Document:

Exhibit 10.3

  

  

  

  
    

    

    

    

    

    

    

    

    FORM OF CONTRIBUTION AGREEMENT

    

    

    between

    

    

    EXETER HOLDINGS TRUST 2021-2

      Transferee

    

    

    and

    

    

    EXETER AUTOMOBILE RECEIVABLES TRUST 2021-2

      Transferor

    

    

    

    

    

    

    

    

    

    

    Dated as of April 30, 2021

    

    

    
      
        

    

    
    TABLE OF CONTENTS

    Page

    	
            ARTICLE I

          	
            DEFINITIONS

          	
            1

          
	
            SECTION 1.1

          	
            General

          	
            1

          
	
            SECTION 1.2

          	
            Specific Terms

          	
            1

          
	
            SECTION 1.3

          	
            Usage of Terms

          	
            2

          
	
            SECTION 1.4

          	
            [Reserved]

          	
            2

          
	
            SECTION 1.5

          	
            No Recourse

          	
            2

          
	
            SECTION 1.6

          	
            Action by or Consent of Noteholders and Certificateholders

          	
            3

          
	
            ARTICLE II

          	
            TRANSFER OF THE CONVEYED ASSETS

          	
            3

          
	
            SECTION 2.1

          	
            Transfer of the Conveyed Assets

          	
            3

          
	
            ARTICLE III

          	
            REPRESENTATIONS AND WARRANTIES

          	
            4

          
	
            SECTION 3.1

          	
            Representations and Warranties of Transferor

          	
            4

          
	
            SECTION 3.2

          	
            Representations and Warranties of Transferee

          	
            6

          
	
            ARTICLE IV

          	
            COVENANTS OF SELLER

          	
            8

          
	
            SECTION 4.1

          	
            Protection of Title of Transferee

          	
            8

          
	
            SECTION 4.2

          	
            Other Liens or Interests

          	
            9

          
	
            SECTION 4.3

          	
            Costs and Expenses

          	
            9

          
	
            ARTICLE V

          	
            MISCELLANEOUS

          	
            9

          
	
            SECTION 5.1

          	
            Liability of Transferor

          	
            9

          
	
            SECTION 5.2

          	
            Merger or Consolidation of Transferor or Transferee

          	
            9

          
	
            SECTION 5.3

          	
            Limitation on Liability of Transferor and Others

          	
            10

          
	
            SECTION 5.4

          	
            [Reserved]

          	
            10

          
	
            SECTION 5.5

          	
            Amendment

          	
            10

          
	
            SECTION 5.6

          	
            Notices

          	
            11

          
	
            SECTION 5.7

          	
            Merger and Integration

          	
            11

          
	
            SECTION 5.8

          	
            Severability of Provisions

          	
            11

          
	
            SECTION 5.9

          	
            Intention of the Parties

          	
            12

          
	
            SECTION 5.10

          	
            Governing Law; Jurisdiction

          	
            13

          
	
            SECTION 5.11

          	
            Waiver of Jury Trial

          	
            13

          
	
            SECTION 5.12

          	
            Counterparts

          	
            13

          
	
            SECTION 5.13

          	
            Subsequent Conveyance of the Conveyed Assets

          	
            13

          
	
            SECTION 5.14

          	
            Nonpetition Covenant

          	
            14

          
	
            SECTION 5.15

          	
            Limitation of Liability of Owner Trustee

          	
            14

          
	 	 	 

    SCHEDULES

    	Schedule A —	
            Representations and Warranties from the Transferor as to Perfection of Receivables

          

    
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    CONTRIBUTION AGREEMENT

    THIS CONTRIBUTION AGREEMENT, dated as of April 30, 2021, is executed between Exeter Holdings Trust 2021-2, a Delaware statutory
      trust, as Transferee (“Transferee”) and Exeter Automobile Receivables Trust 2021-2, a Delaware statutory trust, as Transferor (“Transferor”).

    W I T N E S S E T H :

    WHEREAS, Transferee and Transferor desire to provide for the transfer and assignment by the Transferor to the Transferee, without
      recourse, of all of the Transferor’s right, title and interest in the Conveyed Assets (as defined below) in exchange for the issuance of the Holding Trust Certificate by the Transferee in the name of the Transferor.

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

    ARTICLE I

      

      DEFINITIONS

    SECTION 1.1  General.  The specific terms defined
      in this Article include the plural as well as the singular. The words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision, and
      Article, Section, Schedule and Exhibit references, unless otherwise specified, refer to Articles and Sections of and Schedules and Exhibits to this Agreement. Capitalized terms used herein without definition shall have the respective meanings
      assigned to such terms in the Sale and Servicing Agreement, dated as of April 30, 2021 (the “Sale and Servicing Agreement”), by and among EFCAR, LLC, as Seller, Exeter
      Finance LLC, in its individual capacity and as Servicer, Exeter Holdings Trust 2021-2, as Holding Trust, Exeter Automobile Receivables Trust 2021-2, as Issuer, and Wells Fargo Bank, National Association, as Backup Servicer and as Indenture Trustee.

    SECTION 1.2  Specific Terms.  Whenever used in this
      Agreement, the following words and phrases, unless the context otherwise requires, shall have the following meanings:

    “Agreement” means this Contribution Agreement and all amendments hereof and supplements hereto.

    “Closing Date” means June 2, 2021.

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

    “Contribution Agreement Collateral” has the meaning specified in Section 5.9.

    
      
        

    

    
    

    

    “Conveyed Assets” means all property conveyed by the Transferor to the Transferee pursuant to Section 2.1(a)(1) through (11).

    “Corporate Trust Office” shall mean, with respect to the Owner Trustee, the principal corporate trust office of Wilmington Trust Company located at Rodney Square North, 1100 North Market Street,
        Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration, or at such other address as Wilmington Trust Company may designate by notice to the Depositor, or the principal corporate trust office of any successor Owner Trustee (the
        address of which such successor will notify the Depositor).

    “Holding Trust” means Exeter Holdings Trust 2021-2.

    “Indenture Trustee” means Wells Fargo Bank, National Association, as indenture trustee and any successor
        indenture trustee appointed and acting pursuant to the Indenture.

    “Issuer” means Exeter Automobile Receivables Trust 2021-2.

    “Owner Trustee” means Wilmington Trust Company, as Owner Trustee appointed and acting pursuant to the Trust Agreement and Holding Trust Agreement.

    “Receivables” has the meaning assigned to such term in the Sale and Servicing Agreement.

    “Related Documents” means the Notes, the Certificates, the Custodian Agreement, the Sale and Servicing Agreement, the Indenture, the Trust Agreement, the Holding Trust Agreement, the Asset
        Representations Review Agreement, the Lockbox Account Agreement, the Sale Agreement, the Purchase Agreement and the Underwriting Agreement. The Related Documents to be executed by any party are referred to herein as “such party’s Related
        Documents,” “its Related Documents” or by a similar expression.

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

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

    SECTION 1.3  Usage of Terms.  With respect to all
      terms used in this Agreement, the singular includes the plural and the plural the singular; words importing any gender include the other gender; references to “writing” include printing, typing, lithography, and other means of reproducing words in a
      visible form; references to agreements and other contractual instruments include all subsequent amendments thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Agreement or the Sale and
      Servicing Agreement; references to Persons include their permitted successors and assigns; and the terms “include” or “including” mean “include without limitation” or “including without limitation.”

    SECTION 1.4  [Reserved].

    SECTION 1.5  No Recourse.  Without limiting the
      obligations of Transferor hereunder, no recourse may be taken, directly or indirectly, under this Agreement or any certificate

    
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    or other writing delivered in connection herewith or therewith, against any stockholder, officer, director or manager, as such, of Transferor, or of
      any predecessor or successor of Transferor.

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

    ARTICLE II

      

      TRANSFER OF THE CONVEYED ASSETS

    SECTION 2.1  Transfer of the Conveyed Assets.

    (a)            Subject to the terms and conditions of this Agreement, Transferor hereby sells, transfers, assigns, and otherwise conveys to Transferee without recourse (but without limitation of its
        obligations in this Agreement), and Transferee hereby purchases, all right, title and interest of Transferor in and to the following described property (collectively, the “Conveyed
            Assets”):

    (1)             
      the Receivables and all moneys received thereon after the Cutoff Date;

    (2)        
              the security interests in the Financed Vehicles granted by Obligors pursuant to the Receivables and any other interest of the Transferor in such Financed
        Vehicles;

    (3)            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;

    (4)        
             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;

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

    (6)             
      the related Receivable Files;

    
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    (7)       
               all of the Transferor’s rights and benefits, but none of its obligations or burdens, under the Purchase Agreement, including the delivery requirements,
        representations and warranties and the cure and repurchase obligations of Exeter under the Purchase Agreement;

    (8)     
                 all of the Transferor’s rights and benefits, but none of its obligations or burdens, under the Sale Agreement, including the delivery requirements,
        representations and warranties and the cure and repurchase obligations of the Representation Provider under the Sale Agreement;

    (9)     
                all of the Transferor’s rights and benefits, but none of its obligations or burdens, under the Sale and Servicing Agreement, including the delivery
        requirements, representations and warranties and the cure and repurchase obligations of Exeter and the Seller under the Sale and Servicing Agreement;

    (10)   
                all of the Transferor’s (i) Accounts, (ii) Chattel Paper, (iii) Documents, (iv) Instruments and (v) General Intangibles (as such terms are defined in the UCC)
        relating to the property described in (1) through (9); and

    (11)            all proceeds and investments with respect to items (1) through (10).

    It is the intention of Transferor and Transferee that the transfer and assignment contemplated by this Agreement shall constitute
      a sale of the Conveyed Assets from Transferor to Transferee.

    (b)            Simultaneously with the conveyance of the Conveyed Assets to the Transferee, the Transferee will issue the Holding Trust Certificate to the Transferor on the Closing Date, representing 100%
        of the beneficial ownership interest in the Transferee.  Each of the parties hereto intends and hereby agrees that all transfers hereunder shall be absolute and irrevocable and shall provide the Transferee with the full benefits of ownership of the
        Conveyed Assets.

    ARTICLE III

      

      REPRESENTATIONS AND WARRANTIES

    SECTION 3.1  Representations and Warranties of Transferor. 
      Transferor makes the following representations and warranties as of the date hereof and as of the Closing Date on which Transferee relies in purchasing the Conveyed Assets. Such representations are made as of the execution and delivery of this
      Agreement, but shall survive the sale, transfer and assignment of the Conveyed Assets hereunder and the pledge thereof by the Transferee to the Indenture Trustee under the Indenture. Transferor and Transferee agree that the Indenture Trustee will
      thereafter be entitled to enforce this Agreement against Transferor in the Indenture Trustee’s own name on behalf of the Noteholders.

    (a)            Schedule of Representations.  The representations and warranties set forth on the Schedule of Representations with
        respect to the Receivables are true and correct.

    
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    (b)            Organization and Good Standing.  Transferor has been duly organized and is validly existing and in good standing
        as a Delaware statutory trust 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 Conveyed Assets to be transferred to Transferee.

    (c)            Due Qualification.  Transferor is duly qualified to do business as a foreign statutory trust, is in good standing,
        and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its property or the conduct of its business requires such qualification.

    (d)            Power and Authority.  Transferor has the power and authority to execute and deliver this Agreement and its Related
        Documents and to carry out its terms and their terms, respectively; Transferor has full power and authority to sell and assign the Conveyed Assets to be sold and assigned to and deposited with Transferee hereunder and has duly authorized such sale
        and assignment to Transferee by all necessary action; and the execution, delivery and performance of this Agreement and Transferor’s Related Documents have been duly authorized by Transferor by all necessary corporate action.

    (e)            No Consent Required.  Transferor is not required to obtain the consent of any other Person, or any consent,
        license, approval or authorization or registration or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery or performance of this Agreement and the Related Documents, except for such as have been
        obtained, effected or made.

    (f)             
      Valid Sale; Binding Obligations.  This Agreement and Transferor’s Related Documents have been duly
        executed and delivered, shall effect a valid sale, transfer and assignment of the Conveyed Assets to the Transferee, enforceable against Transferor and creditors of and purchasers from Transferor; and this Agreement and Transferor’s Related
        Documents constitute legal, valid and binding obligations of Transferor 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.

    (g)             
      No Violation.  The consummation of the transactions contemplated by this Agreement and the Related
        Documents, and the fulfillment of the terms of this Agreement and the Related Documents, shall not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice, lapse of time or both) a default
        under, the certificate of trust or trust agreement of Transferor, or any indenture, agreement, mortgage, deed of trust or other instrument to which Transferor 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 and the Indenture, or violate any law, order, rule or regulation applicable to Transferor of
        any court or of any federal or state regulatory body,

    
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    administrative agency or other governmental instrumentality having jurisdiction over Transferor or any of its properties.

    (h)            No Proceedings.  There are no proceedings or investigations pending or, to Transferor’s knowledge, threatened
        against Transferor, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over Transferor or its properties (i) asserting the invalidity of this Agreement or any of the
        Related Documents, (ii) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the Related Documents, (iii) seeking any determination or ruling that might materially and
        adversely affect the performance by Transferor of its obligations under, or the validity or enforceability of, this Agreement or any of the Related Documents or (iv) seeking to affect adversely the federal income tax or other federal, state or
        local tax attributes of, or seeking to impose any excise, franchise, transfer or similar tax upon, the transfer and acquisition of the Conveyed Assets hereunder or the pledge thereof to the Indenture Trustee under the Indenture.

    (i)            
      Solvency.  The Transferor is not insolvent, nor will the Transferor be made insolvent by the transfer
        of the Conveyed Assets, nor does the Transferor anticipate any pending insolvency.

    (j)            Chief Executive Office and Principal Place of Business.  The chief executive office and principal place of
        business of Transferor is located at c/o Wilmington Trust, National Association, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration.

    In the event of any breach of a representation and warranty made by Transferor hereunder, Transferee covenants and agrees that it
      will not take any action to pursue any remedy that it may have hereunder, in law, in equity or otherwise, until a year and a day have passed since the date on which all Notes, Certificates, pass-through certificates or other similar securities issued
      by Transferor, or a trust or similar vehicle formed by Transferor (other than the Transferee), have been paid in full. Transferor and Transferee agree that damages will not be an adequate remedy for such breach.

    SECTION 3.2  Representations and Warranties of Transferee. 
      Transferee makes the following representations and warranties as of the date hereof and as of the Closing Date, on which Transferor relies in selling, assigning, transferring and conveying the Conveyed Assets to Transferee hereunder. Such
      representations are made as of the execution and delivery of this Agreement, but shall survive the sale, transfer and assignment of the Conveyed Assets hereunder and the pledge thereof by the Transferee to the Indenture Trustee under the Indenture.

    (a)            Organization and Good Standing.  Transferee has been duly organized and is validly existing and in good standing
        as a Delaware statutory trust under the laws of the State of Delaware, with the power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted, and had at all
        relevant times, and has, full power, authority and legal right to acquire and own the Conveyed Assets.

    
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    (b)            Due Qualification.  Transferee is duly qualified to do business as a foreign statutory trust, 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 Transferee’s ability to acquire the Conveyed Assets, or the validity or enforceability of the Conveyed
        Assets or to perform Transferee’s obligations hereunder and under the Transferee’s Related Documents.

    (c)            Power and Authority.  Transferee has the power, authority and legal right to execute and deliver this Agreement
        and to carry out the terms hereof and to acquire the Conveyed Assets hereunder; and the execution, delivery and performance of this Agreement and all of the documents required pursuant hereto have been duly authorized by Transferee by all necessary
        corporate action.

    (d)          No Consent Required.  Transferee is not required to obtain the consent of any other Person, or any consent,
        license, approval or authorization or registration or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery or performance of this Agreement and the Related Documents, except for such as have been
        obtained, effected or made.

    (e)            Binding Obligation.  This Agreement constitutes a legal, valid and binding obligation of Transferee, enforceable
        against Transferee in accordance with its terms, subject, as to enforceability, to applicable bankruptcy, insolvency, reorganization, conservatorship, receivership, liquidation and other similar laws and to general equitable principles.

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

    (g)            No Proceedings. There are no proceedings or investigations pending, or, to the knowledge of Transferee, threatened
        against Transferee, before any court, regulatory body, administrative agency, or other tribunal or governmental instrumentality having jurisdiction over Transferee or its properties: (i) asserting the invalidity of this Agreement or any of the
        Related Documents, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any of the Related Documents, (iii)

    
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    seeking any determination or ruling that might materially and adversely affect the performance by Transferee of its obligations
      under, or the validity or enforceability of, this Agreement or any of the Related Documents or (iv) that may adversely affect the federal or state income tax attributes of, or seeking to impose any excise, franchise, transfer or similar tax upon, the transfer and acquisition of the Conveyed Assets hereunder or the pledge thereof to the Indenture Trustee under the Indenture.

    ARTICLE IV

      

      COVENANTS OF SELLER

    SECTION 4.1  Protection of Title of Transferee.

    (a)            At or prior to the Closing Date, Transferor shall have filed or caused to be filed a UCC-1 financing statement, naming Transferor as seller or debtor, naming Transferee as purchaser or
        secured party and describing the Conveyed Assets being sold by it to Transferee as collateral, with the office of the Secretary of State of the State of Delaware and in such other locations as Transferee shall have required. From time to time
        thereafter, Transferor 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 Transferee under this Agreement and of the Indenture Trustee under the Indenture in the Conveyed Assets and in the proceeds thereof. Transferor shall deliver (or cause to be delivered) to Transferee and the Indenture Trustee
        file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing. In the event that Transferor fails to perform its obligations under this subsection, Transferee or the Indenture
        Trustee may do so, at the expense of the Transferor. In furtherance of the foregoing, the Transferor hereby authorizes the Transferee or the Indenture Trustee to file a record or records (as defined in the applicable UCC), including, without
        limitation, financing statements, in all jurisdictions and with all filing offices as the Transferee may determine, in its sole discretion, are necessary or advisable to perfect the security interest granted to the Transferee pursuant to Section
        5.9 of this Agreement. Such financing statements may describe the collateral in the same manner as described herein or may contain an indication or description of collateral that describes such property in any other manner as such party may
        determine, in its sole discretion, is necessary, advisable or prudent to ensure the perfection of the security interest in the collateral granted to the Transferee herein. The Indenture Trustee shall not be obligated to file any such records
        (including, without limitation, financing statements) except upon written instruction from the Transferor or the Transferee.

    (b)            Transferor shall not change its name, identity, state of formation or corporate structure in any manner that
          would, could or might make any financing statement or continuation statement filed by Transferor (or by Transferee or the Indenture Trustee on behalf of Transferor) in accordance with paragraph (a) above seriously misleading within the meaning of
          §9-506 of the applicable UCC, unless they shall have given Transferee and the Indenture Trustee at least 60 days’ prior written notice thereof, and shall promptly file

    
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    appropriate amendments to all previously filed financing statements and continuation statements.

    (c)            Transferor shall give Transferee and the Indenture Trustee at least 60 days prior written notice of any relocation that would result in a change of the location of the debtor within the
        meaning of Section 9-307 of the applicable UCC. Transferor shall at all times maintain its principal executive office within the United States of America.

    SECTION 4.2  Other Liens or Interests.  Except for
      the conveyances hereunder and the pledge pursuant to the Indenture, Transferor will not sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien on the Conveyed Assets or any interest therein,
      and Transferor shall defend the right, title, and interest of Transferee in and to the Conveyed Assets against all claims of third parties claiming through or under Transferor.

    SECTION 4.3  Costs and Expenses.  Transferor shall
      pay all reasonable costs and disbursements in connection with the performance of its obligations hereunder and under its Related Documents.

    ARTICLE V

      

      MISCELLANEOUS

    SECTION 5.1  Liability of Transferor.  Transferor
      shall be liable in accordance herewith only to the extent of the obligations in this Agreement specifically undertaken by Transferor and the representations and warranties of Transferor.

    SECTION 5.2  Merger or Consolidation of Transferor or
          Transferee.  Any corporation or other entity (i) into which Transferor or Transferee may be merged or consolidated, (ii) resulting from any merger or consolidation to which Transferor or Transferee is a party or (iii) succeeding to the
      business of Transferor or Transferee, in the case of Transferor, which entity has a certificate of incorporation or other similar organizational document containing provisions relating to limitations on business and other matters substantively
      identical to those contained in Transferor’s certificate of trust, provided that in any of the foregoing cases such entity shall execute an agreement of assumption to perform every obligation of Transferor or Transferee, as the case may be, under
      this Agreement and, whether or not such assumption agreement is executed, shall be the successor to Transferor or Transferee, as the case may be, hereunder (without relieving Transferor or Transferee of their responsibilities hereunder, if it
      survives such merger or consolidation) without the execution or filing of any document or any further action by any of the parties to this Agreement. Transferor or Transferee shall promptly inform the other party, the Indenture Trustee and the Owner
      Trustee and, as a condition to the consummation of the transactions referred to in clauses (i), (ii) and (iii) above, (x) immediately after giving effect to such
        transaction, no representation or warranty made pursuant to Sections 3.1 and 3.2 of this Agreement shall have been breached (for purposes hereof, such representations and warranties shall speak as of the date of the consummation of such
        transaction) and be continuing, (y) Transferor or Transferee, as applicable, shall have delivered written notice of such consolidation, merger or purchase and assumption to the Rating Agencies prior to the consummation of such transaction and shall
        have delivered to the other party and the Indenture Trustee an Officer’s

    
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    Certificate of the Transferor or a certificate signed by or on behalf of the Transferee, as applicable, and an Opinion of Counsel
      each stating that such consolidation, merger or succession and such agreement of assumption comply with this Section 5.2 and that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been complied with,
      and (z) Transferor or Transferee, as applicable, shall have delivered to the other party and the Indenture Trustee an Opinion of Counsel, stating, in the opinion of such counsel, either (A) all financing statements and continuation statements and
      amendments thereto have been executed and filed that are necessary to preserve and protect the interest of the Indenture Trustee in the Conveyed Assets and reciting the details of the filings or (B) no such action shall be necessary to preserve and
      protect such interest.

    SECTION 5.3  Limitation on Liability of Transferor and Others. 
      Transferor and any director, manager, officer, employee or agent thereof may rely in good faith on the advice of counsel or on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising under
      this Agreement. Transferor shall not be under any obligation to appear in, prosecute or defend any legal action that is not incidental to its obligations under this Agreement or its Related Documents and that in its opinion may involve it in any
      expense or liability.

    SECTION 5.4  [Reserved].

    SECTION 5.5  Amendment.

    (a)            This Agreement may be amended by Transferor and Transferee without the consent of the Indenture Trustee, the Owner Trustee, or any of the Certificateholders or the Noteholders (i) to cure any
        ambiguity or to conform this Agreement to the Prospectus; provided, however, that the Owner Trustee and the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel described in Section 5.5(e) in connection
        with any such amendment or (ii) to correct or supplement any provisions in this Agreement, 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 (A) such action shall not, as evidenced by an Opinion of Counsel delivered to the Owner Trustee and the Indenture Trustee, adversely affect in any material respect the
        interests of any Certificateholder or Noteholder or (B) the Rating Agency Condition shall have been satisfied with respect to such amendment and the Transferee or the Transferor shall have notified the Indenture Trustee in writing that the Rating
        Agency Condition has been satisfied with respect to such amendment.

    (b)            This Agreement may also be amended from time to time by Transferor and Transferee, and with the consent of the Indenture Trustee and the Noteholders evidencing not less than a majority of the
        outstanding principal amount of the Notes, in accordance with the Sale and Servicing Agreement, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement, or of modifying in any
        manner the rights of Certificateholders or Noteholders; provided, however, to the extent not otherwise permitted by Section 5.5(a), the Transferor provides the Indenture Trustee with an Opinion of Counsel (which may be provided by the

    
      10

      
        

    

    

    

    Transferor’s internal counsel) stating that no such amendment shall increase or reduce in any manner the amount or priority of,
      or accelerate or delay the timing of, collections of payments on Receivables or distributions that shall be required to be made on any Note or Certificate, unless the Holders of all of the outstanding Notes of each class and the Certificateholders,
      in each case, affected thereby have consented thereto.

    (c)            Prior to the execution of any such amendment or consent, Transferor shall have furnished written notification of the substance of such amendment or consent to each Rating Agency.

    (d)            It shall not be necessary for the consent of Certificateholders or Noteholders pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be
        sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents and of evidencing the authorization of the execution thereof by Certificateholders or Noteholders shall be subject to such reasonable requirements
        as the Indenture Trustee may prescribe, including the establishment of record dates. The consent of a Holder of the Certificate or a Note given pursuant to this Section or pursuant to any other provision of this Agreement shall be conclusive and
        binding on such Holder and on all future Holders of such Certificate or such Note and of any Certificate or any Note issued upon the transfer thereof or in exchange thereof or in lieu thereof whether or not notation of such consent is made upon the
        Certificate or Note.

    (e)            Prior to the execution of any amendment to this Agreement, the Owner Trustee 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, and that all conditions precedent, if any, provided for in this Agreement have been satisfied.

    SECTION 5.6  Notices.  All demands, notices and
      communications to Transferor or Transferee hereunder shall be in writing, personally delivered, or sent by telecopier (subsequently confirmed in writing), reputable overnight courier or mailed by certified mail, return receipt requested, and shall be
      deemed to have been given upon receipt, in the case of Transferor or Transferee, to the Corporate Trust Office or such other address as shall be designated by Transferor or Transferee in a written notice delivered to the other party.

    Copies of all demands, notices and communications provided to the Indenture Trustee, the Noteholders or the Backup Servicer
      pursuant to this Agreement shall be provided to the Certificateholders.

    SECTION 5.7  Merger and Integration.  Except as
      specifically stated otherwise herein, this Agreement and Related Documents set forth the entire understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Agreement and
      the Related Documents. This Agreement may not be modified, amended, waived or supplemented except as provided herein.

    SECTION 5.8  Severability of Provisions.  If any
      one or more of the covenants, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such

    
      11

      
        

    

    

    

    covenants, provisions or terms shall be deemed severable from the remaining covenants, provisions or terms of this Agreement and shall in no way
      affect the validity or enforceability of the other provisions of this Agreement.

    SECTION 5.9  Intention of the Parties.  The
      execution and delivery of this Agreement shall constitute an acknowledgment by Transferor and Transferee that they intend that the assignment and transfer herein contemplated constitute a sale and assignment outright, and not for security, of the
      Conveyed Assets, conveying good title thereto free and clear of any Liens, from Transferor to Transferee. In the event that such conveyance is determined to be made as security for a loan made by Transferee to Transferor, the Transferor hereby grants
      to Transferee a security interest in all of Transferor’s right, title and interest in and to the following property whether now owned or existing or hereafter acquired or
        arising, and this Agreement shall constitute a security agreement under applicable law (collectively, the “Contribution Agreement Collateral”).

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

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

    (3)            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;

    (4)       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;

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

    (6)            the related Receivable Files;

    (7)       all of the Transferor’s rights and benefits, but none of its obligations or burdens, under the Purchase Agreement, including the delivery requirements, representations and warranties and the
        cure and repurchase obligations of Exeter under the Purchase Agreement;

    (8)       all of the Transferor’s rights and benefits, but none of its obligations or burdens, under the Sale Agreement, including the delivery requirements, representations and warranties and the cure
        and repurchase obligations of the Representation Provider under the Sale Agreement;

    (9)        all of the Transferor’s rights and benefits, but none of its obligations or burdens, under the Sale and Servicing Agreement, including the delivery requirements,

    
      12

      
        

    

    

    

    representations and warranties and the cure and repurchase obligations of Exeter and the Seller under the Sale and Servicing
      Agreement;

    (10)        all of the rights to all of the Transferor’s (i) Accounts, (ii) Chattel Paper, (iii) Documents, (iv) Instruments and (v) General Intangibles (as such terms are defined in the UCC) relating to
        the property described in (1) through (9); and

    (11)            all proceeds and investments with respect to items (1) through (10).

    SECTION 5.10  Governing Law; 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). The parties hereto agree to the non-exclusive jurisdiction of any federal courts located within the state of New York.

    SECTION 5.11  Waiver of Jury Trial.  THE PARTIES
      HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS AGREEMENT OR ANY OTHER DOCUMENT OR INSTRUMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH.

    SECTION 5.12  Counterparts.  For the purpose of
      facilitating the execution of this Agreement and for other purposes, this Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and all of which counterparts shall
      constitute but one and the same instrument. Each of the parties hereto further agrees that this Agreement and any other documents to be delivered in connection herewith may be electronically signed, and that any electronic signatures appearing on
      this Agreement or such other documents are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility.

    SECTION 5.13  Subsequent Conveyance of the Conveyed Assets. 
      Transferor acknowledges that Transferee intends, pursuant to the Indenture, to pledge the Conveyed Assets, together with its rights under this Agreement, to the Indenture Trustee on the Closing Date.  Additionally, Transferee acknowledges that
      Transferor intends, pursuant to the Indenture, to pledge the Holding Trust Certificate, together with its rights under this Agreement, to the Indenture Trustee on the Closing Date.  Transferor and Transferee acknowledge and consent to each such
      pledge and waive any further notice thereof, and covenant and agree that the representations and warranties of Transferee contained in this Agreement and the rights of Transferor hereunder are intended to benefit the Owner Trustee, the Indenture
      Trustee, the Noteholders and the Certificateholders. In furtherance of the foregoing, Transferee covenants and agrees to perform its duties and obligations hereunder, in accordance with the terms hereof for the benefit of the Owner Trustee, the
      Indenture Trustee, the Noteholders and the Certificateholders and that, notwithstanding anything to the contrary in this Agreement, Transferee shall be directly liable to the Owner Trustee, the Indenture Trustee, the Noteholders and the
      Certificateholders (notwithstanding any failure by the Servicer, the Backup Servicer or the Transferor to perform its respective duties and obligations hereunder or under Related Documents) and that the Indenture Trustee may enforce the duties and
      obligations of Transferee under this Agreement against

    
      13

      
        

    

    

    

    Transferee for the benefit of the Owner Trustee, the Indenture Trustee, the Noteholders and the Certificateholders.

    SECTION 5.14  Nonpetition Covenant.  Neither
      Transferee nor Transferor shall petition or otherwise invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the other party 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 other party or any substantial part of their respective property, or ordering the winding up or liquidation of the affairs of the other
      party.

    SECTION 5.15  Limitation of Liability of Owner Trustee. 
      It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as trustee of Transferee and Transferor, in the exercise of the
      powers and authority conferred and vested in it, (b) each of the representations, covenants, undertakings and agreements herein made on the part of the Transferee and Transferor is made and intended not as personal representations, undertakings and
      agreements by Wilmington Trust Company but is made and intended for the purpose of binding only the Transferee and Transferor, as applicable, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company,
      individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (d)
      Wilmington Trust Company has made no investigation as to the accuracy or completeness of any representations or warranties made by the Transferee and Transferor in this Agreement and (e) under no circumstances shall Wilmington Trust Company be
      personally liable for the payment of any indebtedness or expenses of the Transferee or Transferor or be liable for the breach or failure of any obligation, duty, representation, warranty or covenant made or undertaken by the Transferee or Transferor
      under this Agreement or any other related documents.

    [Remainder of Page Intentionally Left Blank]

    

    

    

    

    
      14

      
        

    

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

    EXETER HOLDINGS TRUST 2021-2, as Transferee

     

    

    
      By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee

       

      

       

      

       

      

    

    
      By: ____________________________

              Name:

              Title:

       

      

       

      

    

    EXETER AUTOMOBILE RECEIVABLES TRUST

      2021-2, as Transferor

     

    

    
      By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee

       

      

       

      

    

    
       

      

    

    
      By: ____________________________

              Name:

              Title:

    

    

    

    
      
        

    

    
    SCHEDULE A

    REPRESENTATIONS AND WARRANTIES OF

    EXETER AUTOMOBILE RECEIVABLES TRUST 2021-2 (“TRANSFEROR”)

    Representations and Warranties Regarding the Receivables:

    1.            Security Interest in Financed Vehicle.  This Agreement creates a valid and continuing Security Interest (as
        defined in the applicable UCC) in the Receivables in favor of the Transferee, which Security Interest is prior to all other Liens, and is enforceable as such as against creditors of and purchasers from the Transferor. The Transferor owns and has
        good and marketable title to the Receivables free and clear of any Lien (other than the Lien in favor of the Transferee and the Indenture Trustee), claim or encumbrance of any Person.

    2.            Perfection of Security Interest.  Each Receivable is secured by a first priority validly perfected security
        interest in the related Financed Vehicle in favor of the Transferee, for the benefit of the Indenture Trustee, or all necessary actions with respect to such Receivable have been taken or will be taken to perfect a first priority security interest
        in the related Financed Vehicle in favor of the Transferee, for the benefit of the Indenture Trustee.

    3.              All Filings Made.  The Transferor will cause, within ten days of the Closing Date, the filing of all appropriate
        financing statements in the proper filing office in the State of Delaware under applicable law in order to perfect the security interest in the Receivables granted to the Transferee hereunder. All financing statements filed or to be filed against
        the Transferor in favor of the Transferee in connection herewith describing the Receivables contain a statement to the following effect: “A purchase of or a security interest in any collateral described in this financing statement will violate the
        rights of the Transferee.”

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

    5.              Chattel Paper.  The Receivables constitute “tangible chattel paper” or “electronic chattel paper” within the
        meaning of the UCC as in effect in the States of New York and Delaware.

    6.              Good Title.  Immediately prior to the pledge of the Receivables to the Transferee pursuant to this Agreement, the
        Transferor was the sole owner thereof and had good and marketable title thereto, free of any Lien and, upon execution and delivery of this Agreement, the Transferee shall have good and marketable title to and will be the sole owner of such
        Receivables, free of any Lien.

    
      SCH-A-1

      
        

    

    

    

    7.          Possession of Original Copy.  The Custodian, on behalf of the Transferor, has in its possession or “control”
        (within the meaning of Section 9-105 of the applicable UCC) the original contract (or with respect to “electronic chattel paper”, the authoritative copy) that constitutes or evidences the Receivable.

    8.             One Original.  There is only one original executed copy (or with respect to “electronic chattel paper”, one
        authoritative copy) of each Contract. With respect to Contracts that are “electronic chattel paper”, each authoritative copy (a) is unique, identifiable and unalterable (other than with the participation of the Custodian in the case of an addition
        or amendment of an identified assignee and other than a revision that is readily identifiable as an authorized or unauthorized revision) and (b) has been communicated to and is maintained by or on behalf of the Custodian, solely for the benefit of
        the Indenture Trustee.

    9.              Not an Authoritative Copy.  With respect to Contracts that are “electronic chattel paper”, each copy of the
        authoritative copy and any copy of a copy are readily identifiable as copies that are not the authoritative copy.

    10.          Revisions.  With respect to Contracts that are “electronic chattel paper”, the related Receivables have been
        established in a manner such that (a) all copies or revisions that add or change an identified assignee of the authoritative copy of each such Contract must be made with the participation of the Custodian and (b) all revisions of the authoritative
        copy of each such Contract must be readily identifiable as an authorized or unauthorized revision.

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

  

  SCH-A-2Exhibit 10.4

  

   

  

   
    
      FORM OF DEPOSIT ACCOUNT CONTROL AGREEMENT

        

      

      (Access Restricted Immediately)

       

      Section 9 – Servicer Payment of Bank Fees

       

      This Deposit Account Control Agreement (the “Agreement”), dated as of the date specified on the page immediately before the initial signature page of this
        Agreement, is entered into by and among Exeter Automobile Receivables Trust 2021-2, a Delaware statutory trust (“Company”), Exeter Finance LLC, a Delaware
        limited liability company (“Servicer”), Wells Fargo Bank, National Association, as indenture trustee for the benefit of certain noteholders (in such capacity, “Secured Party”) under an
        indenture (the “Indenture”) dated as of April 30, 2021, and Wells Fargo Bank, National Association (in such capacity, “Bank”), and sets forth the rights of Secured Party and the obligations of Bank
        with respect to the deposit accounts of Company at Bank identified at the end of this Agreement as the Collateral Accounts (each hereinafter referred to individually as a “Collateral Account” and collectively as the “Collateral Accounts”). 

        Each account designated as a Collateral Account includes, for purposes of this Agreement, and without the necessity of separately listing subaccount numbers, all subaccounts presently existing or hereafter established for deposit reporting purposes
        and integrated with the Collateral Account by an arrangement in which deposits made through subaccounts are posted only to the Collateral Account.

      

      

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

            

      

      

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

            

      

      

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

            

      

      

      
        	4.	
                Transfers in Response to Disposition Instructions.  Notwithstanding the provisions of the “Secured Party Control” section of this Agreement, unless
                  Bank separately agrees in writing to 

              

         

        

      

      
        Page 1

        
          

      

      
      	

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

            

      

      

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

            

      

      

      	6.	
              Balance Reports and Bank Statements.  Bank agrees, at the request of Secured Party on any Business Day, to make available to Secured Party a report (“Balance

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

            

      

      

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

              

         

        

      

      
        Page 2

        
          

      

      	

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

            

      

      

      	8.	
              [Reserved.]

            

      

      

      	9.	
              Bank Fees.  Company and Servicer agree to pay all Bank’s fees and charges for the maintenance and administration of the Collateral Accounts and for the
                treasury management and other account services provided with respect to the Collateral Accounts and any Lockboxes (collectively “Bank Fees”), including, but not limited to, the fees for (a) Balance Reports provided on the Collateral
                Accounts, (b) funds transfer services received with respect to the Collateral Accounts, (c) lockbox processing services, (d) Returned Items, (e) funds advanced to cover overdrafts in the Collateral Accounts (but without Bank being in any
                way obligated to make any such advances), and (f) duplicate bank statements. The Bank Fees will be paid by Bank debiting Servicer’s deposit account No. 4122039233 with Bank (the “Servicing Account”) on the Business Day that the Bank
                Fees are due, without notice to Secured Party, Servicer or Company.  To the extent there are not sufficient funds in the Servicing Account to pay in full all Bank Fees, the Bank Fees will be paid by Bank debiting one or more of the
                Collateral Accounts on the Business Day that the Bank Fees are due, without notice to Secured Party, Servicer or Company.  If there are not sufficient funds in the Servicing Account or the Collateral Accounts to cover fully the Bank Fees on
                the Business Day Bank attempts to debit such Bank Fees from the Servicing Account or the Collateral Accounts, such shortfall or the amount of such Bank Fees will be paid by Company or Servicer to Bank, without setoff or counterclaim, within
                five (5) calendar days after demand from Bank.  Secured Party agrees to pay any Bank Fees within fifteen (15) calendar days after demand, without setoff or counterclaim, to the extent such Bank Fees are not paid in full by Company or
                Servicer within five (5) calendar days after demand on Company and Servicer by Bank.

            

      

      

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

            

      

      

      
        	11.	
                Partial Subordination of Bank’s Rights.  Bank hereby subordinates to the security interest of Secured Party in the Collateral Accounts (i) any security
                  interest which Bank may have or acquire in the Collateral Accounts, and (ii) any right which Bank may have or acquire to set off or otherwise apply any Collateral Account Funds against the payment of any indebtedness from 

              

         

        

      

      
        Page 3

        
          

      

      	

            	
              time to time owing to Bank from Company, except for debits to the Collateral Accounts permitted under this Agreement for the payment of Returned Item Amounts or Bank Fees.

            

      

      

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

            

      

      

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

            

      

      

      	14.	
              Indemnification.  Company and Servicer will indemnify, defend and hold harmless Bank, its officers, directors, employees, and agents (collectively, the “Indemnified

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

            

      

      

      	15.	
              Bank’s Responsibility.  This Agreement does not create any obligations of Bank, and Bank makes no express or implied representations or warranties with
                respect to its obligations under this Agreement, except for those expressly set forth herein. In particular, Bank need not investigate whether Secured Party is entitled under Secured Party’s agreements with Company or Servicer to give
                Disposition Instructions.  Bank may rely on any and all notices and communications it believes are given by the appropriate party.  Bank will not be liable to Company, Servicer, Secured Party or any other party for any Losses and
                Liabilities caused by (i) circumstances beyond Bank’s reasonable control (including, without limitation, computer malfunctions, interruptions of communication facilities, labor difficulties, acts of God, wars, or terrorist attacks) or (ii)
                any other circumstances, except to the extent such Losses and Liabilities are directly caused by Bank’s gross negligence or willful misconduct.  In no event will Bank be liable for any indirect,
                special, consequential or punitive damages, whether or not the likelihood of such damages was known to Bank, and regardless of the form of the claim or action, or the legal theory on which it is based.  Any action against Bank by Company,
                Servicer or Secured Party under or related to this Agreement must be brought within twelve (12) months after the cause of action accrues.

            

       

      

      
        Page 4

        
          

      

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

            

      

      

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

            

      

      

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

            

      

      

      	19.	
              Successors and Assigns.  Neither Company, Servicer or Secured Party may assign or transfer its rights or obligations under this Agreement to any person
                or entity without the prior written consent of Bank, which consent will not be unreasonably withheld or delayed.  Notwithstanding the foregoing, Secured Party may transfer its rights and duties under this Agreement to (i) a transferee to
                which, by contract or operation of law, Secured Party transfers substantially all of its rights and duties under the financing or other arrangements between Secured Party and Company, or (ii) if Secured Party is acting as a representative
                in whose favor a security interest is created or provided for, a transferee that is a successor representative; provided that as between Bank and Secured Party, Secured Party will not be released from its obligations under this Agreement
                unless and until Bank receives any such transferee’s binding 

            

      

      

      
        Page 5

        
          

      

      	

            	
              written agreement to assume all of Secured Party’s obligations hereunder.  Bank may not assign or transfer its rights or obligations under this Agreement to any person or entity without the
                prior written consent of Secured Party, which consent will not be unreasonably withheld or delayed; provided, however, that no such consent will be required if such assignment or transfer takes place as part of a merger, acquisition or
                corporate reorganization affecting Bank.

            

      

      

      	20.	
              Governing Law.  This Agreement will be governed by and be construed in accordance with the laws of the state of New York,
                  without regard to conflict of laws principles.  The state of New York will also be deemed to be Bank’s jurisdiction, for purposes of Article 9 of the Uniform Commercial Code as it applies to this Agreement.

            

      

      

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

            

      

      

      	22.	
              Counterparts.  This Agreement and any notices delivered under this Agreement may be executed by means of (a) an electronic signature that complies with
                the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, or any other relevant and applicable electronic signatures law; (b) an original manual signature; or (c) a
                faxed, scanned, or photocopied manual signature.  Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual
                signature.  Bank reserves the right, in its sole discretion, to accept, deny, or condition acceptance of any electronic signature on this Agreement or on any notice delivered to Bank under this Agreement.  This Agreement and any notices
                delivered under this Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute only one instrument.  Delivery of an executed counterpart of a
                signature page of this Agreement and any notices as set forth herein will be as effective as delivery of a manually executed counterpart of the Agreement or notice.

            

      

      

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

            

      

      

      	24.	
              Limitation of Liability of Wilmington Trust Company.  It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and
                delivered by Wilmington Trust Company not individually or personally but solely as trustee of Company, in the exercise of the powers and authority conferred and vested in it under the Amended and Restated Trust Agreement of Exeter
                Automobile Receivables Trust 2021-2 dated as of April 30, 2021, between EFCAR, LLC, as seller, and Wilmington Trust Company, as owner trustee, (b) each of the representations, undertakings and agreements herein made on the part of Company
                is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose of binding only Company, (c) nothing herein contained shall be construed as creating any
                liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein, 

            

      

      

      
        Page 6

        
          

      

      	

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

            

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      
        Page 7

        
          

      

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

      

      

      	
              Date:   ___________________, 2021

               

               

            
	
              Collateral Account Numbers:

            	
               4942550658

            
	
               

              

              Destination Account Number:

            	
              0001038377

            
	
               

              

              Bank of Destination Account:

                 ABA #

                Account name:

                Reference Data:

               

              Frequency (Daily or Weekly):

              Balance (Intraday or Start of Day):

            	
               

              

              Wells Fargo Bank, N.A.

              121000248

              Wells Fargo Bank, N.A.

              Acct #92314801 EART 2021-2 Collection Acct

              Attn: Nick Nelson 612-667-3028

              Daily

              Start of Day

            

      

      

      

      

      

      

      

      

      

      

      [SIGNATURE PAGES FOLLOW]

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

      
        Page 8

        
          

      

      	
              EXETER AUTOMOBILE RECEIVABLES TRUST 2021-2

               

              By: Wilmington Trust Company, not in its individual capacity, but solely as Owner Trustee

               

              

            	 	
              EXETER FINANCE LLC, as Servicer

            
	
              By:

            	 	
              By:

            
	
               

              

              Name:  Erwin Soriano

            	 	
              Name:  Ben Miller

            
	
               

              

              Title:  Vice President

            	 	
               

              

              Title:  Executive Vice President and Treasurer

            

      

      

      	
              Address for Notices:

               

              

            	 	
              Address for Notices:

            
	
              Exeter Automobile Receivables Trust 2021-2

            	 	
              Exeter Finance LLC

            
	
               

              

              2101 W. John Carpenter Freeway

            	 	
              2101 W. John Carpenter Freeway

            
	
               

              

              Irving, Texas  75063

            	 	
              Irving, Texas  75063

            
	
               

              

              Attn:  Brett Bradley

            	 	
              Attn:  Brett Bradley

            
	
               

              

              Fax:  214.572.6798

            	 	
              Fax:  214.572.6798

            

      

      

      

      

      

      

      [SIGNATURE PAGES CONTINUE]

       

      

       

      

       

      

       

      

       

      

       

      

      
        Page 9

        
          

      

      	
              WELLS FARGO BANK, NATIONAL ASSOCIATION, as Bank

            	 	
              WELLS FARGO BANK, NATIONAL ASSOCIATION, as Indenture Trustee, as Secured Party

            
	 	 	 
	
              By:

            	 	
              By:

            
	
               

              

              Name:  Matt Bolding

            	 	
              Name:  Marianna Stershic

            
	
               

              

              Title:  Senior Vice President

            	 	
              Title:  Vice President

            

      

      

      	
              Address for Notices:

            	 	
              Address for Notices:

            
	 	 	 
	
               

              

              Wells Fargo Bank, National Association

            	 	
              Wells Fargo Bank, National Association

            
	
               

              

              Mail Address Code:  D1129-072

            	 	
              Mail Address Code: N9300-061

            
	
               

              

              301 South Tryon Street, 7th Floor

            	 	
              600 S 4th St. 6th Floor

            
	
               

              

              Charlotte, North Carolina 28282-1915

            	 	
              Minneapolis, MN  55415

            
	
               

              

              Attn:  DACA Team

            	 	
              Attn: Marianna Stershic

            
	
               

              

              Fax:  844.879.6857

            	 	
              Fax: 612.667.3464

            
	
                

               

              

              with copy to:

            	 	 
	
               

              

              Wells Fargo Bank, National Association

            	 	 
	
               

              

              Mail Address Code:  MAC T9110-031

            	 	 
	
               

              

              4975 Preston Park Blvd, Floor 03, 300

            	 	 
	
               

              

              Plano, Texas 75093

            	 	 
	
               

              

              Attn:  Matt Bolding

            	 	 
	
               

              

              Fax:  972.867.5674

            	 	 

      

      

      

      

      

      

      

      

      

      

      

      

      

      

    

    

    

    

    

    

    

  

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