Document:

EX-4.5

 EXHIBIT 4.5 

SALE AND SERVICING 
 AGREEMENT 

among 
 EXETER AUTOMOBILE
RECEIVABLES TRUST 20    -    , 
 Issuer, 

EFCAR, LLC, 
 Seller, 

EXETER FINANCE CORP., 
 Servicer,

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

Dated as of             , 20     

 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	 ARTICLE I Definitions
	  	 	1	  
			
	 SECTION 1.1.
	  	Definitions	  	 	1	  
	 SECTION 1.2.        
	  	Other Definitional Provisions	  	 	20	  
		
	 ARTICLE II Conveyance of Receivables
	  	 	21	  
			
	 SECTION 2.1.
	  	Conveyance of Receivables	  	 	21	  
	 SECTION 2.2.
	  	[Reserved]	  	 	22	  
	 SECTION 2.3.
	  	Further Encumbrance of Trust Property	  	 	22	  
	 SECTION 2.4.
	  	Intention of the Parties	  	 	23	  
		
	 ARTICLE III The Receivables
	  	 	24	  
			
	 SECTION 3.1.
	  	Representations and Warranties of Seller	  	 	24	  
	 SECTION 3.2.
	  	Repurchase upon Breach	  	 	25	  
	 SECTION 3.3.
	  	Custody of Receivable Files	  	 	26	  
	 SECTION 3.4.
	  	Dispute Resolution	  	 	27	  
		
	 ARTICLE IV Administration and Servicing of Receivables
	  	 	30	  
			
	 SECTION 4.1.
	  	Duties of the Servicer [and the Backup Servicer]	  	 	30	  
	 SECTION 4.2.
	  	Collection of Receivable Payments; Modifications of Receivables[; Lockbox Account Agreement]	  	 	31	  
	 SECTION 4.3.
	  	Realization upon Receivables	  	 	33	  
	 SECTION 4.4.
	  	Insurance	  	 	34	  
	 SECTION 4.5.
	  	Maintenance of Security Interests in Vehicles	  	 	36	  
	 SECTION 4.6.
	  	Covenants, Representations, and Warranties of Servicer	  	 	37	  
	 SECTION 4.7.
	  	Purchase of Receivables Upon Breach of Covenant	  	 	37	  
	 SECTION 4.8.
	  	Total Servicing Fee; Payment of Certain Expenses by Servicer	  	 	38	  
	 SECTION 4.9.
	  	Servicer’s Certificate	  	 	39	  
	 SECTION 4.10.
	  	Annual Statement as to Compliance, Notice of Servicer Termination Event	  	 	39	  
	 SECTION 4.11.
	  	Annual Independent Public Accountants’ Reports	  	 	40	  
	 SECTION 4.12.
	  	Access to Certain Documentation and Information Regarding Receivables	  	 	41	  
	 SECTION 4.13.
	  	[Monthly Tape]	  	 	41	  
		
	 ARTICLE V Trust Accounts; Distributions; Statements to Noteholders
	  	 	42	  
			
	 SECTION 5.1.
	  	Establishment of Trust Accounts	  	 	42	  
	 SECTION 5.2.
	  	[Reserved]	  	 	46	  
	 SECTION 5.3.
	  	Certain Reimbursements to the Servicer	  	 	46	  
	 SECTION 5.4.
	  	Application of Collections	  	 	46	  
	 SECTION 5.5.
	  	[Reserved]	  	 	46	  
	 SECTION 5.6.
	  	Additional Deposits	  	 	46	  

  
 i 

							
	 SECTION 5.7.
	  	Distributions	  	 	47	  
	 SECTION 5.8.
	  	Reserve Account	  	 	51	  
	 SECTION 5.9.
	  	Statements to Noteholders	  	 	52	  
	 SECTION 5.10.
	  	[Determination of LIBOR]	  	 	53	  
		
	 ARTICLE VI [Reserved]
	  	 	53	  
		
	 ARTICLE VII The Seller
	  	 	54	  
			
	 SECTION 7.1.
	  	Representations of Seller	  	 	54	  
	 SECTION 7.2.
	  	Corporate Existence	  	 	56	  
	 SECTION 7.3.
	  	Liability of Seller; Indemnities	  	 	56	  
	 SECTION 7.4.
	  	Merger or Consolidation of, or Assumption of the Obligations of, Seller	  	 	57	  
	 SECTION 7.5.
	  	Limitation on Liability of Seller and Others	  	 	58	  
	 SECTION 7.6.
	  	Ownership of the Certificate or Notes	  	 	58	  
		
	 ARTICLE VIII The Servicer and the Backup Servicer
	  	 	58	  
			
	 SECTION 8.1.
	  	Representations of Servicer	  	 	58	  
	 SECTION 8.2.
	  	[Representations of Backup Servicer]	  	 	60	  
	 SECTION 8.3.
	  	Liability of Servicer [and Backup Servicer]; Indemnities	  	 	61	  
	 SECTION 8.4.
	  	Merger or Consolidation of, or Assumption of the Obligations of, the Servicer [or Backup Servicer]	  	 	63	  
	 SECTION 8.5.
	  	Limitation on Liability of Servicer[, Backup Servicer] and Others	  	 	64	  
	 SECTION 8.6.
	  	Delegation of Duties	  	 	65	  
	 SECTION 8.7.
	  	Servicer [and Backup Servicer] Not to Resign	  	 	65	  
	 SECTION 8.8.
	  	[Rights of the Backup Servicer]	  	 	66	  
		
	 ARTICLE IX Default
	  	 	67	  
			
	 SECTION 9.1.
	  	Servicer Termination Event	  	 	67	  
	 SECTION 9.2.
	  	Consequences of a Servicer Termination Event	  	 	68	  
	 SECTION 9.3.
	  	Appointment of Successor.	  	 	69	  
	 SECTION 9.4.
	  	Notification to Noteholders	  	 	71	  
	 SECTION 9.5.
	  	Waiver of Past Defaults	  	 	71	  
	 SECTION 9.6.
	  	[Backup Servicer Termination]	  	 	71	  
		
	 ARTICLE X Termination
	  	 	72	  
			
	 SECTION 10.1.
	  	Optional Purchase of All Receivables	  	 	72	  
		
	 ARTICLE XI Administrative Duties of the Servicer
	  	 	73	  
			
	 SECTION 11.1.
	  	Administrative Duties	  	 	73	  
	 SECTION 11.2.
	  	Records	  	 	75	  
	 SECTION 11.3.
	  	Additional Information to be Furnished to the Issuer	  	 	75	  

  
 ii 

							
	 ARTICLE XII Miscellaneous Provisions
	  	 	75	  
			
	 SECTION 12.1.
	  	Amendment	  	 	75	  
	 SECTION 12.2.
	  	Protection of Title to Trust	  	 	76	  
	 SECTION 12.3.
	  	Notices	  	 	78	  
	 SECTION 12.4.
	  	Assignment	  	 	79	  
	 SECTION 12.5.
	  	Limitations on Rights of Others	  	 	79	  
	 SECTION 12.6.
	  	Severability	  	 	79	  
	 SECTION 12.7.
	  	Separate Counterparts	  	 	79	  
	 SECTION 12.8.
	  	Headings	  	 	79	  
	 SECTION 12.9.
	  	Governing Law and Submission to Jurisdiction	  	 	79	  
	 SECTION 12.10.
	  	Waiver of Jury Trial	  	 	79	  
	 SECTION 12.11.
	  	Assignment to Indenture Trustee	  	 	80	  
	 SECTION 12.12.
	  	Nonpetition Covenants	  	 	80	  
	 SECTION 12.13.
	  	Limitation of Liability of Owner Trustee and Indenture Trustee	  	 	80	  
	 SECTION 12.14.
	  	Indenture Trustee to Report Repurchase Demands due to Breaches of Representations and Warranties	  	 	81	  
	 SECTION 12.15.
	  	Independence of the Servicer	  	 	81	  
	 SECTION 12.16.
	  	No Joint Venture	  	 	81	  
	 SECTION 12.17.
	  	[Replacement Hedge Agreement]	  	 	81	  
	 SECTION 12.18.
	  	State Business Licenses	  	 	82	  

 SCHEDULES 
  

			
	 Schedule A
	  	 Schedule of Receivables

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

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

		
	 EXHIBITS
	  	
		
	 Exhibit A
	  	 Form of Servicer’s Certificate

  

  
 iii 

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

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

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

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

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

ARTICLE I 
 Definitions

 SECTION 1.1.    Definitions. Whenever used in this Agreement, the following words and phrases shall
have the following meanings: 
 “Accountants’ Report” means the report of a firm of nationally recognized Independent
Accountants described in Section 4.11. 
 “Accounting Date” means, with respect to any Collection Period the last day of
such Collection Period. 
 “ADR Organization” means [The American Arbitration Association] or, if [The American Arbitration
Association] no longer exists or if its ADR Rules would no longer permit mediation or arbitration, as applicable, of the dispute, another nationally recognized mediation or arbitration organization selected by Exeter.

“ADR Rules” means the relevant rules of the ADR Organization for mediation (including non-binding arbitration) or binding
arbitration, as applicable, of commercial disputes in effect at the time of the mediation or arbitration. 
 “Affiliate”
means, with respect to any specified Person, any other Person controlling or controlled by or under common control with such specified Person. For the purposes of this definition, “control” when used with respect to any Person means
the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings
correlative to the foregoing. 

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

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

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

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

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

  
 2 

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

[”Backup Servicer” means [Backup Servicer] so long as it is the Indenture Trustee under the Indenture, or any successor
backup servicer appointed in accordance with Section 8.7.] 
 “Base Servicing Fee” means, with respect to any Collection
Period, the fee payable to the Servicer for services rendered during such Collection Period, which shall be equal to the product of (i) the Servicing Fee Rate times (ii) the aggregate Principal Balance of the Receivables as of the opening of
business on the first day of such Collection Period (or, in the case of the first Distribution Date,             , 20    ) times (iii) one-twelfth. 

“Basic Documents” means this Agreement, the Certificate of Trust, the Trust Agreement, the Purchase Agreement, the Indenture,
the Custodian Agreement, [the Lockbox Account Agreement,] the Purchase Agreement, the Asset Representations Review Agreement, the Underwriting Agreement, [the Note Purchase Agreement,] [the Hedge Agreement] and other documents and certificates
delivered in connection therewith. 
 “Business Day” means any day other than a Saturday, a Sunday, a legal holiday or
other day on which commercial banking institutions located in Wilmington, Delaware, Irving, Texas, [            ], [            ]
or New York, New York or any other location of any successor Servicer, successor Owner Trustee or successor Indenture Trustee are authorized or obligated by law, executive order or governmental decree to be closed. 

[”Calculation Agent” shall have the meaning set forth in Section 5.10.] 

“Certificate” means the trust certificate evidencing the beneficial interest of the Certificateholder in the Trust. 

“Certificate Distribution Account” has the meaning assigned to such term in the Trust Agreement. 

“Certificateholder” means the Person in whose name the Certificate is registered. 

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

  
 3 

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

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

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

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

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

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

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

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

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

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

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

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

  
 4 

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

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

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

“Closing Date” means             , 20    .

 “Collateral Insurance” has the meaning specified in Section 4.4(a). 

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

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

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

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

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

  
 5 

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

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

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

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

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

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

  
 6 

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

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

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

“Cutoff Date” means             , 20    .

 [”DBRS” means DBRS, Inc. or its successor.] 

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

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

  
 7 

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

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

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

  
 8 

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

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

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

  
 9 

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

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

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

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

(h) cash denominated in United States dollars. 

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

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

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

“Exeter” means Exeter Finance Corp. 

“FDIC” means the Federal Deposit Insurance Corporation. 

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

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

  
 10 

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

[”Hedge Agreement” means the ISDA Master Agreement, dated
            , 20    , between the Issuer and the Hedge Provider, including the Schedule thereto, the Credit Support Annex thereto and the Confirmation relating to the
Class A-2-B Notes, together with any replacement hedge agreement[; provided, that no additional hedge agreement shall be a “Hedge Agreement” under the Basic Documents for so long as the Hedge Agreement is outstanding without the
prior, written consent of the Hedge Provider, unless the Hedge Agreement has terminated].] 
 [”Hedge Provider” means
[Hedge Provider], together with any replacement Hedge Provider.] 
 [”Hedge Termination Account” means the account
designated as such, established and maintained pursuant to Section 5.1(a)(iv).] 
 [”Hedge Termination Payment” means
payments due to the applicable Hedge Provider by the Issuer, including interest that may accrue thereon, under the applicable Hedge Agreement due to a termination of the applicable Hedge Agreement due to the occurrence of an “event of
default” or a “termination event” under the applicable Hedge Agreement.] 
 “Indenture” means the Indenture
dated as of             , 20    , between the Issuer and [Indenture Trustee], as Indenture Trustee, as the same may be amended and supplemented from time to time. 

“Indenture Trustee” means the Person acting as Indenture Trustee under the Indenture, its successors in interest and any
successor indenture trustee under the Indenture. 
 “Independent Accountants” shall have the meaning set forth in Section
4.11(a). 
 [”Initial Purchasers” means [Initial Purchasers] as initial purchasers of the Class E Notes pursuant to the
Note Purchase Agreement. ] 
 “Insolvency Event” means, with respect to a specified Person, (a) the filing of a petition
against such Person or the entry of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator, or similar official for such Person or for any substantial part of its property, or ordering
the winding-up or liquidation of such Person’s affairs, and such petition, decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or (b) the commencement by such Person of a voluntary case under any applicable
federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of
or taking possession by, a receiver, liquidator, assignee, custodian, trustee, sequestrator, or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of
creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing. 

  
 11 

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

“Insurance Add-On Amount” means the premium charged to the Obligor in the event that the Servicer obtains Force-Placed
Insurance pursuant to Section 4.4. 
 “Insurance Policy” means, with respect to a Receivable, any insurance policy
(including the insurance policies described in Section 4.4) benefiting the holder of the Receivable providing loss or physical damage, credit life, credit disability, theft, mechanical breakdown or similar coverage with respect to the Financed
Vehicle or the Obligor. 
 “Interest Period” means, with respect to any Distribution Date, the period from and including
the fifteenth day of the preceding calendar month to, but excluding, the fifteenth day of the current calendar month or, in the case of the first Interest Period, the [    ] day period from and including the Closing Date to, but
excluding, the fifteenth day of the current calendar month. 
 “Interest Rate” means, with respect to (i) the Class A-1
Notes,     % per annum (computed on the basis of a 360-day year and the actual number of days elapsed in the applicable Interest Period), (ii) the Class A-2[-A] Notes,     % per annum (computed on the basis of
a 360-day year consisting of twelve 30-day months), (iii) [the Class A-2-B Notes, LIBOR plus     % per annum (computed on the basis of a 360-day year and the actual number of days elapsed in the applicable Interest Period), (iv)]
the Class A-3 Notes,     % per annum (computed on the basis of a 360-day year consisting of twelve 30-day months), [(iv)] the Class B Notes,     % per annum (computed on the basis of a 360-day year consisting
of twelve 30-day months), [(v)] the Class C Notes,     % per annum (computed on the basis of a 360-day year consisting of twelve 30-day months), [(vi)] the Class D Notes,     % per annum (computed on the basis
of a 360-day year consisting of twelve 30-day months) and [(vii)] the Class E Notes,     % per annum (computed on the basis of a 360-day year consisting of twelve 30-day months). 

“Investment Company Act” means the Investment Company Act of 1940, as amended. 

“Investment Earnings” means, with respect to any date of determination and Trust Accounts, the investment earnings on amounts
on deposit in such Trust Accounts on such date. 
 “Issuer” means Exeter Automobile Receivables Trust
20    -    . 
 “Issuer Secured Parties” means the Indenture Trustee in respect of
the Indenture Trustee Issuer Secured Obligations. 
 [”Item 1122 Letter Agreement” means the Item 1122 Letter Agreement,
dated as of             , 20    , between the Servicer and [Indenture Trustee], as the same may be amended and supplemented from time to time.] 

[”LIBOR” shall have the meaning set forth in Section 5.10. 

“LIBOR Determination Date” shall have the meaning set forth in Section 5.10.] 

  
 12 

 “Lien” means a security interest, lien, charge, pledge, equity, or encumbrance
of any kind, other than tax liens, mechanics’ liens and any liens that attach to the respective Receivable by operation of law as a result of any act or omission by the related Obligor. 

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

“Liquidated Receivable” means, with respect to any Collection Period, a Receivable for which, (i) on of the last day of the
Collection Period, if as of that date, more than 10% of any Scheduled Receivables Payment related to such Receivable remains unpaid for 120 days or more from the date for such payment and the related Financed Vehicle has not been repossessed, (ii)
the related Financed Vehicle has been repossessed and the Servicer has either liquidated such Financed Vehicle or held such Financed Vehicle in its inventory for more than 60 days (or up to 90 days subject to Exeter’s modification of the credit
and collection policy applicable to its serviced portfolio of motor vehicle installment sales contracts and installment loans) at month-end, or (iii) is otherwise required to be charged-off or is deemed uncollectible by the Servicer in accordance
with the Servicer’s credit and collection policy. 
 “Liquidation Proceeds” means, with respect to a Liquidated
Receivable, all amounts realized with respect to such Receivable. 
 “Lockbox Account” means an account established by
Exeter and maintained on behalf of the Indenture Trustee by the Lockbox Bank pursuant to Section 4.2(c). 
 “Lockbox Account
Agreement” means the Deposit Account Control Agreement, dated as of             , 20    , by and among Exeter,
            , as Lockbox Bank and the Indenture Trustee, as such agreement may be amended or supplemented from time to time, unless the Indenture Trustee shall cease to be a party
thereunder, or such agreement shall be terminated in accordance with its terms, in which event “Lockbox Account Agreement” shall mean any replacement agreement therefor among the Servicer, the Indenture Trustee and the Lockbox Bank. 

“Lockbox Bank” means a depository institution named by the Servicer and acceptable to the Controlling Party. 

“Majority Noteholders” means the Holders of the Notes representing a majority of the principal balance of the most senior
Class of Notes then outstanding. 

  
 13 

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

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

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

“Net Liquidation Proceeds” means, with respect to a Liquidated Receivable, Liquidation Proceeds net of (i) reasonable
expenses incurred by the Servicer in connection with the collection of such Receivable and the repossession and disposition of the Financed Vehicle and (ii) amounts that are required to be refunded to the Obligor on such Receivable; provided,
however, that the Net Liquidation Proceeds with respect to any Receivable shall in no event be less than zero. 
 “Note
Distribution Account” means the account designated as such, established and maintained pursuant to Section 5.1(a)(ii). 

“Note Pool Factor” means, for each Class of Notes as of the close of business on any date of determination, a seven-digit
decimal figure equal to the outstanding principal amount of such Class of Notes divided by the original outstanding principal amount of such Class of Notes. 

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

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

  
 14 

 “Noteholders’ Interest Distributable Amount” means, with respect to any
Distribution Date and Class of Notes, the sum of the Noteholders’ Monthly Interest Distributable Amount for such Distribution Date and each Class of Notes and the Noteholders’ Interest Carryover Amount, if any for such Distribution Date
and each such Class. 
 “Noteholders’ Monthly Interest Distributable Amount” means, with respect to any Distribution
Date and any Class of Notes, interest accrued at the respective Interest Rate during the applicable Interest Period on the principal amount of the Notes of such Class outstanding as of the end of the prior Distribution Date (or, in the case of the
first Distribution Date, as of the Closing Date), calculated (x) for the Class A-1 Notes [and the Class A-2-B Notes] on the basis of a 360-day year and the actual number of days elapsed in the applicable Interest Period and (y) for all other Classes
of Notes on the basis of a 360-day year consisting of twelve 30-day months (without adjustment for the actual number of business days elapsed in the applicable Interest Period) except with respect to the first Interest Period. 

“Obligor” on a Receivable means the purchaser or co-purchasers of the Financed Vehicle and any other Person who owes payments
under the Receivable. 
 “Officers’ Certificate” means a certificate signed by the chief executive officer, the
president, any executive vice president, any senior vice president, any vice president, any assistant vice president, any treasurer, any assistant treasurer, any secretary or any assistant secretary of the Seller or the Servicer, as appropriate.

 “Opinion of Counsel” means a written opinion of counsel which may, except as otherwise expressly provided in this
Agreement or any other Basic Document, be provided by counsel to the Issuer, the Servicer or the Seller, and which complies with any applicable requirements of the Basic Documents, and which is satisfactory in form and substance to the recipient(s)
thereof. 
 “Original Pool Balance” means the Pool Balance as of the Cutoff Date or
$            . 
 “Originator” means an originator that has
originated Receivables and assigned its full interest therein to Exeter. 
 “Originator Agreement” means any agreement
between an Originator and Exeter relating to the acquisition of Receivables from an Originator by Exeter. 
 “Originator
Assignment” means, with respect to a Receivable, the executed assignment executed by an Originator conveying such Receivable to Exeter. 

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

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

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

  
 15 

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

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

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

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

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

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

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

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

  
 16 

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

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

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

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

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

  
 17 

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

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

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

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

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

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

  
 18 

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

 “Servicing Fee Rate” means     % per annum. 

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

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

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

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

“Trust” means the Issuer. 

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

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

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

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

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

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

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

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

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

Conveyance of Receivables 

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

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

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

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

(f) the related Receivable Files; 

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

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

SECTION 2.3. Further Encumbrance of Trust Property. 

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

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

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

  
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 SECTION 2.4. Intention of the Parties. 

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

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

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

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

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

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

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

ARTICLE III 
 The Receivables

 SECTION 3.1. Representations and Warranties of Seller. 

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

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

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

(i) to the best of the Seller’s knowledge, each Receivable (a) that was originated by Exeter was sold by Exeter to the
Seller without any fraud or misrepresentation on the part of Exeter and (b) that was originated by a Dealer was sold by the Dealer to Exeter and by Exeter to the Seller without any fraud or misrepresentation on the part of such Dealer or Exeter,
respectively; 
 (ii) no Receivable was originated in, or is subject to the laws of, any jurisdiction the laws of which would
make unlawful, void or voidable the sale, transfer and assignment of such Receivable under this Agreement or pursuant to transfers of the Notes; 

(iii) the Seller has not done anything to convey any right to any Person that would result in such Person having a right to
payments due under the Receivables or otherwise to impair the rights of the Trust, the Indenture Trustee and the Noteholders in any Receivable or the proceeds thereof. Other than the security interest granted to the Trust pursuant to this Agreement
and except any other security interests that have been 

  
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fully released and discharged as of the Closing Date, the Seller has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables. The Seller has not
authorized the filing of and is not aware of any financing statements against the Seller that include a description of collateral covering the Receivables other than any financing statement relating to the security interest granted to the Trust
hereunder or that has been terminated. The Seller is not aware of any judgment, ERISA or tax lien filings against it; and 

(iv) no funds have been advanced by the Seller or anyone acting on behalf of Exeter in order to cause any Receivable to qualify
under the representation and warranty set forth as clause [19(E)] of Schedule B-1. 
 SECTION 3.2.    Repurchase upon
Breach. 
 (a) (i) The Seller or the Servicer as the case may be, upon the discovery of any breach of this Agreement by the Seller or
(ii) [the Backup Servicer,] the Owner Trustee or the Indenture Trustee, in each case, upon receipt of written notice or actual knowledge of a breach of the Seller’s representations and warranties made pursuant to Section 3.1(a), shall inform
the other parties to this Agreement promptly, by notice in writing. If any Noteholders informs the Indenture Trustee, by notice in writing, of any breach of the Seller’s representations and warranties made pursuant to Section 3.1(a), the
Indenture Trustee shall inform the other parties to this Agreement in the manner specified in the preceding sentence on behalf of such Noteholder. Any such notice delivered by the Servicer, the Indenture Trustee, the Trust, the Indenture
Trustee, any Noteholder or the Owner Trustee, as the case may be, shall constitute a request by such party that the Seller repurchase the affected Receivable. As of the last day of the second (or, if the Seller so elects, the first) month
following the discovery by the Seller or receipt by the Seller of notice of such breach, unless such breach is cured by such date, the Seller shall have an obligation to repurchase any Receivable in which the interests of the Noteholders are
materially and adversely affected by any such breach as of such date. The “second month” shall mean the month following the month in which discovery or actual knowledge occurs or written notice is given, and the “first
month” shall mean the month in which discovery or actual knowledge occurs or notice is given. In consideration of and simultaneously with the repurchase of the Receivable, the Seller shall remit, or cause Exeter to remit, to the Collection
Account the Purchase Amount in the manner specified in Section 5.6(a) and the Issuer shall execute such assignments and other documents reasonably requested by such person in order to effect such repurchase. The sole remedy of the Issuer, the
Owner Trustee, the Indenture Trustee[, the Backup Servicer] or the Noteholders with respect to a breach of representations and warranties pursuant to Section 3.1(a) and the agreement contained in this Section shall be the repurchase of Receivables
pursuant to this Section, subject to the conditions contained herein or to enforce the obligation of Exeter to the Seller to repurchase such Receivables pursuant to the Purchase Agreement. Neither the Owner Trustee nor the Indenture Trustee
shall have a duty to conduct any affirmative investigation as to the occurrence of any conditions requiring the repurchase of any Receivable pursuant to this Section. Except as expressly set forth in the Basic Documents, neither the Owner
Trustee nor the Indenture Trustee shall have any duty to conduct an affirmative investigation as to the eligibility of any Receivable for purposes of this Agreement or to enforce the repurchase obligations of the Seller. 

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

SECTION 3.3. Custody of Receivable Files. 

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

(b) If the Indenture Trustee is acting as the Custodian pursuant to Section 8 of the Custodian Agreement, the Indenture Trustee shall be deemed
to have assumed the obligations of the Custodian (except for any liabilities incurred by the predecessor Custodian) specified in the Custodian Agreement until such time as a successor Custodian has been appointed. Upon payment in full of any
Receivable, the Servicer will notify the Custodian pursuant to a written request for release of documents in the form attached as Exhibit B to the Custodian Agreement (which written request shall include a statement to the effect that all amounts
received in 

  
 26 

 
connection with such payments which are required to be deposited in the Collection Account pursuant to Section 4.1 have been so deposited) and shall request delivery of the Receivable and
Receivable File to the Servicer. From time to time as appropriate for servicing and enforcing any Receivable, the Custodian shall, upon written request for release of documents in the form attached as Exhibit B to the Custodian Agreement, cause
the original Receivable and the related Receivable File to be released to the Servicer. The Servicer’s receipt of a Receivable and/or Receivable File shall obligate the Servicer to return the original Receivable and the related Receivable
File to the Custodian when its need by the Servicer has ceased unless the Receivable is repurchased as described in Section 3.2, 4.2 or 4.7. 

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

(a) If the Servicer, the Trust, the Owner Trustee, the Indenture Trustee or a Noteholder (the “Requesting Party”)
requests that the Seller and/or Exeter repurchase a Receivable due to an alleged breach of a representation and warranty in Section 5.1 of the Purchase Agreement or in Section 3.2(a) (each, a “Repurchase Request”), and the
Repurchase Request has not been resolved within 180 days of the receipt of notice of the Repurchase Request by the Seller or Exeter, as the case may be (which resolution may take the form of a repurchase of the related Receivable by the Seller or
Exeter, as applicable, a withdrawal of the related Repurchase Request by the related Requesting Party or a cure of the condition that led to the related breach in the manner set forth herein or in the Purchase Agreement, as applicable), the
Requesting Party may refer the matter, in its discretion, to either mediation (including non-binding arbitration) or binding third-party arbitration. The Requesting Party must start the mediation or arbitration proceeding according to the ADR
Rules of the ADR Organization within 90 days following the date on which the Form 10-D is filed that relates to the Collection Period during which the related 180-day period ended. The Seller and Exeter agree to participate in the dispute
resolution method selected by the Requesting Party.
 (b) If the Requesting Party selects mediation for dispute resolution: 

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

  
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 (ii) A single mediator will be selected by the ADR Organization from a list of
neutrals maintained by it according to the ADR Rules. The mediator must be impartial, an attorney admitted to practice in the State of New York and have at least [15] years of experience in commercial litigation and, if possible, consumer
finance or asset-backed securitization matters. 
 (iii) The mediation will start within [15] Business Days after the
selection of the mediator and conclude within [30] days after the start of the mediation.
 (iv) Expenses of the mediation
will be allocated to the parties as mutually agreed by them as part of the mediation. 
 (v) If the parties fail to agree at
the completion of the mediation, the Requesting Party may refer the Repurchase Request to binding arbitration or adjudicate the dispute in court under this Section 3.4. 

(c) If the Requesting Party selects arbitration for dispute resolution: 

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

(ii) A single arbitrator will be selected by the ADR Organization from a list of neutrals maintained by it according to the ADR
Rules. The arbitrator must be an attorney admitted to practice in the State of New York and have at least [15] years of experience in commercial litigation and, if possible, consumer finance or asset-backed securitization matters. The
arbitrator will be independent and impartial and will comply with the Code of Ethics for Arbitrators in Commercial Disputes in effect at the time of the arbitration. Before accepting an appointment, the arbitrator must promptly disclose any
circumstances likely to create a reasonable inference of bias or conflict of interest or likely to preclude completion of the proceedings within the stated time schedule. The arbitrator may be removed by the ADR Organization for cause
consisting of actual bias, conflict of interest or other serious potential for conflict. 
 (iii) The arbitrator will have
the authority to schedule, hear and determine any motions, according to New York law, and will do so at the motion of any party. Discovery will be completed with [30] days of selection of the arbitrator and will be limited for each party to
[two] witness depositions not to exceed five hours, [two] interrogatories, [one] document request and [one] request for admissions. However, the arbitrator may grant additional discovery on a showing of good cause that the additional discovery
is reasonable and necessary. Briefs will be limited to no more than [ten] pages each, and will be limited to initial statements of the case, motions and a pre-hearing brief. The evidentiary hearing on the merits will start no later than
[60] days after selection of the arbitrator and will proceed for no more than [six] consecutive Business Days with equal time allocated to each party for the presentation of evidence and cross examination. The arbitrator may allow additional
time for discovery and hearings on a showing of good cause or due to unavoidable delays.

  
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 (iv) The arbitrator will make its final determination no later than [90] days
after its selection. The arbitrator will resolve the dispute according to the terms of this Agreement and the other Basic Documents, and may not modify or change this Agreement or the other Basic Documents in any way. The arbitrator will
not have the power to award punitive damages or consequential damages in any arbitration conducted by them. In its final determination, the arbitrator will determine and award the expenses of the arbitration (including filing fees, the fees of
the arbitrator, expense of any record or transcript of the arbitration and administrative fees) to the parties in its reasonable discretion. The determination of the arbitrator will be in writing and counterpart copies will be promptly
delivered to the parties. The final determination of the arbitrator in binding arbitration will be final and non-appealable, except for actions to confirm or vacate the determination permitted under federal or State law, and may be entered and
enforced in any court of competent jurisdiction. 
 (v) By selecting binding arbitration, the Requesting Party is giving up
the right to sue in court, including the right to a trial by jury. 
 (vi) The Requesting Party may not bring a putative or
certificated class action to arbitration. If this waiver of class action rights is found to be unenforceable for any reason, the Requesting Party agrees that it will bring its claims in a court of competent jurisdiction. 

(d) For each mediation or arbitration: 

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

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

(iii) Neither the Seller nor Exeter will be required to produce personally identifiable customer information for purposes of
any mediation or arbitration. The existence and details of any unresolved Repurchase Request, any informal meetings, mediations or arbitration proceedings, the nature and amount of any relief sought or granted, any offers or statements made and
any discovery taken in the proceeding will be confidential, privileged and inadmissible for any purpose in any other mediation, arbitration, litigation or other proceeding. The parties will keep this information confidential and will not
disclose or discuss it with any third party (other than a party’s attorneys, experts, accountants and other advisors, as reasonably required in connection with the mediation or arbitration proceeding under this Section 3.4), except as necessary
in connection with noteholder communications with respect to a Repurchase Request or dispute resolution as set forth in Section 3.4(a), in connection with a judicial challenge to or enforcement of an award, or as otherwise required by law,
regulatory requirement or court order. If a party to a mediation or arbitration proceeding receives a subpoena or other request for information from a third party (other than a governmental regulatory body) for confidential information of the
other party to the mediation or arbitration proceeding, the recipient will promptly notify the other party and will provide the other party with the opportunity to object to the production of its confidential information.

  
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 ARTICLE IV 

Administration and Servicing of Receivables 

SECTION 4.1. Duties of the Servicer [and the Backup Servicer] 

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

The Servicer, or if Exeter is no longer the Servicer, Exeter, at the request of the Servicer, shall also administer and enforce all rights and
responsibilities of the holder of the Receivables provided for in the Dealer Agreements [and Originator Agreements] (and shall maintain possession of the Dealer Agreements [and Originator Agreements], to the extent it is necessary to do so), the
Dealer Assignments, the Originator Agreements and the Insurance Policies, to the extent that such Dealer Agreements, Dealer Assignments [, Originator Agreements, Originator Assignments] and Insurance Policies relate to the Receivables, the Financed
Vehicles or the Obligors. To the extent consistent with the standards, policies and procedures otherwise required hereby, the Servicer shall follow its customary standards, policies, and procedures and shall have full power and authority,
acting alone, to do any and all things in connection with such managing, servicing, administration and collection that it may deem necessary or desirable. Without limiting the generality of the foregoing, the Servicer is hereby authorized and
empowered by the Trust to execute and deliver, on behalf of the Trust, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Receivables and
with respect to the Financed Vehicles; provided, however, that notwithstanding the foregoing, the Servicer shall not, except pursuant to an order from a court of competent jurisdiction, release an Obligor from payment of any unpaid amount
under any Receivable or waive the right to collect the unpaid balance of any Receivable from the Obligor, except in accordance with the Servicer’s customary practices. 

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

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

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

  
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 (b) The Servicer may at any time agree to a modification, due date change, extension or amendment
of a Receivable in accordance with its credit and collection policy, which may be modified from time to time without notice to the Noteholders. 

(c) [The Servicer, acting as agent for the Trust pursuant to the Lockbox Account Agreement, shall use its best efforts to notify or direct
Obligors to make all payments on the Receivables, whether by check or by direct debit of the Obligor’s bank account, to be made directly to one or more Lockbox Banks pursuant to the Lockbox Account Agreement. The Servicer shall use its
best efforts to notify or direct any Lockbox Bank to deposit all payments on the Receivables in the Lockbox Account no later than the Business Day after receipt, and to cause all amounts credited to the Lockbox Account on account of such payments to
be transferred to the Collection Account no later than two Business Days after receipt of such payments. The Lockbox Account shall be a demand deposit account held by the Lockbox Bank. 

Prior to the Closing Date, the Servicer shall have notified each Obligor that makes its payments on the Receivables by check to make such
payments thereafter directly to the Lockbox Bank (except in the case of Obligors that have already been making such payments to the Lockbox Bank), and shall have provided each such Obligor with remittance invoices in order to enable such Obligors to
make such payments directly to the Lockbox Bank for deposit into the Lockbox Account, and the Servicer will continue, not less often than every three months, to so notify those Obligors who have failed to make payments to the Lockbox Bank. 

Notwithstanding any Lockbox Account Agreement, or any of the provisions of this Agreement relating to the Lockbox Account Agreement, the
Servicer shall remain obligated and liable to the Trust, the Indenture Trustee and Noteholders for servicing and administering the Receivables and the Other Conveyed Property in accordance with the provisions of this Agreement without diminution of
such obligation or liability by virtue thereof[; provided, however, that the foregoing shall not apply to any Backup Servicer for so long as the Lockbox Bank is performing its obligations pursuant to the terms of the Lockbox Account
Agreement]. 
 In the event of a termination of the Servicer, the successor Servicer shall assume all of the rights and obligations of the
outgoing Servicer under the Lockbox Account Agreement subject to the terms hereof. In such event, the successor Servicer shall be deemed to have assumed all of the outgoing Servicer’s interest therein and to have replaced the outgoing
Servicer as a party to the Lockbox Account Agreement to the same extent as if the Lockbox Account Agreement had been assigned to the successor Servicer, except that the outgoing Servicer shall not thereby be relieved of any liability or obligations
on the part of the outgoing Servicer to the Lockbox Bank under the Lockbox Account Agreement. The outgoing Servicer shall, upon request of the Indenture Trustee, but at the expense of the outgoing Servicer, deliver to the successor Servicer all
documents and records relating to the Lockbox Account Agreement and an accounting of amounts collected and held by the Lockbox Bank and otherwise use its best efforts to effect the orderly and efficient transfer of the Lockbox Account Agreement to
the successor Servicer. In the event that the Majority Noteholders elect to change the identity of the Lockbox Bank, the outgoing Servicer, at its expense, shall cause the Lockbox Bank to deliver, at the direction of the Majority Noteholders to
the Indenture Trustee or a successor Lockbox Bank, all documents and records relating to the Receivables and all amounts held (or thereafter received) by the Lockbox Bank (together with an accounting of such amounts) and shall otherwise use its best
efforts to effect the orderly and efficient transfer of the lockbox arrangements and the Servicer shall notify the Obligors to make payments to the lockbox arrangements established by the successor. 

  
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 (d) The Servicer shall remit all payments by or on behalf of the Obligors received directly by
the Servicer [to the Lockbox Bank as soon as practicable, but in no event later than two Business Days after identification thereof, and such amounts shall be deposited into the Lockbox Account and transferred from the Lockbox Account] to the
Collection Account in accordance with Section 4.2(c). 
 (e) Exeter shall not cause or permit the substitution of the Financed Vehicle
relating to a Receivable unless: (i) the substitution is a replacement of the Financed Vehicle originally financed under the related Receivable; (ii) the Financed Vehicle originally financed under the related Receivable was either (x) insured
under an Insurance Policy as required under Section 4.4(a) at the time of a casualty loss that is treated as a total loss under such Insurance Policy, (y) deemed to be a “lemon” pursuant to applicable state law and repurchased by the
related Dealer or (z) the subject of an order by a court of competent jurisdiction directing Exeter to substitute another vehicle under the related Receivable; (iii) the related Receivable is not more than 30 days delinquent; (iv) the Obligor is
deemed to be in “good standing” by the Servicer and is not in breach of any requirement under the related Receivable; (v) the replacement Financed Vehicle has a book value (N.A.D.A.) at least equal to the book value (N.A.D.A.) of the
Financed Vehicle that is being replaced, measured immediately before the casualty loss or replacement by the Dealer and (vi) as of the date of such substitution, the replacement Financed Vehicle’s mileage is no greater than the mileage on the
Financed Vehicle that is being replaced; provided, however, that if the substitution is made pursuant to clause (ii)(z), above, clauses (iii) through (vi) inclusive, shall not be applicable. Exeter shall not cause or permit the
substitution of Financed Vehicles relating to Receivables having an original aggregate Principal Balance greater than      percent (    %) of the Original Pool Balance, (the “Substitution
Limit”). In the event that the Substitution Limit is exceeded for any reason, (i) Exeter shall, on or before the next following Accounting Date, repurchase a sufficient number of such Receivables to cause the aggregate original
Principal Balances of such Receivables to be less than the Substitution Limit or (ii) if Exeter is not the Servicer and the Servicer has caused substitutions to be made hereunder pursuant to the circumstances described in clause (ii)(x), above, the
Servicer shall, on or before the next following Accounting Date, repurchase a sufficient number of such Receivables to cause the aggregate original Principal Balances of such Receivables to be less than the Substitution Limit. 

SECTION 4.3. Realization upon Receivables. 

(a) Consistent with the standards, policies and procedures required by this Agreement, the Servicer shall use its best efforts to repossess (or
otherwise comparably convert the ownership of) and liquidate any Financed Vehicle securing a Receivable with respect to which the Servicer has determined that payments thereunder are not likely to be resumed, as soon as is practicable; provided,
however, that the Servicer may elect not to repossess a Financed Vehicle if in its good faith judgment it determines that the proceeds ultimately recoverable with respect to such Receivable would be increased by forbearance. The Servicer is
authorized to follow such customary practices and procedures as it shall deem necessary or advisable, consistent with the standard of care required by Section 4.1, which practices and procedures may include reasonable

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

(b) If the Servicer, or if Exeter is no longer the Servicer, Exeter at the request of the Servicer, elects to commence a legal proceeding to
enforce a Dealer Agreement or Dealer Assignment, the act of commencement shall be deemed to be an automatic assignment from the Trust to the Servicer, or to Exeter at the request of the Servicer, of the rights under such Dealer Agreement or Dealer
Assignment for purposes of collection only. If, however, in any enforcement suit or legal proceeding it is held that the Servicer or Exeter, as appropriate, may not enforce a Dealer Agreement or Dealer Assignment on the grounds that it is not a
real party in interest or a Person entitled to enforce the Dealer Agreement or Dealer Assignment, the Owner Trustee and/or the Indenture Trustee, at Exeter’s expense, or the Seller, at the Seller’s expense, shall take such steps as the
Servicer deems reasonably necessary to enforce the Dealer Agreement or Dealer Assignment, including bringing suit in its name or the name of the Seller or of the Trust and the Owner Trustee and/or the Indenture Trustee for the benefit of the
Noteholders. All amounts recovered shall be remitted directly by the Servicer as provided in Section 4.2(d). 
 SECTION 4.4.
Insurance. 
 (a) The Servicer shall require, in accordance with its customary servicing policies and procedures, that each Financed
Vehicle be insured by the related Obligor under the Insurance Policies referred to in Paragraph [18]/[16] of the Schedule B-1 hereto and shall monitor the status of such physical loss and damage insurance coverage thereafter, in accordance with its
customary servicing procedures. Each Receivable requires the Obligor to maintain such physical loss and damage insurance, naming Exeter and its successors and assigns as additional insureds, and permits the holder of such Receivable to obtain
physical loss and damage insurance at the expense of the Obligor if the Obligor fails to maintain such insurance. If the Servicer shall determine that an Obligor has failed to obtain or maintain a physical loss and damage Insurance Policy
covering the related Financed Vehicle which satisfies the conditions set forth in such Paragraph [18]/[16] (including, without limitation, during the repossession of such Financed Vehicle) the Servicer

  
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may enforce the rights of the holder of the Receivable under the Receivable to require the Obligor to obtain such physical loss and damage insurance in accordance with its customary servicing
policies and procedures. The Servicer may maintain a vendor’s single interest or other collateral protection insurance policy with respect to all Financed Vehicles (“Collateral Insurance”) which policy shall by its terms
insure against physical loss and damage in the event any Obligor fails to maintain physical loss and damage insurance with respect to the related Financed Vehicle. The Servicer shall cause itself, and may cause the Indenture Trustee, to be
named as named insured under all policies of Collateral Insurance. Costs incurred by the Servicer in maintaining such Collateral Insurance shall be paid by the Servicer. 

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

  
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Servicer may not enforce an Insurance Policy on the grounds that it is not a real party in interest or a holder entitled to enforce the Insurance Policy, the Owner Trustee and/or the Indenture
Trustee, at the Servicer’s expense, or the Seller, at the Seller’s expense, shall take such steps as the Servicer deems necessary to enforce such Insurance Policy, including bringing suit in its name or the name of the Trust and the Owner
Trustee and/or the Indenture Trustee for the benefit of the Noteholders. 
 SECTION 4.5. Maintenance of Security Interests in
Vehicles. 
 (a) Consistent with the policies and procedures required by this Agreement, the Servicer shall take such steps on behalf of
the Trust as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Vehicle, including, but not limited to, obtaining the execution by the Obligors and the recording, registering, filing,
re-recording, re-filing, and re-registering of all security agreements, financing statements and continuation statements as are necessary to maintain the security interest granted by the Obligors under the respective Receivables. The Indenture
Trustee hereby authorizes the Servicer, and the Servicer agrees, to take any and all steps necessary to re-perfect such security interest on behalf of the Trust as necessary because of the relocation of a Financed Vehicle or for any other reason;
provided, that the Indenture Trustee shall have no obligation to monitor the security interest granted by the Obligors under the respective Receivables. In the event that the assignment of a Receivable to the Trust is insufficient,
without a notation on the related Financed Vehicle’s certificate of title, or without fulfilling any additional administrative requirements under the laws of the state in which the Financed Vehicle is located, to perfect a security interest in
the related Financed Vehicle in favor of the Trust, the Servicer hereby agrees that the designation of Exeter as the secured party on the Lien Certificate is in its capacity as Servicer as agent of the Trust. 

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

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

  
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 SECTION 4.6. Covenants, Representations, and Warranties of Servicer. By its execution
and delivery of this Agreement, the Servicer makes the following representations, warranties and covenants on which the Indenture Trustee relies in accepting the Receivables and authenticating the Notes. 

(a) The Servicer covenants as follows: 

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

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

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

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

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

SECTION 4.7. Purchase of Receivables Upon Breach of Covenant . Upon (i) discovery by the Servicer or (ii) the receipt of written notice
or actual knowledge by a Responsible Officer of the Indenture Trustee[,][or] a Responsible Officer of the Owner Trustee [or a Responsible Officer of the Backup Servicer] of a breach of any of the covenants set forth in Sections 4.5(a) or 4.6, the
party discovering such breach shall give prompt written notice to the others; provided, however, that the failure to give any such notice shall not affect any obligation of Exeter as Servicer under this Section. As of the second
Accounting Date following its 

  
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discovery or actual knowledge or receipt of notice, as applicable, of any breach of any covenant set forth in Sections 4.5(a) or 4.6 which materially and adversely affects the interests of the
Noteholders in any Receivable (including any Liquidated Receivable) (or, at Exeter’s election, the first Accounting Date so following) or the related Financed Vehicle, Exeter shall, unless such breach shall have been cured in all material
respects, purchase from the Trust the Receivable affected by such breach and, on the related Determination Date, Exeter shall pay the related Purchase Amount. It is understood and agreed that the obligation of Exeter to purchase any Receivable
(including any Liquidated Receivable) with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against Exeter for such breach available to the Noteholders, the Owner
Trustee[, the Backup Servicer] or the Indenture Trustee; provided, however, that Exeter shall indemnify the Trust, [the Backup Servicer,] the Owner Trustee, the Indenture Trustee and the Noteholders from and against all costs, expenses,
losses, damages, claims and liabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by any of them as a result of third-party claims arising out of the events or facts giving rise to such
breach. In the event Exeter is unable to provide such indemnity payments due pursuant to this paragraph to the Owner Trustee[, the Backup Servicer] or the Indenture Trustee, the Owner Trustee[, the Backup Servicer] and the Indenture Trustee
shall collect such indemnities amounts pursuant to Section 5.7(a) hereof or Section 5.6 of the Indenture, as applicable. [Notwithstanding anything to the contrary contained herein, Exeter will not be required to repurchase Receivables due
solely to the Servicer’s not having received Lien Certificates that have been properly applied for from the Registrar of Titles in the applicable states for such Receivables unless (i) such Lien Certificates shall not have been received with
respect to Receivables with Principal Balances which total more than [    ]% of the Aggregate Principal Balance as of the [    ]th day after the Closing
Date, in which case Exeter shall be required to repurchase a sufficient number of such Receivables to cause the aggregate Principal Balances of the remaining Receivables for which no such Lien Certificate shall have been received to be no greater
than [    ]% of the Aggregate Principal Balance as of such date or (ii) such Lien Certificates shall not have been received as of the [    ]th day after the
Closing Date. Except as expressly set forth in the Basic Documents, neither the Owner Trustee nor the Indenture Trustee shall have any duty to conduct an affirmative investigation as to the occurrence of any condition requiring the repurchase
of any Receivable pursuant to this Section 4.7, the eligibility of any Receivable for purposes of this Agreement or to enforce the repurchase obligations of Exeter. This Section shall survive the termination or assignment of this Agreement and
the earlier removal or resignation of the Indenture Trustee [and/or the Backup Servicer.] 
 SECTION 4.8. Total Servicing Fee; Payment of
Certain Expenses by Servicer. On each Distribution Date, the Servicer shall be entitled to receive out of the Collection Account the Base Servicing Fee and any Supplemental Servicing Fee for the related Collection Period (together, the
“Servicing Fee”) pursuant to Section 5.7. The Servicer shall be required to pay all expenses incurred by it in connection with its activities under this Agreement (including taxes imposed on the Servicer, expenses incurred in
connection with distributions and reports made by the Servicer to the Noteholders and all other fees and expenses of the Owner Trustee, [the Backup Servicer or] the Indenture Trustee, except taxes levied or assessed against the Trust and claims
against the Trust in respect of indemnification, which taxes and claims in respect of indemnification against the Trust are expressly stated to be for the account of Exeter). The Servicer shall be liable for the fees and expenses of the Owner
Trustee, [the Backup Servicer,] 

  
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the Indenture Trustee, the Custodian, [the Lockbox Bank (and any fees under the Lockbox Account Agreement), and the Independent Accountants to the extent any such fees and expenses have not been
paid or reimbursed pursuant to Section 5.7 on any Distribution Date. Notwithstanding the foregoing, if the Servicer shall not be Exeter, a successor to Exeter as Servicer [including the Backup Servicer] permitted by Section 9.3 shall not be
liable for taxes levied or assessed against the Trust or claims against the Trust in respect of indemnification, or the fees and expenses referred to above. 

SECTION 4.9. Servicer’s Certificate. 

No later than [noon] Eastern time on each Determination Date, the Servicer shall deliver (electronic delivery being acceptable) to [the Backup
Servicer,] the Owner Trustee[, the Hedge Provider] and the Indenture Trustee the monthly Servicer’s Certificate. The Servicer will also deliver the Servicer’s Certificate to each Rating Agency on the same date the Servicer’s
Certificate is publicly available (provided that if the Servicer’s Certificate is not made publicly available, the Servicer will deliver it to each Rating Agency, no later than the [15th] of
each month (or if not a Business Day, the next succeeding Business Day)). The Servicer’s Certificate will be executed by a Responsible Officer of the Servicer and contain among other things: (i) all information necessary to enable the
Indenture Trustee to make the distributions required by Sections 5.7(a) and 5.7(b), (ii) a listing of all Purchased Receivables purchased by the Servicer as of the related Accounting Date, identifying the Receivables so purchased by the Servicer[,
(iii) all information necessary to enable the Backup Servicer to verify the items specified in Section 4.13(ii) (as set forth in the Monthly Tape delivered pursuant to Section 4.13)] and (iv) all information necessary to enable the Indenture Trustee
to send the statements to Noteholders as required by Section 5.9. Receivables purchased by the Servicer or by the Seller on the related Accounting Date and each Receivable which became a Liquidated Receivable or which was paid in full during
the related Collection Period shall be identified by account number (as set forth in the Schedule of Receivables).. 
 SECTION 4.10.
Annual Statement as to Compliance, Notice of Servicer Termination Event. 
 (a) To the extent required by Section 1123 of Regulation
AB, the Servicer, shall deliver to the Indenture Trustee, the Owner Trustee[, the Backup Servicer] and each Rating Agency, on or before March 31 (or 90 days after the end of the Issuer’s fiscal year, if other than December 31) of each year
(regardless of whether the Seller has ceased filing reports under the Exchange Act), beginning on March     , 20    , an officer’s certificate signed by any Responsible Officer of the Servicer, dated as
of December 31 of the previous calendar year, stating that (i) a review of the activities of the Servicer during the preceding calendar year (or such other period as shall have elapsed from the Closing Date to the date of the first such
certificate) and of its performance under this Agreement has been made under such officer’s supervision, and (ii) to such officer’s knowledge, based on such review, the Servicer has fulfilled in all material respects all its obligations
under this Agreement throughout such period, or, if there has been a failure to fulfill any such obligation in any material respect, identifying each such failure known to such officer and the nature and status of such failure. 

  
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 (b) The Seller or the Servicer shall deliver to the Indenture Trustee, the Owner Trustee[, the
Backup Servicer], the Servicer or the Seller (as applicable) and each Rating Agency promptly after having obtained knowledge thereof, but in no event later than two Business Days thereafter, written notice in an officer’s certificate of any
event which with the giving of notice or lapse of time, or both, would become a Servicer Termination Event under any clause of Section 9.1.

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

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

SECTION 4.11. Annual Independent Public Accountants’ Reports. 

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

(b) Each party required to deliver an assessment of compliance described in Section 4.10(d) shall cause Independent Accountants, who may also
render other services to such party or its Affiliates, to deliver to [the Backup Servicer,] the Owner Trustee, the Indenture Trustee and the Servicer, on or before March 31 (or 90 days after the end of the Issuer’s fiscal year, if other
than December 31) of each year, beginning in March     , 20    , a report, dated as of December 31 of the preceding calendar year, addressed to the board of directors of such party, providing its
attestation report on the servicing assessment delivered pursuant to Section 4.10(d), including 

  
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disclosure of any material instance of non-compliance, as required by Rule 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of Regulation AB. Such attestation will be in accordance
with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act. 
 (c) The Servicer shall cause a firm of
Independent Accountants, who may also render other services to the Servicer or to the Seller, (1) to deliver to [the Backup Servicer,] the Owner Trustee and the Indenture Trustee on or before April 30 (or 120 days after the end of the
Servicer’s fiscal year, if other than December 31) of each year, beginning on April 30, 20__, with respect to the twelve months ended the immediately preceding December 31 (or other applicable date) (or such other period as shall have
elapsed from the Closing Date to the date of such certificate (which period shall not be less than six months)), a copy of the Form 10-K filed with the United States Commission for Exeter Finance Corp., which filing includes a statement that such
audit was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as such firm considered necessary in the circumstances; and (2) upon request of
[the Backup Servicer,] the Owner Trustee or the Indenture Trustee, to issue an acknowledgement to the effect that such firm has audited the books and records of Exeter Finance Corp., in which the Servicer is included as a consolidated subsidiary,
and issued its report pursuant to item (1) of this section and that the accounting firm is independent of the Seller and the Servicer within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants.

 SECTION 4.12. Access to Certain Documentation and Information Regarding Receivables. The Servicer shall provide to
representatives of [the Backup Servicer,] the Owner Trustee and the Indenture Trustee reasonable access to the documentation regarding the Receivables. In each case, such access shall be afforded without charge but only upon reasonable request
and during normal business hours. Nothing in this Section shall affect the obligation of the Servicer to observe any applicable law prohibiting disclosure of information regarding the Obligors, and the failure of the Servicer to provide access
as provided in this Section as a result of such obligation shall not constitute a breach of this Section. 
 SECTION 4.13. [Monthly
Tape]. [No later than the second Business Day after each Distribution Date, the Servicer will deliver to the Indenture Trustee [and the Backup Servicer] a computer tape and a diskette (or any other electronic transmission acceptable to the
Indenture Trustee [and the Backup Servicer]) in a format acceptable to the Indenture Trustee [and the Backup Servicer] containing the information with respect to the Receivables as of the preceding Accounting Date necessary for preparation of the
Servicer’s Certificate relating to the immediately preceding Determination Date and necessary to review the application of collections as provided in Section 5.4 (the “Monthly Tape”). [The Backup Servicer shall use such
tape or diskette (or other electronic transmission acceptable to the Indenture Trustee and the Backup Servicer) to (i) confirm that such tape, diskette or other electronic transmission is in readable form, and (ii) calculate and confirm (A) the
aggregate amount distributable as principal on the related Distribution Date to each Class of Notes, (B) the aggregate amount distributable as interest on the related Distribution Date to each Class of Notes, (C) any amounts distributable on the
related Distribution Date which are to be paid with funds withdrawn from the Reserve Account, (D) the outstanding principal amount of each Class of 

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

Trust Accounts; Distributions; Statements to Noteholders 

SECTION 5.1. Establishment of Trust Accounts. 

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

  
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 (ii) The Indenture Trustee, on behalf of the Noteholders, shall establish and
maintain in its own name an Eligible Deposit Account (the “Note Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Indenture Trustee on behalf of the
Noteholders. The Note Distribution Account shall initially be established with the Indenture Trustee. 
 (iii) The
Indenture Trustee, on behalf of the Noteholders, shall establish and maintain in its own name an Eligible Deposit Account (the “Reserve Account”), bearing a designation clearly indicating that the funds deposited therein are held
for the benefit of the Indenture Trustee on behalf of the Noteholders. The Reserve Account shall initially be established with the Indenture Trustee. 

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

(c) All Investment Earnings of moneys deposited in each Trust Account shall be deposited (or caused to be deposited) in the Collection Account
on each Distribution Date by the Indenture Trustee and applied as Available Funds on such Distribution Date, and any loss resulting from such investments shall be charged to the related Trust Account. The Servicer will not direct the Indenture
Trustee to make any investment of any funds held in any of the Trust Accounts unless the security interest granted and perfected in such account will continue to be perfected in such investment, in either case without any further action by any
Person, and, in connection with any direction to the Indenture Trustee to make any such investment, if requested by the Indenture Trustee, the Servicer shall deliver to the Indenture Trustee an Opinion of Counsel, acceptable to the Indenture
Trustee, to such effect. 
 (d) The Indenture Trustee shall not in any way be held liable by reason of any insufficiency in any of the Trust
Accounts resulting from any loss on any Eligible Investment included therein except for losses attributable to the Indenture Trustee’s negligence or bad faith or its failure to make payments on such Eligible Investments issued by the Indenture
Trustee, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 

  
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 (e) If (i) the Servicer shall have failed to give investment directions in writing for any funds
on deposit in the Trust Accounts to the Indenture Trustee by [1:00] p.m. Eastern time (or such other time as may be agreed by the Issuer and Indenture Trustee) on any Business Day; or (ii) a Default or Event of Default shall have occurred and is
continuing with respect to the Notes but the Notes shall not have been declared due and payable, or, if such Notes shall have been declared due and payable following an Event of Default, amounts collected or received from the Trust Property are
being applied as if there had not been such a declaration; then the Indenture Trustee shall, to the fullest extent practicable, invest and reinvest funds in the Trust Accounts in the investment described in clause (d) of the definition of Eligible
Investments. 
 (i) The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to
time in the Trust Accounts and in all proceeds thereof for the benefit of the Noteholders and all such funds, investments, proceeds and income shall be part of the Owner Trust Estate. Except as otherwise provided herein, the Trust Accounts
shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Noteholders. If, at any time, any of the Trust Accounts ceases to be an Eligible Deposit Account, the Indenture Trustee (or the Servicer on its behalf)
shall within five Business Days (or such longer period as to which each Rating Agency may consent) establish a new Trust Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Trust Account. In
connection with the foregoing, the Servicer agrees that, in the event that any of the Trust Accounts are not accounts with the Indenture Trustee, the Servicer shall notify the Indenture Trustee in writing promptly upon any of such Trust Accounts
ceasing to be an Eligible Deposit Account. 
 (ii) With respect to the Trust Account Property, the Indenture Trustee agrees
that: 
 (A) any Trust Account Property that is held in deposit accounts shall be held solely in the Eligible Deposit
Accounts; and, except as otherwise provided herein, each such Eligible Deposit Account shall be subject to the exclusive custody and control of the Indenture Trustee, and the Indenture Trustee shall have sole signature authority with respect
thereto; 
 (B) any Trust Account Property that constitutes Physical Property shall be delivered to the Indenture Trustee in
accordance with paragraph (a) of the definition of “Delivery” and shall be held, pending maturity or disposition, solely by the Indenture Trustee or a securities intermediary (as such term is defined in Section 8-102(14) of the UCC) acting
solely for the Indenture Trustee; 
 (C) the “securities intermediary’s jurisdiction” for purposes of
Section 8-110 of the UCC shall be the State of New York; 

  
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 (D) any Trust Account Property that is a book-entry security held through the
Federal Reserve System pursuant to Federal book-entry regulations shall be delivered in accordance with paragraph (b) of the definition of “Delivery” and shall be maintained by the Indenture Trustee, pending maturity or disposition,
through continued book-entry registration of such Trust Account Property as described in such paragraph; 
 (E) any Trust
Account Property that is an “uncertificated security” or a “security entitlement” under Article 8 of the UCC and that is not governed by clause (D) above shall be delivered to the Indenture Trustee in accordance
with paragraph (c) or (d), if applicable, of the definition of “Delivery” and shall be maintained by the Indenture Trustee, pending maturity or disposition, through continued registration of the Indenture Trustee’s (or its
nominee’s) ownership of such security; and 
 (F) any cash that is Trust Account Property shall be considered a
“financial asset” under Article 8 of the UCC. 
 (g) The Servicer shall have the power to instruct the Indenture Trustee to
make withdrawals and payments from the Trust Accounts for the purpose of permitting the Servicer and the Indenture Trustee to carry out their respective duties hereunder. 

(h) [The Indenture Trustee acknowledges that, pursuant to the provisions of the Hedge Agreement, the Hedge Provider may be required to post
collateral with the Indenture Trustee to secure the Hedge Provider’s obligations under the Hedge Agreement. The Indenture Trustee agrees to establish and maintain an Eligible Deposit Account (the “Hedge Account”) to hold
such collateral, at the direction of the Servicer if the Hedge Provider is required to post Collateral to secure the obligations under the Hedge Agreement. The Indenture Trustee further agrees to follow such written instructions relating to the
administration of, and transfers from such account, as may be delivered by the Servicer, subject to and in accordance with the terms of the Hedge Agreement.] 

(i) [To the extent that (i) the funds available in the Hedge Termination Account exceed the costs of entering into a replacement Hedge
Agreement or (ii) the Issuer determines not to replace the Hedge Agreement and the Rating Agency Condition is met with respect to such determination, the amounts in the Hedge Termination Account (other than funds used to pay the costs of entering
into a Hedge Agreement, if applicable) shall be included in Available Funds and allocated in accordance with the priorities set forth in Section 5.7(a) on the following Distribution Date. In any other situation, amounts on deposit in the Hedge
Termination Account at any time shall be invested pursuant to 5.1(b) and on each Distribution Date after the creation of a Hedge Termination Account, the funds therein shall be used to cover any shortfalls in the amounts payable under clauses (i)
through (__) of Section 5.7(a), provided that in no event will the amount withdrawn from the Hedge Termination Account on such Distribution Date exceed the amount of net hedge payments that would have been required to be paid on such Distribution
Date by the Hedge Provider under the terminated Hedge Agreement had there been no termination of such transaction. Any amounts remaining in the Hedge Termination Account after payment in full of the Class A-2-B Notes shall be included in
Available Funds and allocated in accordance with the order of priority specified in Section 5.7(a) on the following Distribution Date.]

  
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 SECTION 5.2. [Reserved] 

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

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

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

(b) All amounts collected that are payable to the Servicer as Supplemental Servicing Fees hereunder shall be deposited in the Collection
Account and paid to the Servicer in accordance with Section 5.7(a). 
 SECTION 5.5. [Reserved] 

SECTION 5.6. Additional Deposits. 

(a) The Servicer and the Seller, as applicable, shall deposit or cause to be deposited in the Collection Account on the Determination Date on
which such obligations are due the aggregate Purchase Amount with respect to Purchased Receivables. 
 (b) The proceeds of any purchase or
sale of the assets of the Trust described in Section 10.1 shall be deposited in the Collection Account. 
 (c) [Net payments received from
the Hedge Provider, if any, shall be deposited by the Indenture Trustee in the Collection Account.] 

  
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 SECTION 5.7. Distributions. 

(a) On each Distribution Date, the Indenture Trustee shall (based solely on the information contained in the Servicer’s Certificate
delivered with respect to the related Determination Date) apply or cause to be applied the sum of (x) the Available Funds (after withdrawing amounts deposited in error and Liquidation Proceeds relating to Purchased Receivables) for the related
Collection Period and (y) the Reserve Account Withdrawal Amount for such Distribution Date (such sum, the “Total Available Funds”) to distribute the following amounts from the Collection Account unless otherwise specified, to the
extent of the sources of funds stated to be available therefor, and in the following order of priority 
 (i) [from the Total
Available Funds, to the Hedge Provider, net payments, if any, due to it under the Hedge Agreement;] 
 (ii) from the Total
Available Funds, to the Servicer, (1) the Base Servicing Fee for the related Collection Period, (2) any Supplemental Servicing Fees for the related Collection Period, (3) any amounts specified in Section 5.3, (4) to the extent the Servicer has not
reimbursed itself in respect of such amounts pursuant to Section 5.3, and to the extent not retained by the Servicer and to pay to Exeter any amounts paid by Obligors during the preceding calendar month that did not relate to (x) principal and
interest payments due on the Receivables and (y) any fees or expenses related to extensions due on the Receivables and (5) to any successor Servicer, transition fees not to exceed
$             (including boarding fees) in the aggregate; 

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

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

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

  
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 (vii) from the Total Available Funds, to the Note Distribution Account for
further distribution to the Class B Noteholders, the Noteholders’ Interest Distributable Amount for the Class B Notes for such Distribution Date; 

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

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

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

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

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

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

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

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

(i) to the Class A-1 Noteholders in reduction of the remaining principal balance of the Class A-1 Notes, until the outstanding
principal balance thereof has been reduced to zero; 
 (ii) to the Class A-2 Noteholders in reduction of the remaining
principal balance of the Class A-2 Notes, until the outstanding principal balance thereof has been reduced to zero; 
 (iii)
to the Class A-3 Noteholders in reduction of the remaining principal balance of the Class A-3 Notes, until the outstanding principal balance thereof has been reduced to zero; 

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

(vi) to the Class D Noteholders in reduction of the remaining principal balance of the Class D Notes, until the outstanding
principal balance thereof has been reduced to zero; 
 (vii) [to the Class E Noteholders in reduction of the remaining
principal balance of the Class E Notes, until the outstanding principal balance thereof has been reduced to zero;] 
 (c) In the event that
the Collection Account is maintained with an institution other than the Indenture Trustee, the Servicer shall instruct and cause such institution to make all deposits and distributions pursuant to Sections 5.7(a) and 5.7(b) on the related
Distribution Date. 
 (d) In the event that any withholding tax is imposed on the Trust’s payment (or allocations of income) to a
Noteholder, such tax shall reduce the amount otherwise distributable to the Noteholder in accordance with this Section. The Indenture Trustee is hereby authorized and directed to retain from amounts otherwise distributable to the Noteholders
sufficient funds for the payment of any tax attributable to the Trust (but such authorization shall not prevent the Indenture Trustee from contesting any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law,
pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Noteholder shall be treated as cash distributed to such Noteholder at the time it is withheld by the Trust and remitted to the appropriate
taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-US Noteholder), the Indenture Trustee may in its sole discretion withhold such amounts in accordance
with this clause (d). In the event that a Noteholder wishes to apply for a refund of any such withholding tax, the Indenture Trustee shall reasonably cooperate with such Noteholder in making such claim so long as such Noteholder agrees to
reimburse the Indenture Trustee for any out-of-pocket expenses (including legal fees and expenses) incurred. 
 (e) Distributions required to
be made to Noteholders on any Distribution Date shall be made to each Noteholder of record on the preceding Record Date either by (i) wire transfer, in immediately available funds, to the account of such Holder at a bank or other entity having
appropriate facilities therefore, if such Noteholder shall have provided to the Note Registrar appropriate written instructions at least five Business Days prior to such Distribution Date and such Holder’s Notes in the aggregate evidence a
denomination of not less than $[1,000,000] or (ii) by check mailed to such Noteholder at the address of such holder appearing in the Note Register. Notwithstanding the foregoing, the final distribution in respect of any Note (whether on the
Final Scheduled Distribution Date or otherwise) will be payable only upon presentation and surrender of such Note at the office or agency maintained for that purpose by the Note Registrar pursuant to Section 2.4 of the Indenture. 

  
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 (f) Subject to Section 5.1 and this section, monies received by the Indenture Trustee hereunder
need not be segregated in any manner except to the extent required by law and may be deposited under such general conditions as may be prescribed by law, and the Indenture Trustee shall not be liable for any interest thereon. 

SECTION 5.8. Reserve Account. 

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

(c) On each Distribution Date, the Servicer shall instruct the Indenture Trustee (based on the information contained in the Servicer’s
Certificate delivered on the related Determination Date) (A) if the amount on deposit in the Reserve Account (without taking into account any amount on deposit in the Reserve Account representing net investment earnings) is less than the Specified
Reserve Balance, in which case the Indenture Trustee shall, after payment of any amounts required to be distributed pursuant to clauses (i) through [(xvii)] of Section 5.7(a) deposit in the Reserve Account the Reserve Account Deposit Amount pursuant
to Section 5.7(a)[(xvii)], and (B) if the amount on deposit in the Reserve Account, after giving effect to all other deposits thereto and withdrawals therefrom to be made on such Distribution Date is greater than the Specified Reserve Balance, in
which case the Indenture Trustee shall distribute the amount of such excess as part of Available Funds on such Distribution Date. 
 (d) On
each Distribution Date, the Servicer shall instruct the Indenture Trustee (based on the information contained in the Servicer’s Certificate delivered on the related Determination Date) to withdraw the Reserve Account Withdrawal Amount from the
Reserve Account and deposit such amounts in the Collection Account to be included as Total Available Funds for that Distribution Date. 
 (e)
Amounts properly transferred to the Certificate Distribution Account for payment to the Certificateholder pursuant to this Agreement shall not be available to the Indenture Trustee or the Trust for the purpose of making deposits to the Reserve
Account, or making payments to the Noteholders, nor shall the Certificateholder be required to refund any amount properly received by them. 

  
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 SECTION 5.9. Statements to Noteholders. 

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

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

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

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

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

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

(viii) the amount of the aggregate Realized Losses, if any, for the related Collection Period; and 

(ix) the aggregate Purchase Amounts for Receivables, if any, that were repurchased by the Servicer or the Seller in such
period. 
 (b) The Indenture Trustee will make available each month to each Noteholder the statements referred to in Section 5.9(a) above
(and certain other documents, reports and information regarding the Receivables provided by the Servicer from time to time) via the Indenture Trustee’s internet website, with the use of a password provided by the Indenture Trustee. The
Indenture Trustee will make no representation or warranties as to the accuracy or completeness of such documents, reports and information regarding the Receivables provided by the Servicer. The Indenture Trustee’s internet website shall be
initially located at www.                    .com or at such other address as shall be specified by the Indenture Trustee from time to time in
writing to the Noteholders. In connection with providing access to the Indenture Trustee’s internet website, the Indenture Trustee may require registration and the 

  
 52 

 
acceptance of a disclaimer. The Indenture Trustee shall not be liable for the dissemination of information in accordance with this Agreement. The Indenture Trustee shall have the right
to change the way the statements referred to in Section 5.9(a) above are distributed in order to make such distribution more convenient and/or more accessible to the parties entitled to receive such statements so long as such statements are only
provided to the then current Noteholders. The Indenture Trustee shall provide notification of any such change to all parties entitled to receive such statements in the manner described in Section 12.3, Section 11.4 of the Indenture or Section
11.5 of the Indenture, as appropriate. 
 SECTION 5.10. [Determination of LIBOR]. [The Indenture Trustee, as calculation agent
(in such capacity, the “Calculation Agent”), will determine LIBOR for purposes of calculating the Interest Rate for the Class A-2-B Notes (a) on
                    , 20    , for the period from the Closing Date to the first Distribution Date, and (b) for each given
Interest Period thereafter, on the second London Business Day prior to the Distribution Date on which such Interest Period begins (each, a “LIBOR Determination Date”). For purposes of calculating LIBOR, a “London
Business Day” means a day on which banking institutions in the City of London, England are not required or authorized by law to be closed. 

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

“Reuters Screen LIBOR01 Page” is the display designated on the Reuters service (or the successor display page, other published source,
information vendor or provider that has been officially designated by Reuters).] 
 ARTICLE VI 

[Reserved] 

  
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 ARTICLE VII 

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

(a) Schedules of Representations. The representations and warranties set forth in Schedule B-1 and Schedule B-2 are true and
correct. 
 (b) Organization and Good Standing. The Seller has been duly organized and is validly existing as a limited liability
company in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted, and had at all relevant
times, and now has, power, authority and legal right to acquire, own and sell the Receivables and the Other Conveyed Property transferred to the Trust. 

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

(d) Power and Authority. The Seller has the power and authority to execute and deliver this Agreement and its Basic Documents and
to carry out its terms and their terms, respectively; the Seller has full power and authority to sell and assign the Receivables and the Other Conveyed Property to be sold and assigned to and deposited with the Trust by it and has duly authorized
such sale and assignment to the Trust by all necessary action; and the execution, delivery and performance of this Agreement and the Seller’s Basic Documents have been duly authorized by the Seller by all necessary action. 

(e) Valid Sale, Binding Obligations. This Agreement effects a valid sale, transfer and assignment of the Receivables and the Other
Conveyed Property, enforceable against the Seller and creditors of and purchasers from the Seller; and this Agreement and the Seller’s Basic Documents, when duly executed and delivered, shall constitute legal, valid and binding obligations of
the Seller enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by equitable
limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

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

(g) No Proceedings. There are no proceedings or investigations pending or, to the Seller’s knowledge, threatened against the
Seller, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Seller or its properties (i) asserting the invalidity of this Agreement or any of the Basic Documents,
(ii) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the Basic Documents, (iii) seeking any determination or ruling that might materially and adversely affect the
performance by the Seller of its obligations under, or the validity or enforceability of, this Agreement or any of the Basic Documents, or (iv) seeking to adversely affect the federal income tax or other federal, state or local tax attributes of the
Notes. 
 (h) Solvency. The Seller is not insolvent, nor will the Seller be made insolvent by the transfer of the Receivables,
nor does the Seller anticipate any pending insolvency. 
 (i) No Consents. The Seller is not required to obtain the consent of
any other party or any consent, license, approval or authorization, or registration or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery, performance, validity or enforceability of this
Agreement which has not already been obtained. 
 (j) True Sale. The Receivables are being transferred with the intention of
removing them from the Seller’s estate pursuant to Section 541 of the Bankruptcy Code, as the same may be amended from time to time. 

(k) Ordinary Course of Business. The transactions contemplated by this Agreement and the other Basic Documents to which the Seller
is a party are in the ordinary course of the Seller’s business. 
 (l) Chief Executive Office and Principal Place of
Business. The chief executive office and principal place of business of the Seller is at 222 West Las Colinas Boulevard, Suite 1800, Irving, Texas 75039. 

(m) Investment Company Act. Neither the Seller nor the Issuer is an “investment company” or a company “controlled by
an investment company” within the meaning of the Investment Company Act. The Issuer will rely on an exclusion or exemption from the definition of “investment company” under the Investment Company Act contained in Section 3(c)(5)
of the Investment Company Act, although there may be additional exclusions or exemptions available to the Issuer. The Issuer is not a “covered fund” for purposes of the Volcker Rule. 

  
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 SECTION 7.2. Corporate Existence. 

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

(b) During the term of this Agreement, the Seller shall observe the applicable legal requirements for the recognition of the Seller as a legal
entity separate and apart from its Affiliates, including as follows: 
 (i) the Seller shall maintain corporate records and
books of account separate from those of its Affiliates; 
 (ii) except as otherwise provided in this Agreement, the Seller
shall not commingle its assets and funds with those of its Affiliates; 
 (iii) the Seller shall hold such appropriate
meetings of its board of managers, or adopt resolutions pursuant to a unanimous written consent of the board of managers as are necessary to authorize all the Seller’s actions required by law to be authorized by the board of managers, shall
keep minutes of such meetings and of meetings of its stockholder(s) and observe all other customary corporate formalities (and any successor Seller not a limited liability company shall observe similar procedures in accordance with its governing
documents and applicable law); 
 (iv) the Seller shall at all times hold itself out to the public under the Seller’s
own name as a legal entity separate and distinct from its Affiliates; 
 (v) all transactions and dealings between the Seller
and its Affiliates will be conducted on an arm’s-length basis; and 
 (vi) the Seller shall pay from its assets all
obligations and indebtedness of any kind incurred by the Seller. 
 SECTION 7.3. Liability of Seller; Indemnities. The Seller
shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Seller under this Agreement. 

(a) The Seller shall indemnify, defend and hold harmless the Owner Trustee, the Issuer[, the Backup Servicer] and the Indenture Trustee and
their respective officers, directors, employees and agents from and against any taxes that may at any time be asserted against any such Person with respect to the transactions or activities contemplated in this Agreement and any

  
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of the Basic Documents (except any income taxes arising out of fees paid to the Owner Trustee, and the Indenture Trustee and except any taxes to which the Owner Trustee and the Indenture Trustee
may otherwise be subject to, without regard to the transactions contemplated hereby), including any sales, gross receipts, general corporation, tangible or intangible personal property, privilege or license taxes (but, in the case of the Issuer, not
including any taxes asserted with respect to, federal or other income taxes arising out of distributions on the Notes) and costs and expenses in defending against the same. 

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

Indemnification under this Section shall survive the resignation or removal of the Owner Trustee[, Backup Servicer] or the Indenture Trustee
and the termination or assignment of this Agreement, the Indenture or the Trust Agreement, as applicable, and shall include reasonable fees and expenses of counsel and other expenses of litigation. If the Seller shall have made any indemnity
payments pursuant to this Section and the Person to or on behalf of whom such payments are made thereafter shall collect any of such amounts from others, such Person shall promptly repay such amounts to the Seller, without interest. 

SECTION 7.4. Merger or Consolidation of, or Assumption of the Obligations of, Seller. Any Person (a) into which the Seller may be
merged or consolidated, (b) which may result from any merger or consolidation to which the Seller shall be a party or (c) which may succeed to the properties and assets of the Seller substantially as a whole, which Person in any of the foregoing
cases executes an agreement of assumption to perform every obligation of the Seller under this Agreement, shall be the successor to the Seller hereunder without the execution or filing of any document or any further act by any of the parties to this
Agreement; provided, however, that (i) immediately after giving effect to such transaction, no representation or 

  
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warranty made pursuant to Section 3.1(a) shall have been breached and no Servicer Termination Event, and no event which, after notice or lapse of time, or both, would become a Servicer
Termination Event shall have happened and be continuing, (ii) the Seller shall have delivered to the Owner Trustee[, Backup Servicer] and the Indenture Trustee an Officers’ Certificate and an Opinion of Counsel each stating that such
consolidation, merger or succession and such agreement of assumption comply with this Section and that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been complied with, (iii) the Rating Agency
Condition shall have been satisfied with respect to such transaction and (iv) the Seller shall have delivered to the Owner Trustee[, Backup Servicer] and the Indenture Trustee an Opinion of Counsel stating that, in the opinion of such counsel,
either (A) all financing statements and continuation statements and amendments thereto have been executed and filed that are necessary fully to preserve and protect the interest of the Indenture Trustee and the Issuer, respectively, in the
Receivables and reciting the details of such filings or (B) no such action shall be necessary to preserve and protect such interest. Notwithstanding anything herein to the contrary, the execution of the foregoing agreement of assumption and
compliance with clauses (i), (ii), (iii) and (iv) above shall be conditions to the consummation of the transactions referred to in clauses (a), (b) or (c) above. 

SECTION 7.5. Limitation on Liability of Seller and Others. The Seller and any director or officer or employee or agent of the
Seller may rely in good faith on the advice of counsel or on any document of any kind, prima facie properly executed and submitted by any Person respecting any matters arising under any Basic Document. The Seller shall not be under any
obligation to appear in, prosecute or defend any legal action that shall not be incidental to its obligations under this Agreement, and that in its opinion may involve it in any expense or liability. 

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

The Servicer and the Backup Servicer 

SECTION 8.1. Representations of Servicer. The Servicer makes the following representations on which the Issuer is deemed to have
relied in acquiring the Receivables. The representations speak as of the execution and delivery of this Agreement and as of the Closing Date, and shall survive the sale of the Receivables to the Issuer and the pledge thereof to the Indenture
Trustee pursuant to the Indenture. 

  
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 (a) Representations and Warranties. The representations and warranties set forth in
Schedule B-1 and Schedule B-2 are true and correct; provided, that such representations and warranties contained therein and herein shall not apply to any entity other than Exeter; 

(b) Organization and Good Standing. The Servicer has been duly organized and is validly existing and in good standing under the
laws of its jurisdiction of organization, with power, authority and legal right to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted, and had at all relevant times, and now
has, power, authority and legal right to enter into and perform its obligations under this Agreement; 
 (c) Due
Qualification. The Servicer is duly qualified to do business as a foreign corporation, is in good standing and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the
conduct of its business (including the servicing of the Receivables as required by this Agreement) requires or shall require such qualification; 

(d) Power and Authority. The Servicer has the power and authority to execute and deliver this Agreement and its Basic Documents and
to carry out its terms and their terms, respectively, and the execution, delivery and performance of this Agreement and the Servicer’s Basic Documents have been duly authorized by the Servicer by all necessary corporate action; 

(e) Binding Obligation. This Agreement and the Servicer’s Basic Documents shall constitute legal, valid and binding
obligations of the Servicer enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights generally
and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law; 

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

(g) No Proceedings. There are no proceedings or investigations pending or, to the Servicer’s knowledge, threatened against the
Servicer, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Servicer or its properties (A) asserting the invalidity of this Agreement or any of the Basic
Documents, (B) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the Basic Documents, (C) seeking any 

  
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determination or ruling that might materially and adversely affect the performance by the Servicer of its obligations under, or the validity or enforceability of, this Agreement or any of the
Basic Documents or (D) seeking to adversely affect the federal income tax or other federal, state or local tax attributes of the Notes; 

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

(i) Chief Executive Office and Principal Place of Business. The chief executive office and principal place of business of the
Servicer is located at 222 West Las Colinas Boulevard, Suite 1800, Irving, Texas 75039. 
 SECTION 8.2. [Representations of Backup
Servicer]. The Backup Servicer makes the following representations on which the Issuer is deemed to have relied in acquiring the Receivables. The representations speak as of the execution and delivery of this Agreement and as of the
Closing Date, and shall survive the sale of the Receivables to the Issuer and the pledge thereof to the Indenture Trustee pursuant to the Indenture. 

(a) Organization and Good Standing. The Backup Servicer has been duly organized and is validly existing and in good standing under
the laws of its jurisdiction of organization, with power, authority and legal right to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted, and had at all relevant times, and
now has, power, authority and legal right to enter into and perform its obligations under this Agreement; 
 (b) Due
Qualification. The Backup Servicer is duly qualified to do business as a foreign corporation, is in good standing and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the
conduct of its business (including the servicing of the Receivables as required by this Agreement) requires or shall require such qualification; 

(c) Power and Authority. The Backup Servicer has the power and authority to execute and deliver this Agreement and the other Basic
Documents to which the Backup Servicer is a party and to carry out its terms and their terms, respectively, and the execution, delivery and performance of this Agreement and the other Basic Documents to which the Backup Servicer is a party have been
duly authorized by the Backup Servicer by all necessary corporate action; 
 (d) Binding Obligation. This Agreement and the other
Basic Documents to which the Backup Servicer is a party shall constitute the legal, valid and binding obligations of the Backup Servicer enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy,
insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a
proceeding in equity or at law; 

  
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 (e) No Violation. The consummation of the transactions contemplated by this Agreement
and the other Basic Documents to which the Backup Servicer is a party, and the fulfillment of the terms of this Agreement and the other Basic Documents to which the Backup Servicer is a party, shall not conflict with, result in any breach of any of
the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the articles of incorporation or bylaws of the Backup Servicer, or any indenture, agreement, mortgage, deed of trust or other instrument to which
the Backup Servicer is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument, other than
this Agreement, or violate any law, order, rule or regulation applicable to the Backup Servicer of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Backup
Servicer or any of its properties; 
 (f) No Proceedings. There are no proceedings or investigations pending or, to the Backup
Servicer’s knowledge, threatened against the Backup Servicer, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Backup Servicer or its properties (A)
asserting the invalidity of this Agreement or any of the Basic Documents to which the Backup Servicer is a party, (B) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any
of the Basic Documents to which the Backup Servicer is a party, (C) seeking any determination or ruling that might materially and adversely affect the performance by the Backup Servicer of its obligations under, or the validity or enforceability of,
this Agreement or any of the Basic Documents to which the Backup Servicer is a party or (D) seeking to adversely affect the federal income tax or other federal, state or local tax attributes of the Notes; 

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

SECTION 8.3. Liability of Servicer [and Backup Servicer]; Indemnities. 

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

(c) The Servicer (when the Servicer is Exeter) shall indemnify, defend and hold harmless the Trust, the Indenture Trustee[, the Backup
Servicer], the Owner Trustee, their respective officers, directors, agents and employees and the Noteholders from and against any taxes that may at any time be asserted against any of such parties with respect to the transactions or activities
contemplated in this Agreement, including, without limitation, any sales, gross receipts, general corporation, tangible or intangible personal property, privilege or license taxes 

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

(e) The Servicer shall indemnify, defend and hold harmless the Trust, the Indenture Trustee[, the Backup Servicer], the Owner Trustee, their
respective officers, directors, agents and employees and the Noteholders from and against any and all costs, expenses, losses, claims, damages, and liabilities (including reasonable fees and expenses of outside counsel, which shall include any
reasonable fees and expenses of outside counsel incurred in connection with any enforcement of the indemnification obligation hereunder) to the extent that such cost, expense, loss, claim, damage, or liability arose out of, or was imposed upon the
Trust[, the Backup Servicer], the Owner Trustee, the Indenture Trustee or the Noteholders by reason of the breach of this Agreement by the Servicer, the gross negligence, misfeasance, or bad faith of the Servicer in the performance of its duties
under this Agreement or by reason of reckless disregard of its obligations and duties under this Agreement. In the event the Servicer is unable to provide such indemnity payments due pursuant to this paragraph to the Owner Trustee[, the Backup
Servicer] or the Indenture Trustee, the Owner Trustee[, the Backup Servicer] and the Indenture Trustee shall collect such indemnities amounts pursuant to Section 5.7(a) hereof or Section 5.6 of the Indenture, as applicable. 

(f) Exeter shall indemnify, defend and hold harmless the Trust, the Indenture Trustee[, the Backup Servicer], the Owner Trustee, their
respective officers, directors, agents and employees and the Noteholders from and against any losses, liabilities or expenses incurred by reason of the violation by Servicer or Seller of federal or state securities laws in connection with the
registration or the sale of the Notes. This section shall survive the termination or assignment of this Agreement, or the earlier removal or resignation of the Indenture Trustee [or the Backup Servicer]. 

(g) [The Backup Servicer shall defend, indemnify and hold harmless the Trust, the Indenture Trustee, the Owner Trustee, the Servicer, their
respective officers, directors, agents and employees and the Noteholders from and against: (i) all costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel and expenses of litigation arising out of
or resulting from the use, ownership or operation by the Backup Servicer or any Affiliate thereof of any Financed Vehicle; and (ii) any and all costs, expenses, losses, claims, damages, and liabilities to the extent that such cost, expense, loss,
claim, damage, or liability 

  
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arose out of, or was imposed upon the Trust, the Owner Trustee, the Indenture Trustee, the Servicer or the Noteholders by reason of, the breach of this Agreement caused by the negligence, willful
misconduct or bad faith of the Backup Servicer, the violation of federal or state securities laws by the Backup Servicer, the gross negligence, misconduct, or bad faith of the Backup Servicer in the performance of its duties under this Agreement or
by reason of reckless disregard of its obligations and duties under this Agreement.] 
 (h) Exeter shall indemnify [the Backup Servicer,] the
Owner Trustee, the Indenture Trustee and the respective officers, directors, agents and employees thereof against any and all losses, liabilities or expenses, (other than overhead and expenses incurred in the normal course of business) incurred by
each of them in connection with the acceptance or administration of the Trust and the performance of their duties under the Basic Documents other than if such loss, liability or expense was incurred by the Indenture Trustee[, the Backup Servicer] or
the Owner Trustee as a result of any such entity’s willful misconduct, bad faith or gross negligence. In the event the Servicer is unable to provide such indemnity payments due pursuant to this paragraph to the Owner Trustee[, the Backup
Servicer] or the Indenture Trustee, the Owner Trustee[, the Backup Servicer] and the Indenture Trustee shall collect such indemnities amounts pursuant to Section 5.7(a) hereof or Section 5.6 of the Indenture, as applicable. 

(i) Indemnification under this Article shall include, without limitation, reasonable fees and expenses of counsel and expenses of
litigation. If the Servicer has made any indemnity payments pursuant to this Article and the recipient thereafter collects any of such amounts from others, the recipient shall promptly repay such amounts collected to the Servicer, without
interest. [Notwithstanding anything contained herein to the contrary, any indemnification payable by the Servicer to the Backup Servicer, to the extent not paid by the Servicer, shall be paid solely from Section 5.7(a) of this Agreement.] 

(j) When the Indenture Trustee [or the Backup Servicer] incurs expenses after the occurrence of a Servicer Termination Event specified in
Section 9.1(d) or (e) with respect to the Servicer, the expenses are intended to constitute expenses of administration under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or similar law. 

(k) The indemnification provisions set forth under this Section 8.3 shall survive the termination or assignment of this Agreement, or the
earlier removal or resignation of the Owner Trustee[, the Backup Servicer] or the Indenture Trustee. 
 SECTION 8.4. Merger or
Consolidation of, or Assumption of the Obligations of, the Servicer [or Backup Servicer]. 
 (a) Exeter shall not merge or consolidate
with any other Person, convey, transfer or lease substantially all its assets as an entirety to another Person, or permit any other Person to become the successor to Exeter’s business unless, after the merger, consolidation, conveyance,
transfer, lease or succession, the successor or surviving entity shall be capable of fulfilling the duties of Exeter contained in this Agreement and shall be acceptable to the Majority Noteholders, and shall be an eligible servicer. Any
corporation (i) into which Exeter may be merged or consolidated, (ii) resulting from any merger or consolidation to which Exeter shall be a party, (iii) which acquires by conveyance, transfer, or lease substantially all of the assets of Exeter, or
(iv) 

  
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succeeding to the business of Exeter, in any of the foregoing cases shall execute an agreement of assumption to perform every obligation of Exeter under this Agreement and, whether or not such
assumption agreement is executed, shall be the successor to Exeter under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties to this Agreement, anything in this Agreement to the contrary
notwithstanding; provided, however, that nothing contained herein shall be deemed to release Exeter from any obligation. Exeter shall provide notice of any merger, consolidation or succession pursuant to this Section to the Owner
Trustee, the Indenture Trustee, the Noteholders and each Rating Agency. Notwithstanding the foregoing, Exeter shall not merge or consolidate with any other Person or permit any other Person to become a successor to Exeter’s business,
unless (x) immediately after giving effect to such transaction, no representation or warranty made pursuant to Section 4.6 shall have been breached (for purposes hereof, such representations and warranties shall speak as of the date of the
consummation of such transaction), (y) Exeter shall have delivered to the Owner Trustee, the Indenture Trustee[, the Backup Servicer] and the Rating Agencies an Officer’s Certificate and an Opinion of Counsel each stating that such
consolidation, merger or succession and such agreement of assumption comply with this Section and that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been complied with, and (z) Exeter shall have
delivered to the Owner Trustee[, the Backup Servicer], the Indenture Trustee and the Rating Agencies an Opinion of Counsel, stating in the opinion of such counsel, either (A) all financing statements and continuation statements and amendments
thereto have been executed and filed that are necessary to preserve and protect the interest of the Trust in the Receivables and the Other Conveyed Property and reciting the details of the filings or (B) no such action shall be necessary to preserve
and protect such interest. 
 (b) [The Backup Servicer may merge with any other corporation or banking association. Any corporation or
banking association (i) into which the Backup Servicer may be merged or consolidated, (ii) resulting from any merger or consolidation to which the Backup Servicer shall be a party, (iii) which acquires by conveyance, transfer or lease substantially
all of the assets of the Backup Servicer, or (iv) succeeding to the business of the Backup Servicer, in any of the foregoing cases shall execute an agreement of assumption to perform every obligation of the Backup Servicer under this Agreement and,
whether or not such assumption agreement is executed, shall be the successor to the Backup Servicer under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties to this Agreement, anything in
this Agreement to the contrary notwithstanding; provided, however, that nothing contained herein shall be deemed to release the Backup Servicer from any obligation.] 

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

(a) Neither Exeter[, the Backup Servicer] nor any of the directors or officers or employees or agents of Exeter [or the Backup Servicer] shall
be under any liability to the Trust or the Noteholders, except as provided in this Agreement, for any action taken or for refraining from the taking of any action pursuant to this Agreement; provided, however, that this provision shall
not protect Exeter[, the Backup Servicer] or any such person against any liability that would otherwise be imposed by reason of a breach of this Agreement or willful misconduct, bad faith or gross negligence (excluding errors in judgment) in the
performance of duties; provided, further, that this provision shall not affect any liability to indemnify the Indenture Trustee and the Owner Trustee for costs, taxes, expenses, claims, liabilities, losses or damages paid by the Indenture

  
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Trustee and the Owner Trustee, in their individual capacities. Exeter[, the Backup Servicer] and any director, officer, employee or agent of Exeter [or the Backup Servicer] may rely in good
faith on the written advice of counsel or on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising under this Agreement. 

(b) [The Backup Servicer shall not be liable for any obligation of the Servicer contained in this Agreement or for any errors of the Servicer
contained in any computer tape, certificate or other data or document delivered to the Backup Servicer hereunder or on which the Backup Servicer must rely in order to perform its obligations hereunder, and the Owner Trustee, the Indenture Trustee,
the Backup Servicer, the Seller and the Noteholders shall look only to the Servicer to perform such obligations. The Backup Servicer, the Indenture Trustee, the Owner Trustee and the Custodian shall have no responsibility and shall not be in
default hereunder or incur any liability for any failure, error, malfunction or any delay in carrying out any of their respective duties under this Agreement if such failure or delay results from the Backup Servicer acting in accordance with
information prepared or supplied by a Person other than the Backup Servicer (or contractual agents) or the failure of any such other Person to prepare or provide such information. The Backup Servicer shall have no responsibility, shall not be
in default and shall incur no liability for (i) any act or failure to act of any third party (other than its contractual agents), including the Servicer or the Majority Noteholders, (ii) any inaccuracy or omission in a notice or communication
received by the Backup Servicer from any third party (other than its contractual agents), (iii) the invalidity or unenforceability of any Receivable under applicable law, (iv) the breach or inaccuracy of any representation or warranty made with
respect to any Receivable, or (v) the acts or omissions of any successor Backup Servicer.] 
 (c) [The parties expressly acknowledge and
consent to [Backup Servicer Name], acting in the possible dual capacity of Backup Servicer or successor Servicer and in the capacity as Indenture Trustee. [Backup Servicer Name], may, in such dual or other capacity, discharge its separate
functions fully, without hindrance or regard to conflict of interest principles, duty of loyalty principles or other breach of fiduciary duties to the extent that any such conflict or breach arises from the performance by [Backup Servicer Name], of
express duties set forth in this Agreement in any of such capacities, all of which defenses, claims or assertions are hereby expressly waived by the other parties hereto and the Noteholders except in the case of gross negligence and willful
misconduct by [Backup Servicer Name].] 
 SECTION 8.6. Delegation of Duties. The Servicer may delegate duties under this
Agreement to an Affiliate of the Servicer without first obtaining the consent of any Person. The Servicer also may at any time perform specific duties through sub-contractors in accordance with Servicer’s customary servicing policies and
procedures. No delegation or sub-contracting by the Servicer of its duties herein in the manner described in this Section 8.6 shall relieve the Servicer of its responsibility with respect to such duties. 

SECTION 8.7. Servicer [and Backup Servicer] Not to Resign. Subject to the provisions of Section 8.4, [neither] the Servicer [nor
the Backup Servicer] shall resign from the obligations and duties imposed on it by this Agreement as Servicer [or Backup Servicer] except upon a determination that by reason of a change in legal requirements the performance of its duties under this
Agreement would cause it to be in violation of such legal requirements in a manner which would have a material adverse effect on the Servicer [or the Backup Servicer, as the case may be,] if the Majority Noteholders do not elect to waive the
obligations of the Servicer [or the Backup Servicer, as 

  
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the case may be,] to perform the duties which render it legally unable to act or to delegate those duties to another Person. Any such determination permitting the resignation of the Servicer
[or the Backup Servicer] shall be evidenced by an Opinion of Counsel to such effect delivered and acceptable to the Indenture Trustee and the Owner Trustee. No resignation of the Servicer shall become effective until [the Backup Servicer or] an
entity acceptable to the Majority Noteholders shall have assumed the responsibilities and obligations of the Servicer. [No resignation of the Backup Servicer shall become effective until an entity acceptable to the Majority Noteholders shall
have assumed the responsibilities and obligations of the Backup Servicer; provided, however, that (i) in the event a successor Backup Servicer is not appointed within 60 days after the Backup Servicer has given notice of its resignation and has
provided the Opinion of Counsel required by this Section, the Backup Servicer may petition a court for its removal (all reasonable fees, costs and expenses, including reasonable attorneys’ fees and expenses, incurred in connection with such
petition will be paid by the Issuer pursuant to Section 5.7(a) hereof or Section 5.6 of the Indenture, as applicable), (ii) the Backup Servicer may resign with the written consent of the Majority Noteholders and (iii) if [Backup Servicer Name]
resigns as Indenture Trustee under the Indenture, it will no longer be the Backup Servicer.] 
 SECTION 8.8. [Rights of the Backup
Servicer] 
 (a) [Anything herein to the contrary notwithstanding, in no event shall the Backup Servicer be liable for special, indirect,
incidental, punitive or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), whether or not any such damages were foreseeable or contemplated, even if the Backup Servicer has been advised of the likelihood
of such loss or damage and regardless of the form of action. 
 (b) Knowledge of the Backup Servicer shall not be attributed or imputed to
[Backup Servicer Name’s] other roles in the transaction, and knowledge of the Indenture Trustee shall not be attributed or imputed to each other or to the Backup Servicer (in each case, other than instances where such roles are performed by the
same group or division within [Backup Servicer Name], or otherwise include common Responsible Officers). 
 (c) The Backup Servicer shall not
be held responsible for the acts or omissions of the Seller, Servicer, Issuer, Indenture Trustee, Owner Trustee, or any other party to the Basic Documents, and may assume performance of such parties absent written notice or actual knowledge of a
Responsible Officer of the Backup Servicer to the contrary. 
 (d) No discretionary, permissive right, nor privilege of the Backup Servicer
shall be deemed or construed as a duty or obligation. The duties and obligations of the Backup Servicer shall be determined solely by the express provisions of this Agreement and no implied covenants or obligations shall be read into this
Agreement against the Backup Servicer; and in the absence of bad faith on its part, the Backup Servicer may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions
furnished to it and conforming to the requirements of this Agreement; however, the Backup Servicer shall examine the certificates and opinions to determine whether or not they conform on their face to the requirements of this Agreement. 

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

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

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

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

  
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similar official of the Servicer or of any substantial part of its property or the making by the Servicer of an assignment for the benefit of creditors or the failure by the Servicer generally to
pay its debts as such debts become due or the taking of corporate action by the Servicer in furtherance of any of the foregoing; or 
 (f)
Any representation, warranty or statement of the Servicer made in this Agreement or any certificate, report or other writing delivered pursuant hereto shall prove to be incorrect in any material respect as of the time when the same shall have been
made, and the incorrectness of such representation, warranty or statement has a material adverse effect on the Trust or the Noteholders and, within 45 days after knowledge thereof by the Servicer or after written notice thereof shall have been given
to the Servicer by the Indenture Trustee, the circumstances or condition in respect of which such representation, warranty or statement was incorrect shall not have been eliminated or otherwise cured. 

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

  
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Indenture Trustee, the successor Servicer and the Majority Noteholders reasonable access to the terminated Servicer’s premises at the terminated Servicer’s expense. [All reasonable
costs and expenses (including attorneys’ fees and disbursements) incurred by the Backup Servicer in connection with the transfer and assumption of servicing obligations hereunder from the Servicer to the Backup Servicer, as the successor
Servicer, converting the Servicer’s data to such party’s computer system and amending this Agreement to reflect such succession as Servicer pursuant to this Section shall be paid by the terminated Servicer promptly upon presentation of a
written invoice setting forth reasonable transition expenses. In no event shall the Backup Servicer, if it becomes the successor Servicer, be responsible for any such transition expenses. If the terminated Servicer fails to pay the
transition expenses, the transition expenses shall be payable pursuant to Section 5.7(a) hereof.] 
 SECTION 9.3. Appointment of
Successor. 
 (a) On and after the time the Servicer receives a notice of termination pursuant to Section 9.2 or upon the resignation of
the Servicer pursuant to [Section 8.6, the Controlling Party (acting at the written direction of the Majority Noteholders) shall appoint an eligible servicer as successor Servicer or may petition a court of competent jurisdiction to appoint a Person
that it determines is competent to perform the duties of the Servicer hereunder as successor Servicer. Pending appointment pursuant to the preceding sentence, the outgoing Servicer shall continue to act as Servicer until a successor has been
appointed and accepted such appointment. Any successor Servicer] / [Section 8.7], the Backup Servicer (unless the Majority Noteholders shall have exercised its option pursuant to Section 9.3(b) to appoint an alternate successor Servicer)] shall
be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and the other Basic Documents and the transactions set forth or provided for in this Agreement and the other Basic Documents, and shall be subject to
all the rights, responsibilities, restrictions, duties, liabilities and termination provisions relating thereto placed on the Servicer by the terms and provisions of this Agreement and the other Basic Documents except as otherwise stated herein or
therein, as applicable. The Indenture Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. If a successor Servicer is acting as Servicer hereunder, it
shall be subject to termination under Section 9.2 upon the occurrence of any Servicer Termination Event applicable to it as Servicer. [If no Person has accepted its appointment as successor Servicer when the predecessor Servicer ceases to act
as Servicer in accordance with Section 9.2 or Section 8.6, the Indenture Trustee or other eligible successor servicer appointed by the Indenture Trustee and who has accepted such appointment, will, without further action, be automatically appointed
the successor Servicer. Notwithstanding the above, if the Indenture Trustee is unwilling or legally unable to act as successor Servicer, it may appoint, or petition a court of competent jurisdiction to appoint, an institution whose business
includes the servicing of motor vehicle receivables, as successor Servicer. The Indenture Trustee will be released from its duties and obligations as successor Servicer on the date that a new servicer agrees to appointment as successor Servicer
hereunder.] 
 (b) [The Controlling Party (acting at the written direction of the Majority Noteholders) may exercise at any time its right to
appoint as Backup Servicer or as successor to the Servicer a Person other than the Person serving as Backup Servicer at the time, and shall have no liability to the Indenture Trustee, Exeter, the Seller, the Person then serving as Backup Servicer,
any Noteholders or any other Person if it does so. Notwithstanding the above, if the Backup Servicer 

  
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shall be legally unable or unwilling to act as Servicer, the Backup Servicer, the Indenture Trustee or the Majority Noteholders may petition a court of competent jurisdiction to appoint any
eligible servicer as the successor to the Servicer. Pending appointment pursuant to the preceding sentence, the Backup Servicer shall act as successor Servicer unless it is legally unable to do so, in which event the outgoing Servicer shall
continue to act as Servicer until a successor has been appointed and accepted such appointment. Subject to Section 8.7, no provision of this Agreement shall be construed as relieving the Backup Servicer of its obligation to succeed as successor
Servicer upon the termination of the Servicer pursuant to Section 9.2 or the resignation of the Servicer pursuant to Section 8.7. If upon the termination of the Servicer pursuant to Section 9.2 or the resignation of the Servicer pursuant to
Section 8.7, the Majority Noteholders appoint a successor Servicer other than the Backup Servicer, the Backup Servicer shall not be relieved of its duties as Backup Servicer hereunder. In the event any successor Servicer is terminated pursuant to
Section 9.2 hereof, the Controlling Party (acting at the written direction of the Majority Noteholders) shall appoint an eligible servicer as successor Servicer or may petition a court of competent jurisdiction to appoint a Person that it determines
is competent to perform the duties of the Servicer hereunder as successor Servicer. Pending appointment pursuant to the preceding sentence, the outgoing Servicer shall continue to act as Servicer until a successor has been appointed and
accepted such appointment.] 
 (c) Any successor Servicer shall be entitled to such compensation (whether payable out of the Collection
Account or otherwise) as the Servicer would have been entitled to under this Agreement if the Servicer had not resigned or been terminated hereunder or such other compensation as set forth herein. [If any successor Servicer is appointed, as a
result of the Backup Servicer’s refusal (in breach of the terms of this Agreement) to act as Servicer although it is legally able to do so, the Seller and such successor Servicer may agree on reasonable additional compensation to be paid to
such successor Servicer, provided, however, it being understood and agreed that the Seller shall give prior notice to the Backup Servicer with respect to the appointment of such successor and the payment of additional compensation, if any. In
connection with any such appointment, arrangements may be made for the compensation of such successor Servicer out of collections on or in respect of the Receivables as it and such successor shall agree; provided, however, that such compensation
shall not be greater than that payable to Exeter as initial Servicer hereunder without the prior consent of the Controlling Party (acting at the written direction of the Majority Noteholders). The Backup Servicer and such successor shall take
such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. The Backup Servicer shall not be relieved of its duties as successor Servicer under this Section 9.3 until a newly appointed Servicer shall have
assumed the obligations and duties of the terminated Servicer under this Agreement.] 
 (d) [Upon its appointment, except as otherwise set
forth herein or in any other Basic Document, the Backup Servicer or any other successor Servicer, as applicable, shall be the successor in all respects to the Servicer with respect to servicing obligations under this Agreement and shall be subject
to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof, and all references in this Agreement to the Servicer shall be deemed to refer to the Backup Servicer or the successor
Servicer, as applicable; provided, however, that any successor Servicer (including the Backup Servicer) shall have (i) no liability with respect to any obligation which was required to be performed by the terminated Servicer prior to the date that
the successor becomes the successor Servicer or any claim of a third party 

  
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based on any alleged action or inaction of the terminated Servicer, (ii) no obligation to perform any repurchase or advancing obligations, if any, of the Servicer, (iii) no obligation to pay any
taxes required to be paid by the Servicer, (iv) no obligation to pay any of the fees and expenses of any other party to this Agreement or the other Basic Documents (including, but not limited to, the Indenture Trustee, any Backup Servicer or the
Custodian), (v) no obligation with respect to obtaining or maintaining Force-Placed Insurance under Section 4.4, (vi) no liability or obligation with respect to any Servicer indemnification obligations of any prior Servicer, including Exeter, and
(vii) no liability or obligation with respect to the Servicer indemnification obligations specified in Section 6.7(a) of the Indenture or Section 6(b) of the Custodian Agreement.] 

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

SECTION 9.6. [Backup Servicer Termination]. [Prior to an appointment as successor Servicer, the Controlling Party may, in its
discretion, or shall, at the direction of the Majority Noteholders, (a) immediately terminate all of the rights and obligations of the Backup Servicer under this Agreement in the event of a breach of any of the representations or warranties,
covenants or obligations of the Backup Servicer contained in this Agreement or (b) in its sole discretion, without cause upon not less than 30 days’ notice, terminate the rights and obligations of the Backup Servicer. The terminated Backup
Servicer agrees to cooperate with any successor 

  
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Backup Servicer appointed by the Controlling Party in effecting the termination of the responsibilities and rights of the terminated Backup Servicer under this Agreement, including, without
limitation, the delivery to the successor Backup Servicer of all documents, records and electronic information related to the Receivables in the possession of the Backup Servicer. Expenses incurred by the Backup Servicer in respect of the foregoing
sentence shall be reimbursed in accordance with Section 5.7(a). Such termination shall not be effective unless and until a successor Backup Servicer is appointed by the Controlling Party at the direction of Majority Noteholders; provided,
however, that the Backup Servicer may petition a court of competent jurisdiction to appoint a successor Backup Servicer if one is not chosen within 60 days of such termination. All reasonable expenses incurred in connection with such petition
shall be paid by the Issuer pursuant to Section 5.7(a) hereof or Section 5.6 of the Indenture, as applicable.] 
 ARTICLE X 

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

(d) Following the satisfaction and discharge of the Indenture and the payment in full of the principal of and interest on the Notes, the
Certificateholder will succeed to the rights of the Noteholders hereunder and the Owner Trustee will succeed to the rights of, and assume the obligations of, the Indenture Trustee pursuant to this Agreement. 

  
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 ARTICLE XI 

Administrative Duties of the Servicer 

SECTION 11.1. Administrative Duties. 

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

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

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

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

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

(i) the amendment of or any supplement to the Indenture; 

(ii) the initiation of any claim or lawsuit by the Issuer and the compromise of any action, claim or lawsuit brought by or
against the Issuer (other than in connection with the collection of the Receivables); 
 (iii) the amendment, change or
modification of this Agreement or any of the Basic Documents; 

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

(v) the removal of the Indenture Trustee. 

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

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

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

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

Miscellaneous Provisions 

SECTION 12.1. Amendment. 

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

(b) This Agreement may also be amended from time to time by the parties hereto [, with the written consent of the Hedge Provider (unless such
amendment could not reasonably be expected to have a material adverse effect on the Hedge Provider)] and with the consent of the Holders of Notes evidencing not less than a majority of the outstanding principal amount of the

  
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Notes for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders;
provided, however, that no such amendment shall (a) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on Receivables or distributions that shall be required to be made for the
benefit of the Noteholders or (b) reduce the aforesaid percentage of the outstanding principal amount of the Notes, the Holders of which are required to consent to any such amendment, without the consent of the Holders of all the outstanding Notes
of each class affected thereby. 
 Promptly after the execution of any such amendment or consent, the Indenture Trustee shall furnish a copy
of such amendment or consent to each Noteholder and the Seller (who shall deliver such notification to the Rating Agencies [and the Hedge Provider]). The Owner Trustee’s[, the Backup Servicer’s] and the Indenture Trustee’s
reasonable costs and expenses related to any such amendment shall be paid by the Issuer pursuant to Section 5.7(a) hereof or Section 5.6 of the Indenture, as applicable. 

It shall not be necessary for the consent of the Noteholders pursuant to this Section to approve the particular form of any proposed amendment
or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of any
action by Noteholders shall be subject to such reasonable requirements as the Indenture Trustee or the Owner Trustee, as applicable, may prescribe. 

(c) Prior to the execution of any amendment to this Agreement, the Owner Trustee[, the Backup Servicer] and the Indenture Trustee shall be
entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement, that all conditions precedent, if any, provided for in this Agreement have been met and,
with respect to any amendment to this Agreement pursuant to Section 12.1(b), the Opinion of Counsel referred to in Section 12.2(h)(i) has been delivered. The Owner Trustee[, the Backup Servicer] and the Indenture Trustee may, but shall not be
obligated to, enter into any such amendment which affects the Issuer’s, the Owner Trustee’s[, the Backup Servicer’s] or the Indenture Trustee’s, as applicable, own rights, duties or immunities under this Agreement or otherwise.

 SECTION 12.2. Protection of Title to Trust. 

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

(b) Neither the Seller nor the Servicer shall change its name, identity or corporate structure in any manner that would, could or might make
any financing statement or continuation statement filed in accordance with paragraph (a) above seriously misleading within the meaning 

  
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of 9-506 of the UCC, unless it shall have given the Owner Trustee[, the Backup Servicer] and the Indenture Trustee at least five days’ prior written notice thereof and shall have promptly
filed appropriate amendments to all previously filed financing statements or continuation statements. Promptly upon such filing, the Seller or the Servicer, as the case may be, shall deliver an Opinion of Counsel in form and substance
reasonably satisfactory to the Indenture Trustee, stating either (A) all financing statements and continuation statements have been executed and filed that are necessary fully to preserve and protect the interest of the Trust and the Indenture
Trustee in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B) no such action shall be necessary to preserve and protect such interest. 

(c) Each of the Seller and the Servicer shall have an obligation to give the Owner Trustee[, the Backup Servicer] and the Indenture Trustee at
least 60 days’ prior written notice of any relocation of its principal executive office or jurisdiction of organization if, as a result of such relocation, the applicable provisions of the UCC would require the filing of any amendment of any
previously filed financing or continuation statement or of any new financing statement and shall promptly file any such amendment or new financing statement. The Servicer shall at all times maintain (i) each office from which it shall service
Receivables within the United States of America or Canada, and (ii) its principal executive office within the United States of America. 

(d) The Servicer shall maintain accounts and records as to each Receivable accurately and in sufficient detail to permit (i) the reader thereof
to know at any time the status of such Receivable, including payments and recoveries made and payments owing (and the nature of each) and (ii) reconciliation between payments or recoveries on (or with respect to) each Receivable and the amounts from
time to time deposited in the Collection Account in respect of such Receivable. 
 (e) The Servicer shall maintain its computer systems so
that, from and after the time of sale under this Agreement of the Receivables to the Issuer, the Servicer’s master computer records (including any backup archives) that refer to a Receivable shall indicate clearly the interest of the Trust in
such Receivable and that such Receivable is owned by the Trust. Indication of the Trust’s interest in a Receivable shall be deleted from or modified on the Servicer’s computer systems when, and only when, the related Receivable shall
have been paid in full or repurchased or sold pursuant to this Agreement. 
 (f) If at any time the Seller or the Servicer shall propose to
sell, grant a security interest in or otherwise transfer any interest in automotive receivables to any prospective purchaser, lender or other transferee, the Servicer shall give to such prospective purchaser, lender or other transferee computer
tapes, records or printouts (including any restored from backup archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the Trust. 

(g) Upon request, the Servicer shall furnish to the Owner Trustee[, the Backup Servicer] or to the Indenture Trustee, within five Business
Days, a list of all Receivables (by contract number and name of Obligor) then held as part of the Trust, together with a reconciliation of such list to the Schedule of Receivables and to each of the Servicer’s Certificates furnished before such
request indicating removal of Receivables from the Trust. 

  
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 (h) The Servicer shall deliver to the Owner Trustee[, the Backup Servicer] and the Indenture
Trustee: 
 (i) promptly after the execution and delivery of the Agreement and, if required pursuant to Section 12.1, of each
amendment, an Opinion of Counsel stating that, in the opinion of such Counsel, either (A) all financing statements and continuation statements have been executed and filed that are necessary fully to preserve and protect the interest of the Trust
and the Indenture Trustee in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B) no such action shall be necessary to preserve and protect such interest; and

 (ii) within 120 days after the beginning of each calendar year, beginning with the first calendar year beginning more than
six months after the Closing Date, an Opinion of Counsel, dated as of a date during such 120-day period, stating that, in the opinion of such counsel, either (A) all financing statements and continuation statements have been executed and filed that
are necessary fully to preserve and protect the interest of the Trust and the Indenture Trustee in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B) no such
action shall be necessary to preserve and protect such interest. 
 Each Opinion of Counsel referred to in clause (i) or (ii) above shall
specify any action necessary (as of the date of such opinion) to be taken in the following year to preserve and protect such interest. 

SECTION 12.3. Notices. 

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

  
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 (b) If Exeter is no longer the Servicer, any successor Servicer, as applicable, shall provide any
required Rating Agency notices to the Seller, who shall promptly provide such notice to the Rating Agencies. 
 SECTION 12.4.
Assignment. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. Notwithstanding anything to the contrary contained herein, except as provided in
Sections 7.4 and [8.3]/[8.4] and as provided in the provisions of this Agreement concerning the resignation of the Servicer, this Agreement may not be assigned by the Seller or the Servicer without the prior written consent of the Owner Trustee, the
Indenture Trustee[, the Backup Servicer] and the Majority Noteholders. 
 SECTION 12.5. Limitations on Rights of Others. The
provisions of this Agreement are solely for the benefit of the parties hereto, the Indenture Trustee, the Owner Trustee[, the Hedge Provider] and the Noteholders, as third-party beneficiaries. Nothing in this Agreement, whether express or
implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. [The Hedge
Provider shall be a third-party beneficiary to the provisions of this Agreement.] 
 SECTION 12.6. Severability. Any provision
of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

SECTION 12.7. Separate Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which
when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 

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

SECTION 12.10. Waiver of Jury Trial. THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO
THIS AGREEMENT OR ANY OTHER DOCUMENT OR INSTRUMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH. 

  
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 SECTION 12.11. Assignment to Indenture Trustee. The Seller hereby acknowledges and
consents to any mortgage, pledge, assignment and grant of a security interest by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders of all right, title and interest of the Issuer in, to and under the
Receivables listed in Schedule A hereto and/or the assignment of any or all of the Issuer’s rights and obligations hereunder to the Indenture Trustee. 

SECTION 12.12. Nonpetition Covenants. 

(a) Notwithstanding any prior termination of this Agreement, the Servicer and the Seller shall not, prior to the date which is one year and one
day after the termination of this Agreement with respect to the Issuer, acquiesce, petition or otherwise invoke or cause the Issuer to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against
the Issuer under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuer or any substantial part of its property, or ordering
the winding up or liquidation of the affairs of the Issuer. 
 (b) Notwithstanding any prior termination of this Agreement, the Servicer
shall not, prior to the date that is one year and one day after the termination of this Agreement with respect to the Seller, acquiesce to, petition or otherwise invoke or cause the Seller to invoke the process of any court or government authority
for the purpose of commencing or sustaining a case against the Seller under any federal or state bankruptcy, insolvency or similar law, appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator, or other similar official of the
Seller or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Seller. 
 SECTION 12.13.
Limitation of Liability of Owner Trustee and Indenture Trustee 
 (a) It is expressly understood and agreed by the parties hereto that
(a) this Agreement is executed and delivered by [Owner Trustee], not individually or personally but solely as trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations,
undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by [Owner Trustee] but is made and intended for the purpose of binding only the Issuer, (c) nothing
herein contained shall be construed as creating any liability on [Owner Trustee], individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties
hereto and by any Person claiming by, through or under the parties hereto, (d) [Owner Trustee] has made no investigation as to the accuracy or completeness of any representations or warranties made by the Issuer in this Agreement and (e) under no
circumstances shall [Owner Trustee] be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer
under this Agreement or any other related documents. 

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

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

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

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

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

  
 82 

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

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

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

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

		 	Name:
		 	Title:

 [Sale and Servicing Agreement] 

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

		 	Name:
		 	Title:

 [Sale and Servicing Agreement] 

 SCHEDULE A 

SCHEDULE OF RECEIVABLES 

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

  
 SCH-A-1 

 SCHEDULE B-1 

REPRESENTATIONS AND WARRANTIES OF THE SELLER AND THE SERVICER 

REGARDING THE RECEIVABLES  

1. Characteristics of Receivables. Each Receivable (A) was originated [(i)] by a Dealer and purchased by Exeter from such Dealer
under an existing Dealer Agreement or pursuant to a Dealer Assignment with Exeter and was validly assigned by such Dealer to Exeter pursuant to a Dealer Assignment, [(ii) by an Originator and purchased by Exeter from such Originator under an
Originator Agreement or pursuant to an Originator Assignment with Exeter and was validly assigned by such Originator to Exeter pursuant to an Originator Assignment or (iii) by Exeter], (B) was originated by such Dealer[, such originator or Exeter]
for the retail sale of a Financed Vehicle in the ordinary course of such Dealer’s[, such originator’s or Exeter’s] business and (i) [was originated in accordance with Exeter’s credit policies and (ii)] was fully and properly
executed by the parties thereto, and (iii) Exeter and, to the best of Exeter’s knowledge, each Dealer [and originator] had all necessary licenses and permits to originate Receivables in the state where each such Dealer [each such originator or
Exeter] was located, (C) contains customary and enforceable provisions such as to render the rights and remedies of the holder thereof adequate for realization against the collateral security, and (D) has not been amended or collections with respect
to which waived, other than as evidenced in the Receivable File or the Servicer’s electronic records relating thereto. 
 2.
Compliance with Law. All requirements of applicable federal, state and local laws, and regulations thereunder (including, without limitation, usury laws, the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit
Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Moss-Magnuson Warranty Act, the Federal Reserve Board’s Regulations “B” and “Z” (including amendments
to the Federal Reserve’s Official Staff Commentary to Regulation Z, effective October 1, 1998, concerning negative equity loans), the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Servicemembers Civil Relief Act, each
applicable state Motor Vehicle Retail Installment Sales Act, the Gramm-Leach-Bliley Act and state adaptations of the National Consumer Act and of the Uniform Consumer Credit Code and other consumer credit laws and equal credit opportunity and
disclosure laws) in respect of the Receivables and the Financed Vehicles, have been complied with in all material respects. 
 3.
Origination. Each Receivable was originated in the United States. 
 4. Binding Obligation. Each Receivable
represents the genuine, legal, valid and binding payment obligation of the Obligor thereon, enforceable by the holder thereof in accordance with its terms, except (A) as enforceability may be limited by bankruptcy, insolvency, reorganization or
similar laws affecting the enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law and (B) as
such Receivable may be modified by the application after the Cutoff Date of the Servicemembers Civil Relief Act, as amended; and, to the best of Exeter’s and the Seller’s knowledge, all parties to each Receivable had full legal capacity to
execute and deliver such Receivable and all other documents related thereto and to grant the security interest purported to be granted thereby. 

  
 SCH-B-1 

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

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

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

9. One Original. There is only one original executed copy (or with respect to “electronic chattel paper”, one
authoritative copy) of each Contract. With respect to Contracts that are “electronic chattel paper”, each authoritative copy (a) is unique, identifiable and unalterable (other than with the participation of the Indenture Trustee in
the case of an addition or amendment of an identified assignee and other than a revision that is readily identifiable as an authorized or unauthorized revision), (b) has been marked with a legend to the following effect: “Authoritative
Copy” and (c) has been communicated to and is maintained by or on behalf of the Custodian. 
 10. Not an Authoritative
Copy. With respect to Contracts that are “electronic chattel paper”, Exeter has marked all copies of each such Contract other than an authoritative copy with a legend to the following effect: “This is not an authoritative
copy.” 
 11. Revisions. With respect to Contracts that are “electronic chattel paper”, the related Receivables
have been established in a manner such that (a) all copies or revisions that add or change an identified assignee of the authoritative copy of each such Contract must be made with the participation of the Indenture Trustee and (b) all revisions of
the authoritative copy of each such Contract must be readily identifiable as an authorized or unauthorized revision. 
 12. Pledge or
Assignment. With respect to Contracts that are “electronic chattel paper”, the authoritative copy of each Contract communicated to the Custodian has no marks or notations indicating that it has been pledged, assigned or otherwise
conveyed to any Person other than the Indenture Trustee. 
 13. Receivable Files Complete. There exists a Receivable File
pertaining to each Receivable. Related documentation concerning the Receivable, including any documentation regarding modifications of the Contract, will be maintained electronically by Exeter in accordance with customary policies and
procedures. With respect to any Receivables that are tangible chattel paper, the complete Receivable File for each Receivable currently is in the possession of the Custodian. 

  
 SCH-B-2 

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

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

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

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

  
 SCH-B-3 

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

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

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

(F)No Receivable was a Liquidated Receivable. 

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

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

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

  
 SCH-B-4 

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

26. Transfer. Each Receivable prohibits the sale or transfer of the Financed Vehicle without the consent of Exeter. 

27. Prepayment. Each Receivable allows for prepayment and partial prepayments without penalty. 

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

  
 SCH-B-5 

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

  
 SCH-B-6 

 SCHEDULE B-2 

REPRESENTATIONS AND WARRANTIES OF THE SELLER AND THE SERVICER 

REGARDING THE POOL OF RECEIVABLES 

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

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

  
 SCH-B-2 

 EXHIBIT A 

SERVICER’S CERTIFICATEEX-10.3

 EXHIBIT 10.3 

ASSET REPRESENTATIONS REVIEW AGREEMENT 

among 
 EXETER AUTOMOBILE
RECEIVABLES TRUST 20        -    , 
 Issuer 

EXETER FINANCE CORP., 
 Servicer

 and 

                    , 

Asset Representations Reviewer 

Dated as of             , 20     

 TABLE OF CONTENTS 
  

							
	ARTICLE I DEFINITIONS	  	 	1	  
	 Section 1.1.
	  	 Definitions
	  	 	1	  
	 Section 1.2.
	  	 Additional Definitions
	  	 	1	  
	ARTICLE II ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER	  	 	2	  
	 Section 2.1.
	  	 Engagement; Acceptance
	  	 	2	  
	 Section 2.2.
	  	 Confirmation of Status
	  	 	2	  
	ARTICLE III ASSET REPRESENTATIONS Review PROCESS	  	 	3	  
	 Section 3.1.
	  	 Asset Review Notices
	  	 	3	  
	 Section 3.2.
	  	 Identification of Asset Review Receivables
	  	 	3	  
	 Section 3.3.
	  	 Asset Review Materials
	  	 	3	  
	 Section 3.4.
	  	 Performance of Asset Reviews
	  	 	3	  
	 Section 3.5.
	  	 Asset Review Reports
	  	 	4	  
	 Section 3.6.
	  	 Asset Review Representatives
	  	 	4	  
	 Section 3.7.
	  	 Dispute Resolution
	  	 	5	  
	 Section 3.8.
	  	 Limitations on Asset Review Obligations
	  	 	5	  
	ARTICLE IV ASSET REPRESENTATIONS REVIEWER	  	 	6	  
	 Section 4.1.
	  	 Representations and Warranties
	  	 	6	  
	 Section 4.2.
	  	 Covenants
	  	 	7	  
	 Section 4.3.
	  	 Fees and Expenses
	  	 	8	  
	 Section 4.4.
	  	 Limitation on Liability
	  	 	9	  
	 Section 4.5.
	  	 Indemnification
	  	 	9	  
	 Section 4.6.
	  	 Right to Audit
	  	 	9	  
	 Section 4.7.
	  	 Delegation of Obligations
	  	 	9	  
	 Section 4.8.
	  	 Confidential Information
	  	 	10	  
	 Section 4.9.
	  	 Security and Safeguarding Information
	  	 	12	  
	ARTICLE V . RESIGNATION AND REMOVAL	  	 	13	  
	 Section 5.1.
	  	 Resignation and Removal of Asset Representations Reviewer
	  	 	13	  
	 Section 5.2.
	  	 Engagement of Successor
	  	 	14	  
	 Section 5.3.
	  	 Merger, Consolidation or Succession
	  	 	15	  
	ARTICLE VI OTHER AGREEMENTS	  	 	15	  
	 Section 6.1.
	  	 Independence of Asset Representations Reviewer
	  	 	15	  
	 Section 6.2.
	  	 No Petition
	  	 	15	  
	 Section 6.3.
	  	 Limitation of Liability of Owner Trustee
	  	 	15	  
	 Section 6.4.
	  	 Termination of Agreement
	  	 	15	  
	ARTICLE VII MISCELLANEOUS PROVISIONS	  	 	16	  
	 Section 7.1.
	  	 Amendments
	  	 	16	  
	 Section 7.2.
	  	 Assignment; Benefit of Agreement; Third Party Beneficiaries
	  	 	16	  
	 Section 7.3.
	  	 Notices
	  	 	16	  
	 Section 7.4.
	  	 GOVERNING LAW
	  	 	17	  
	 Section 7.5.
	  	 Submission to Jurisdiction
	  	 	17	  
	 Section 7.6.
	  	 No Waiver; Remedies
	  	 	17	  
	 Section 7.7.
	  	 Severability
	  	 	17	  
	 Section 7.8.
	  	 Headings
	  	 	18	  
	 Section 7.9.
	  	 Counterparts
	  	 	18	  

 SCHEDULES 
  

	
	 Schedule A Representations and Warranties and Procedures to be Performed

  
 i 

 ASSET REPRESENTATIONS REVIEW AGREEMENT dated as of
            , 20     (this “Agreement”), among EXETER AUTOMOBILE RECEIVABLES TRUST
20        -    , a Delaware statutory trust (the “Issuer”), EXETER FINANCE CORP., a Delaware corporation (“Exeter”), in its capacity as Servicer (in such
capacity, the “Servicer”) and [ASSET REPRESENTATIONS REVIEWER], [entity type], as Asset Representations Reviewer (the “Asset Representations Reviewer”). 

WHEREAS, in the regular course of its business, Exeter purchases retail installment sale contracts secured by new and used automobiles,
light-duty trucks, vans and minivans and utility vehicles from motor vehicle dealers. 
 WHEREAS, in connection with a securitization
transaction sponsored by Exeter, Exeter sold a pool of Receivables to EFCAR, LLC (the “Seller”) which, in turn, sold those Receivables to the Issuer. 

WHEREAS, the Issuer has granted a security interest in the Receivables to the Indenture Trustee, for the benefit of the Issuer Secured
Parties, pursuant to the Indenture. 
 WHEREAS, the Issuer has determined to engage the Asset Representations Reviewer to perform reviews of
certain Receivables for compliance with the representations and warranties made by Exeter and the Seller about the Receivables in the pool. 

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

ARTICLE I 
 DEFINITIONS 

Section 1.1. Definitions. Capitalized terms that are used but are not otherwise defined in this Agreement have the meanings
assigned to them in the Sale and Servicing Agreement, dated as of             , 20    , by and among the Issuer, the Seller, the Servicer and [Indenture Trustee],
[entity type], as Indenture Trustee.
 Section 1.2. Additional Definitions. The following terms have the meanings given below:

 “Asset Review” means the performance by the Asset Representations Reviewer of the testing procedures for each Test and
each Asset Review Receivable in accordance with Section 3.4.
 “Asset Review Demand Date” means, for an Asset Review, the
date when the Indenture Trustee determines that each of (a) the Delinquency Trigger has occurred and (b) the required percentage of Noteholders has voted to direct an Asset Review under Section 7.2(f) of the Indenture. 

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

 “Asset Review Materials” means, with respect to an Asset Review and an Asset
Review Receivable, the documents and other materials for each Test listed under “Documents” in Schedule A. 
 “Asset
Review Notice” means the notice from the Indenture Trustee to the Asset Representations Reviewer and the Servicer directing the Asset Representations Reviewer to perform a Review. 

“Asset Review Receivables” means, with respect to any Asset Review, all Delinquent Receivables as of the last day of the
Collection Period before the Asset Review Demand Date stated in the related Asset Review Notice.
 “Asset Review Report”
means, with respect to any Asset Review, the report of the Asset Representations Reviewer prepared in accordance with Section 3.5. 

[“Basic Documents”] means the [define agreements or which transaction document this is defined in, if not the Sale &
Servicing Agreement] 
 “Confidential Information” has the meaning assigned to such term in Section 4.8(a). 

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

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

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

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

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

ARTICLE II 
 ENGAGEMENT OF ASSET
REPRESENTATIONS REVIEWER 
 Section 2.1. Engagement; Acceptance. The Issuer hereby engages
            to act as the Asset Representations Reviewer for the Issuer.             accepts the engagement and agrees to
perform the obligations of the Asset Representations Reviewer on the terms stated in this Agreement.
 Section 2.2. Confirmation of
Status. The parties confirm that the Asset Representations Reviewer is not responsible for (a) reviewing the Asset Review Receivables for compliance with the representations and warranties under the Basic Documents, except as described in
this Agreement, or (b) determining whether noncompliance with the representations or warranties constitutes a breach of the Basic Documents. 

  
 2 

 ARTICLE III 

ASSET REPRESENTATIONS REVIEW PROCESS 

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

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

Section 3.3. Asset Review Materials.

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

(b) Missing or Insufficient Asset Review Materials. If any of the Asset Review Materials are missing or insufficient for the Asset
Representations Reviewer to perform any Test, the Asset Representations Reviewer will notify the Servicer promptly, and in any event no less than [twenty (20)] days before completing the Asset Review, and the Servicer will have [fifteen (15)] days
to give the Asset Representations Reviewer access to such missing Asset Review Materials or other documents or information to correct the insufficiency. If the missing or insufficient Asset Review Materials have not been provided by the
Servicer within [fifteen (15)] days, the parties agree that the Asset Review Receivable will have a Test Fail for the related Test(s) and the Test(s) will be considered completed and the Asset Review Report will indicate the reason for the Test
Fail.
 Section 3.4. Performance of Asset Reviews.

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

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

  
 3 

 (c) Completion of Asset Review for Certain Asset Review Receivables. Following the
delivery of the list of the Asset Review Receivables and before the delivery of the Asset Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if an Asset Review Receivable is paid in full
by the related Obligor or purchased from the Issuer by Exeter, the Seller or the Servicer according to the Basic Documents. On receipt of any such notice, the Asset Representations Reviewer will immediately terminate all Tests of the related
Asset Review Receivables and the Asset Review of such Receivables will be considered complete (a “Test Complete”). In this case, the Asset Review Report will indicate a Test Complete for the related Asset Review Receivables and
the related reason.
 (d) Previously Reviewed Receivable. If any Asset Review Receivable was included in a prior Asset Review,
the Asset Representations Reviewer will not perform any Tests on it, but will include the results of the previous Tests in the Asset Review Report for the current Asset Review. 

(e) Termination of Asset Review. If an Asset Review is in process and the Notes will be paid in full on the next Distribution Date,
the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than ten (10) days before that Distribution Date. On receipt of the notice, the Asset Representations Reviewer will terminate the Asset Review
immediately and will have no obligation to deliver an Asset Review Report.
 Section 3.5. Asset Review Reports. Within [five
(5)] days of the end of the Asset Review period under Section 3.4(b), the Asset Representations Reviewer will deliver to the Issuer, the Servicer and the Indenture Trustee an Asset Review Report indicating for each Asset Review Receivable whether
there was a Test Pass or a Test Fail for each Test, or whether the Asset Review Receivable was a Test Complete and the related reason. The Asset Review Report will contain a summary of the Asset Review results to be included in the
Issuer’s Form 10-D report for the Collection Period in which the Asset Review Report is received. The Asset Representations Reviewer will ensure that the Asset Review Report does not contain any Non-Public Personal Information. 

Section 3.6. Asset Review Representatives.

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

  
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 (c) Questions About Asset Review. The Asset Representations Reviewer will make
appropriate personnel available to respond in writing to written questions or requests for clarification of any Asset Review Report from the Indenture Trustee or the Servicer until the earlier of (i) the payment in full of the Notes and (ii) one
year after the delivery of the Asset Review Report. The Asset Representations Reviewer will have no obligation to respond to questions or requests for clarification from Noteholders or any other Person and will direct such Persons to submit
written questions or requests to the Indenture Trustee.
 Section 3.7. Dispute Resolution. If an Asset Review Receivable that
was reviewed by the Asset Representations Reviewer is the subject of a dispute resolution proceeding under Section 3.4 of the Sale and Servicing Agreement, the Asset Representations Reviewer will participate in the dispute resolution proceeding on
request of a party to the proceeding. The reasonable out-of-pocket expenses of the Asset Representations Reviewer for its participation in any dispute resolution proceeding will be considered expenses of the requesting party for the dispute
resolution and will be paid by a party to the dispute resolution in accordance with Section 3.4 of the Sale and Servicing Agreement. If not paid by a party to the dispute resolution, the expenses will be reimbursed by the Issuer according to
Section 4.3(d). 
 Section 3.8. Limitations on Asset Review Obligations.

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

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

(ii) to determine which Receivables are subject to an Asset Review, and is entitled to rely on the lists of Asset Review
Receivables provided by the Servicer; 
 (iii) to obtain or confirm the validity of the Asset Review Materials and no
liability for any errors contained in the Asset Review Materials and will be entitled to rely on the accuracy and completeness of the Asset Review Materials; 

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

(v) to take any action or cause any other party to take any action under any of the Basic Documents or otherwise to enforce any
remedies against any Person for breaches of representations or warranties about the Asset Review Receivables.
 (vi) to
determine the reason for the delinquency of any Asset Review Receivable, the creditworthiness of any Obligor, the overall quality of any Asset Review Receivable or the compliance by the Servicer with its covenants with respect to the servicing of
such Asset Review Receivable; or 

  
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 (vii) to establish cause, materiality or recourse for any failed Test as
described in Section 3.4. 
 (b) Testing Procedure Limitations. The Asset Representations Reviewer will only be required to
perform the testing procedures listed under “Procedures to be Performed” in Schedule A, and will have no obligation to perform additional procedures on any Asset Review Receivable or to provide any information other than an Asset Review
Report indicating for each Asset Review Receivable whether there was a Test Pass or a Test Fail for each Test, or whether the Asset Review Receivable was a Test Complete and the related reason. However, the Asset Representations Reviewer may
provide additional information about any Asset Review Receivable that it determines in good faith to be material to the Asset Review. 

ARTICLE IV 
 ASSET REPRESENTATIONS
REVIEWER 
 Section 4.1. Representations and Warranties . 

(a) Representations and Warranties. The Asset Representations Reviewer represents and warrants to the Issuer as of the date of this
Agreement: 
 (i) Organization and Qualification. The Asset Representations Reviewer is duly organized and
validly existing as a             in good standing under the laws of             . The Asset Representations Reviewer is
qualified as a             in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of
its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s
ability to perform its obligations under this Agreement. 
 (ii) Power, Authority and Enforceability. The Asset
Representations Reviewer has the power and authority to execute, deliver and perform its obligations under this Agreement. The Asset Representations Reviewer has authorized the execution, delivery and performance of this Agreement. This
Agreement is the legal, valid and binding obligation of the Asset Representations Reviewer enforceable against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the
enforcement of creditors’ rights or by general equitable principles. 
 (iii) No Conflicts and No
Violation. The completion of the transactions contemplated by this Agreement and the performance of the Asset Representations Reviewer’s obligations under this Agreement will not (A) conflict with, or be a breach or default under,
any indenture, agreement, guarantee or similar agreement or instrument under which the Asset Representations Reviewer is a party, (B) result in the creation or imposition of any Lien on any of the assets of the Asset Representations Reviewer under
the terms of any indenture, agreement, guarantee or similar agreement or instrument, (C) violate the organizational documents of the Asset Representations Reviewer or (D) violate any law or, to the Asset Representations Reviewer’s knowledge,
any order, rule or regulation that applies to the Asset Representations Reviewer of any court or of any federal or state 

  
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regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer, in each case, which conflict, breach, default, Lien or
violation would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement. 

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

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

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

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

(a) Eligibility. It will notify the Issuer and the Servicer promptly if it is not, or on the occurrence of any action that would
result in it not being, an Eligible Asset Representations Reviewer. 
 (b) Review Systems. It will maintain business process
management and/or other systems necessary to ensure that it can perform each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will ensure that these systems allow for each Asset
Review Receivable and the related Asset Review Materials to be individually tracked and stored as contemplated by this Agreement. 
 (c)
Personnel. It will maintain adequate staff that is properly trained to conduct Asset Reviews as required by this Agreement. The Asset Representations Reviewer, at its discretion, may utilize the services of third parties, affiliates, and
agents (“Agents”) to provide any Asset Review under this Agreement; provided, however, that the Asset Representations Reviewer has entered into confidentiality agreements with such Agents (or such Agents are otherwise bound by
confidentiality obligations) the provisions of which are no less protective than those set forth in this Agreement. Any such Agent must be approved by Servicer prior to engaging in any Asset Review under this Agreement. The Asset
Representations Reviewer shall be responsible to Servicer for the Asset Reviews provided by its Agents to the same extent as if provided by the Asset Representations Reviewer under this Agreement. Servicer agrees to look solely to the Asset
Representations Reviewer and not to any Agent for satisfaction of any claims the Servicer may have arising out of this Agreement or due to the performance or non-performance of Services.

  
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 (d) Changes to Personnel. It will promptly notify Servicer in the event that it undergoes
significant management or staffing changes which would negatively impact its ability to fulfill its obligations under this Agreement. 
 (e)
Maintenance of Asset Review Materials. It will maintain copies of any Asset Review Materials, Asset Review Reports and other documents relating to an Asset Review, including internal correspondence and work papers, for a period of two
years after the termination of this Agreement. 
 Section 4.3. Fees and Expenses. 

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

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

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

Section 4.5. Indemnification  

(a) Indemnification by Asset Representations Reviewer. The Asset Representations Reviewer will indemnify each of the Issuer, the Seller,
the Servicer, the Owner Trustee and the Indenture Trustee and their respective directors, officers, employees and agents for all costs, expenses, losses, damages and liabilities resulting from (a) the willful misconduct, fraud, bad faith or
negligence of the Asset Representations Reviewer in performing its obligations under this Agreement (b) the Asset Representations Reviewer’s breach of any of its representations or warranties or other obligations under this Agreement (c) its
breach of confidentiality obligations or (d) any third party intellectual property claim. The Asset Representations Reviewer’s obligations under this Section 4.5 will survive the termination of this Agreement, the termination of the Issuer
and the resignation or removal of the Asset Representations Reviewer. 
 (b) Indemnification of Asset Representations
Reviewer. The Issuer will, or will cause the [Servicer] to, indemnify the Asset Representations Reviewer and its officers, directors, employees and agents, for all costs, expenses, losses, damages and liabilities resulting from the
performance of its obligations under this Agreement (including the costs and expenses of defending itself against any loss, damage or liability), but excluding any cost, expense, loss, damage or liability resulting from (i) the Asset Representations
Reviewer’s willful misconduct, bad faith or negligence or (ii) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement. 

Section 4.6. Right to Audit. During the term of this Agreement and not more than once per year (unless circumstances warrant
additional audits as described below), Servicer may audit the Asset Representations Reviewer’s policies, procedures and records that relate to the performance of the Asset Representation Reviewer under this Agreement to ensure compliance with
this Agreement upon at least 10 business days’ notice. Notwithstanding the foregoing, the parties agree that Servicer may conduct an audit at any time, in the event of (i) audits required by Servicer’s governmental or regulatory
authorities, (ii) investigations of claims of misappropriation, fraud, or business irregularities of a potentially criminal nature, or (iii) Servicer reasonably believes that an audit is necessary to address a material operational problem or issue
that poses a threat to Servicer’s business. 
 Section 4.7. Delegation of Obligations. Subject to the terms of Section
4.2(c) of this Agreement, the Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person without the consent of the Issuer and the Servicer. 

  
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 Section 4.8. Confidential Information.

(a) Definitions. 

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

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

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

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

Neither party shall disclose any Confidential Information to any other persons or entities, except on a “need to know” basis and
then only: (i) to their own employees and Agents (as defined below); (ii) to their own accountants and legal representatives, provided that any such representatives shall be subject to subsection(iv) below; (iii) to their own affiliates, provided
that such affiliates shall be restricted in use and redisclosure of the Confidential Information to the 

  
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same extent as the parties hereto. “Agents”, for purposes of this Section, mean each of the parties’ advisors, directors, officers, employees, contractors, consultants
affiliated entities (i.e., an entity controlling, controlled by, or under common control with a party), or other agents. If and to the extent any Agent of the recipient receive Confidential Information, such recipient party shall be responsible
for such Agent’s full compliance with the terms and conditions of this Agreement and shall be liable for any such Agent’s non-compliance.

(c) Compelled Disclosure. If a subpoena or other legal process seeking Confidential Information is served upon either party, such
party will, to the extent not prohibited by law, rule or order, notify the other immediately and, to the maximum extent practicable prior to disclosure of any Confidential Information, will, at the other’s request and reasonable expense,
cooperate in any lawful effort to contest the legal validity of such subpoena or other legal process. The restrictions set forth herein shall apply during the term and after the termination of this Agreement. All Confidential Information
furnished to the Asset Representations Reviewer or Servicer, as the case may be, or to which the Asset Representations Reviewer or Servicer gains access in connection with this Agreement, is the respective exclusive property of the disclosing
party.
 (d) Use by Agents, Employees, Subcontractors. The parties shall take reasonable measures to prevent its Agents,
employees and subcontractors from using or disclosing any Confidential Information, except as may be necessary for each party to perform its obligations pursuant to this Agreement. Such measures shall include, but not be limited to, (i)
education of such Agents, employees and subcontractors as to the confidential nature of the Confidential Information; and (ii) securing a written acknowledgment and agreement from such Agents, employees and subcontractors that the Confidential
Information shall be handled only in accordance with provisions no less restrictive than those contained in this Agreement. This provision shall survive termination of this Agreement.

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

(f) Exceptions. Confidential Information shall not include, and this Agreement imposes no obligations with respect to, information
that: 
 (i) is or becomes part of the public domain other than by disclosure by a Party or its Agents in violation of this
Agreement; 
 (ii) was disclosed to a Party prior to the Effective Date without a duty of confidentiality; 

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

  
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 (iv) was obtained from a third party not known after reasonable inquiry to be
under a duty of confidentiality.
 The foregoing exceptions shall not apply to any Non-Public Personal Information or Personally
Identifiable Financial Information, which shall remain confidential in all circumstances, except as required or permitted to be disclosed by applicable law, statute, or regulation. 

(g) Return of Confidential Information. Subject to Section 4.2(e) of this Agreement, upon the request of a party, the other party
shall return all Confidential Information to the other; provided, however, (a) each party shall be permitted to retain copies of the other party’s Confidential Information solely for archival, audit, disaster recovery, legal and/or regulatory
purposes, and (b) neither party will be required to search archived electronic back-up files of its computer systems for the other party’s Confidential Information in order to purge the other party’s Confidential Information from its
archived files; provided further, that any Confidential Information so retained will (i) remain subject to the obligations and restrictions contained in this Agreement, (ii) will be maintained in accordance with the retaining party’s document
retention policies and procedures, and (iii) the retaining party will not use the retained Confidential Information for any other purpose. 

Section 4.9. Security and Safeguarding Information  

(a) Confidential Information that contains Non-Public Personal Information about customers is subject to the protections created by the
Gramm-Leach-Bliley Act of 1999 (the “Act”) and under the standards for safeguarding Confidential Information, 16 CFR Part 314 (2002) adopted by Federal Trade Commission (“FTC”) (the “Safeguards
Rule”). Additionally, state specific laws may regulate how certain confidential or personal information is safeguarded. The parties agree with respect to the Non-Public Personal Information to take all appropriate measures in
accordance with the Act, and any state specific laws, as are necessary to protect the security of the Non-Public Personal Information and to specifically assure there is no disclosure of the Non-Public Personal Information other than as authorized
under the Act, and any state specific laws, and this Agreement. 
 With respect to Confidential Information, including Non-Public Personal
Information and Personally Identifiable Financial Information as applicable, each of the parties agrees that: 
 (i) It will
use commercially reasonable efforts to safeguard and protect the confidentiality of any Confidential Information and agrees, warrants, and represents that it has or will implement and maintain appropriate safeguards designed to safeguard and protect
the confidentiality of any Confidential Information. 
 (ii) It will not disclose or use Confidential Information provided
except for the purposes as set in the Agreement, including as permitted under the Act and its implementing regulations, or other applicable law. 

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

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

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

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

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

(d) The Asset Representations Reviewer will cooperate with and provide information to the Issuer and the Servicer regarding the Asset
Representations Reviewer’s compliance with this Section 4.9. 
 ARTICLE V. 

RESIGNATION AND REMOVAL 
 Section
5.1. Resignation and Removal of Asset Representations Reviewer.
 (a) Resignation of Asset Representations Reviewer. The
Asset Representations Reviewer may not resign as Asset Representations Reviewer, except: 

  
 13 

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

(ii) with the consent of the Issuer. 

The Asset Representations Reviewer will give the Issuer and the Servicer sixty (60) days’ prior notice of its resignation. Any
determination permitting the resignation of the Asset Representations Reviewer under subsection (i) above must be evidenced by an Opinion of Counsel delivered to the Issuer, the Servicer, the Owner Trustee and the Indenture Trustee. No
resignation of the Asset Representations Reviewer will become effective until a successor Asset Representations Reviewer is in place. 
 (b)
Removal of Asset Representations Reviewer. The Issuer may remove the Asset Representations Reviewer and terminate all of its rights and obligations (other than as provided in Section 4.6) under this Agreement (i) if the Asset
Representations Reviewer ceases to be an Eligible Asset Representations Reviewer, (ii) on a breach of any of the representations, warranties, covenants or obligations of the Asset Representations Reviewer contained in this Agreement and (iii)
on the occurrence of an Insolvency Event with respect to the Asset Representations Reviewer, by notifying the Asset Representations Reviewer, the Indenture Trustee and the Servicer of the removal.

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

Section 5.2. Engagement of Successor.

(a) Successor Asset Representations Reviewer. Following the resignation or removal of the Asset Representations Reviewer under
Section 5.1, the Issuer will engage as the successor Asset Representations Reviewer a Person that is an Eligible Asset Representations Reviewer. The successor Asset Representations Reviewer will accept its engagement or appointment by executing
and delivering to the Issuer and the Servicer an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement or entering into a new Asset Representations Review Agreement with the Issuer that is on substantially
the same terms as this Agreement.
 (b) Transition and Expenses. The predecessor Asset Representations Reviewer will cooperate
with the successor Asset Representations Reviewer engaged by the Issuer in effecting the transition of the Asset Representations Reviewer’s obligations and rights under this Agreement. The predecessor Asset Representations Reviewer will
pay the reasonable expenses of the successor Asset Representations Reviewer in transitioning the Asset Representations Reviewer’s obligations under this Agreement and preparing the successor Asset Representations Reviewer to take on the
obligations on receipt of an invoice with reasonable detail of the expenses from the successor Asset Representations Reviewer. 

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

OTHER AGREEMENTS 
 Section 6.1.
Independence of Asset Representations Reviewer. The Asset Representations Reviewer will be an independent contractor and will not be subject to the supervision of the Issuer or the Owner Trustee for the manner in which it
accomplishes the performance of its obligations under this Agreement. Unless expressly authorized by the Issuer, the Asset Representations Reviewer will have no authority to act for or represent the Issuer or the Owner Trustee and will not be
considered an agent of the Issuer or the Owner Trustee. Nothing in this Agreement will make the Asset Representations Reviewer and either of the Issuer or the Owner Trustee members of any partnership, joint venture or other separate entity or
impose any liability as such on any of them. 
 Section 6.2. No Petition. Each of the Servicer and the Asset Representations
Reviewer, by entering into this Agreement, and the Owner Trustee and the Indenture Trustee, by accepting the benefits of this Agreement, agrees that, before the date that is one year and one day (or, if longer, any applicable preference period)
after payment in full of (a) all securities issued by the Seller or by a trust for which the Seller was a Seller or (b) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, the Seller or the
Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law. This Section 6.2 will survive the termination of this Agreement. 

Section 6.3. Limitation of Liability of Owner Trustee . This Agreement has been signed on behalf of the Issuer by
            not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer. In no event will
            in its individual capacity or any beneficial owner of the Issuer have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer
under this Agreement or in any of the certificates, notices or agreements delivered under this Agreement.
 Section 6.4. Termination of
Agreement. This Agreement will terminate, except for the obligations under Section 4.6, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture and (b) the termination of the
Issuer.

  
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 ARTICLE VII 

MISCELLANEOUS PROVISIONS 
 Section
7.1. Amendments.
 (a) The parties may amend this Agreement: 

(i) without the consent of the Noteholders, to clarify an ambiguity or to correct or supplement any term of this Agreement that
may be defective or inconsistent with the other terms of this Agreement or to provide for, or facilitate the acceptance of this Agreement by, a successor Asset Representations Reviewer; 

(ii) without the consent of the Noteholders, if the Servicer delivers an Officer’s Certificate to the Issuer, the Owner
Trustee and the Indenture Trustee stating that the amendment will not have a material adverse effect on the Notes; or 

(iii) with the consent of the Noteholders of a majority of the Note Balance of each Class of Notes materially and adversely
affected by the amendment (with each affected Class voting separately, except that all Noteholders of Class A Notes will vote together as a single class). 

(b) Notice of Amendments. The Servicer will give prior notice of any amendment to the Rating Agencies. Promptly after the
execution of an amendment, the Servicer will deliver a copy of the amendment to the Rating Agencies.
 Section 7.2. Assignment; Benefit
of Agreement; Third Party Beneficiaries.
 (a) Assignment. Except as stated in Section 5.3, this Agreement may not be
assigned by the Asset Representations Reviewer without the consent of the Issuer and the Servicer. 
 (b) Benefit of the Agreement;
Third-Party Beneficiaries. This Agreement is for the benefit of and will be binding on the parties to this Agreement and their permitted successors and assigns. The Owner Trustee and the Indenture Trustee, for the benefit of the
Noteholders, will be third-party beneficiaries of this Agreement entitled to enforce this Agreement against the Asset Representations Reviewer and the Servicer. No other Person will have any right or obligation under this Agreement. 

Section 7.3. Notices.
 (a)
Delivery of Notices. All notices, requests, demands, consents, waivers or other communications to or from the parties to this Agreement must be in writing and will be considered given: 

(i) on delivery or, for a letter mailed by registered first class mail, postage prepaid, three (3) days after deposit in the
mail; 
 (ii) for a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient; 

  
 16 

 (iii) for an email, when receipt is confirmed by telephone or reply email from
the recipient; and 
 (iv) for an electronic posting to a password-protected website to which the recipient has access, on
delivery (without the requirement of confirmation of receipt) of an email to that recipient stating that the electronic posting has occurred. 

(b) Notice Addresses. Any notice, request, demand, consent, waiver or other communication will be delivered or addressed as stated
in Section 12.3(a) of the Sale and Servicing Agreement or at another address as a party may designate by notice to the other parties. 

Section 7.4. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND THIS AGREEMENT AND
ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT SHALL BE, GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK
GENERAL OBLIGATIONS LAW). 
 Section 7.5. Submission to Jurisdiction. Each of the parties hereto hereby irrevocably and
unconditionally: 
 (a) submits for itself and, as applicable, its property, in any legal action relating to this Agreement, the Basic
Documents or any other documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the
United States of America for the Southern District of New York and appellate courts from any thereof; 
 (b) consents that any such action
may be brought in such courts and waives any objection that it may now or hereafter have to the venue of such action in any such court or that such action was brought in an inconvenient court and agrees not to plead or claim the same; and 

(c) waives, to the fullest extent permitted by law, any and all right to trial by jury in any legal proceeding arising out of or relating to
this Agreement, the Basic Documents or the transactions contemplated hereby. 
 Section 7.6. No Waiver; Remedies. No
party’s failure or delay in exercising any power, right or remedy under this Agreement will operate as a waiver. No single or partial exercise of any power, right or remedy will preclude any other or further exercise of the power, right or
remedy or the exercise of any other power, right or remedy. The powers, rights and remedies under this Agreement are in addition to any powers, rights and remedies under law. 

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

  
 17 

 Section 7.8. Headings. The headings of the various Articles and Sections herein are
for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 
 Section 7.9.
Counterparts. This Agreement may be executed in multiple counterparts. Each counterpart will be an original, and all counterparts will together be one document. 

[Remainder of Page Left Blank] 

  
 18 

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

			
	EXETER AUTOMOBILE RECEIVABLES TRUST 20        -    
	
	By: [OWNER TRUSTEE], not in its individual capacity but solely as Owner Trustee on behalf of the Trust.
		
	By:	 	 
		 	Name:
		 	Title:
	
	EXETER FINANCE CORP.,
	Servicer
		
	By:	 	 
		 	Name:
		 	Title:
	
	                                    
    ,
	Asset Representations Reviewer
		
	By:	 	 
		 	Name:
		 	Title:

 Schedule A 

Representations and Warranties and Procedures to be Performed 

Representation 

[            ] 

Documents 

[            ] 

Procedures to be Performed 

[            ] 

  
 Schedule A -1

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