purchaser of this Agreement, the
consummation of the transactions contemplated by this Agreement and the Related Documents and the fulfillment of the terms of this Agreement and the Related Documents do not and will not conflict with, result in any breach of any of the terms and
provisions of, or constitute (with or without notice or lapse of time) a default under, the certificate of formation or limited liability company agreement of Purchaser, or conflict with or breach any of the terms or provisions of, or constitute
(with or without notice or lapse of time) a default under, any indenture, agreement, mortgage, deed of trust or other instrument to which Purchaser is a party or by which Purchaser is bound or to which any of its properties are subject, or result in
the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument (other than the Sale and Servicing Agreement), or violate any law, order, rule or
regulation, applicable to Purchaser or its properties, of any federal or state regulatory body, any court, administrative agency, or other governmental instrumentality having jurisdiction over Purchaser or any of its properties. 

(g) No Proceedings. There are no proceedings or investigations pending, or, to the knowledge of Purchaser, threatened
against Purchaser, before any court, regulatory body, administrative agency, or other tribunal or governmental instrumentality having jurisdiction over Purchaser or its properties: (i) asserting the invalidity of this Agreement

  
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or any of the Related Documents, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any of the Related Documents, (iii) seeking any
determination or ruling that might materially and adversely affect the performance by Purchaser of its obligations under, or the validity or enforceability of, this Agreement or any of the Related Documents or (iv) that may adversely affect the
federal or state income tax attributes of, or seeking to impose any excise, franchise, transfer or similar tax upon, the transfer and acquisition of the Receivables and the Other Conveyed Property hereunder or the transfer of the Receivables and the
Other Conveyed Property to the Issuer pursuant to the Sale and Servicing Agreement. 
 In the event of any breach of a representation and
warranty made by Purchaser hereunder, Seller covenants and agrees that it will not take any action to pursue any remedy that it may have hereunder, in law, in equity or otherwise, until a year and a day have passed since the date on which all Notes,
the Certificate, pass-through certificates or other similar securities issued by Purchaser, or a trust or similar vehicle formed by Purchaser, have been paid in full. Seller and Purchaser agree that damages will not be an adequate remedy for such
breach and that this covenant may be specifically enforced by Purchaser, Issuer or by the Indenture Trustee on behalf of the Noteholders and Owner Trustee on behalf of the Certificateholder. 

ARTICLE IV. 
 COVENANTS
OF SELLER 
 SECTION 4.1 Protection of Title of Purchaser. 

(a) At or prior to the Closing Date, Seller shall have filed or caused to be filed a UCC-1 financing statement, naming Seller
as seller or debtor, naming Purchaser as purchaser or secured party and describing the [Initial] Receivables and the [Initial] Other Conveyed Property being sold by it to Purchaser as collateral, with the office of the Secretary of State of the
State of Texas and in such other locations as Purchaser shall have required. [At or prior to any Subsequent Transfer Date, Seller shall file or cause to be filed a UCC-1 financing statement naming Seller as seller or debtor, naming the Purchaser as
purchaser or secured party and describing the Subsequent Receivables and the Subsequent Other Conveyed Property being sold by it to the Purchaser as collateral, with the office of the Secretary of State of the State of Delaware and in such other
locations as Purchaser shall require.] From time to time thereafter, Seller shall execute and file such financing statements and cause to be executed and filed such continuation statements, all in such manner and in such places as may be required by
law fully to preserve, maintain and protect the interest of Purchaser under this Agreement, of the Issuer under the Sale and Servicing Agreement and of the Indenture Trustee under the Indenture in the Receivables and the Other Conveyed Property and
in the proceeds thereof. Seller shall deliver (or cause to be delivered) to Purchaser and the Indenture Trustee file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing. In the
event that Seller fails to perform its obligations under this subsection, Purchaser, Issuer or the Indenture Trustee may do so, at the expense of the Seller. In furtherance of the foregoing, the Seller hereby authorizes the Purchaser, the Issuer or
the Indenture Trustee to file a record or records (as 

  
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defined in the applicable UCC), including, without limitation, financing statements, in all jurisdictions and with all filing offices as each may determine, in its sole discretion, are necessary
or advisable to perfect the security interest granted to the Purchaser pursuant to Section 6.9 of this Agreement. Such financing statements may describe the collateral in the same manner as described herein or may contain an indication or
description of collateral that describes such property in any other manner as such party may determine, in its sole discretion, is necessary, advisable or prudent to ensure the perfection of the security interest in the collateral granted to the
Purchaser herein. The Indenture Trustee shall not be obligated to file any such records (including, without limitation, financing statements) except upon written instruction from the Seller or the Issuer. 

(b) Seller shall not change its name, identity, state of incorporation or corporate structure in any manner that would, could
or might make any financing statement or continuation statement filed by Seller (or by Purchaser, Issuer or the Indenture Trustee on behalf of Seller) in accordance with paragraph (a) above seriously misleading within the meaning of §9-506
of the applicable UCC, unless they shall have given Purchaser, Issuer and the Indenture Trustee at least 60 days’ prior written notice thereof, and shall promptly file appropriate amendments to all previously filed financing statements and
continuation statements. 
 (c) Seller shall give Purchaser, the Issuer and the Indenture Trustee at least 60 days’
prior written notice of any relocation that would result in a change of the location of the debtor within the meaning of Section 9-307 of the applicable UCC. Seller shall at all times maintain (i) each office from which it services
Receivables within the United States of America or Canada and (ii) its principal executive office within the United States of America. 

(d) Prior to the Closing Date [and with respect to Subsequent Receivables, the Subsequent Transfer Date], Seller has maintained
accounts and records as to each Receivable accurately and in sufficient detail to permit (i) the reader thereof to know at any time as of or prior to the Closing Date [and with respect to Subsequent Receivables, the Subsequent Transfer Date],
the status of such Receivable, including payments and recoveries made and payments owing (and the nature of each) and (ii) reconciliation between payments or recoveries on (or with respect to) each Receivable and the Principal Balance [with
respect to the Initial Receivables] as of the [Initial] Cutoff Date [and with respect to Subsequent Receivables, the Subsequent Cutoff Date]. Seller shall maintain its computer systems so that, from and after the time of sale under this Agreement of
the Receivables to Purchaser, and the conveyance of the Receivables by Purchaser to the Issuer, Seller’s master computer records (including archives) that shall refer to a Receivable indicate clearly that such Receivable has been sold to
Purchaser and has been conveyed by Purchaser to the Issuer. Indication of the Issuer’s ownership of a Receivable shall be deleted from or modified on Seller’s computer systems when, and only when, the Receivable shall become a Purchased
Receivable or shall have been paid in full pursuant to the terms of the Sale and Servicing Agreement. 
 (e) If at any time
Seller shall propose to sell, grant a security interest in, or otherwise transfer any interest in any motor vehicle receivables to any prospective 

  
 11 

 
purchaser, lender or other transferee, Seller shall give to such prospective purchaser, lender, or other transferee computer tapes, records, or print-outs (including any restored from archives)
that, if they shall refer in any manner whatsoever to any Receivable (other than a Purchased Receivable), shall indicate clearly that such Receivable has been sold to Purchaser, sold by Purchaser to Issuer, and is owned by the Issuer. 

SECTION 4.2 Other Liens or Interests. Except for the conveyances hereunder, Seller will not sell, pledge, assign or transfer to any
other Person, or grant, create, incur, assume or suffer to exist any Lien on the Receivables or the Other Conveyed Property or any interest therein, and Seller shall defend the right, title, and interest of Purchaser and the Issuer in and to the
Receivables and the Other Conveyed Property against all claims of third-parties claiming through or under Seller. 
 SECTION 4.3 Costs
and Expenses. Seller shall pay all reasonable costs and disbursements in connection with the performance of its obligations hereunder and under its Related Documents. 

SECTION 4.4 Indemnification. 

(a) Seller shall defend, indemnify and hold harmless Purchaser, the Issuer, the Indenture Trustee, [the Backup Servicer,] the
Owner Trustee, the Noteholders and the Certificateholder from and against any and all costs, expenses, losses, damages, claims, and liabilities, arising out of or resulting from any breach of any of Seller’s representations and warranties
contained herein. 
 (b) Seller shall defend, indemnify and hold harmless Purchaser, the Issuer, the Indenture Trustee, [the
Backup Servicer,] the Owner Trustee, the Noteholders and the Certificateholder from and against any and all costs, expenses, losses, damages, claims, and liabilities, arising out of or resulting from the use, ownership or operation by Seller or any
affiliate thereof of a Financed Vehicle. 
 (c) Seller shall defend, indemnify and hold harmless Purchaser, the Issuer, the
Indenture Trustee, [the Backup Servicer,] the Owner Trustee, the Noteholders and the Certificateholder from and against any and all costs, expenses, losses, damages, claims and liabilities arising out of or resulting from any action taken, or failed
to be taken, by it in respect of any portion of the Receivables other than in accordance with this Agreement or the Sale and Servicing Agreement. 

(d) Seller agrees to pay, and shall defend, indemnify and hold harmless Purchaser, the Issuer, the Indenture Trustee, [the
Backup Servicer,] the Owner Trustee, the Noteholders and the Certificateholder from and against any taxes that may at any time be asserted against Purchaser, the Issuer, the Indenture Trustee, [the Backup Servicer,] the Owner Trustee, the
Noteholders and the Certificateholder with respect to the transactions contemplated in this Agreement, including, without limitation, any sales, gross receipts, general corporation, tangible or intangible personal property, privilege, or license
taxes (but not including any taxes asserted with respect to, and as of the date of, the sale, 

  
 12 

 
transfer and assignment of the Receivables and the Other Conveyed Property to Purchaser and by Purchaser to the Issuer or the issuance and original sale of the Notes or issuance of the
Certificate, or asserted with respect to ownership of the Receivables and Other Conveyed Property which shall be indemnified by Seller pursuant to clause (e) below, or federal, state or other income taxes, arising out of distributions on the
Notes or the Certificate or transfer taxes arising in connection with the transfer of the Notes or the Certificate) and costs and expenses in defending against the same, arising by reason of the acts to be performed by Seller under this Agreement or
imposed against such Persons. 
 (e) Seller agrees to pay, and to indemnify, defend and hold harmless Purchaser, the Issuer,
the Indenture Trustee, [the Backup Servicer,] the Owner Trustee, the Noteholders and the Certificateholder from, any taxes which may at any time be asserted against such Persons with respect to, and as of the date of, the conveyance or ownership of
the Receivables or the Other Conveyed Property hereunder [and under any Subsequent Purchase Agreement] and the conveyance or ownership of the Receivables under the Sale and Servicing Agreement [and under any Subsequent Transfer Agreement] or the
issuance and original sale of the Notes or the issuance of the Certificate, including, without limitation, any sales, gross receipts, personal property, tangible or intangible personal property, privilege or license taxes (but not including any
federal or other income taxes, including franchise taxes, arising out of the transactions contemplated hereby or transfer taxes arising in connection with the transfer of the Notes or the Certificate) and costs and expenses in defending against the
same, arising by reason of the acts to be performed by Seller under this Agreement or imposed against such Persons. 
 (f)
Seller shall defend, indemnify, and hold harmless Purchaser, the Issuer, the Indenture Trustee, [the Backup Servicer,] the Owner Trustee, the Noteholders and the Certificateholder from and against any and all costs, expenses, losses, claims,
damages, and liabilities to the extent that such cost, expense, loss, claim, damage, or liability arose out of, or was imposed upon Purchaser, the Issuer, the Indenture Trustee, [the Backup Servicer,] the Owner Trustee, the Noteholders or the
Certificateholder through the gross negligence, willful misfeasance, or bad faith of Seller in the performance of its duties under this Agreement or by reason of reckless disregard of Seller’s obligations and duties under this Agreement. 

(g) Seller shall indemnify, defend and hold harmless Purchaser, the Issuer, the Indenture Trustee, [the Backup Servicer,] the
Owner Trustee, the Noteholders and the Certificateholder from and against any loss, liability or expense incurred by reason of the violation by Seller of federal or state securities laws in connection with the registration or the sale of the Notes.

 (h) Seller shall indemnify, defend and hold harmless Purchaser, the Issuer, the Indenture Trustee, [the Backup Servicer,]
the Owner Trustee, the Noteholders and the Certificateholder from and against any loss, liability or expense imposed upon, or incurred by, Purchaser, the Issuer, the Indenture Trustee, [the Backup Servicer,] the Owner Trustee, the Noteholders or the
Certificateholder as result of the failure of any Receivable, or the sale of the related Financed Vehicle, to comply with all requirements of applicable law. 

  
 13 

 (i) Seller shall defend, indemnify, and hold harmless Purchaser from and against
all costs, expenses, losses, claims, damages, and liabilities arising out of or incurred in connection with the acceptance or performance of Seller’s trusts and duties as Servicer under the Sale and Servicing Agreement, except to the extent
that such cost, expense, loss, claim, damage, or liability shall be due to the willful misfeasance, bad faith, or gross negligence (except for errors in judgment) of Purchaser. 

(j) Seller shall indemnify the Owner Trustee and its officers, directors, successors, assigns, agents and servants jointly and
severally with the Purchaser pursuant to Section 7.2 of the Trust Agreement. 
 Indemnification under this Section 4.4 shall
include reasonable fees and expenses of counsel and expenses of litigation and shall survive payment of the Notes and the Certificate. The indemnity obligations hereunder shall be in addition to any obligation that Seller may otherwise have. 

ARTICLE V. 
 REPURCHASES

 SECTION 5.1 Repurchase of Receivables upon Breach. Upon the occurrence of a Repurchase Event, Seller shall, unless the breach
which is the subject of such Repurchase Event shall have been cured in all material respects, repurchase the Receivable relating thereto from the Issuer if and only if the interests of the Noteholders therein are materially and adversely affected by
any such breach and, simultaneously with the repurchase of the Receivable, Seller shall deposit the Purchase Amount in full, without deduction or offset, to the Collection Account, pursuant to Section 3.2 of the Sale and Servicing Agreement. It
is understood and agreed that, except as set forth in Section 6.1 hereof, the obligation of Seller to repurchase any Receivable, as to which a breach occurred and is continuing, shall, if such obligation is fulfilled, constitute the sole remedy
against Seller for such breach available to Purchaser, the Issuer, the Noteholders, the Certificateholder, the Indenture Trustee on behalf of the Noteholders or the Owner Trustee on behalf of the Certificateholder. The provisions of this
Section 5.1 are intended to grant the Issuer[, the Backup Servicer,] and the Indenture Trustee a direct right against Seller to demand performance hereunder, and in connection therewith, Seller waives any requirement of prior demand against
Purchaser with respect to such repurchase obligation. Furthermore, any Person who may request that any Receivable be repurchased by the Seller or the Purchaser in accordance with Section 3.2 of the Sale and Servicing Agreement may request that
the Seller repurchase the related Receivable due to the occurrence of a Repurchase Event, in the same manner that it would request such repurchase pursuant to Section 3.2 of the Sale and Servicing Agreement. Any repurchase hereunder shall take
place in the manner specified in Section 3.2 of the Sale and Servicing Agreement. Notwithstanding any other provision of this Agreement or the Sale and Servicing Agreement to the contrary, the obligation of Seller under this Section shall not
terminate upon a termination of Seller as Servicer under the Sale and Servicing Agreement and shall be performed in accordance with the terms hereof notwithstanding the failure of the Servicer or Purchaser to perform any of their respective
obligations with respect to such Receivable under the Sale and Servicing Agreement. 

  
 14 

 In addition to the foregoing and notwithstanding whether the related Receivable shall have been
purchased by Seller, Seller shall indemnify the Issuer, the Indenture Trustee, [the Backup Servicer,] the Owner Trustee, the Noteholders and the Certificateholder from and against all costs, expenses, losses, damages, claims and liabilities,
including reasonable fees and expenses of counsel, which may be asserted against or incurred by any of them as a result of third-party claims arising out of the events or facts giving rise to such Repurchase Events. 

SECTION 5.2 Reassignment of Purchased Receivables. Upon deposit in the Collection Account of the Purchase Amount of any Receivable
repurchased by Seller under Section 5.1 hereof, Purchaser and the Issuer shall take such steps as may be reasonably requested by Seller in order to assign to Seller all of Purchaser’s and the Issuer’s right, title and interest in and
to such Receivable and all security and documents and all Other Conveyed Property conveyed to Purchaser and the Issuer directly relating thereto, without recourse, representation or warranty, except as to the absence of Liens created by or arising
as a result of actions of Purchaser or the Issuer. Such assignment shall be a sale and assignment outright, and not for security. If, following the reassignment of a Purchased Receivable, in any enforcement suit or legal proceeding, it is held that
Seller may not enforce any such Receivable on the ground that it shall not be a real party in interest or a holder entitled to enforce the Receivable, Purchaser and the Issuer shall, at the expense of Seller, take such steps as Seller deems
reasonably necessary to enforce the Receivable, including bringing suit in Purchaser’s or in the Issuer’s name. 
 SECTION 5.3
Waivers. No failure or delay on the part of Purchaser, or the Issuer as assignee of Purchaser, or the Indenture Trustee as assignee of the Issuer, in exercising any power, right or remedy under this Agreement shall operate as a waiver
thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other or future exercise thereof or the exercise of any other power, right or remedy. 

ARTICLE VI. 

MISCELLANEOUS 
 SECTION 6.1
Liability of Seller. Seller shall be liable in accordance herewith only to the extent of the obligations in this Agreement specifically undertaken by Seller and the representations and warranties of Seller. 

SECTION 6.2 Merger or Consolidation of Seller or Purchaser. Any corporation or other entity (i) into which Seller or Purchaser may
be merged or consolidated, (ii) resulting from any merger or consolidation to which Seller or Purchaser is a party or (iii) succeeding to the business of Seller or Purchaser, in the case of Purchaser, which entity has a certificate of
incorporation or other similar organizational document containing provisions relating to limitations on business and other matters substantively identical to those 

  
 15 

 
contained in Purchaser’s certificate of formation, provided that in any of the foregoing cases such entity shall execute an agreement of assumption to perform every obligation of Seller or
Purchaser, as the case may be, under this Agreement and, whether or not such assumption agreement is executed, shall be the successor to Seller or Purchaser, as the case may be, hereunder (without relieving Seller or Purchaser of their
responsibilities hereunder, if it survives such merger or consolidation) without the execution or filing of any document or any further action by any of the parties to this Agreement. Seller or Purchaser shall promptly inform the other party, the
Issuer, the Indenture Trustee and the Owner Trustee and, as a condition to the consummation of the transactions referred to in clauses (i), (ii) and (iii) above, (x) immediately after giving effect to such transaction, no
representation or warranty made pursuant to Sections 3.1 and 3.2 of this Agreement shall have been breached (for purposes hereof, such representations and warranties shall speak as of the date of the consummation of such transaction) and be
continuing, (y) Seller or Purchaser, as applicable, shall have delivered written notice of such consolidation, merger or purchase and assumption to the Rating Agencies prior to the consummation of such transaction and shall have delivered to
the Issuer, and the Indenture Trustee an Officer’s Certificate of the Seller or a certificate signed by or on behalf of the Purchaser, as applicable, and an Opinion of Counsel each stating that such consolidation, merger or succession and such
agreement of assumption comply with this Section 6.2 and that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been complied with, and (z) Seller or Purchaser, as applicable, shall have
delivered to the Issuer, and the Indenture Trustee an Opinion of Counsel, stating, in the opinion of such counsel, either (A) all financing statements and continuation statements and amendments thereto have been executed and filed that are
necessary to preserve and protect the interest of the Issuer and the Indenture Trustee in the Receivables and reciting the details of the filings or (B) no such action shall be necessary to preserve and protect such interest. 

SECTION 6.3 Limitation on Liability of Seller and Others. Seller and any director, officer, employee or agent thereof may rely in good
faith on the advice of counsel or on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising under this Agreement. Seller shall not be under any obligation to appear in, prosecute or defend
any legal action that is not incidental to its obligations under this Agreement or its Related Documents and that in its opinion may involve it in any expense or liability. 

SECTION 6.4 Seller May Own Notes or the Certificate. Subject to the provisions of the Sale and Servicing Agreement, Seller and any
Affiliate of Seller may in their individual or any other capacity become the owner or pledgee of Notes or the Certificate with the same rights as they would have if they were not Seller or an Affiliate thereof. 

SECTION 6.5 Amendment. 

(a) This Agreement may be amended by Seller and Purchaser without the consent of the Indenture Trustee, the Owner Trustee, the
Certificateholder or any of the Noteholders (i) to cure any ambiguity or (ii) to correct any provisions in this Agreement; provided, however, that such action shall not, as evidenced by an Opinion of Counsel delivered to the Issuer, the
Owner Trustee and the Indenture Trustee, adversely affect in any material respect the interests of any Certificateholder or Noteholder. 

  
 16 

 (b) This Agreement may also be amended from time to time by Seller and Purchaser,
and with the consent of the Indenture Trustee and the Noteholders evidencing not less than a majority of the outstanding principal amount of the Notes, in accordance with the Sale and Servicing Agreement, for the purpose of adding any provisions to
or changing in any manner or eliminating any of the provisions of this Agreement, or of modifying in any manner the rights of the Certificateholder or Noteholders; provided, however, the Seller provides the Indenture Trustee with an
Opinion of Counsel, (which may be provided by the Seller’s internal counsel) that no such amendment shall increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on Receivables or
distributions that shall be required to be made on any Note or the Certificate. 
 (c) Prior to the execution of any such
amendment or consent, Seller shall have furnished written notification of the substance of such amendment or consent to each Rating Agency. 

(d) It shall not be necessary for the consent of Certificateholder or Noteholders pursuant to this Section to approve the
particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents and of evidencing the authorization of the execution thereof by
Certificateholder or Noteholders shall be subject to such reasonable requirements as the Indenture Trustee may prescribe, including the establishment of record dates. The consent of a Holder of the Certificate or a Note given pursuant to this
Section or pursuant to any other provision of this Agreement shall be conclusive and binding on such Holder and on all future Holders of the Certificate or such Note and of the Certificate or any Note issued upon the transfer thereof or in exchange
thereof or in lieu thereof whether or not notation of such consent is made upon the Certificate or Note. 
 SECTION 6.6 Notices. All
demands, notices and communications to Seller or Purchaser hereunder shall be in writing, personally delivered, or sent by telecopier (subsequently confirmed in writing), reputable overnight courier or mailed by certified mail, return receipt
requested, and shall be deemed to have been given upon receipt (a) in the case of Seller, to Exeter Finance Corp., [222 West Las Colinas Boulevard, Suite 1800, Irving, Texas 75039, Attention: Chief Financial Officer], or (b) in the case of
Purchaser, to EFCAR, LLC, [222 West Las Colinas Boulevard, Suite 1800, Irving, Texas 75039, Attention: Chief Financial Officer], or such other address as shall be designated by a party in a written notice delivered to the other party or to the
Issuer, Owner Trustee or the Indenture Trustee, as applicable. 
 SECTION 6.7 Merger and Integration. Except as specifically stated
otherwise herein, this Agreement and Related Documents set forth the entire understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Agreement and the Related
Documents. This Agreement may not be modified, amended, waived or supplemented except as provided herein. 

  
 17 

 SECTION 6.8 Severability of Provisions. If any one or more of the covenants, provisions or
terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, provisions or terms shall be deemed severable from the remaining covenants, provisions or terms of this Agreement and shall in no way affect the validity
or enforceability of the other provisions of this Agreement. 
 SECTION 6.9 Intention of the Parties. 

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

(2) the security interests in the Financed Vehicles granted by Obligors pursuant to the Receivables and any other interest of
the Seller in such Financed Vehicles; 
 (3) any proceeds and the right to receive proceeds with respect to the [Initial]
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; 

(4) any proceeds from any [Initial] Receivable repurchased by a Dealer pursuant to a Dealer Agreement [or repurchased by an
Originator pursuant to an Originator Agreement] as a result of a breach of representation or warranty in the related Dealer Agreement [or in the related Originator Agreement, as applicable]; 

(5) all rights under any Service Contracts on the related Financed Vehicles; 

  
 18 

 (6) the related Receivable Files; 

(7) all of the Seller’s (i) Accounts, (ii) Chattel Paper, (iii) Documents, (iv) Instruments and
(v) General Intangibles (as such terms are defined in the UCC) relating to the property described in (1) through (6); and 

(8) all proceeds and investments with respect to items (1) through (7). 

SECTION 6.10 Governing Law. This Agreement shall be construed in accordance with, and this Agreement and all matters arising out of or
relating in any way to this Agreement shall be governed by, the law of the State of New York, without giving effect to its conflict of law provisions (other than Sections 5-1401 and 5-1402 of the New York General Obligations Law). 

SECTION 6.11 Waiver of Jury Trial. THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS
AGREEMENT OR ANY OTHER DOCUMENT OR INSTRUMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH. 
 SECTION 6.12 Counterparts. For the
purpose of facilitating the execution of this Agreement and for other purposes, this Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and all of which counterparts
shall constitute but one and the same instrument. 
 SECTION 6.13 Conveyance of the Receivables and the Other Conveyed Property to the
Issuer. Seller acknowledges that Purchaser intends, pursuant to the Sale and Servicing Agreement, to convey the Receivables and the Other Conveyed Property, together with its rights under this Agreement, to the Issuer on the Closing Date [and on
the Subsequent Transfer Date in the case of Subsequent Receivables]. Seller acknowledges and consents to such conveyance and pledge and waives any further notice thereof and covenants and agrees that the representations and warranties of Seller
contained in this Agreement [and any Subsequent Purchase Agreement] and the rights of Purchaser hereunder are intended to benefit the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders and the Certificateholder. In furtherance of the
foregoing, Seller covenants and agrees to perform its duties and obligations hereunder, in accordance with the terms hereof for the benefit of the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders and the Certificateholder and that,
notwithstanding anything to the contrary in this Agreement, Seller shall be directly liable to the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders and the Certificateholder (notwithstanding any failure by the Servicer[, the Backup
Servicer] or the Purchaser to perform its respective duties and obligations hereunder or under Related Documents) and that the Indenture Trustee may enforce the duties and obligations of Seller under this Agreement against Seller for the benefit of
the Owner Trustee, the Indenture Trustee, the Noteholders and the Certificateholder. 

  
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 SECTION 6.14 Nonpetition Covenant. Neither Purchaser nor Seller shall petition or
otherwise invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Purchaser or the Issuer under any federal or state bankruptcy, insolvency or similar law or appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Purchaser or the Issuer or any substantial part of their respective property, or ordering the winding up or liquidation of the affairs of the Purchaser or the
Issuer. 
 [Remainder of Page Intentionally Left Blank] 

  
 20 

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

			
	EFCAR, LLC, as Purchaser
		
	By:	 	  

		 	Name:
		 	Title:
	
	EXETER FINANCE CORP.,
		 	as Seller
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Accepted:
	
	[INDENTURE TRUSTEE],
	not in its individual capacity but solely as Indenture Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Purchase Agreement] 

 SCHEDULE A 

SCHEDULE OF RECEIVABLES 

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

  
 SCH-A-1 

 SCHEDULE B-1 

REPRESENTATIONS AND WARRANTIES OF THE SELLER 

REGARDING THE RECEIVABLES 

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

2. Compliance with Law. All requirements of applicable federal, state and local laws, and regulations thereunder (including, without
limitation, usury laws, the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Moss-Magnuson
Warranty Act, the Federal Reserve Board’s Regulations “B” and “Z” (including amendments to the Federal Reserve’s Official Staff Commentary to Regulation Z, effective October 1, 1998, concerning negative equity
loans), the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Servicemembers Civil Relief Act, each applicable state Motor Vehicle Retail Installment Sales Act, the Gramm-Leach-Bliley Act and state adaptations of the National Consumer
Act and of the Uniform Consumer Credit Code and other consumer credit laws and equal credit opportunity and disclosure laws) in respect of the Receivables and the Financed Vehicles, have been complied with in all material respects. 

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

4. Binding Obligation. Each Receivable represents the genuine, legal, valid and binding payment obligation of the Obligor thereon,
enforceable by the holder thereof in accordance with its terms, except (A) as enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting the enforcement of creditors’ rights generally and by equitable
limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law and (B) as such Receivable may be modified by the application after the Cutoff Date of the
Servicemembers Civil Relief Act, as amended; and, to the best of the Seller’s and the Servicer’s knowledge, all parties to each Receivable had full legal capacity to execute and deliver such Receivable and all other documents related
thereto and to grant the security interest purported to be granted thereby. 

  
 SCH-B-1 

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

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

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

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

11. Revisions. With respect to Contracts that are “electronic chattel paper”, the related Receivables have been established
in a manner such that (a) all copies or revisions that add or change an identified assignee of the authoritative copy of each such Contract must be made with the participation of the Indenture Trustee and (b) all revisions of the
authoritative copy of each such Contract must be readily identifiable as an authorized or unauthorized revision. 
 12. Pledge or
Assignment. With respect to Contracts that are “electronic chattel paper”, the authoritative copy of each Contract communicated to the Custodian has no marks or notations indicating that it has been pledged, assigned or otherwise
conveyed to any Person other than the Indenture Trustee. 
 13. Receivable Files Complete. There exists a Receivable File pertaining
to each Receivable. Related documentation concerning the Receivable, including any documentation regarding modifications of the Contract, will be maintained electronically by the Servicer in accordance with customary policies and procedures. With
respect to any Receivables that are tangible chattel paper, the complete Receivable File for each Receivable currently is in the possession of the Custodian. 

  
 SCH-B-2 

 14. Receivables in Force. No Receivable has been satisfied, or, to the best of the
Seller’s and the Servicer’s knowledge, subordinated or rescinded, and the Financed Vehicle securing each such Receivable has not been released from the lien of the related Receivable in whole or in part. No terms of any Receivable have
been waived, altered or modified in any respect since its origination, except by instruments or documents identified in the Receivable File or the Servicer’s electronic records. 

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

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

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

  
 SCH-B-3 

 19. No Default. There has been no default, breach, or, to the knowledge of the Seller and
Servicer, violation or event permitting acceleration under the terms of any Receivable (other than payment delinquencies of not more than 30 days), and, to the best of the Seller’s knowledge, no condition exists or event has occurred and is
continuing that with notice, the lapse of time or both would constitute a default, breach, violation or event permitting acceleration under the terms of any Receivable, and there has been no waiver of any of the foregoing. 

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

(D) Each Receivable had an Annual Percentage Rate, as of the Cutoff Date, of at least     % and not more than
    %. 
 (E) No Receivable was more than 30 days past due as of the Cutoff Date. 

(F) No Receivable was a Liquidated Receivable. 

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

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

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

  
 SCH-B-4 

 (J) Each Receivable arose under a Contract that is assignable without the consent of, or notice
to, the Obligor thereunder, and does not contain a confidentiality provision that purports to restrict the ability of the Servicer to exercise its rights under the Sale and Servicing Agreement, including, without limitation, its right to review the
Contract. Each Receivable prohibits the sale or transfer of the Financed Vehicle without the consent of the Servicer. 
 (K) Each Receivable
arose under a Contract with respect to which Exeter has performed all obligations required to be performed by it thereunder. 
 (L) No
automobile related to a Receivable was held in repossession inventory as of the Cutoff Date. 
 (M) The Servicer’s records do not
indicate that any Obligor was in bankruptcy as of the Cutoff Date. 
 (N) No Obligor is the United States of America or any State or any
agency, department, subdivision or instrumentality thereof. 
 22. No Further Amounts Owed on the Receivables. At the time each
Receivable was acquired from a Dealer [or Originator], no further amounts were owed by Seller to the Obligor under the Receivable. 
 23.
Interest Calculation. Each Contract provides for the calculation of interest payable thereunder under the “simple interest” method. 

24. Lockbox Account. Each Obligor has been, or will be, directed to make all payments on their related Receivable to the Lockbox Bank
for deposit into the Lockbox Account. 
 25. Transfer. Each Receivable prohibits the sale or transfer of the Financed Vehicle without
the consent of the Seller. 
 26. Prepayment. Each Receivable allows for prepayment and partial prepayments without penalty. 

27. Prospectus Description. Each Receivable conforms, and all Receivables in the aggregate conform, in all material respects to the
description thereof set forth in the Prospectus. 
 28. Risk of Loss. Each Contract contains provisions requiring the Obligor to
assume all risk of loss or malfunction on the related Financed Vehicle, requiring the Obligor to pay all sales, use, property, excise and other similar taxes imposed on or with respect to the Financed Vehicle and making the Obligor liable for all
payments required to be made thereunder, without any setoff, counterclaim or defense for any reason whatsoever, subject only to the Obligor’s right of quiet enjoyment. 

  
 SCH-B-5 

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

  
 SCH-B-6 

 SCHEDULE B-2 

REPRESENTATIONS AND WARRANTIES OF THE SELLER 

REGARDING THE POOL OF RECEIVABLES 

1. Adverse Selection. No selection procedures adverse to the Noteholders were utilized in selecting the Receivables from those
receivables owned by the Seller which met the selection criteria set forth in clauses [(A) through (N) of number 21] of Schedule B-1. 

2. All Filings Made. All filings (including, without limitation, UCC filings (including, without limitation, the filing by the Seller
of all appropriate financing statements in the proper filing office in the State of Texas under applicable law in order to perfect the security interest in the Receivables granted to the Purchaser hereunder)) required to be made by any Person and
actions required to be taken or performed by any Person in any jurisdiction to give the Issuer and the Indenture Trustee a first priority perfected lien on, or ownership interest in, the Receivables and the proceeds thereof and the Other Conveyed
Property have been made, taken or performed. 
 3. Consumer Leases. No Receivable in the pool constitutes a “consumer
lease” under either (a) the UCC as in effect in the jurisdiction the law of which governs the Receivable or (b) the Consumer Leasing Act, 15 USC 1667. 

  
 SCH-B-1 

 [EXHIBIT A] 

[SUBSEQUENT PURCHASE AGREEMENT] 

[Transfer No.                     
of Subsequent Receivables, dated as of             , 20    , pursuant to a Purchase Agreement (the “Purchase Agreement”) dated as of
            , 20    , between Exeter Finance Corp., a Texas corporation (the “Seller”), and EFCAR, LLC, a Delaware limited liability
company (the “Purchaser”). 
 W I T N E S S E T H: 

WHEREAS pursuant to the Purchase Agreement, the Seller wishes to convey the Subsequent Receivables to the Purchaser; and 

WHEREAS, the Purchaser is willing to accept such conveyance subject to the terms and conditions hereof. 

NOW, THEREFORE, the Seller and the Purchaser hereby agree as follows: 

1. Defined Terms. Capitalized terms used herein shall have the meanings ascribed to them in the Purchase Agreement unless otherwise
defined herein. 
 “Subsequent Cutoff Date” shall mean, with respect to the Subsequent Receivables conveyed hereby,
            , 20    . 
 “Subsequent
Transfer Date” shall mean, with respect to the Subsequent Receivables conveyed hereby,             , 20    . 

2. Schedule of Receivables. Attached hereto as Schedule A is a supplement to Schedule A to the Purchase Agreement listing the
Receivables that constitute the Subsequent Receivables to be conveyed pursuant to this Agreement on the Subsequent Transfer Date. 
 3.
Conveyance of Subsequent Receivables. In consideration of the Purchaser’s delivery to, or upon the order of, the Seller of $        , the Seller does hereby sell, transfer, assign, set over
and otherwise convey to the Purchaser, without recourse (except as expressly provided in the Purchase Agreement), all right, title and interest of the Seller in and to: 

(a) the Subsequent Receivables and all moneys received thereon, after the Subsequent Cutoff Date; 

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

  
 Ex-A-1 

 (d) any proceeds from any Subsequent Receivable repurchased by a Dealer pursuant
to a Dealer Agreement [or repurchased by an Originator pursuant to an Originator Agreement] as a result of a breach of representation or warranty in the related Dealer Agreement [or in the related Originator Agreement, as applicable]; 

(e) all rights under any Service Contracts on the related Financed Vehicles; 

(f) the related Receivables Files; 

(g) all of the Seller’s (i) Accounts, (ii) Chattel Paper, (iii) Documents, (iv) Instruments and
(v) General Intangibles (as such terms are defined in the UCC) relating to the property described in (a) through (f); and 

(h) all proceed and investments with respect to items (a) through (g). 

The execution and delivery of this Agreement shall constitute an acknowledgment by the Seller and the Purchaser that they intend that the
assignment and transfer herein contemplated constitute a sale and assignment outright, and not for security, of the Subsequent Receivables and the Subsequent Other Conveyed Property, conveying good title thereto free and clear of any Liens, from the
Seller to the Purchaser, and that the Subsequent Receivables and the Subsequent Other Conveyed Property shall not be a part of the Seller’s estate in the event of the bankruptcy, reorganization, arrangement, insolvency or liquidation
proceeding, or other proceeding under any federal or state bankruptcy or similar law, or the occurrence of another similar event, of, or with respect to the Seller. In the event that such conveyance is determined to be made as security for a loan
made by the Purchaser, the Issuer, the Noteholders or the Certificateholder to the Seller, the parties hereto intend that the Seller shall have granted to the Purchaser a security interest in all of the Seller’s right, title and interest in and
to the Subsequent Receivables and the Subsequent Other Conveyed Property conveyed pursuant to this Section 3, and that this Agreement shall constitute a security agreement under applicable law. 

4. Representations and Warranties of the Seller. The Seller hereby represents and warrants to the Purchaser as of the date of this
Agreement and as of the Subsequent Transfer Date that: 
 (a) Schedule of Representations. The representations and
warranties relating to the Subsequent Receivables set forth on the Schedule of Representations attached as Schedule B to the Purchase Agreement are true and correct. 

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

(c) Due Qualification. The Seller is duly qualified to do business as a foreign corporation, is in good standing, and
has obtained all necessary licenses and approvals in all jurisdictions where the failure to do so would materially and adversely affect the Seller’s 

  
 Ex-A-2 

 
ability to transfer the respective Subsequent Receivables and the Subsequent Other Conveyed Property to the Purchaser pursuant to this Agreement, or the validity or enforceability of the
respective Subsequent Receivables and the Subsequent Other Conveyed Property or to perform the Seller’s obligations hereunder and under the Seller’s Related Documents. 

(d) Power and Authority. The Seller has the power and authority to execute and deliver this Agreement and its Related
Documents and to carry out its terms and their terms; the Seller has full power and authority to sell and assign the Subsequent Receivables and the Subsequent Other Conveyed Property to be sold and assigned to and deposited with the Purchaser by it
and has duly authorized such sale and assignment to the Purchaser by all necessary corporate action; and the execution, delivery and performance of this Agreement and the Seller’s Related Documents have been duly authorized by the Seller by all
necessary corporate action. 
 (e) Valid Sale, Binding Obligations. This Agreement effects a valid sale, transfer and
assignment of the respective Subsequent Receivables and the Subsequent Other Conveyed Property, enforceable against the Seller and creditors of and purchasers from the Seller; and this Agreement and the Seller’s Related Documents, when duly
executed and delivered, shall constitute legal, valid and binding obligations of the Seller enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization or other similar
laws affecting the enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

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

(g) No Proceedings. There are no proceedings or investigations pending or, to the Seller’s knowledge, threatened
against the Seller, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Seller or its properties (A) asserting the invalidity of this Agreement or any of the
Related Documents, (B) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any of the Related Documents, (C) seeking any determination or ruling that might materially and adversely affect the
performance by the Seller of its obligations under, or the validity or enforceability of, this Agreement or any of 

  
 Ex-A-3 

 
the Related Documents, or (D) seeking to adversely affect the federal income tax or other federal, state or local tax attributes of, or seeking to impose any excise, franchise, transfer or
similar tax upon, the transfer and acquisition of the respective Subsequent Receivables and the Subsequent Other Conveyed Property hereunder. 

(h) Chief Executive Office. The chief executive office of the Seller is at [222 West Las Colinas Boulevard, Suite 1800,
Irving, Texas 75039]. 
 (i) Legal Name. The Seller’s exact legal name is, and at all times has been, the name
indicated for it on the signature page below. 
 (j) Organization. the Seller is, and at all times has been, a
corporation organized exclusively under the laws of Texas. 
 (k) Principal Balance. The aggregate Principal Balance
of the Subsequent Receivables transferred by the Seller listed on Schedule A attached hereto and conveyed to the Purchaser pursuant to this Agreement as of the Subsequent Cutoff Date is $        . 

(l) Seller’s Intention. The Subsequent Receivables are being transferred with the intention of removing them from
the Seller’s estate pursuant to Section 541 of the United States Bankruptcy Code, as the same may be amended from time to time. 

5. Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants to the Seller as of the date of this
Agreement and as of the Subsequent Transfer Date that: 
 (a) Organization and Good Standing. Purchaser has been duly
organized and is validly existing and in good standing as a limited liability company under the laws of the State of Delaware, with the power and authority to own its properties and to conduct its business as such properties are currently owned and
such business is currently conducted, and had at all relevant times, and has, full power, authority and legal right to acquire and own the Subsequent Receivables and the Subsequent Other Conveyed Property, and to transfer the Subsequent Receivables
and the Subsequent Other Conveyed Property to the Issuer pursuant to the Sale and Servicing Agreement. 
 (b) Due
Qualification. Purchaser is duly qualified to do business as a foreign limited liability company, is in good standing, and has obtained all necessary licenses and approvals in all jurisdictions where the failure to do so would materially and
adversely affect Purchaser’s ability to acquire the Subsequent Receivables or the Subsequent Other Conveyed Property, and to transfer the Subsequent Receivables and the Subsequent Other Conveyed Property to the Issuer pursuant to the Sale and
Servicing Agreement, or the validity or enforceability of the Subsequent Receivables and the Subsequent Other Conveyed Property or to perform Purchaser’s obligations hereunder and under the Purchaser’s Related Documents. 

(c) Power and Authority. Purchaser has the power, authority and legal right to execute and deliver this Agreement and to
carry out the terms hereof and to acquire the 

  
 Ex-A-4 

 
Subsequent Receivables and the Subsequent Other Conveyed Property hereunder; and the execution, delivery and performance of this Agreement and all of the documents required pursuant hereto have
been duly authorized by Purchaser by all necessary corporate action. 
 (d) No Consent Required. Purchaser is not
required to obtain the consent of any other Person, or any consent, license, approval or authorization or registration or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery or performance of
this Agreement and the Related Documents, except for such as have been obtained, effected or made. 
 (e) Binding
Obligation. This Agreement constitutes a legal, valid and binding obligation of Purchaser, enforceable against Purchaser in accordance with its terms, subject, as to enforceability, to applicable bankruptcy, insolvency, reorganization,
conservatorship, receivership, liquidation and other similar laws and to general equitable principles. 
 (f) No
Violation. The execution, delivery and performance by Purchaser of this Agreement, the consummation of the transactions contemplated by this Agreement and the Related Documents and the fulfillment of the terms of this Agreement and the Related
Documents do not and will not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice, lapse of time or both) a default under, the certificate of formation or limited liability company
agreement of Purchaser, or conflict with or breach any of the terms or provisions of, or constitute (with or without notice or lapse of time) a default under, any indenture, agreement, mortgage, deed of trust or other instrument to which Purchaser
is a party or by which Purchaser is bound or to which any of its properties are subject, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust
or other instrument (other than the Sale and Servicing Agreement), or violate any law, order, rule or regulation, applicable to Purchaser or its properties, of any federal or state regulatory body, any court, administrative agency, or other
governmental instrumentality having jurisdiction over Purchaser or any of its properties. 
 (g) No Proceedings. There
are no proceedings or investigations pending, or, to the knowledge of Purchaser, threatened against Purchaser, before any court, regulatory body, administrative agency, or other tribunal or governmental instrumentality having jurisdiction over
Purchaser or its properties: (i) asserting the invalidity of this Agreement or any of the Related Documents, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any of the Related
Documents, (iii) seeking any determination or ruling that might materially and adversely affect the performance by Purchaser of its obligations under, or the validity or enforceability of, this Agreement or any of the Related Documents or
(iv) that may adversely affect the federal or state income tax attributes of, or seeking to impose any excise, franchise, transfer or similar tax upon, the transfer and acquisition of the Subsequent Receivables and the Subsequent Other Conveyed
Property hereunder or the transfer of the Subsequent Receivables and the Subsequent Other Conveyed Property to the Issuer pursuant to the Sale and Servicing Agreement. 

In the event of any breach of a representation and warranty made by Purchaser hereunder, Seller covenants and agrees that it will not take any
action to pursue any remedy that it 

  
 Ex-A-5 

 
may have hereunder, in law, in equity or otherwise, until a year and a day have passed since the date on which all Notes, the Certificate, pass-through certificates or other similar securities
issued by Purchaser, or a trust or similar vehicle formed by Purchaser, have been paid in full. Seller and Purchaser agree that damages will not be an adequate remedy for such breach and that this covenant may be specifically enforced by Purchaser,
Issuer or by the Indenture Trustee on behalf of the Noteholders and Owner Trustee on behalf of the Certificateholder. 
 6. Conditions
Precedent. The obligation of the Purchaser to acquire the Subsequent Receivables hereunder is subject to the satisfaction, on or prior to the Subsequent Transfer Date, of the following conditions precedent: 

(a) Representations and Warranties. Each of the representations and warranties made by the Seller in Sections 4 and 5 of
this Agreement and in Sections 3.1 and 3.2 of the Purchase Agreement shall be true and correct as of the date of this Agreement and as of the Subsequent Transfer Date. 

(b) Conditions. Upon the resale of the Subsequent Receivables sold by the Seller to the Purchaser hereunder and by the
Purchaser to the Issuer pursuant to the Sale and Servicing Agreement and any related Subsequent Transfer Agreement, the conditions precedent to such sale, set forth in Section 2.2(b) of the Sale and Servicing Agreement shall be satisfied. 

(c) Additional Information. The Seller shall have delivered to the Purchaser such information as was reasonably
requested by the Purchaser to satisfy itself as to (i) the accuracy of the representations and warranties set forth in Section 4 of this Agreement and in Sections 3.1 and 3.2 of the Purchase Agreement and (ii) the satisfaction of the
conditions set forth in this Section. 
 7. Ratification of Agreement. As supplemented by this Agreement, the Purchase Agreement is
in all respects ratified and confirmed and the Purchase Agreement as so supplemented by this Agreement shall be read, taken and construed as one and the same instrument. 

8. Counterparts. This Agreement may be executed in two or more counterparts (and by different parties in separate counterparts), each
of which shall be an original but all of which together shall constitute one and the same instrument. 
 9. Conveyance of the Subsequent
Receivables and the Subsequent Other Conveyed Property to the Issuer. The Seller acknowledges that Purchaser intends, pursuant to the Sale and Servicing Agreement, to convey the Subsequent Receivables and the Subsequent Other Conveyed Property,
together with its rights under this Agreement, to the Issuer on the Subsequent Transfer Date. The Seller acknowledges and consents to such conveyance and pledges and waives any further notice thereof and covenants and agrees that the representations
and warranties of the Seller contained in this Agreement and the rights of Purchaser hereunder are intended to benefit the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders and the Certificateholder. In furtherance of the foregoing,
the Seller covenants and agrees to perform its duties and obligations hereunder, in accordance with the terms hereof for the benefit of the Issuer, the Owner Trustee, the 

  
 Ex-A-6 

 
Indenture Trustee, the Noteholders and the Certificateholder and that, notwithstanding anything to the contrary in this Agreement, the Seller shall be directly liable to the Issuer, the Owner
Trustee, the Indenture Trustee, the Noteholders and the Certificateholder (notwithstanding any failure by the Servicer[, the Backup Servicer] or the Purchaser to perform its duties and obligations hereunder or under Related Documents) and that the
Indenture Trustee may enforce the duties and obligations of the Seller under this Agreement against the Seller for the benefit of the Owner Trustee, the Indenture Trustee, the Noteholders and the Certificateholder. 

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

  
 Ex-A-7 

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

			
	EXETER FINANCE CORP., as Seller
		
	By:	 	  

		 	Name:
		 	Title:
	
	EFCAR, LLC, as Purchaser
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Acknowledged and Accepted:
	
	 [INDENTURE TRUSTEE],
 not in its
individual capacity but solely as Indenture Trustee

		
	By:	 	  

		 	Name:
		 	Title:

  
 Ex-A-8 

 SCHEDULE A 

SCHEDULE OF SUBSEQUENT RECEIVABLES] 

  
 Ex-A-9EX-10.2

 Exhibit 10.2 

DEPOSIT ACCOUNT CONTROL AGREEMENT 

(Access Restricted Immediately) 

Section 9 – Servicer Payment of Bank Fees 

This Deposit Account Control Agreement (the “Agreement”), dated as of the date specified on the initial signature page of this Agreement, is
entered into by and among Exeter Automobile Receivables Trust 20    -    , a Delaware statutory trust (“Company”), Exeter Finance Corp., a Texas corporation
(“Servicer”), [Indenture Trustee], as indenture trustee for the benefit of certain noteholders (in such capacity, “Secured Party”) under an indenture (the “Indenture”) dated as of
            , 20    , and [Lockbox Bank] (“Bank”), and sets forth the rights of Secured Party and the obligations of Bank with
respect to the deposit accounts of Company at Bank identified at the end of this Agreement as the Collateral Accounts (each hereinafter referred to individually as a “Collateral Account” and collectively as the “Collateral
Accounts”). Each account designated as a Collateral Account includes, for purposes of this Agreement, and without the necessity of separately listing subaccount numbers, all subaccounts presently existing or hereafter established for
deposit reporting purposes and integrated with the Collateral Account by an arrangement in which deposits made through subaccounts are posted only to the Collateral Account. 
  

	1.	Secured Party’s Interest in Collateral Accounts. Secured Party represents that it is either (i) a lender who has extended credit to Company and has been granted a security interest in the Collateral
Accounts or (ii) a trustee for a lender or noteholders and has been granted a security interest in the Collateral Accounts. Company hereby confirms the security interest granted by Company to Secured Party in all of Company’s right, title
and interest in and to the Collateral Accounts and all sums now or hereafter on deposit in or payable or withdrawable from the Collateral Accounts (the “Collateral Account Funds”). In furtherance of the intentions of the parties
hereto, this Agreement constitutes written notice by Secured Party to Bank of Secured Party’s security interest in the Collateral Accounts. 

  

	2.	Secured Party Control. Bank, Secured Party, Servicer and Company each agree that Bank will comply with instructions given to Bank by Secured Party directing disposition of funds in the Collateral Accounts
(“Disposition Instructions”) without further consent by Company or Servicer. Except as otherwise required by law, Bank will not agree with any third party to comply with instructions for disposition of funds in the Collateral
Accounts originated by such third party. 

  

	3.	No Company Access to Collateral Accounts. Unless separately agreed to in writing by Secured Party, Company and Servicer each agrees that it will not be able to make debits or withdrawals from or otherwise have
access to the Collateral Accounts or any Collateral Account Funds, and that Secured Party will have exclusive access to the Collateral Accounts and Collateral Account Funds. 

 

	4.	 Transfers in Response to Disposition Instructions. Notwithstanding the provisions of the “Secured
Party Control” section of this Agreement, unless Bank separately agrees in writing to the contrary, Bank will have no obligation to disburse funds in response to Disposition Instructions other than by the appropriate disbursement method
expressly set forth in this 

	 	
Section 4. If at the time this Agreement is originally executed, Secured Party has fully completed wire transfer instructions for a transfer destination account (“Destination
Account”) on the initial signature page of this Agreement, including the Destination Account number and the name and ABA number of the financial institution at which the Destination Account is maintained, then Bank agrees, on [each] day on
which Bank is open to conduct its regular banking business, other than a Saturday, Sunday or public holiday (each a “Business Day”) during the term of this Agreement, to transfer to the Destination Account by standing wire (or
alternative funds transfer method acceptable to Bank in its sole discretion) the full amount of the collected and available balance in the Collateral Accounts at the beginning of such Business Day. Secured Party may at any time instruct Bank to
discontinue transferring funds to the original Destination Account and begin transferring funds to a new Destination Account, in accordance with the notice provisions of this Agreement. Bank will comply with such notice within a reasonable period of
time not to exceed [two (2)] Business Days. Except as otherwise expressly set forth in this Section 4, Bank will have no obligation to disburse funds in response to Disposition Instructions other than by cashier’s check payable to Secured
Party. Any disposition of funds which Bank makes under this Section 4 or otherwise in response to Disposition Instructions is subject to Bank’s standard policies, procedures and documentation governing the type of disposition made;
provided, however, that in no circumstances will any such disposition require Company’s consent. To the extent any Collateral Account is a certificate of deposit or time deposit, Bank will be entitled to deduct any applicable early withdrawal
penalty prior to disbursing funds from such account in response to Disposition Instructions. To the extent Secured Party requests that funds be transferred from any Collateral Account in a currency different from the currency denomination of the
Collateral Account, the funds transfer will be made after currency conversion at Bank’s then current buying rate for exchange applicable to the new currency. 

 

	5.	Lockboxes. To the extent items deposited to a Collateral Account have been received in one or more post office lockboxes maintained for Company by Bank (each a “Lockbox”) and processed by Bank
for deposit, Company acknowledges that Company has granted Secured Party a security interest in all such items (the “Remittances”). During the term of this Agreement, neither Company nor Servicer will have any right or ability to
instruct Bank regarding the receipt, processing or deposit of Remittances, and Secured Party alone will have the right and ability to so instruct Bank. Company, Servicer and Secured Party acknowledge and agree that Bank’s operation of each
Lockbox, and the receipt, retrieval, processing and deposit of Remittances, will at all times be governed by Bank’s Master Agreement for Treasury Management Services or other applicable treasury management services agreement, and by Bank’s
applicable standard lockbox Service Description. 

  

	6.	Balance Reports and Bank Statements. Bank agrees, at the request of Secured Party on any Business Day, to make available to Secured Party a report (“Balance Report”) showing the opening available
balance in the Collateral Accounts as of the beginning of such Business Day, by a transmission method determined by Bank, in Bank’s sole discretion. Company expressly consents to this transmission of information. Bank will, on receiving a
written request from Secured Party, send to Secured Party by United States mail, at the address indicated for Secured Party after its signature to this Agreement, duplicate copies of all periodic statements on the Collateral Accounts which are
subsequently sent to Company. 

  

	7.	 Returned Items. Secured Party, Servicer and Company understand and agree that the face amount
(“Returned Item Amount”) of each Returned Item will be paid by Bank debiting the Collateral Account to which the Returned Item was originally credited, without prior notice to Secured Party, Company, or Servicer. As used in this
Agreement, the term “Returned Item” 

  
 Page 2 

	 	
means (i) any item deposited to a Collateral Account and returned unpaid, whether for insufficient funds or for any other reason, and without regard to timeliness of the return or the
occurrence or timeliness of any drawee’s notice of non-payment; (ii) any item subject to a claim against Bank of breach of transfer or presentment warranty under the Uniform Commercial Code (as adopted in the applicable state) or
Regulation CC (12 C.F.R. §229), as in effect from time to time; (iii) any automated clearing house (“ACH”) entry credited to a Collateral Account and returned unpaid or subject to an adjustment entry under applicable
clearing house rules, whether for insufficient funds or for any other reason, and without regard to timeliness of the return or adjustment; (iv) any credit to a Collateral Account from a merchant card transaction, against which a contractual
demand for chargeback has been made; and (v) any credit to a Collateral Account made in error. Company and Servicer agree to pay all Returned Item Amounts immediately on demand, without setoff or counterclaim, to the extent there are not
sufficient funds in the applicable Collateral Account to cover the Returned Item Amounts on the day Bank attempts to debit them from the Collateral Account. Secured Party agrees to pay all Returned Item Amounts within [fifteen (15)] calendar days
after demand, without setoff or counterclaim, to the extent that (i) the Returned Item Amounts are not paid in full by Company or Servicer within [five (5)] calendar days after demand on Company and Servicer by Bank, and (ii) Secured Party
has received proceeds from the corresponding Returned Items under this Agreement. 

  

	8.	[Reserved.] 

  

	9.	Bank Fees. Company and Servicer agree to pay all Bank’s fees and charges for the maintenance and administration of the Collateral Accounts and for the treasury management and other account services provided
with respect to the Collateral Accounts and any Lockboxes (collectively “Bank Fees”), including, but not limited to, the fees for (a) Balance Reports provided on the Collateral Accounts, (b) funds transfer services
received with respect to the Collateral Accounts, (c) lockbox processing services, (d) Returned Items, (e) funds advanced to cover overdrafts in the Collateral Accounts (but without Bank being in any way obligated to make any such
advances), and (f) duplicate bank statements. The Bank Fees will be paid by Bank debiting Servicer’s deposit account No.
[                    ] with Bank (the “Servicing Account”) on the Business Day that the Bank Fees are due, without notice to
Secured Party, Servicer or Company. To the extent there are not sufficient funds in the Servicing Account to pay in full all Bank Fees, the Bank Fees will be paid by Bank debiting one or more of the Collateral Accounts on the Business Day that the
Bank Fees are due, without notice to Secured Party, Servicer or Company. If there are not sufficient funds in the Servicing Account or the Collateral Accounts to cover fully the Bank Fees on the Business Day Bank attempts to debit them from the
Servicing Account and the Collateral Accounts, such shortfall or the amount of such Bank Fees will be paid by Company or Servicer to Bank, without setoff or counterclaim, within [five (5)] calendar days after demand from Bank. Secured Party agrees
to pay any Bank Fees within [fifteen (15)] calendar days after demand, without setoff or counterclaim, to the extent such Bank Fees are not paid in full by Company or Servicer within [five (5)] calendar days after demand on Company and Servicer by
Bank. 

  

	10.	Account Documentation. Except as specifically provided in this Agreement, Secured Party and Company agree that the Collateral Accounts will be subject to, and Bank’s operation of the Collateral Accounts will
be in accordance with, the terms of Bank’s applicable deposit account agreement governing the Collateral Accounts (“Account Agreement”). All documentation referenced in this Agreement as governing any Collateral Account or the
processing of any Remittances is hereinafter collectively referred to as the “Account Documentation”. 

  

	11.	 Partial Subordination of Bank’s Rights. Bank hereby subordinates to the security interest of Secured
Party in the Collateral Accounts (i) any security interest which Bank may have or 

  
 Page 3 

	 	
acquire in the Collateral Accounts, and (ii) any right which Bank may have or acquire to set off or otherwise apply any Collateral Account Funds against the payment of any indebtedness from
time to time owing to Bank from Company, except for debits to the Collateral Accounts permitted under this Agreement for the payment of Returned Item Amounts or Bank Fees. 

 

	12.	Bankruptcy Notice; Effect of Filing. If Bank at any time receives notice of the commencement of a bankruptcy case or other insolvency or liquidation proceeding by or against Company or Servicer, Bank will
continue to comply with its obligations under this Agreement, except to the extent that any action required of Bank under this Agreement is prohibited under applicable bankruptcy laws or regulations or is stayed pursuant to the automatic stay
imposed under the United States Bankruptcy Code or by order of any court or agency. With respect to any obligation of Secured Party hereunder which requires prior demand on Company or Servicer, the commencement of a bankruptcy case or other
insolvency or liquidation proceeding by or against Company or Servicer will automatically eliminate the necessity of such demand on Company and Servicer by Bank, and will immediately entitle Bank to make demand on Secured Party with the same effect
as if demand had been made on Company or Servicer and the time for Company’s or Servicer’s performance had expired. 

  

	13.	Legal Process, Legal Notices and Court Orders. Bank will comply with any legal process, legal notice or court order it receives in relation to a Collateral Account if Bank determines in its sole discretion that
the legal process, legal notice or court order is legally binding on it. 

  

	14.	Indemnification. Company and Servicer will indemnify, defend and hold harmless Bank, its officers, directors, employees, and agents (collectively, the “Indemnified Parties”) from and against any
and all claims, demands, losses, liabilities, damages, costs and expenses (including reasonable attorneys’ fees) (collectively “Losses and Liabilities”) Bank may suffer or incur as a result of or in connection with
(a) Bank complying with any binding legal process, legal notice or court order referred to in the immediately preceding section of this Agreement, (b) Bank following any instruction or request of Secured Party, including but not limited to
any Disposition Instructions, or (c) Bank complying with its obligations under this Agreement, except to the extent such Losses and Liabilities are caused by Bank’s gross negligence or willful misconduct. To the extent such obligations of
indemnity are not satisfied by Company or Servicer within [five (5)] days after demand on Company and Servicer by Bank, Secured Party will indemnify, defend and hold harmless Bank and the other Indemnified Parties against any and all Losses and
Liabilities Bank may suffer or incur as a result of or in connection with Bank following any instruction or request of Secured Party, except to the extent such Losses and Liabilities are caused by Bank’s gross negligence or willful misconduct.

  

	15.	 Bank’s Responsibility. This Agreement does not create any obligations of Bank, and Bank makes no
express or implied representations or warranties with respect to its obligations under this Agreement, except for those expressly set forth herein. In particular, Bank need not investigate whether Secured Party is entitled under Secured Party’s
agreements with Company or Servicer to give Disposition Instructions. Bank may rely on any and all notices and communications it believes are given by the appropriate party. Bank will not be liable to Company, Servicer, Secured Party or any other
party for any Losses and Liabilities caused by (i) circumstances beyond Bank’s reasonable control (including, without limitation, computer malfunctions, interruptions of communication facilities, labor difficulties, acts of God, wars, or
terrorist attacks) or (ii) any other circumstances, except to the extent such Losses and Liabilities are directly caused by Bank’s gross negligence or willful misconduct. In no event will Bank be liable for any indirect, special,
consequential or punitive damages, whether or not the likelihood of such damages was known to Bank, and regardless of the form of the claim or action, or the 

  
 Page 4 

	 	
legal theory on which it is based. Any action against Bank by Company, Servicer or Secured Party under or related to this Agreement must be brought within twelve (12) months after the cause
of action accrues. 

  

	16.	Termination. This Agreement may be terminated by Secured Party or Bank at any time by either of them giving [thirty (30)] calendar days prior written notice of such termination to the other parties to this
Agreement at their contact addresses specified after their signatures to this Agreement; provided, however, that this Agreement may be terminated immediately upon written notice (i) from Bank to Company, Servicer and Secured Party should
Company, Servicer or Secured Party fail to make any payment when due to Bank from Company, Servicer or Secured Party under the terms of this Agreement, or (ii) from Secured Party to Bank on termination or release of Secured Party’s
security interest in the Collateral Accounts; provided that any notice from Secured Party under clause (ii) of this sentence must contain Secured Party’s acknowledgement of the termination or release of its security interest in the
Collateral Accounts. Company’s, Servicer’s and Secured Party’s respective obligations to report errors in funds transfers and bank statements and to pay Returned Item Amounts and Bank Fees, as well as the indemnifications made, and
the limitations on the liability of Bank accepted, by Company, Servicer and Secured Party under this Agreement will continue after the termination of this Agreement with respect to all the circumstances to which they are applicable, existing or
occurring before such termination, and any liability of any party to this Agreement, as determined under the provisions of this Agreement, with respect to acts or omissions of such party prior to such termination will also survive such termination.
Upon any termination of this Agreement, (i) Bank will transfer all collected and available balances in the Collateral Accounts on the date of such termination in accordance with Secured Party’s written instructions, and (ii) Bank will
close any Lockbox and forward any mail received at the Lockbox unopened to such address as is communicated to Bank by Secured Party under the notice provisions of this Agreement for a period of three (3) months after the effective termination
date, unless otherwise arranged between Secured Party and Bank, provided that Bank’s fees with respect to such disposition must be prepaid directly to Bank at the time of termination by cashier’s check payable to Bank or other payment
method acceptable to Bank in its sole discretion. 

  

	17.	Modifications, Amendments, and Waivers. This Agreement may not be modified or amended, or any provision thereof waived, except in a writing signed by all the parties to this Agreement. 

 

	18.	Notices. All notices from one party to another must be in writing, must be delivered to Company, Servicer, Secured Party and/or Bank at their contact addresses specified after their signatures to this Agreement,
or any other address of any party communicated to the other parties in writing, and will be effective on receipt. Any notice sent by a party to this Agreement to another party must also be sent to all other parties to this Agreement. Bank is
authorized by Company, Servicer and Secured Party to act on any instructions or notices received by Bank if (a) such instructions or notices purport to be made in the name of Secured Party, (b) Bank reasonably believes that they are so
made, and (c) they do not conflict with the terms of this Agreement as such terms may be amended from time to time, unless such conflicting instructions or notices are supported by a court order. 

 

	19.	 Successors and Assigns. Neither Company, Servicer or Secured Party may assign or transfer its rights or
obligations under this Agreement to any person or entity without the prior written consent of Bank, which consent will not be unreasonably withheld or delayed. Notwithstanding the foregoing, Secured Party may transfer its rights and duties under
this 

  
 Page 5 

	 	
Agreement to (i) a transferee to which, by contract or operation of law, Secured Party transfers substantially all of its rights and duties under the financing or other arrangements between
Secured Party and Company, or (ii) if Secured Party is acting as a representative in whose favor a security interest is created or provided for, a transferee that is a successor representative; provided that as between Bank and Secured Party,
Secured Party will not be released from its obligations under this Agreement unless and until Bank receives any such transferee’s binding written agreement to assume all of Secured Party’s obligations hereunder. Bank may not assign or
transfer its rights or obligations under this Agreement to any person or entity without the prior written consent of Secured Party, which consent will not be unreasonably withheld or delayed; provided, however, that no such consent will be required
if such assignment or transfer takes place as part of a merger, acquisition or corporate reorganization affecting Bank. 

  

	20.	Governing Law. This Agreement will be governed by and be construed in accordance with the laws of the state in which the office of Bank that maintains the Collateral Accounts is located, without regard to
conflict of laws principles. This state will also be deemed to be Bank’s jurisdiction, for purposes of Article 9 of the Uniform Commercial Code as it applies to this Agreement. 

 

	21.	Severability. To the extent that the terms of this Agreement are inconsistent with, or prohibited or unenforceable under, any applicable law or regulation, they will be deemed ineffective only to the extent of
such prohibition or unenforceability, and will be deemed modified and applied in a manner consistent with such law or regulation. Any provision of this Agreement which is deemed unenforceable or invalid in any jurisdiction will not affect the
enforceability or validity of the remaining provisions of this Agreement or the same provision in any other jurisdiction. 

  

	22.	Counterparts. This Agreement may be executed in any number of counterparts each of which will be an original with the same effect as if the signatures were on the same instrument. Delivery of an executed
counterpart of a signature page of this Agreement by telecopier or electronic image scan transmission (such as a “pdf” file) will be effective as delivery of a manually executed counterpart of the Agreement. 

 

	23.	Entire Agreement. This Agreement, together with the Account Documentation, contains the entire and only agreement among all the parties to this Agreement and between Bank and Company and Servicer, on the one
hand, and Bank and Secured Party, on the other hand, with respect to (a) the interest of Secured Party in the Collateral Accounts and Collateral Account Funds, and (b) Bank’s obligations to Secured Party in connection with the
Collateral Accounts and Collateral Account Funds. The liability of Company and Servicer under this Agreement is joint and several. 

  

	24.	 Limitation of Liability of [Owner Trustee]. It is expressly understood and agreed by the parties hereto
that (a) this Agreement is executed and delivered by [Owner Trustee] not individually or personally but solely as trustee of Company, in the exercise of the powers and authority conferred and vested in it under the Amended and Restated
Agreement of Exeter Automobile Receivables Trust 20    -     dated as of             , 20    ,
between EFCAR, LLC, as seller, and [Owner Trustee], as owner trustee, (b) each of the representations, undertakings and agreements herein made on the part of Company is made and intended not as personal representations, undertakings and
agreements by [Owner Trustee] but is made and intended for the purpose of binding only Company, (c) nothing herein contained shall be construed as creating any liability on [Owner Trustee], individually or personally, to perform any covenant
either expressed or implied contained herein, all such liability, if any, being expressly waived by 

  
 Page 6 

	 	
the parties hereto and by any person claiming by, through or under the parties hereto, (d) [Owner Trustee] has made no investigation as to the accuracy or completeness of any representations
or warranties made by Company in this Agreement, and (e) under no circumstances shall [Owner Trustee] be personally liable for the payment of any indebtedness or expenses of Company or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by Company under this agreement or any other related documents. 

  
 Page 7 

 This Agreement has been signed by the duly authorized officers or representatives of Company, Secured Party and
Bank on the date specified below. 
  

			
	Date:             , 20    
		
	 Collateral Account Numbers:
	  	
[                   
 ]

		
	 Destination Account Number:
	  	
[                  
  ]

		
	 Bank of Destination Account:
	  	[                    ], ABA #
[                    ]
	 Account name:
	  	[                    ]
	 For further credit:
	  	Acct # [                    ] EART 20    -     Collect
Acct
		
	 Frequency (Daily or Weekly):
	  	[                                     
   ]
	 Balance (Intraday or Start of Day):
	  	[Daily]
		  	 [Start of Day]

 [SIGNATURE PAGES FOLLOW] 

  
 Page 8 

			
	EXETER AUTOMOBILE RECEIVABLES TRUST 20    -    	  	EXETER FINANCE CORP., as Servicer
		
	By: [Owner Trustee], not in its individual capacity, but solely as Owner Trustee	  	
		
	 By:
	  	 By:

		
	 Name:
	  	 Name:

		
	 Title:
	  	 Title:

		
	Address for Notices:	  	Address for Notices:
		
	 Exeter Automobile Receivables Trust
20    -    
	  	 Exeter Finance Corp.

		
	 222 W. Las Colinas Blvd., Suite 1800
	  	 222 W. Las Colinas Blvd., Suite 1800

		
	 Irving, Texas 75039
	  	 Irving, Texas 75039

		
	 Attn: Brett Bradley
	  	 Attn: Brett Bradley

		
	 Fax: 214.572.6798
	  	 Fax: 214.572.6798

 [SIGNATURE PAGES CONTINUE] 

  
 Page 9 

			
	[                                     
   ], as Bank	  	[                                     
   ], as Indenture Trustee, as Secured Party
		
	 By:
	  	 By:

		
	 Name:
	  	 Name:

		
	 Title:
	  	 Title:

		
	Address for Notices:	  	Address for Notices:
		
	
[                    
                    ]
	  	
[                    
                    ]

		
	  
	  	  

		
	  
	  	  

		
	  
	  	  

		
	  
	  	  

		
	  
	  	
		
	 with copy to:
	  	
		
	
[                    
                    ]
	  	
		
	  
	  	
		
	  
	  	
		
	  
	  	
		
	  
	  	
		
	  
	  	

  
 Page 10

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