Document:

Exhibit 10.4

  

   

  

  
     

    

     

    

     

    

     

    

     

    

     

    

     

    

    FORM OF ASSET REPRESENTATIONS REVIEW AGREEMENT

     

     

    

    among

     

     

    

    EXETER AUTOMOBILE RECEIVABLES TRUST 2021-4,

      Issuer,

     

     

    

    EXETER FINANCE LLC,

      Servicer,

     

     

    

    and

     

     

    

    CLAYTON FIXED INCOME SERVICES LLC,

      Asset Representations Reviewer

     

    

    

     

    

    

     

    Dated as of October 24, 2021

     

    

    

     

    

    

     

    

    

     

    
      
        

    

    
    TABLE OF CONTENTS

    

    

    Page

     

    	
            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.

          	
            4

          
	
            Section 3.5.

          	
            Asset Review Reports

          	
            4

          
	
            Section 3.6.

          	
            Asset Review Representatives.

          	
            5

          
	
            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

          	
            11

          
	
            Section 4.7.

          	
            Delegation of Obligations

          	
            11

          
	
            Section 4.8.

          	
            Confidential Information.

          	
            11

          
	
            Section 4.9.

          	
            Security and Safeguarding Information.

          	
            13

          
	 	 	 
	
            ARTICLE V RESIGNATION AND REMOVAL

          	
            15

          
	 	 	 
	
            Section 5.1.

          	
            Resignation and Removal of Asset Representations Reviewer.

          	
            15

          
	
            Section 5.2.

          	
            Engagement of Successor.

          	
            16

          
	
            Section 5.3.

          	
            Merger, Consolidation or Succession

          	
            16

          
	 	 	 
	
            ARTICLE VI OTHER AGREEMENTS

          	
            17

          
	 	 	 
	
            Section 6.1.

          	
            Independence of Asset Representations Reviewer

          	
            17

          
	
            Section 6.2.

          	
            No Petition

          	
            17

          
	
            Section 6.3.

          	
            Limitation of Liability of Owner Trustee

          	
            17

          
	
            Section 6.4.

          	
            Termination of Agreement

          	
            17

          
	 	 	 

    

    

    
      
        i

        
          

      

      TABLE OF CONTENTS

      (continued)

      

      Page

    

    

    

    	
            ARTICLE VII MISCELLANEOUS PROVISIONS

          	
            18

          
	 	 	 
	
            Section 7.1.

          	
            Amendments.

          	
            18

          
	
            Section 7.2.

          	
            Assignment; Benefit of Agreement; Third Party Beneficiaries.

          	
            19

          
	
            Section 7.3.

          	
            Notices.

          	
            19

          
	
            Section 7.4.

          	
            GOVERNING LAW

          	
            19

          
	
            Section 7.5.

          	
            Submission to Jurisdiction

          	
            20

          
	
            Section 7.6.

          	
            No Waiver; Remedies

          	
            20

          
	
            Section 7.7.

          	
            Severability

          	
            20

          
	
            Section 7.8.

          	
            Headings

          	
            20

          
	
            Section 7.9.

          	
            Counterparts

          	
            20

          

    

    

     

    

    

     

    SCHEDULES

     

    	Schedule A	
            Representations and Warranties and Procedures to be Performed

          

     

    

    

    

    

    

    

    

    

     

    
      ii

      
        

    

    This ASSET REPRESENTATIONS REVIEW AGREEMENT is made and entered into as of October 24, 2021 (this “Agreement”), among EXETER AUTOMOBILE RECEIVABLES TRUST 2021-4, a Delaware
      statutory trust (the “Issuer”), EXETER FINANCE LLC, a Delaware limited liability company (“Exeter”), in its capacity as servicer (in such capacity, the “Servicer”), and CLAYTON FIXED INCOME SERVICES LLC, a Delaware limited
      liability company (the “Asset Representations Reviewer”).

     

    WHEREAS, in the regular course of its business, Exeter purchases retail installment sale contracts and auto loan agreements secured by new and used automobiles, light-duty trucks, vans,
      minivans and utility vehicles from motor vehicle dealers and direct lenders.

     

    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
      (the “Receivables”) to the Issuer which, in turn, sold the Receivables to the Holding Trust (as defined below).

     

    WHEREAS, the Holding Trust 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, in certain circumstances, reviews of the Receivables for compliance with the representations and
      warranties made by Exeter and the Seller about the Receivables.

     

    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 October 24, 2021 (the “Sale and Servicing Agreement”), by and among the Issuer, Exeter Holdings Trust 2021-4, a Delaware statutory trust (the “Holding Trust”) the Seller, the Servicer and Citibank, N.A., a
        national banking association, as indenture trustee (in such capacity, the “Indenture Trustee”).

     

    Section 1.2.  Additional Definitions.  The following terms have the meanings given below:

     

    “Annual Fee” has the meaning stated in Section 4.3(a).

     

    “Annual Period” has the meaning stated in Section 4.3(e).

     

    “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 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 (acting at the direction of the required percentage of Noteholders under Section 7.2(f) of the Indenture) 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.

     

    “Confidential Information” has the meaning assigned to such term in Section 4.8(a).

     

    “Eligible Asset Representations Reviewer” means a Person that is not (a) an Affiliate of Exeter, the Seller, the Servicer, the Indenture Trustee, the Owner Trustee or any of their
      Affiliates and (b) the same Person or an Affiliate of any Person hired by Exeter or any Underwriter to perform any due diligence work to be performed 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 Clayton Fixed Income Services LLC to act as the Asset Representations Reviewer for the Issuer.  Clayton
        Fixed Income Services LLC 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

     

    
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    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.

     

    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 and
        receipt of the list of the related Asset Review Receivables in the matter set forth in Section 3.2 below, 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 after delivery of the Asset Review Notice to the Asset Representations Reviewer,
        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, to be determined in the sole discretion of the Servicer: (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
        to 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.  The Asset Representations Reviewer will review the Asset Review Materials to determine if any of the Asset Review Materials are missing or insufficient for the Asset Representations Reviewer to perform
        any Test.  If the Asset Representations Reviewer determines that there are missing or insufficient Asset Review Materials, 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) Business 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 such fifteen (15) day period, the parties agree that the Asset Review Receivable for which complete or sufficient Asset Review Materials were not available
        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.

     

    
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    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 in respect of the related Asset Review Receivables will be extended for an additional thirty (30) days.

     

    (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, substituted by the Servicer or purchased from the Holding Trust by Exeter, the Seller or the Servicer in accordance with 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 Asset Review 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; Duplicative Tests.  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.  If the same Test is required for more than one representation and warranty, the Asset Representations Reviewer will only perform the Test once for each Asset Review Receivable, but will report the
        results of the Test for each applicable representation and warranty on the Asset Review Report.

     

    (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 applicable 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, for a Test Fail or a Test Complete, the related reason.  The Asset Review Report will contain a summary of the Asset Review results to

     

    
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    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.  On reasonable request of the Servicer or the Issuer (or the Servicer on behalf of the Issuer), the Asset Representations Reviewer will provide additional details on the Test results.

     

    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.

     

    (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) two years 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) of this Agreement.

     

    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;

     

    (ii) to determine which Receivables are subject to an Asset Review;

     

    
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    (iii) to obtain or confirm the validity 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;
        or

     

    (vi) 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, other than as specified in this Agreement, 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, in its discretion, (i) provide additional information about any Asset Review Receivable that it determines in good
        faith to be material to the Asset Review and (ii) perform other tests that it deems reasonable and appropriate in determining whether the Asset Review Receivables were in compliance with the representations and warranties made by Exeter or the
        Seller about the Asset Review Receivables in the Basic Documents as of the Cutoff Date or Closing Date, as applicable.

     

    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 limited liability company in good standing under the laws of the State of Delaware.  The Asset Representations
        Reviewer is qualified as a foreign limited liability company 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

     

    
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    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, mortgage, deed of trust, loan 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, mortgage, deed of trust, loan 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 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.  (i) On discovery by the Asset Representations Reviewer, the Issuer or the Servicer or (ii) upon receipt of written notice by or actual knowledge of a Responsible Officer of the Indenture Trustee, in each case, of a material breach
        of any of the representations and warranties in Section 4.1(a), the party discovering or receiving written notice or having actual knowledge 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.

     

    
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    (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.

     

    (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.

     

    (f) Compliance

          with Applicable Law.  The Asset Representations Reviewer will act in accordance with all requirements applicable to an asset representations reviewer under applicable law (as amended from time to time) and other state or federal securities
        law applicable to asset representations reviewers in effect during the term of this Agreement.

     

    Section 4.3.  Fees and Expenses.

     

    (a) Annual

          Fee.  As compensation for its services hereunder, the Asset Representations Reviewer shall be entitled to receive an annual fee (the “Annual Fee”) with respect to each annual period prior to earlier of the termination of this Agreement
        and the termination of the Issuer, in an amount equal to $5,000.

     

    (b) Asset

          Review Fee.  Following the completion of an Asset Review and the delivery of the related Asset Review Report, pursuant to Section 3.5 or the termination of an Asset Review according to Section 3.4(e), and the delivery to the Issuer, the
        Indenture Trustee and the Servicer of a detailed invoice in respect thereof, the Asset Representations Reviewer will be entitled to a fee of $200 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).

     

    (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 (i) in connection with the
        related Asset Review and (ii) in accordance with the Servicer’s then-current travel expense policy.  As a condition to reimbursement for any such expenses, the Asset Representations Reviewer shall deliver to the Issuer, the Indenture Trustee and
        the Servicer a detailed invoice in respect of such expenses, including supporting documentation or other evidence of compliance, where applicable, with such travel expense policy.  From time to time, and upon reasonable request

     

    
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    therefor, the Servicer agrees to make available to the Asset Representations Reviewer a copy of its then-current travel expense policy.

     

    (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, following the delivery to the Issuer, the Indenture Trustee and the Servicer of a detailed
        invoice in respect thereof.

     

    (e) Method

          of Payment.  The initial Annual Fee will become due and payable by the Issuer within thirty (30) days of receipt by the Issuer of an invoice in respect thereof.  Each other Annual Fee, and the amount of any properly invoiced fees, expenses or
        claims (including any Asset Review Fee) to be reimbursed or paid pursuant to the terms of this Agreement, will become due and payable by the Issuer on the next Distribution Date occurring at least five (5) Business Days after receipt by the Issuer
        of the related invoice from the Asset Representations Reviewer, in each case in accordance with the priority of payments set forth in Section 5.7 of the Sale and Servicing Agreement; provided that, (i) Annual Fees (other than the initial Annual
        Fee) will not become payable by the Issuer prior to the Distribution Date immediately following the end of each annual period occurring on the anniversary of the Closing Date (each such period, an “Annual Period”), and (ii) the Asset
        Representations Reviewer must submit its invoice for any outstanding fees, expenses or claims not later than ten (10) Business Days before the final Distribution Date.  The Servicer shall provide notice to the Asset Representations Reviewer of the
        final Payment Date at least fifteen (15) Business Days prior to such Payment Date.  In the event that any such properly invoiced fees, expenses or claims are not paid or reimbursed in full by the Issuer within ninety (90) days after receipt by the
        Issuer, the Servicer and the Indenture Trustee of a detailed invoice in respect thereof, the Servicer shall promptly pay the Asset Representations Reviewer for any such unpaid amounts.  If, subsequent to any such payment by the Servicer to the
        Asset Representations Reviewer described in the immediately preceding sentence, the Asset Representations Reviewer receives payment or reimbursement in respect of the related fee, expense or claim, in part or in full, from the Issuer, then the
        Asset Representations Reviewer shall promptly refund the Servicer for the amount of such payment or reimbursement received from the Issuer on such subsequent date.

     

    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 special, indirect or consequential losses or damages (including lost profit).

     

    Section 4.5.  Indemnification.

     

    (a) Indemnification

          by Asset Representations Reviewer.  The Asset Representations Reviewer will indemnify each of the Issuer, the Holding Trust, 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 (including, but not limited to,

     

    
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    reasonable legal fees, costs and expenses, and including any such reasonable fees, costs and expenses incurred in connection with any enforcement (including any action, claim or suit brought by such
      indemnified parties) of any indemnification or other obligation of the Asset Representations Reviewer) 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, the termination of the Holding Trust and the resignation or removal of the Asset Representations
      Reviewer.

     

    (b) Indemnification

          of Asset Representations Reviewer.  The Issuer will indemnify the Asset Representations Reviewer and its officers, directors, employees and agents (each, an “Indemnified Person”), for all costs, expenses, losses, damages and liabilities
        resulting from the performance of its obligations under this Agreement (including the fees and expenses of defending itself against any loss, damage or liability), but excluding any fee, 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. To the extent that such indemnities owed to the Asset
        Representations Reviewer are not paid by the Issuer within ninety (90) days after receipt by the Issuer, the Servicer and the Indenture Trustee of a detailed invoice in respect thereof, the Servicer shall promptly pay the Asset Representations
        Reviewer for any such unpaid amounts.  If, subsequent to any such payment by the Servicer to the Asset Representations Reviewer described in the immediately preceding sentence, the Asset Representations Reviewer receives payment or reimbursement in
        respect of the related amount, in part or in full, from the Issuer, then the Asset Representations Reviewer shall promptly refund the Servicer for the amount of such payment received from the Issuer on such subsequent date.  The Issuer’s and the
        Servicer’s obligations under this Section 4.5(b) will survive the termination of this Agreement.

     

    (c) Proceedings. 

        Promptly on receipt by an Indemnified Person of notice of a proceeding against it, the Indemnified Person will, if a claim is to be made under Section 4.5(b), notify the Issuer and the Servicer of such proceeding.  The Issuer and the Servicer may
        participate in and assume the defense and settlement of a proceeding at its expense.  If the Issuer or the Servicer notifies the Indemnified Person of its intention to assume the defense of a proceeding with counsel reasonably satisfactory to the
        Indemnified Person, and so long as the Issuer or the Servicer assumes the defense of the proceeding in a manner reasonably satisfactory to the Indemnified Person, the Issuer and the Servicer will not be liable for fees and expenses of counsel to
        the Indemnified Person unless there is a conflict between the interests of the Issuer or the Servicer, as applicable, and an Indemnified Person.  If there is a conflict, the Issuer or the Servicer will pay for the reasonable fees and expenses of
        separate counsel to the Indemnified Person.  No settlement of a proceeding may be made without the approval of the Issuer and the Servicer and the Indemnified Person, which approval will not be unreasonably withheld, conditioned or delayed.

     

    (d) Repayment. 

        If the Issuer or the Servicer makes any payment under this Section 4.5 and the Indemnified Person later collects any of the amounts for which the payments were

     

    
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    made to it from others, the Indemnified Person will promptly repay the amounts to the Issuer or the Servicer, as applicable.

     

    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 ten (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.  The Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person without the
        written consent of the Issuer and the Servicer.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

     

    
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    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 (d) below; (iii) to their own affiliates, provided that such affiliates shall be restricted in use and
      redisclosure of the Confidential Information to the 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.

     

    
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    (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

     

    (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

     

    
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    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.

     

    (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,

     

    
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    restricted disclosures, systems protections (e.g., intrusion protection, data storage protection and data transmission protection) and physical security measures.

     

    (c) The
        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 Asset Representations Reviewer will use commercially reasonable efforts to take remedial action to resolve such breach and provide the Servicer with such further information and
        assistance as may be reasonably requested.

     

    (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.  The Asset Representations Reviewer, the Issuer and the
        Servicer agree to modify Section 4.8 and this Section 4.9 as necessary for any party to comply with applicable law.

     

    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:

     

    (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;

     

    (ii) if the Asset Representations Reviewer ceases to be an Eligible Asset Representations Reviewer.

     

    (iii) 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 of the Asset Representations Reviewer 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 (i) may remove the Asset Representations Reviewer and terminate all of its rights and obligations (other than as provided in Section 4.5) under this Agreement (A) upon a breach of any of the
        representations, warranties, covenants or obligations of the Asset Representations Reviewer contained in this Agreement, (B) upon determination that (x) the performance of its obligations under this Agreement is no longer permitted under applicable
        law and (y) there is no reasonable action that it could take to make the performance of its obligations under this Agreement permitted under

     

    
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    applicable law or (C) upon the occurrence of an Insolvency Event with respect to the Asset Representations Reviewer and (ii) must remove the Asset Representations Reviewer and terminate all of its rights and
      obligations (other than as provided in Section 4.5) under this Agreement if the Asset Representations Reviewer ceases to be an Eligible Asset Representations Reviewer, in each case, 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.  To the extent expenses incurred by the Asset
        Representations Reviewer in connection with the replacement of the Asset Representations Reviewer are not paid by the Asset Representations Reviewer that is being replaced, the Issuer will pay such expenses in accordance with the priority of
        payments set forth in Section 5.7(a) of the Sale and Servicing Agreement, Section 5.6(a) of the Indenture or Section 5.6(b) of the Indenture, as applicable.

     

    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.

     

    
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    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, the Holding Trust or the Owner Trustee.  Nothing in this Agreement will make the Asset Representations Reviewer and any of the Issuer, the
        Holding Trust 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 depositor and (b) the Notes, it will not
        start or pursue against, or join any other Person in starting or pursuing against, the Seller, the Issuer or the Holding Trust 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.  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 the Issuer, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, covenants, undertakings and agreements herein made on the part of the Issuer is made and
        intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on
        Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the
        parties hereto, (d) Wilmington Trust Company has made no investigation as to the accuracy or completeness of any representations or warranties made by the Issuer or any other Person in this Agreement and (e) under no circumstances shall Wilmington
        Trust Company be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, duty, representation, warranty or covenant made or undertaken by the Issuer under this
        Agreement or any other related documents.

     

      

    Section 6.4.  Termination of Agreement.  This Agreement will terminate, except for the obligations under Section 4.5, 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 or the Holding Trust.

     

    
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    ARTICLE VII

      MISCELLANEOUS PROVISIONS

     

    Section 7.1.  Amendments.

     

    (a) This
        Agreement may be amended by the Asset Representations Reviewer, the Issuer and the Servicer, 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 7.1(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 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.

     

    (b) This
        Agreement may also be amended from time to time by the Asset Representations Reviewer, the Issuer and the Servicer, 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 7.1(a), 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, the Servicer 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.

     

    
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    (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 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, and the Holding Trust 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;

     

    (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).

     

    
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    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.

     

      

    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.  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.

     

      

    [Remainder of Page Intentionally Left Blank]

     

    
      20

      
        

    

    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 2021-4

          
	 	 	 
	 	
            By:  

          	
            Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee on behalf of the Issuer

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                          

          
	 	 	
            Name:

          
	 	 	
            Title:

          
	 	 	 
	 	 	 
	 	
            EXETER FINANCE LLC,

          
	 	
            Servicer

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                          

          
	 	 	
            Name:

          
	 	 	
            Title:

          
	 	 	 
	 	 	 
	 	
            CLAYTON FIXED INCOME SERVICES LLC,

          
	 	
            Asset Representations Reviewer

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                          

          
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    

    

    

    

    
      
        

    

    
    Schedule A

      

      Representations and Warranties and Procedures to be Performed

     

    
      Schedule A-1

      
        

    

    	
            Representation

          	
            Documents

          	
            Procedures to be Performed

          
	
            1. Each Receivable (A) (A) that is a retail installment contract (i) was originated 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 and (ii) was originated by such Dealer for the retail sale of a Financed Vehicle in the ordinary course of such Dealer’s business, was
              originated in accordance with Exeter’s credit policies and was fully and properly executed by the parties thereto, (B) that is an auto loan agreement (i) was originated by a Direct Lender and purchased by Exeter from such Direct Lender under
              an existing Direct Lender Agreement with Exeter and was validly sold or assigned to Exeter by such Direct Lender and (ii) was entered into in connection with the refinancing of an existing auto loan in the ordinary course of such Direct
              Lender’s business, was originated in accordance with Exeter’s credit policies and was fully and properly executed by the parties thereto, (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) is a Receivable which provides for level monthly payments (provided that the period in the first Collection Period and the payment in the final Collection Period
              of the Receivable may be minimally different from the normal period and level payment) which, if made when due, shall fully amortize the Amount Financed over the original term.

          	
            Receivable File

            Exeter’s Policies

            Data tape

          	
            A(i) and B(i). Origination Entity of Each Automobile Loan Contract

            i.  Verify that the Contract was originated by a Dealer or Direct Lender and purchased by Exeter.

            ii.  Verify the Contract contains a valid Dealer Agreement or Direct Lender Agreement between the Dealer and Exeter.

            iii.  Verify the Contract was validly assigned or sold by such Dealer or Direct Lender to Exeter.

            A(ii) and B(ii). Automobile Loan Contract originated for Retail Sale or in connection with Refinancing of a Financed Vehicle

            i.  Confirm that the Contract is a retail installment sale contract or auto loan agreement relating to the       sale or refinancing of a motor vehicle.

            ii. Review the Contract and verify it was originated in accordance with Exeter's credit policies.

            iii. Observe the Contract and confirm it was executed by the Buyer, Co-Buyer (if applicable) and the Dealer or Direct Lender, as applicable.

            C. Contract contains customary and enforceable provisions

            i. Review the Contract and verify it contains clauses to render the rights and remedies of the holder adequate for realization against the collateral security.

            D. Original Automobile Loan Terms

            i. Review the Contract and Servicer’s system to ensure that the level monthly payments, if made when due, will fully amortize the amount financed over the original term.

            E. If steps A through D are confirmed, then Test Passes

          

    

    

    
      Schedule A-2

      
        

    

    	
            Representation

          	
            Documents

          	
            Procedures to be Performed

          
	
            2. Each Receivable complied at the time it was originated or made in all material respects with all requirements of applicable federal, state and local laws, and regulations thereunder.

          	
            Receivable File

            Retail Sale Contract

          	
            A. Confirm the following sections are present on the Contract and filled out:

            i. APR

            ii. Finance Charge

            iii. Amount Financed

            iv. Total of Payments

            v. Total Sale Price

            B. Confirm a Payment Schedule is present and complete

            C. Confirm there is an itemization of the Amount Financed

            D. Confirm the following disclosure are included in the contract

            i. Prepayment disclosure

            ii. Late Payment Policy including the late charge amount or calculation

            iii. Insurance Requirements

            E. If steps A through D are confirmed, then Test Passes

          
	
            3. Each Receivable was originated in the United States.

          	
            Receivable File

          	
            Review the Contract and confirm that the Receivable was originated in the United States.

          
	
            4. 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.

          	
            Retail Sale Contract

          	
            Observe the Contract and confirm it was signed by the Obligor.

          
	
            5. No Obligor is the United States of America or any State or any agency, department, subdivision or instrumentality thereof.

          	
            Receivable File

          	
            Review the Contract and confirm that the Obligor is not reported as the United States of America or any State, agency, department or subdivision of the government.

          
	
            6. At the Cutoff Date no Obligor had been identified on the records of Exeter as being the subject of a current bankruptcy proceeding.

          	
            Data tape

            Receivable File

          	
            Review the Data tape and to confirm that no Obligor was involved in active bankruptcy as of the Cutoff Date.

          

    

    

    
      Schedule A-3

      
        

    

    	
            Representation

          	
            Documents

          	
            Procedures to be Performed

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

          	
            Receivable File

            Assignment

            Data Tape

          	
            A) Confirm the automobile loan contract has not been satisfied, subordinated or rescinded

            i) Review the Contract and confirm there is no indication it was subordinated or rescinded.

            ii) Confirm there is no indication the Contract was satisfied prior to the Cutoff Date.

            B) Confirm there is no evidence the Financed Vehicle has been released from the lien in whole or in part as of the Cutoff Date

            C) Confirm there is no indication the terms of the Contract have been waived, altered or modified since origination, except by instruments or documents identified in the Receivable File or the
              Servicer’s electronic records.

            D) If steps (A), (B) and (C) are confirmed, then Test Passes

          
	
            8. 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. 

          	
            Retail Sale Contract

              Receivable File

              Servicing System

          	
            i) Confirm the Contract was completed on a contract form included in the Approved Contract Form List

              ii) If step i is confirmed, then Test Passes

             

          

    

    

    
      Schedule A-4

      
        

    

    	
            Representation

          	
            Documents

          	
            Procedures to be Performed

          
	
            9. 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 (or such other number of days in respect of which
              the Rating Agency Condition shall have been satisfied) 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 Direct Lender that such Lien Certificate showing Exeter or the
              Holding Trust, as applicable, as first lienholder has been applied for.

          	
            Receivable File

          	
            A) Confirm first priority for Exeter

            i) Verify that the title application has an existing first priority security interest in favor of Exeter.

            ii) Verify the lien certificate shows that Exeter has commenced procedures that will result in such lien certificate which will show Exeter as the original secured party under
              the Receivable.

            B) Confirm lien certificate is received within the allowable timeframe after the closing date

            i) Verify Exeter named as the original secured party under each automobile loan contract as the holder of a first priority security interest in such financed vehicle.

            ii) If the lien certificate has not yet been returned, verify  Exeter has applied for or received written evidence from the related dealer or direct lender that such lien
              certificate showing Exeter or the Holding Trust, as applicable, as first lienholder has been applied for and Exeter’s security interest (assigned by Exeter to the Depositor pursuant to the Purchase Agreement) have been validly assigned by the
              Depositor to the Issuer pursuant to the Sale and Servicing Agreement.

            iii) As of the Cutoff Date, verify that no other Liens or Claims exist affecting the Financed Vehicle that are or may be prior or equal to the Liens of the Receivable.

            C) If steps (A) and (B) are confirmed, then Test Passes

          

    

    

    
      Schedule A-5

      
        

    

    	
            Representation

          	
            Documents

          	
            Procedures to be Performed

          
	
            10. The records of the Servicer do not reflect any facts which would give rise to any right of rescission, setoff, counterclaim or defense, including the defense of usury, with respect to any
              Receivable, or the same being asserted or threatened with respect to such Receivable.

          	
            Receivable File

            Dealer Agreement or Direct Lender Agreement, as applicable

          	
            A) Confirm the Receivable Files and documents do NOT have any indication that it is subject to rescission, setoff, counterclaim, or defense that could cause the Receivable to become invalid.

            i) Confirm there is no indication of non-routine litigation or attorney involvement in the Receivable File or servicing system.

            B) If step A is confirmed, then Test Passes

          
	
            11. The records of the Servicer did not disclose that any default, breach, violation or event permitting acceleration under the terms of any Receivable existed as of the Cutoff Date (other than
              payment delinquencies of not more than 30 days) or that any 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 (other than payment delinquencies of not more than 30 days), and the Seller has not waived any of the foregoing.

          	
            Receivable File

            Date Tape

          	
            A) Confirm that no default status existed or was pending on the Contract as of the Cutoff Date.

            i) Verify the loan did not have a default, breach, violation or event permitting acceleration under the terms of the Contract.

            ii) Verify that no conditions existed that would permit acceleration of notice that was provided.

            iii) If a condition did exist as specified in part ii, verify that the Receivable had a waiver preventing acceleration from one of the aforementioned reasons.

            B) If step A is confirmed, then Test Passes

          
	
            12. At the time of an origination of a Receivable by a Dealer or Direct Lender, each Financed Vehicle is required to be covered by a comprehensive and collision insurance policy insuring against loss
              and damage due to fire, theft, transportation, collision and other risks generally covered by comprehensive and collision coverage.  No Financed Vehicle is insured under a policy of Force-Placed Insurance on the Cutoff Date.

          	
            Receivable File

            Evidence of Insurance in the form of:

            i. Declaration/Binder Page;

            ii. Insurance Card; or

            iii. Agreement to Provide Insurance with Direct Verification is Active

          	
            A) Insurance Coverage

            i.  Verify at the origination of the automobile loan contract each Financed Vehicle is covered by a comprehensive and collision insurance policy insuring against loss and damage
              due to fire, theft, transportation, collision and other risks generally covered by comprehensive and collision coverage.

            ii. Verify that no Financed Vehicle is insured under a policy of force-placed insurance on the Cutoff Date.

            B) If parts (A)(i) and (ii) are confirmed, then Test Passes

          

    

    

    
      Schedule A-6

      
        

    

    	
            Representation

          	
            Documents

          	
            Procedures to be Performed

          
	
            13(A). Each Receivable had a remaining maturity, as of the Cutoff Date, of not less than 3 months and not more than 75 months.

          	
            Data Tape

            Receivable File

          	
            Review the Data Tape and confirm that the remaining maturity date is within the allowable timeframe from the Cutoff Date.

             

          
	
            13(B). Each Receivable had an original maturity, as of the Cutoff Date, of not less than 36 months and not more than 75 months.

          	
            Data Tape

            Receivable File

          	
            Review the Data Tape and confirm that the original maturity date is within the allowable timeframe from the Cutoff Date.

          
	
            13(C). Each Receivable had a remaining Principal Balance, as of the Cutoff Date, of at least $450 and not more than $60,000.

          	
            Data Tape

            Receivable File

          	
            Review the Data Tape and confirm that the remaining principal balance is within the allowable balance.

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

          	
            Data Tape

          	
            Review the Data Tape and confirm that the next payment due date was not more than 30 days from the Cutoff Date.

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

          	
            Retail Sale Contract

          	
            Review the Contract and confirm that the payment schedule details are reported in US dollars.

          
	
            13(F). Each Receivable had an APR of at least 6.00%.

          	
            Retail Sale Contract

          	
            i) Confirm the Contract has an APR of at least 6.00%

              ii) If step i is confirmed, then Test Passes

             

          
	
            14. Each Contract provides for the calculation of interest payable thereunder under the “simple interest” method.

          	
            Retail Sale Contract

          	
            Review the Contract and confirm that it is a simple interest Contract.

          
	
            15. Each Receivable allows for prepayment and partial prepayments without penalty and requires that a prepayment by the related Obligor will fully pay the principal balance and accrued interest
              through the date of prepayment based on the Receivable’s Annual Percentage Rate.

          	
            Retail Sale Contract

          	
            A) Confirm that no prepayment or partial prepayment penalty exists in the Contract.

            B) Confirm the Contract contains language requiring the Obligor to pay the entire Principal Balance and all accrued but unpaid interest through the date of repayment in the event the Receivable is
              prepaid.

          
	
            16. Each Receivable constitutes “tangible chattel paper” or “electronic chattel paper” within the meaning of the UCC as in effect in the States of New York and Delaware.

          	
            Retail Sale Contract

              Title Documents

          	
            i) Confirm the Contract form number is on the Approved Contract Form List

              ii) Confirm the Amount Financed as reported on the Contract is greater than zero

              iii) Confirm there is documentation of a lien against the Financed Vehicle

              iv) If steps (i) through (iii) are confirmed, then Test Passes

             

          

    

    

    
      Schedule A-7

      
        

    

    	
            Representation

          	
            Documents

          	
            Procedures to be Performed

          
	
            17. 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.

             

          	
            Retail Sale Contract

          	
            i) Confirm there is a final version of the Contract available for review

              ii) Confirm the Contract was signed by the buyer(s) and the Dealer or Direct Lender, as applicable

              iii) If steps (i) and (ii) are confirmed, then Test Passes

          
	
            18. Immediately prior to the conveyance of the Receivables, Exeter or the Depositor, as applicable, was the sole owner of such Receivable and had good title thereto, free of any Liens not permitted
              by the Basic Documents.

             

          	
            Title Documents

          	
            i) Confirm the title documents show Exeter or another Approved Party as the first lienholder

              ii) Review the servicing system and confirm the Pool ID in the system matches the Pool ID for the transaction related to the deal

              iii) If steps (i) and (ii) are confirmed, then Test Passes

          

    

    

     

    

    

     

    

    

    

  

  Schedule A-8Exhibit 10.5

  

   

  

  
     

    

     

    

    FORM OF CUSTODIAN AGREEMENT

      

      

      

      among

      

      

      

      EXETER FINANCE LLC,

      as Custodian,

      

    

    

    

     

    

    EXETER FINANCE LLC,

      as Servicer,

      

    

    

    

     

    

    and

      

      

      

      CITIBANK, N.A.,

      as Indenture Trustee

      

      

      

      Dated as of October 24, 2021

     

    

    

     

    
      
        

    

    THIS CUSTODIAN AGREEMENT, dated as of October 24, 2021, is made with respect to the issuance of Notes and Certificates by Exeter Automobile Receivables Trust 2021-4
      (the “Issuer”), and is among EXETER FINANCE LLC, as custodian (in such capacity, the “Custodian”), EXETER FINANCE LLC, as servicer (in such capacity, the “Servicer”), and CITIBANK, N.A., a national banking association, as
      indenture trustee (in such capacity, the “Indenture Trustee”).  Capitalized terms used herein which are not defined herein shall have the meanings set forth in the Sale and Servicing Agreement (as hereinafter defined).

     

    W I T N E S S E T H:

     

    WHEREAS, Exeter Finance LLC (“Exeter”) and EFCAR, LLC (“EFCAR”) have entered into a Purchase Agreement dated as of October 24, 2021 (the “Purchase
        Agreement”), pursuant to which Exeter has sold, transferred and assigned to EFCAR all of Exeter’s right, title and interest in and to certain of the Receivables;

     

    WHEREAS, the Issuer, the Servicer, EFCAR, Exeter Holdings Trust 2021-4 (the “Holding Trust”) and the Indenture Trustee and Backup Servicer, have entered into a
      Sale and Servicing Agreement, dated as of October 24, 2021 (the “Sale and Servicing Agreement”), pursuant to which EFCAR has sold, transferred and assigned to the Issuer all of EFCAR’s right, title and interest in and to the Receivables;

     

    WHEREAS, the Issuer, the Holding Trust and the Indenture Trustee have entered into an Indenture dated as of October 24, 2021 (the “Indenture”), pursuant to
      which (a) the Issuer has pledged to the Indenture Trustee for the benefit of the Noteholders, all of the Issuer’s right, title and interest in and to the Holding Trust Certificate and (b) the Holding Trust has pledged to the Indenture Trustee for the
      benefit of the Noteholders, all of the Holding Trust’s right, title and interest in and to the Receivables; and

     

    WHEREAS, the Indenture Trustee wishes to hereby appoint the Custodian to hold the Receivable Files as the custodian on behalf of the Holding Trust and the Indenture
      Trustee;

     

    NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration the receipt and adequacy of which are hereby
      acknowledged, the parties agree as follows:

     

    1. Appointment of Custodian; Acknowledgement of Receipt.  Subject to the terms and conditions hereof, the Indenture Trustee hereby revocably appoints the Custodian, but shall not be responsible for the acts or omissions of
        the Custodian, and the Custodian hereby accepts such appointment, as custodian and bailee on behalf of the Holding Trust and the Indenture Trustee, to maintain exclusive custody of the Receivable Files relating to Receivables from time to time
        pledged to the Indenture Trustee as part of the Collateral.  In performing its duties hereunder, the Custodian agrees to act with reasonable care, using that degree of skill and attention that a commercial bank acting in the capacity of a custodian
        would exercise with respect to files relating to comparable automotive or other receivables that it services or holds for others (the “Standard of Care”).  The Custodian hereby, as of the Closing Date, acknowledges receipt of the Receivable
        File for each Receivable listed in the Schedule of Receivables attached as Schedule A to the Sale and Servicing Agreement subject to any exceptions noted on the Custodian’s Acknowledgement

     

    
      
        

    

    
    (as defined below).  As evidence of its acknowledgement of such receipt of such Receivables, the Custodian shall execute and deliver on the Closing Date the Custodian’s Acknowledgement
      attached hereto as Exhibit A (the “Custodian’s Acknowledgement”).

     

    2. Maintenance of Receivables Files at Office.  The Custodian agrees to maintain the Receivable Files at the offices of one or more of its agents or sub-custodians (each such agent or sub-custodian, an “Custodial Agent”)

        within the United States as shall from time to time be identified to the Indenture Trustee and the Custodian will hold the Receivable Files in such offices on behalf of the Holding Trust and the Indenture Trustee clearly identified on its records
        as being separate from any other instruments and files, including other instruments and files held by the Custodian and in compliance with Section 3(a) hereof.

     

    3. Duties of Custodian.

     

    (a) Safekeeping.  The Custodian shall hold the Receivable Files on behalf of the Indenture Trustee clearly identified on its records as being separate from all other instruments and files maintained by the Custodian at the
        same location and shall maintain such accurate and complete accounts, records and computer systems pertaining to each Receivable File as will enable the Indenture Trustee to comply with the terms and conditions of the Sale and Servicing Agreement. 
        Each Receivable shall be identified on the books and records of the Custodian in a manner that (i) is consistent with the practices of a commercial bank acting in the capacity of custodian with respect to similar receivables, (ii) indicates that
        such Receivables are held by the Custodian on behalf of the Indenture Trustee and (iii) is otherwise necessary, as reasonably determined by the Custodian, to comply with the terms of this Custodian Agreement.  The Custodian shall carry out such
        policies and procedures in accordance with its customary actions for third parties with respect to the handling and custody of the Receivable Files so that the integrity and physical possession of the Receivable Files will be maintained.  The
        Custodian shall promptly report to the Indenture Trustee and the Servicer any failure on its part to hold the Receivable Files and maintain its accounts, records and computer systems as herein provided and promptly take appropriate action to remedy
        any such failure.  Upon reasonable request of the Indenture Trustee, the Custodian shall make copies or other electronic file records (e.g. diskettes, CD’s, etc.) (the “Copies”) of the Receivable Files and shall deliver such Copies to the
        Indenture Trustee and the Indenture Trustee shall hold such Copies on behalf of the Noteholders.  The initial Servicer shall pay for all costs and expenses relating to the Copies.  Subject to Section 3(c) hereof, the Custodian shall, or shall cause
        any Custodial Agent to, at all times (i) maintain the original of the fully executed original retail installment sales contract or promissory note and (ii) maintain the original of the Lien Certificate or application therefore (if no such Lien
        Certificate has yet been issued), in each case relating to each Receivable in a fire resistant vault; provided, however, the Lien Certificate may be maintained electronically by the Registrar of Titles of the applicable state
        pursuant to applicable state laws, with confirmation thereof maintained by the Custodian or a third party service provider.

     

    (b) Access to Records.  The Custodian shall, subject to the Custodian’s security requirements applicable to its own employees having access to similar records held by the Custodian, which requirements shall be consistent with
        the practices of a commercial bank acting in the capacity of custodian with respect to similar files or records, and at such times as may be reasonably imposed by the Custodian, permit only the Noteholders and the Indenture Trustee or

     

    
      2

      
        

    

    their duly authorized representatives, attorneys or auditors to inspect, at the Servicer’s expense, the Receivable Files and the related accounts, records, and computer systems
      maintained by the Custodian pursuant hereto at such times as the Noteholders or the Indenture Trustee may reasonably request.

     

    (c) Release of Documents.  Consistent with the practices of a commercial bank acting in the capacity of custodian with respect to similar files or records, the Custodian may release any Receivable in the Receivable Files to
        the Servicer, if appropriate, under the circumstances provided in Section 3.3(b) of the Sale and Servicing Agreement and upon receipt from the Servicer of a written request for release of documents substantially in the form attached hereto as
        Exhibit B, provided, that, for so long as Exeter is the Servicer, no such written request for release of documents in the form attached hereto as Exhibit B will be required to be delivered.

     

    (d) Administration; Reports.  The Custodian shall assist the Indenture Trustee generally in the preparation of any routine reports to Noteholders or to regulatory bodies, if any, to the extent necessitated by the Custodian’s
        custody of the Receivable Files.

     

    (e) Review of Lien Certificates.  On or before the Closing Date, the Custodian shall deliver to the Indenture Trustee and the Servicer a listing in the form attached hereto as Schedule II of Exhibit A, of all Receivables with
        respect to which a Lien Certificate, showing Exeter as secured party, was not included in the related Receivable File as of such date.  In addition, the Custodian shall deliver to the Indenture Trustee and the Servicer an exception report in the
        form attached hereto as Schedule I of Exhibit A, (i) on the last Business Day of the calendar month during which the 90th day after the Closing Date occurred, (ii) on the last Business Day of the calendar month during which the 180th day after the
        Closing Date occurred (or such other number of days in respect of which the Rating Agency Condition shall have been satisfied) and (iii) on the last Business Day of the calendar month during which the 240th day after the Closing Date occurred (or
        such other number of days in respect of which the Rating Agency Condition shall have been satisfied).

     

    (f) Matters Relating to Electronic Chattel Paper.  The Custodian shall maintain, for the benefit of the Indenture Trustee, “control” (within the meaning of Section 9-105 of the applicable UCC) of the authoritative copy of
        each Contract that constitutes or evidences a Receivable which is electronic chattel paper.  The Custodian will confirm or cause to be confirmed that the authoritative copy of each Contract that constitutes or evidences a Receivable which is
        electronic chattel paper does not have any marks or notations indicating it has been pledged, assigned or otherwise conveyed to any Person other than the Custodian.  The Custodian will confirm or cause to be confirmed that each Receivable which is
        electronic chattel paper has been established in a manner such that (i) all copies or revisions that add or change an identified assignee of the authoritative copy of each Contract that constitutes or evidences the Receivable must be made with the
        participation of the Custodian on behalf of the Indenture Trustee and (ii) all revisions of the authoritative copy of each Contract that constitutes or evidences the Receivables must be readily identifiable as an authorized or unauthorized
        revision.  Upon any appointment of a successor Servicer under the Sale and Servicing Agreement, the Custodian shall take all necessary action to transfer all of its control of any Receivables consisting of electronic chattel paper to a designated
        agent of the Indenture Trustee on behalf of the Noteholders, or as the Indenture Trustee may direct the Custodian (including the transfer of such electronic chattel paper to a separate

     

    
      3

      
        

    

    electronic vault at an electronic contracting facilitator controlled by the Indenture Trustee or to a separate electronic vault at the Indenture Trustee or export of the electronic
      chattel paper from the applicable electronic vault and delivery of physical copies of exported Contracts to the Indenture Trustee), and the Indenture Trustee, or its agent, as the case may be, shall act as Custodian for such Receivables Files on
      behalf of the Noteholders and shall be subject to all the rights, indemnities, duties and liabilities placed on the Custodian by the terms of this Agreement until such time as a successor custodian has been appointed.

     

    4. Instructions; Authority to Act.  The Custodian shall be deemed to have received proper instructions with respect to the Receivable Files upon its receipt of written instructions signed by a Responsible Officer of the
        Indenture Trustee or from the Servicer.  Such instructions may be general or specific in terms.  A copy of any such instructions shall be furnished by the Indenture Trustee or the Servicer to the Holding Trust.

     

    5. Custodian Fee.  For its services under this Agreement, the Custodian shall be entitled to receive fees, expenses and indemnities due to be paid by the initial Servicer and otherwise pursuant to Section 5.7(a) of the Sale
        and Servicing Agreement or Section 5.6 of the Indenture, as applicable, in an amount equal to the aggregate fees and expenses paid by the Custodian to the Custodial Agents.

     

    6. Indemnification.

     

    (a) The Custodian agrees to indemnify the Indenture Trustee for any and all liabilities, obligations, losses, damage, payments, costs or expenses of any kind whatsoever (including the fees and expenses of counsel) that may be
        imposed on, incurred or asserted against the Indenture Trustee and its officers, directors, employees, agents, attorneys and successors and assigns as the result of any act or omission in any way relating to the maintenance and custody by the
        Custodian of the Receivable Files in violation of the Standard of Care; provided, however, that the Custodian shall not be liable for any portion of any such liabilities, obligations, losses, damages, payments or costs or expenses
        due to the willful misconduct, bad faith or gross negligence of the Indenture Trustee or its officers, directors, employees and agents thereof.  In no event shall the Custodian be liable to any third party for acts or omissions of the Custodian. 
        This section shall survive the resignation or removal of any party, and the termination or assignment of this Agreement.

     

    (b) In the event Exeter is not the Custodian, the Servicer agrees to indemnify and hold harmless the Custodian against any and all claims, losses, liabilities, damages or expenses (including reasonable fees and expenses of outside
        counsel, which shall include any reasonable fees and expenses of outside counsel incurred in connection with (i) any enforcement of the indemnification obligation hereunder or (ii) the successful defense, in whole or in part, of any claim that the
        Custodian breached its Standard of Care) arising out of or in connection with this Agreement that may be imposed upon, incurred by or asserted against the Custodian; provided that this Section 6(b) shall not relieve the Custodian from liability for
        its willful misconduct, bad faith or gross negligence. This section shall survive the resignation or removal of any party, and the termination or assignment of this Agreement.

     

    
      4

      
        

    

    7. Limitation of Liability.

     

    (a) In connection with the Custodian’s timely performance of its obligations and duties hereunder, the Custodian shall not be liable to any person for any loss, claim, damage, liability or expense resulting from or arising out of
        any act or failure to act by it, other than for any loss, claim, damage, liability or expense arising out of the Custodian’s willful misconduct, gross negligence or bad faith.  The obligations of the Custodian shall be determined solely by the
        express provision of this Agreement.

     

    (b) Except as specifically set forth herein, the Custodian shall be under no duty or obligation to inspect, review or examine the Receivables or Receivable Files to determine the contents thereof or that such contents are genuine,
        enforceable or appropriate for the represented purpose or that they are other than what they purport to be on their face.

     

    (c) The Custodian may rely, and shall be protected in acting or refraining from acting, in each case, in accordance with the terms of this Custodian Agreement, and need not verify the accuracy of, (i) any written instructions from
        any persons the Custodian reasonably believes to be authorized to give such instructions and who shall only be persons the Custodian believes in good faith to be authorized representatives, and (ii) any written instruction, notice, order, request,
        direction, certificate, opinion or other instrument or document reasonably believed by the Custodian to be genuine and to have been signed and presented by the proper party or parties, which shall mean signature and presentation by authorized
        representatives whether such presentation is by personal delivery, express delivery or facsimile.

     

    (d) The Custodian may consult with counsel with regard to legal questions arising out of or in connection with this Agreement, and the advice or opinion of such counsel shall be full and complete authorization and protection in
        respect of any action taken, omitted or suffered by the Custodian in reliance, in good faith, and in accordance therewith.

     

    (e) The Custodian shall not be responsible or liable for, and makes no representation or warranty with respect to, the validity, adequacy or perfection of any lien upon, or security interest in, any Receivable or Receivable File
        purported to be granted at any time pursuant to the Indenture.

     

    (f) Notwithstanding anything to the contrary herein, the Custodian shall not be liable for any delays in performance for causes beyond its control, including, but not limited to, fire, flood, epidemic, unusually severe weather,
        strike, acts of the Holding Trust or the Servicer, restriction by civil or military authority in their sovereign or contractual capacities, transportation failure, or inability to obtain labor.  In the event of any such delay, performance shall be
        extended for so long as such period of delay.

     

    (g) The Custodian shall be under no responsibility or duty with respect to the disposition of any Receivable or Receivable File while such Receivable or Receivable File are not in its possession. If the Custodian shall reasonably
        request instructions from the Indenture Trustee with respect to any act, action or failure to act in connection with this Custodian Agreement, the Custodian shall be entitled to refrain from taking such action and continue to refrain from acting
        unless and until the Custodian shall have received written instructions from the Indenture Trustee,

     

    
      5

      
        

    

    without incurring any liability therefor to the Indenture Trustee or any other person; provided that the Custodian shall at all times maintain custody of the Receivable Files delivered
      to it (except as otherwise required by this Custodian Agreement) and otherwise comply with its obligations thereunder.

     

    (h) In no event shall each of the parties hereto or its directors, managers, affiliates, officers, agents, and employees be held liable for any special, indirect, punitive or consequential damages (including lost profits) resulting
        from any action taken or omitted to be taken by it or them hereunder.

     

    (i) The Indenture Trustee shall not (i) have any duties or obligations hereunder except those expressly set forth herein or (ii) be subject to any fiduciary or other implied duties.

     

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

     

    (k) The Custodian shall not be held responsible for the acts or omissions of the Seller, Servicer, Issuer, Holding Trust, Indenture Trustee, Backup Servicer, Owner Trustee, or any other party to the Basic Documents, and may assume
        performance of such parties absent written notice or actual knowledge of a Responsible Officer of the Custodian to the contrary.

     

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

     

    (m) In the absence of bad faith on its part, the Custodian may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Custodian and
        conforming to the requirements of the Basic Documents.

     

    (n) The Custodian may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper person.  The Custodian is not responsible for any document provided to it, and it need not
        investigate or re-calculate, evaluate,

     

    
      6

      
        

    

    verify or independently determine the accuracy of any report, certificate, information, statement, representation or warranty or any fact or matter stated in such document and may
      conclusively rely as to the truth of the statements and the correctness of the opinions expressed therein.

     

    (o) Before the Custodian acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel, the costs of which (including the Custodian’s reasonable attorney’s fees and expenses) shall be paid by the
        party requesting that the Custodian act or refrain from acting.  The Custodian shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s Certificate or Opinion of Counsel unless the Custodian was
        negligent in such reliance.

     

    (p) The Custodian shall not be liable for any action taken or error of judgment made in good faith by a Responsible Officer unless it is proved that the Custodian was negligent in ascertaining the pertinent facts.

     

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

     

    (r) The Custodian shall be under no obligation to institute, conduct or defend any litigation under this Custodian Agreement or in relation to this Custodian Agreement, at the request, order or direction of any Person, pursuant to
        the provisions of this Custodian Agreement, unless such Person shall have offered to the Custodian security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities that may be incurred therein or thereby.

     

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

     

    (t) Neither the Custodian nor any of its officers, directors, employees, attorneys or agents will be responsible or liable for the existence, genuineness, value or protection of any collateral securing the Notes, for the legality,
        enforceability, effectiveness or sufficiency of the Basic Documents for the creation, perfection, continuation, priority, sufficiency or protection of any of the liens, or for any defect or deficiency as to any such matters, or for monitoring the
        status of any lien or performance of the collateral.

     

    (u) The Custodian shall have no responsibility for the enforceability of the Notes or the recitals contained in the Basic Documents.

     

    (v) The Custodian shall have no duty to see to, or be responsible for the correctness or accuracy of, any recording, filing or depositing of the Indenture or any agreement referred to therein, or any financing statement or
        continuation statement evidencing a security interest, or to see to the maintenance of any such recording or filing or depositing or to any rerecording, refilling or re-depositing of any thereof.

     

    
      7

      
        

    

     
    
      8. Effective Period, Termination, and Amendment; Interpretive and Additional Provisions.  This Custodian Agreement shall
          become effective as of the date hereof and shall continue in full force and effect until terminated as hereinafter provided.  So long as Exeter is serving as Custodian, any resignation or termination of Exeter as Servicer under the Sale and
          Servicing Agreement shall automatically terminate Exeter as Custodian hereunder.  This Custodian Agreement may be amended at any time by mutual agreement of the parties hereto with the prior written consent of the Backup Servicer, and may be
          terminated by any party by giving written notice to the other parties, such termination of this Custodian Agreement to take effect no sooner than thirty (30) days after the date of such notice.  Upon any termination or amendment of this Custodian
          Agreement, the Indenture Trustee, in the case of amendments, and the party seeking termination, in the case of terminations, shall give written notice to the Servicer, who shall deliver such notice to Moody’s Investors Service, Inc. (“Moody’s”),
          S&P Global Ratings, a Standard & Poor’s Financial Services LLC business (“S&P”), DBRS, Inc. (doing business as DBRS Morningstar) (“DBRS Morningstar”), and Kroll Bond Rating Agency, LLC. (“KBRS” and, collectively
          with Moody’s, S&P and DBRS Morningstar, the “Rating Agencies”).  As promptly as possible after the giving of, or receipt of, notice of termination of this Custodian Agreement or the automatic termination of Exeter as Custodian, the
          Custodian shall deliver the Receivable Files to the Indenture Trustee on behalf of the Noteholders and at the Servicer’s expense, at such place or places as the Indenture Trustee may designate, and the Indenture Trustee, or its agent, as the case
          may be, shall act as Custodian for such Receivables Files on behalf of the Noteholders and shall be subject to all the rights, indemnities, duties and liabilities placed on the Custodian by the terms of this Agreement until such time as a
          successor custodian has been appointed.  If, within seventy-two (72) hours after the termination of this Custodian Agreement, the Custodian has not delivered the Receivable Files in accordance with the preceding sentence, the Indenture Trustee
          may enter the premises of the Custodian and remove the Receivable Files from such premises.  In connection with the administration of this Agreement, the parties may agree from time to time upon the interpretation of the provisions of this
          Agreement as may in their joint opinion be consistent with the general tenor and purposes of this Agreement, any such interpretation to be signed by all parties and annexed hereto.  The Custodian’s costs and expenses related to any such amendment
          shall be paid by the Issuer pursuant to Section 5.7(a) of the Sale and Servicing Agreement or Section 5.6 of the Indenture, as applicable.

    

     

    9. Delegation of Duties.

     

    (a) The Custodian may perform any of its duties through one or more Custodial Agents without the consent of any Person, except as set forth in Section 9(d).  No such delegation will relieve the Custodian of its responsibilities with
        respect to such duties and the Custodian will remain primarily responsible with respect to such duties.  The Custodian will be responsible for the fees of any such Custodial Agents.

     

    (b) With respect to each Receivable, the Custodian has engaged or may engage (i) Deutsche Bank Trust Company Americas and Wells Fargo Bank, National Association to hold each Contract that constitutes or evidences a Receivable which
        is tangible chattel paper and any copy of the application of the Lien Certificate (when such Lien Certificate has not yet been 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, (ii) Dealertrack, Deutsche Bank Trust Company Americas and Wells Fargo Bank, National Association to hold each
        Lien Certificate (when received) and (iii) RouteOne LLC, Dealertrack and eOriginal Inc. to hold each Contract that

     

    
      8

      
        

    

    constitutes or evidences a Receivable which is electronic chattel paper.  As of the date hereof, each of Dealertrack, Deutsche Bank Trust Company Americas, Wells Fargo Bank, National
      Association, RouteOne LLC and eOriginal Inc. is acceptable to each Rating Agency as a Custodial Agent.

     

    (c) Upon termination of, or resignation by, Deutsche Bank Trust Company Americas, Dealertrack, Wells Fargo Bank, National Association, RouteOne LLC, eOriginal Inc. or any other sub-custodian engaged by the Custodian, the Custodian
        shall provide written notice of such termination or resignation to each Rating Agency.

     

    (d) As promptly as possible after the giving of, or receipt of, notice of termination of any Custodial Agent engaged by the Custodian, the Custodian shall engage a replacement Custodial Agent that is acceptable to each Rating
        Agency.  If a replacement Custodial Agent has not been engaged prior to the effective termination of such Custodial Agent, the Custodian shall deliver the Receivable Files to the Indenture Trustee on behalf of the Noteholders and at the Custodian’s
        expense, at such place or places as the Indenture Trustee may designate, and the Indenture Trustee, or its agent, as the case may be, shall act as custodian for such Receivables Files on behalf of the Noteholders until such time as a replacement
        Custodial Agent has been engaged by the Custodian that is acceptable to each Rating Agency.

     

    10. Governing Law; Jurisdiction.  THIS CUSTODIAN AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS THEREOF (OTHER THAN SECTIONS
        5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).  EACH OF THE PARTIES HERETO AND THEIR ASSIGNEES AGREE TO THE NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL COURT LOCATED WITHIN THE STATE OF NEW YORK.

     

    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.

     

    12. Notices.  All demands, notices and communications hereunder shall be in writing, electronically delivered or mailed, and shall be deemed to have been duly given upon receipt (a) in the case of the Custodian or the Servicer, at the
          following applicable address: to Exeter Finance LLC, 2101 W. John Carpenter Freeway, Irving, Texas 75063, Attention:  Chief Financial Officer, with a copy to Exeter Finance LLC, 2101 W. John Carpenter Freeway, Irving, Texas 75063, Attention: 
          Chief Legal Officer, (b) in the case of the Indenture Trustee, at its Corporate Trust Office, (c) in the case of S&P, via electronic delivery to Servicer_reports@sandp.com; for any information not available in electronic format, hard copies
          should be sent to the following address: 55 Water Street, 41st floor, New York, New York 10041-0003, Attention: ABS Surveillance Group, (d) in the case of Moody’s, at the following address: Moody’s Investors Service, Inc., 7 World Trade Center at
          250 Greenwich Street, Asset Finance Group, 24th floor, New York, New York 10007, (e) in the case of DBRS Morningstar, to DBRS Morningstar, 140 Broadway, 43rd Floor, New York, New York 10005, and (f) in the case of KBRA, to Kroll Bond Rating
          Agency, LLC, 805 Third Avenue, 29th Floor, New York, New York 10022, or, in each such case, at such other address as shall be designated by such party in a written notice to the other parties.  Where this Custodian Agreement provides for notice
          or delivery of documents to the Rating Agencies, failure to give such notice or deliver such documents shall

    

     

    
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    not affect any other rights or obligations created hereunder.  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.

     

    13. Binding Effect.  This Custodian Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.  Concurrently with the appointment of a successor indenture
        trustee under the Sale and Servicing Agreement, the parties hereto shall amend this Custodian Agreement to make said successor indenture trustee, the successor to the Indenture Trustee hereunder.

     

    14. Patriot Act.  In the event Exeter is not the Custodian, the parties hereto acknowledge that in accordance with the Customer Identification Program (CIP) requirements under the U.S.A. Patriot Act and its implementing
        regulations, the Custodian, in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account
        with the Custodian.  Each party hereby agrees that it shall provide the Custodian with such information as the Custodian may reasonably request that will help the Custodian to identify and verify each party’s identity, including without limitation
        each party’s name, physical address, tax identification number, organizational documents, certificate of good standing, license to do business, or other pertinent identifying information.

     

    15. Electronic Signatures. This Agreement shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf of the party by means of: (i) an original manual signature;
        (ii) a faxed, scanned, or photocopied manual signature, or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or
        any other relevant electronic signatures law, including any relevant provisions of the Uniform Commercial Code (collectively, “Signature Law”), in each case to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other
        electronic signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with
        respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This 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 one and the same instrument.  For the avoidance of doubt, original manual signatures shall be used for
        execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the writings.

     

    16. Limitation of Liability of Owner Trustee. It is expressly understood and agreed by the parties hereto that (i) this Custodian Agreement is executed and delivered by Wilmington Trust Company, not individually or personally
        but solely as trustee of the Holding Trust, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, covenants, undertakings and agreements herein made on the part of the Holding Trust is made and
        intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose of binding only the Holding Trust, (iii) nothing herein contained shall be construed as creating any
        liability on Wilmington Trust Company, individually

     

    
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    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, (iv) Wilmington Trust Company has made no investigation as to the accuracy or completeness of any representations or warranties made by the Holding Trust or any other Person in this Custodian Agreement and (v)
      under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Holding Trust or be liable for the breach or failure of any obligation, duty, representation, warranty or covenant made
      or undertaken by the Holding Trust under this Custodian Agreement or any other related documents.

     

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    IN WITNESS WHEREOF, each of the parties hereto has caused this Custodian Agreement to be executed in its name and on its behalf by a duly authorized officer on the day
      and year first above written.

     

    	 	
            EXETER FINANCE LLC, as Custodian

          
	 	 	 
	 	 	 
	 	
            By:  

          	
                                                                                      

          
	 	 	
            Name:

          
	 	 	
            Title:

          
	 	 	 
	 	 	 
	 	
            CITIBANK, N.A., as Indenture Trustee

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                      

          
	 	 	
            Name:

          
	 	 	
            Title:

          
	 	 	 
	 	 	 
	 	
            EXETER FINANCE LLC, as Servicer

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                      

          
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    CONFIRMED AND ACCEPTED BY:

    

    

    EXETER HOLDINGS TRUST 2021-4, as Holding Trust

    

    

    	By:	
            Wilmington Trust Company, not in its individual capacity

              but solely as Owner Trustee on behalf of the Trust

          

     

     

    

    	

          	By:	
                                                                               

              

            
              Name:

              Title:

               

          

    

    
      
        

    

    EXHIBIT A

     

    CUSTODIAN’S ACKNOWLEDGEMENT

     

    Exeter Finance LLC (“Exeter”), acting as Custodian (in such capacity, the “Custodian”) under the Custodian Agreement, dated as of October 24, 2021, among
      the Custodian, Exeter, as Servicer (the “Servicer”), and Citibank, N.A., as Indenture Trustee (in such capacity, the “Indenture Trustee”), pursuant to which the Custodian holds on behalf of, for the benefit of and as agent of the
      Indenture Trustee, as pledgee of the Holding Trust, certain “Receivable Files,” as defined in the Sale and Servicing Agreement, dated as of October 24, 2021 (the “Sale and Servicing Agreement”), among Exeter Automobile Receivables Trust
      2021-4, as Issuer, EFCAR, LLC, as Seller, the Servicer, Exeter Holdings Trust 2021-4, as Holding Trust, and Citibank, N.A., as Backup Servicer and as Indenture Trustee, hereby acknowledges receipt of the Receivable File for each Receivable listed in
      the Schedule of Receivables attached as Schedule A to the Sale and Servicing Agreement, except as noted in the Custodian Exception List attached hereto as Schedule I and the Lien Perfection Exception List attached hereto as Schedule II.

     

    Capitalized terms used herein which are not defined herein shall have the meanings set forth in the Sale and Servicing Agreement.

     

    IN WITNESS WHEREOF, Exeter Finance LLC has caused this acknowledgement to be executed by its duly authorized officer as of this 17th day of November 2021.

     

    	 	
            EXETER FINANCE LLC,

          
	 	
            as Custodian

          
	 	 	 
	 	 	 
	 	
            By:  

          	
                                                                                         

          
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

     

    
      
        

    

    SCHEDULE I

     

    Custodian Exception List

     

    [On File with Exeter and the Indenture Trustee]

     

    
      
        

    

    SCHEDULE II

     

    Lien Perfection Exception List

     

    [On File with Exeter and the Indenture Trustee]

     

    
      
        

    

    EXHIBIT B

     

    FORM OF RELEASE OF DOCUMENTS

      

      

      ___________ ___, 20__

     

    [Custodian]

        [Address]

      

    

     

    Re: Exeter Automobile Receivables Trust 2021-4

     

    Ladies and Gentlemen:

     

    Reference is made to the Custodian Agreement, dated as of October 24, 2021 (as amended, restated, supplemented or otherwise modified from time to time, the “Custodian

        Agreement”), among Exeter Finance LLC (“Exeter”), as custodian (in such capacity, the “Custodian”), Exeter, as servicer (the “Servicer”), and Citibank, N.A., as indenture trustee (the “Indenture Trustee”).

     

    Capitalized terms used herein that are not otherwise defined shall have the meaning ascribed thereto in the Custodian Agreement.  Capitalized terms used herein that
      are not otherwise defined herein or in the Custodian Agreement shall have the meaning ascribed thereto in the Sale and Servicing Agreement, dated as of October 24, 2021 (the “Sale and Servicing Agreement”), among Exeter Automobile Receivables
      Trust 2021-4, as issuer, EFCAR, LLC, as seller, the Servicer, Exeter Holdings Trust 2021-4, as holding trust, the Indenture Trustee and Citibank, N.A., as backup servicer.

     

    The undersigned, in its capacity as Servicer under the Custodian Agreement, hereby requests (check one):

     

    ______ that the Custodian release to the Servicer the Receivable Files or other documents set forth on Schedule I to this Release of Documents.  All documents so
      released to the Servicer shall be held by the Servicer on behalf of the Indenture Trustee for the benefit of the Noteholders in accordance with the terms of the Custodian Agreement and the Servicer agrees to return to the Custodian the Receivable
      File or other such documents when the Servicer’s need therefor no longer exists.

     

    ______ that the Custodian permanently release to the Servicer the Receivable Files or other documents set forth on Schedule II to this Release of Documents and the
      Servicer certifies with respect to such Receivable Files that the related Receivable has been paid in full, has been sold in accordance with the Sale and Servicing Agreement or has been repurchased in accordance with the Sale and Servicing Agreement
      and that, in each case, any amounts received in connection with such payments, sale or repurchase which are required to be deposited in the Collection Account as provided in the Sale and Servicing Agreement have been deposited.

     

    
      
        

    

    The undersigned has executed this Release of Documents as of the date first written above.

     

    	 	
            EXETER FINANCE LLC,

          
	 	
            as Servicer

          
	 	 	 
	 	 	 
	 	
            By:  

          	
                                                                                         

          
	 	 	
            Name:

          
	 	 	
            Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00336-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00336-of-00352.parquet"}]]